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Bad debts causing good students to drop out

The number of college students dropping out for financial reasons is increasing. A recent nationwide study of 14,500 students enrolled in 15 colleges found that 38 percent of college dropouts left for financial reasons.

The majority of those who graduate have huge debt. Credit card use has grown dramatically among college students; many students are over extended, and the number of 18 to 24 year olds declaring bankruptcy has increased 96% in 10 years.

Click the image below to find some helpful tools for college students regarding Good Money Habits

Case Study - One Employer's Results

These days before we spend money we want to determine the value we are likely to obtain. In other words, will we receive what is promised? Surely you have similar concerns regarding the value of the financial education programs offered by Butterfly Financial, LLC. The study summarized below should address your concerns.

Butterfly Financial, LLC uses The EDSA Group, Inc. curricula to deliver financial education to its clients. A study using the same courses was conducted by Virginia Tech to obtain information regarding the impact of workplace financial education. The employees who participated in the study were employed by a southeastern chemical manufacturer.

One year following participation in the classes, participants reported the following changes in financial behavior as a result of receiving financial education in the workplace:

34% started contributing to the 401(k) plan

45% increased the contribution amount to the 401(k) plan

70% further diversified their investment strategy or pursued a more aggressive strategy

When compared to the employees who did not attend any of the financial education workshops, the study revealed that the workshops participants reported improved financial wellness and better overall health. Also, the participants were LESS likely to have:

experienced financial distress

reached the maximum limit on a credit card

worried about debt

worried about monthly living expenses

Participants were MORE likely to have:

made better financial choices and decisions

increased contributions and use of company benefit plans

experienced greater financial confidence

The study also noted a direct correlation between financial wellness and physical health. To review the details of the case study, please click here.

Hopefully the results of the study outlined above have convinced you of the value and need for the financial education programs provided by Butterfly Financial, LLC.