With seemingly ever increasing personal bankruptcy rates, this statistic should not come as a surprise.
The U.S. Department of the Treasury conducted its annual National Financial Literacy Challenge last month.
The result?
Of the 46,000 students who took the test, the average score was 56 percent.
The general consensus is that the average age of someone filing personal bankruptcy is getting younger and younger (*age is not actually declared in a bankruptcy filing).
It has also been observed more and more students are using student loan money to pay minimum payments on credit cards and this trend does not appear to be improving.
(Full Disclosure Note: This is just the kind of thing that led to me writing Winning the Cash Flow War and speaking in schools. This can be avoided with just a few weeks of “real world” Financial Education).
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I suppose this is where you look for some witty insights to my mind. A "bio" of sorts. Here is the deal... I ride motorcycles, smoke cigars, golf, kayak, fly, race my car through the mountains, write (a lot), and travel extensively. I am almost old enough not to care what other people think about me...almost. ~ Godfather
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