Financial Literacy  Best Practices Forum

Financial Literacy Best Practices Forum PowerPoint PPT Presentation


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Financial Literacy Sobering Statistics. The check cashing industry has forecast that they will grow 600% in the next 10 years.Payday loans carry annual percentage rates that range from 391% to 443%.Payday lending now cost American families $4.2billion per year.. Financial Literacy Sobering Statistics.

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Financial Literacy Best Practices Forum

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1. Financial Literacy Best Practices Forum Clifford N. Rosenthal National Federation of Community Development Credit Unions

2. Financial Literacy Sobering Statistics The check cashing industry has forecast that they will grow 600% in the next 10 years. Payday loans carry annual percentage rates that range from 391% to 443%. Payday lending now cost American families $4.2billion per year.

3. Financial Literacy Sobering Statistics Top three states for payday lending: California, Missouri, and Louisiana California has over 2445 payday loan stores. The average loan is $253, with a fee of 16.34% and a APR of 426%. In 2005, California payday stores average 4000 loans each for a statewide total of 9,785,000.

4. Financial Literacy Sobering Statistics 85% of teens don’t have access to personal finance education in school. Teenagers spent $175 billion last year/$104 per week Entering college freshmen have an average debt of $1,500 on personal credit cards. Americans under the age of 25 are filing for bankruptcy faster than any other age group.

5. Financial Literacy Sobering Statistics Immigrants spend $2 billion annually on check-cashing services. Immigrants who come from countries with weak institutions or who have little experience with financial institutions are unlikely to open checking/saving accounts and rely primarily on fringe lenders.

6. Financial Literacy Sobering Statistics It is estimated that one of every 20 elders is a victim of financial and/or physical abuse. An estimated 56 million people in the United States live with a disability, and 33% of adults with disabilities live in very-low income households, with annual income below $15,000.

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