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Shopping Stats and Frightening Facts

Tom Sullivan

December 6, 2016
Tom Sullivan

 Testing Your Awareness of the Nation’s Financial Literacy

 

Boy, do we Americans like to shop and spend.  Most analysts are predicting that we will spend almost 4% more on holiday shopping this year (November and December) than last year. According to Adobe, we also spent a record $3.34 billion in online shopping on Black Friday, an increase of 21.6%. Is it a surprise that we set records on Cyber Monday too?

 

There is some good news below the headlines for consumers as the average spend on Black Friday was down $10 to $290 from 2015 according to the National Retail Federation as consumers benefited from deeper discounting by retailers.  But does this mean we Americans are getting smarter about money?  Take this seven question quiz and see if you know how we’re doing at “SpendNation.”

 

  1. 28% of American workers have less than $X saved for retirement:

a. $9,700

b. $7,600

c. $1,000

 

  1. Average US Household credit card debt is:

a. $5,750

b. $10,922

c. $15,611

 

  1. Average student loan debt is:

a. $21,435

b. $27,890

c. $32,264

 

  1. What percentage of teens can read a bank statement:

a. 61%

b. 53%

c. 35%

 

  1. What percentage of millennials are spending more than they earned:

a. 14%

b. 19%

c. 23%

 

  1. What percentage of teens don’t know how to create a budget?

a. 29%

b. 35%

c. 46%

 

  1. What percentage of graduating college students are financially illiterate?

a. 42%

b. 56%

c. 75%

 

In each question, the answer was C which contained the most frightening statistic of each set. These and other statistics have been compiled by the DoughMain Education Foundation (DMEF), whose mission is to prepare today’s students for a lifetime of financial responsibility through engaging programs delivered to schools and homes.

 

DMEF has worked with educators to develop curricula and FitKits (Financial Literacy Kits) to reverse the tide of financial illiteracy which is truly a national crisis.  If you want to help stem the tide, today is also Giving Tuesday.  You can give a little back by making a donation to DMEF so more students can be prepared for a lifetime of success.

 

You can also learn more about DMEF and the Global Giving Campaign here.

 

“Do not save what is left after spending, but spend what is left after saving.” – Warren Buffett