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Financial Literacy Goes Back to School.  

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A Few Facts About Student Debt

44.7 million Americans currently have student loans. While the average debt is around $33,000, there are over 600,000 people owe more than $200,000 in student debt.  

In total, the student loan debt outstanding in the country was $346 billion in 2004, and has ballooned to $1,386 billion as of late 2017. This represents a 302% increase in the total student loan debt in just 13 years. On average, the total student loan balance has increased by $80 billion each year since 2004. 

Student loan debt for borrowers age 60 and over has increased by 1,256% since 2004, when borrowers in the age bracket had only $6.3 billion in college debt.  Although there are more student loan borrowers under 30, borrowers between the ages of 30 and 39 have the most student loan debt outstanding.

Empower yourself with the necessary financial knowledge to successfully meet the challenging demands of a college education.  PFEEF offers a  comprehensive list of resources to help you navigate the real costs that go into a college education, and ways that students (and parents) can save thousands with the right research and know-how. Click here for resources on College Savings.  Click here for resources on budgeting and money management.  


Financial Knowledge for Recent Graduates


Young people are not taught enough about financial literacy. Schools do not teach kids the basics about the value of money, how to save, how to invest, how to spend, and how not to waste money. When the Center of Financial Literacy graded the 50 states and Washington, D.C., on “financial literacy education” in high schools, only five states earned an A, while 27 states received grades of C, D, or F. The 2017 National Report Card on State Efforts to Improve Financial Literacy further shows how states are doing in this regard.

Parents are not doing much better than schools; 69% of parents report they are reluctant to discuss financial matters with their children, and only 23% talk regularly with them about financial matters, according to T. Rowe Price’s 10th Annual Parents, Kids & Money Survey. Read more at CPA Journal .

      

Getting your finances in order isn’t a one-time task — it’s an ongoing process. Whether it’s budgeting, planning your debt payoff, or monitoring your credit, your financial life needs regular, reliable attention. The right set of tools can help.

The New York Time's has rounded up some of the best money apps and services to help you get on track and stay there, whether you’ve never created a budget or you’re a seasoned investor. Unless otherwise noted, all of these apps are free. Keep in mind, most of these tools require you to provide and link your bank or credit information. While they use strict security measures to protect your data, you should always read the terms and conditions on any app before you use it so that you know what you’re getting into. Read the rest of the article at the New York Time 

Click here to lean more ways to better handle student debt, pay off loans, and manage your personal finances.
The PFW Scale™ is an effective way to evaluate employee financial stress. Click here to learn how your organization can benefit by using the Personal Financial Wellness Scale™
Personal Financial Employee Education Fund (PFEEF)
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