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FEATURES OF FINANCIAL FITNESS FOR LIFE

FEATURES OF FINANCIAL FITNESS FOR LIFE. The Problem. About 8 of 10 Americans are comfortable with the amount of financial planning they are doing. On average. Americans expect to retire at age 61 and live to 83. (NWM, 2001) 34% have not begun to prepare for retirement.

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FEATURES OF FINANCIAL FITNESS FOR LIFE

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  1. FEATURES OF FINANCIAL FITNESS FOR LIFE

  2. The Problem • About 8 of 10 Americans are comfortable with the amount of financial planning they are doing. On average. Americans expect to retire at age 61 and live to 83. (NWM, 2001) • 34% have not begun to prepare for retirement. • 23% save nothing for long term goals • Half do not pay off their credit card balances each month • Only 6%of employees with 401 (k) programs contributed the maximum that is matched by the employer.

  3. The Problem continue • Many Young people, teachers, and other adults hold stereotypes about the wealthy.

  4. Unbanked Households • About 10 million households do not have bank accounts. • Over 57 % of the households are minority households • These households depend on check cashing outlets, short-term lenders, and pawn shops for financial services.

  5. High School Students • Most 18-year-olds can obtain credit cards in their own name • Credit card companies have become more aggressive at marketing to young people.

  6. College Students (GAO 2001) • Two-thirds of college students have a credit card; the average is 3 cards per student • About 64% pay off the balance each month. • The average credit card debt for students who carry a balance is $2,200 to $2,800. • In 2001, 100,000 people under age 25 filed for bankruptcy; 6.9% of all bankruptcies; an increase of 51%, 1991-1999.

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