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FLjumpstart

FLORIDA. Presented by: Rosanna M. Jacobsen, CRCM Vice President, Colonial Bank, N.A. & President, Florida Jump$tart Coalition for Personal Financial Literacy, Inc. www.FLjumpstart.org. What is. FLORIDA. ?.

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FLjumpstart

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  1. FLORIDA Presented by: Rosanna M. Jacobsen, CRCMVice President, Colonial Bank, N.A. &President, Florida Jump$tart Coalition for Personal Financial Literacy, Inc www.FLjumpstart.org

  2. What is FLORIDA ? • One of 47 coalitions, 46 state and the District of Columbia. The missing states are MD, DE, NE and HI. National Jump$tart Coalition is headquartered in Washington, D.C. • A state-wide advocate for Personal Financial Literacy • A clearinghouse for materials designed to promote personal financial literacy • A state-wide coalition of individuals and organizations committed to educating our youth about life-long financial wellness • A 501(c)(3) not-for-profit corporation

  3. FLORIDA What Is Our Mission? “The Florida Jump$tart Coalition for Personal Financial Literacy seeks to improve the personal financial literacy of Floridians by focusing on the state’s youth by promoting and teaching personal finance skills so that individuals can make informed, responsible financial decisions.”

  4. What Is Our Purpose? • To prepare Florida’s youth to make better life-long Financial Literacy/Money Management decisions • To facilitate Financial Literacy through grassroots networks • To work with our partners to identify ways Financial Literacy can be effectively integrated into Florida’s curricula • To work with our partners to raise awareness about the importance of Financial Literacy

  5. What Is Financial Literacy? • Financial Literacy is the ability through reading, analyzing, and communicating to make informed decisions that affect material well-being. • Financial Literacy is a life-long commitment. • Financial Literacy starts with the individual and is a community effort. It builds up from local to national levels.

  6. What Is the Need for Financial Literacy? • The 2006 Jump$tart Coalition for Personal Financial Literacy survey reports a nation-wide mean correct score of just 52.4% • Ten hours of personal financial education can positively affect student spending and savings habits • Only 21% of students between the ages of 16 and 22 say they have taken a personal finance course in their school • More than 20% of our 12-19 year olds have their own credit cards or have access to parents’ credit cards, and 14% have debit cards • 45% of college students are in credit card debt, the average credit card debt being $3,066

  7. What Is the Need for Financial Literacy? • University administrators state that they lose more students to credit card debt than to academic failure • The US has the lowest personal savings rate of any major industrialized nation, 1% • Average U.S. credit card debt per household is on the rise: from $2,985 in 1990 to $9,024 in 2004, with an average interest rate of 14.71% (with similar in 2005) • More than half of American families are not saving enough to preserve their standard of living in retirement

  8. What is the Benefit to the Community and its Partners? • Association with a nationally recognized advocate on financial education • A state-wide partner who can support financial education initiatives • Access to a variety of teacher training and teaching materials • Access to a variety of resources through our statewide membership • Access to current state and national research

  9. What is the Benefit to the Community and its Partners? (continued) • Access to a comprehensive library of financial education materials for all grades, all in one location • Access to partner funded teacher training seminars • Single source for financial education research and information

  10. Florida Jump$tart Website: www.FLjumpstart.org

  11. Florida Jump$tart Website: www.FLjumpstart.org (continued)

  12. Florida Jump$tart Website: www.FLjumpstart.org (continued)

  13. Florida Jump$tart Website: www.FLjumpstart.org (continued)

  14. Florida Jump$tart Website: www.FLjumpstart.org (continued)

  15. Florida Jump$tart Website: www.FLjumpstart.org (continued)

  16. Florida Jump$tart Website: www.FLjumpstart.org (continued)

  17. Board of Directors

  18. Is a Financial Literacy Campaign Necessary? How many families filed for personal bankruptcy in 2005? • Over 2 million families: It went down in 2006 because of new law implemented in October 2006,but it is increasing again in 2007. What is the percentage of families who livebeyond their means? • 40% of American families How many credit cards does the average household have? • 9 credit cards What is the average debt of compulsive gamblers? • $70,000

  19. Is a Financial Literacy Campaign Necessary? (continued) Recent Survey Results of a large university in Florida: • 320 students surveyed during Summer and Fall 2006 • 20% work part-time off campus • 84% work to earn spending money • 92% have a checking account • 86% have a savings account • 36% receive 1-2 credit card offers per week • 31.2% own at least one credit card • 35.3% received their first credit card in high school

  20. Is a Financial Literacy Campaign Necessary? (continued) • 23.4% use their credit cards at least once per week • 7.5% have a balance between $500-$1,000 • 50% pay for their purchases with an ATM/Debit card • 31.8 % pay the entire balance of the credit card on a monthly basis • 53.1% do not have a monthly budget • 47.5% do not know how long negative information will stay on their credit report • 75.9% indicated an interest in attending a free credit counseling session to learn how to manage finances

  21. National Trends The State of Financial Literacy in America • In a nation where nearly a third of high school seniors already use a credit card, a higher proportion have an ATM card, and more than 1.5 million families filed for personal bankruptcy last year, the need for personal financial literacy is apparent.  Yet fewer than 30 percent of young Americans are given the opportunity to take as much as one week’s worth of course work in money management or personal finance in high school.

  22. Making a Case for Financial Literacy The following statistics further describe the state of financial literacy in America today. American Children, Teenagers and Young Adults: • Of the 4,000 students who took the Jump$tart personal finance survey in 2004, 65.5% received failing scores. (1) • A study of 1,065 teens found that 21% of 18 and 19-year-olds have credit cards. (2) • People in the 18 to 24 age bracket spend nearly 30% of their monthly income just on debt repayment - double the percentage spent in 1992 (10% of net income is a recommended amount for debt obligation). (3) • American children, teens and young adults (ages 8-21) earned about $211 billion in 2003.  This group is spending at a rate of approximately $172 billion per year. (4) • The average 21-year-old in the U.S. will spend morethan 2.2 million in their lifetime. (5)

  23. Making a Case for Financial Literacy American Families: • 40% of Americans say they live beyond their means. (6) • Between 25 million and 56 million adults are unbanked (i.e. not using mainstream, insured financial institutions.) (7) • The average household with debt carries approximately $10,000 to $12,000 in total revolving debt and has 9 credit cards. (1) • 50.8% of college-age adults agree with this statement: “I have experienced repeated, unsuccessful attempts to control, cut back or stop excessive money use.” (8) • In 2005, savings rates dipped to minus 0.5 percent, something that hasn't happened since the Great Depression in 1932 and 1933.  A negative savings rate means that Americans spent all their disposable income and dipped into past savings or increased their borrowing. (9) • Americans shelled out more than $24 billion in credit card fees in 2004, an 18% increase over the previous year. (10)

  24. Making a Case for Financial Literacy College Students: • 45% of college students are in credit card debt, the average credit card debt being more than $3,000. (1) • University administrators state that they lose more students to credit card debt than to academic failure. (11)

  25. Making a Case for Financial Literacy Bankruptcies, Defaults, and Foreclosures: • The number of 18 to 24-year-olds declaring bankruptcy has increased 96% in 10 years. (12) • In 2002, more people filed for bankruptcy than graduated from college in 2002. (13)  • Personal bankruptcies nearly doubled in the past decade, including more than 1.6 million people who filed for personal bankruptcy in 2003. (14) • Home foreclosures in 2002 reached the highest rate in 30 years. (15)

  26. Making a Case for Financial Literacy Financial Literacy Education: • 38 states have personal finance standards or guidelines, • 21 states with standards require them to be implemented, • 8 states require a course with personal finance content, • 7 states require students to take a personal finance course to graduate. (16) • More than 9 in 10 adults and students believe it is important for the people of the United States to have a good understanding of economics.  However, only half of high school students say they ever have been taught economics in school.  (16)

  27. Making a Case for Financial Literacy Sources:(1) Jump$tart Coalition, 2005(2) Junior Achievement, 2005(3) Generation Broke: The Growth of Debt Among Young Americans(4) Harris Interactive, 2003(5) Share-Save-Spend.com(6) Fort Worth Business Press 2002(7) Oversight Hearing on Financial Education and Literacy, 2004(8) MyVesta 2002(9) U.S. Commerce Department, 2006(10) Cardweb.com, 2005(11) Utah Mentor, 2003(12) Richmond Credit Abuse Resistant Education (CARE) Program(13) U.S. Department of the Treasury(14) Annual Hawaii Economic and Financial Literacy Conference, 2004(15) Senate Resolution 48, 2003(16) National Council on Economic Education, 2003

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