New Poll Reveals Economy Forcing Teens To Change College Plans

Junior Achievement/Allstate Foundation Survey Takes Teen Pulse on Personal
Finance

FARMINGTON HILLS, Mich., April 29 /PRNewswire/ -- On May 1, high school
students will send their tuition deposit checks to the college of their
choice, but many students have had to change their plans due to the economic
downturn. According to the results of the 2009 "Teens and Personal Finance"
Survey conducted by Junior Achievement and The Allstate Foundation, the
economy is causing many teens to rethink their college plans. The Teens and
Personal Finance Survey monitors the attitudes and behaviors of teens about
personal finance concepts such as saving, spending, investing and using
credit.

(Logo: http://www.newscom.com/cgi-bin/prnh/20081001/AQW523LOGO )

The survey's key findings include:
-- More than half of teens surveyed (55 percent) said their college plans
had changed due to the economy.
-- More than a third (37 percent) said they would attend college in their
home state to save on tuition costs out of state.
-- Nearly a third (32 percent) said they were working more to pay for
college.
-- Eighteen percent said they were going to attend a community college
instead of a four-year institution.

Demonstrating that students already in college are feeling the economic pinch
as well, a recent Sallie Mae study showed that up to 30 percent of students
who used credit cards for tuition, books and other direct college expenses
last year charged an average of $2,200, up from $942 four years ago - an
increase of 133 percent. The study suggests that students are using credit
cards instead of other types of financial aid, including grants and private
loans. And, recent reports suggest that many college graduates are entering
the workforce saddled with more college debt than they can realistically
expect to repay, given the current job market. According to FinAid.com, a Web
site specializing in financial aid, the average cumulative debt among
graduating college seniors is about $22,500.

"Regardless of the economic climate, teens need to understand and be able to
apply basic money management skills - such as budgeting, saving and investing
- so they can make appropriate financial decisions, including around how to
pay for college," said Jack E. Kosakowski, president of Junior Achievement
USA. "Junior Achievement infuses age-appropriate financial literacy concepts
throughout our K-12 curricula so that students learn how to make wise money
management habits from the start."

Junior Achievement and The Allstate Foundation have partnered to create
personal finance teaching tools that parents can use to talk to their children
about the importance of learning and using sound money management skills -
including how to pay for college. The 12 lessons are free and downloadable at:
http://www.ja.org/programs/programs_save_usa_materials_parents.shtml.

The 2009 Teens and Personal Finance poll was conducted by Opinion Research
Corporation the week of February 23, 2009 and surveyed 1,000 U.S. teens ages
12-17 via telephone. Its margin of error is +/- 3.2 percent.

About Junior Achievement(R) (JA)
Junior Achievement is the world's largest organization dedicated to inspiring
and preparing young people to succeed in a global economy. Through a dedicated
volunteer network, Junior Achievement provides in-school and after-school
programs for students which focus on three key content areas: work readiness,
entrepreneurship, and financial literacy. Today, 137 individual area
operations reach more than four million students in the United States, with an
additional five million students served by operations in 123 other countries
worldwide. For more information, visit www.ja.org.

About The Allstate Foundation
Established in 1952, The Allstate Foundation is an independent, charitable
organization made possible by subsidiaries of The Allstate Corporation. The
Allstate Foundation strives to make our communities and our nation a better
and safer place to live through partnerships with non-profit organizations
promoting "safe and vital communities," "tolerance, inclusion, and diversity"
and "economic empowerment." Teen safe driving and building financial
independence for domestic violence survivors have been priority issues for the
Foundation since 2005.

SOURCE Allstate Insurance Company North Central Region

Stephanie Bell of Junior Achievement, +1-719-540-6171, sbell@ja.org, or Jeff
Ormond of Allstate Insurance Company, +1-248-994-9393, jormo@allstate.com