Financial Literacy Training to Avoid the Next Crash
Today's economic conditions are brining challenges to recent graduates. An Associated Press study found that 50% all recent graduates are under-employed or unemployed. Already the student loan default rates have reached their highest levels reported since 1999 according to an article written by Chris Spurlock of the Huffington Post. With a 50% under-employment rate the NFEC expects the student loan default rate to continue to increase rapidly.
The student loan default problem can have a major impact on the overall economy. The National Association of Consumer Bankruptcy Attorneys president said "Take it from those of us on the frontline of economic distress in America, this [student loan debt] could very well be the next debt bomb for the U.S. economy.“
The NFEC launched the Financial EduNation Campaign to proactively address the student load default problem. This campaign provides turnkey financial education resources for schools, colleges and universities to proactively address the problems that many graduates are facing today.
The NFEC’s money management for students program provides the personal finance resources that assist educators in improving the financial capabilities of their students. The turnkey financial education packages include: presentations, Certified Financial Education Instructor training, virtual learning center, student guides, resources for parents, financial literacy curriculum and the Money XLive celebrity interviews.
The National Financial Educators Council’s material is designed by a team of financial professionals (financial advisors, Realtors, mortgage specialists, debt experts, personal finance professionals, credit experts, etc.) and educators. It meets core educational standards and national financial literacy standards while providing real world knowledge to help students prepare for the financial realities of life.
"Most students today have already or are planning to take on college debt before they have a plan to pay off their student loans. By proactively addressing student load debt situation while students are in middle school or high school can help them avoid the stress that accompanies high debt loads. Money management for students programs helps today’s youth feel more confident about their future and it gives them a plan to follow," says the Community Outreach Director for the NFEC, Cecile Abad.
The NFEC is a social enterprise organization who works with schools and universities to help students improve their personal finance knowledge. Through collaborative efforts with leaders in the education field, the NFEC designed a comprehensive money management for students program.