The Case for Personal Financial Education in Schools: Part 7

Millennials deal with short-term sources of debt including Alternative Financial Services (AFS), such as payday loans and pawnshops.

In the past five years, a large number used AFS:

• 50% with a high school degree or less

• 28% with a college degree

• 39% who have a bank account

• 35% of credit-card users

AFS is widespread among this generation, common even for households generally referred to as “middle-class.”