The U.S. has the lowest personal savings rate of any major industrialized nation. - Facts and Statistics: Financial Literacy in the United States In 2001, more young adults filed for bankruptcy than graduated from college. - U.S. Department of the Treasury 71% of teens report learning about money management from parents. 35% of teens report that they have learned about the topic in school. However, fewer than half of the surveyed parents feel they are a good role model for their children regarding saving and spending. - FleetBoston, Smarter Decisions With Fleet National Survey, September 2003 Only 7 states require students to take a Personal Finance course as a high school graduation requirement and only 9 states require the testing of student knowledge in Personal Finance. - NCEE: Economic and Personal Finance Education In Our Nation’s Schools in 2007 Students double their average credit card debt-and triple the number of credit cards in their wallets-from the time they arrive on campus until graduation. - Nellie Mae, 2002 Students entering college are offered an average of eight credit cards during their first week of school. - The State of Financial Literacy in America Undergraduate college students are carrying credit cards in record numbers and one in ten undergrads owes more than $7,000 in credit card debts. - Excerpt from “Don’t Spend Your Raise,” By Dara Duguay