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%,