By Clare Morgan
nFinanSe Inc.
As posted on The Huffington Post
As National Financial Literacy Month comes to a close, young adults remain vulnerable to the traps of poor financial management in record numbers with 45 percent of college students with more than $3,000 in credit card debt.
The number of college students who drop out due to financial pressure is at 8.5 percent and continues to soar. People in the 18 to 24 age bracket spend nearly 30 percent of their monthly income just on debt repayment as a result of living beyond their means - double the percentage spent in 1992.
Some know better and get into trouble anyway because they're immature and used to having adults bail them out. But, many simply don't understand the basics and spiral out of control financially before they realize the long-term damage they're doing to their lives.
Sixty-five percent of college students tested on basic personal finance principals failed, according to a recent study by the Jump$tart Coalition for Personal Financial Literacy which has been promoting April as financial literacy month since 2000. Congress added it endorsement three years later and officially named the month National Financial Literacy Month in 2004.