Why Econ4U?
Many young adults are starting their first jobs lacking critical information about taxes, balancing a checkbook, credit cards, and business concepts. The Econ4U program provides them critical information to become better informed employees, voters, and peer educators.
- Only 20% of parents believe their children “will keep our family’s wealth secure for future generations,”
- Only 32% of survey respondents say their kids are “willing to make financial sacrifices.”
-Annual Bank of America U.S. Trust survey of wealthy Americans (2008)
- 64% of Americans are worried that they won’t have enough money to pay for retirement.
- 56% are worried about not being able to maintain their current standard of living.
-USA Today/Gallup Poll, Sept. 26-27, 2008
- Minorities particularly suffer from financial literacy. African-American students are only about 80% as financially literate as white students.
-2008 Jump$tart Coalition for Personal Financial Literacy Survey
- Only 59% of young adults (ages 18-29) pay their bills on time each month.
- One-third of Americans do not know their credit score.
-The National Foundation for Credit Counseling’s 2008 Consumer Financial Literacy Survey
- Only 28% of Americans view their financial knowledge as “good” or “excellent”
-August 2007 Networks Financial Institute
- A majority of Americans believe that labor saving technology is harming the economy.
-Myth of the Rational Voter, Bryan Caplan, 2007
- 74% of parents feel unprepared to teach their kids about personal finance.
-FleetBoston survey, 2003
- Though the personal savings rate averaged 9.4% from 1970 to 1989, it had dropped to 2.3% by 2000 and to 0.4% in 2006.
-The Bureau of Economic Analysis Data, 2007
- Only 22 states require testing students’ knowledge in economics (three fewer than in 2004).
-NCEE Survey of the States, 2007
- Only 7 states require students to take personal finance for graduation.
-NCEE Survey of the States, 2007
- The rate at which Americans filed for bankruptcy increased 350% between 1980 and 2005.
-Federal Reserve Bank of St. Louis Review, January/February 2007
- 25% of all employees who are eligible to enroll in their employers' 401(k) savings programs don't contribute a dime.
-Profit Sharing/401(k) Council of America
- Most Americans believe that international trade is bad for the economy.
-Survey of Americans and Economists on the Economy
- Though the top 1 percent of income earners pays 40% of the total taxes, a majority of Americans mistakenly believes that middle and lower income citizens pay the highest tax rate.
-National Public Radio, Kaiser Family Foundation and the Kennedy School of Government survey
- Nearly two-thirds of those surveyed did not know that in times of inflation money does not hold its value.
-NCEE Harris poll
- Most Americans believe that corporate profits average nearly 50% of revenue, when in fact the average is 8%.
-Kaiser Family Foundation and The Washington Post survey
- 48% of American credit card owners only pay their minimum monthly payment each month.
-Senate Resolution 48, 2003