Research, Statistics & Quotes
Approximately 9 million (7.7%) American households did not have checking or savings accounts and over 20 million (17.9%) were underbanked. Households headed by 15- to 24 year-olds were almost twice as likely to be unbanked.
Forty-eight percent of all Americans aged 18 to 30 have zero in retirement savings and no access to a traditional pension.
NFEC Position Statement
Having the right accounts, management systems, and professionals to turn to for guidance can go a long way toward helping people get off on the right financial foot. All these factors can be established and in place long before young people move out on their own, and automated to give youth a better chance at success.
To support young adults entering financial independence for the first time, the NFEC provides project-based learning programs that guide participants to establish their financial foundations. This financial foundation includes opening accounts, automating bill payments, researching insurance coverage, setting up a calendar of tasks, and gaining access to mentors who support their efforts. Our goal is to have them build their personal financial foundations while still in the security of their homes, to reduce the potential for mistakes when they move out. Toward reaching this goal, we deeply value the financial education champions who partner with us to spread such foundation establishment broadly among today’s youth.