- 16% of the U.S. adult population is looking for a second or part-time job to meet   current expenses.
- Three in ten U.S. adults are not able to save any of their money.
- 55% of parents roll over credit card debt each month.
- Less than half (45%) of all parents say they make a budget and stick to it most   of the time.
- More than one-in-three (36%) Americans say that they have at some point in   their lives felt their financial situation was out of control.

Even more upsetting are statistics relating to our young adults and their money management skills and lack of education on the topic.

- Nearly one-third (32%) of college students, when thinking about their   freshman year, admit that they were "not at all" or "not very well prepared" for   managing their money on campus.
- Studies conducted in 2006 of 3 million young adults in their twenty found that   late payments for their debts are rising and they are more likely to be late than   other Americans at paying toward their debt. Nearly half of them have stopped   paying their debt, forcing lenders to sell it to collection agencies, repossess   vehicles and push the young adults into bankruptcy protection.
- Nearly two thirds (63%) of college undergraduates acquired their first credit   card before age 19.
- 62% expect to have student loan debt averaging $27,236 ($101 billion   nationally) and this is in addition to the $5,000 to $10,000 worth of credit card   debt college students are graduating with.

It seems we have many challenges ahead of us in terms of financial management. From the record number of mortgage foreclosures to personal debt continuously climbing, it is time for all of us to take a hard look at what, when and why we are buying, buying, buying. Not only is it important for the continued stability of our communities, but also for our children.

In a recent study it was found that 49 percent of teens are eager to learn more about money management. They WANT to understand checking accounts, budgeting, investing, saving, and financing for large purchases. As parents and mentors to youngsters in our communities, we need to take that excitement and transform it into a solid foundation so that they can make sound and responsible decisions with their money today and 10, 15, and 20 years down the road.

I challenge you to start today. Talk to the youth in your life about the difference between wants and needs. Encourage them to save. Search the internet for resources that provide examples. Look in your own community for opportunities to help your children learn about money management.

Visit my office's website, www.KansasStateTreasurer.com. You will find a number of free guides including financial literacy resources, financial newsletters, school programs and day-long financial management camps. These guides will help you educate your children, and maybe even yourself. I hope you find it helpful and informative.

It is my honor to serve as your Kansas State Treasurer. Please contact my office if we can assist you or your community.