Research, Statistics & Quotes
Younger adults are spending a stunning amount of money on rent — $93,000 by age 30, according to a new study. More important, rent sucks up about 45% of their income during this first, critical decade in the workforce.
“Many financial problems people face today started when they were young and making their first few financial decisions. Taking on too much debt, failing to start investing early, and lack of planning can take decades to recover from and puts their long-term financial security at risk.”
Vince Shorb, CEO, National Financial Educator Council
NFEC Position Statement
People are entering the world of finance lacking knowledge and a support team, and having pre-existing financial behaviors that often are not in alignment with their long-term goals. These problems cause many people to make initial financial mistakes that can plague them throughout their adult lives.
At the NFEC, our mission is to increase access to high-quality financial education that focuses on behaviors, systemization, and finding professionals to assist people in building a strong financial foundation. For those already experiencing financial problems, this requires emphasizing financial recovery first, then moving on to building their financial foundations. Here we would like to express our appreciation for the efforts of our financial education champions, who collaborate with us to make the financial literacy movement a reality.