Financial Literacy Month

Advocating Financial Literacy

April 15 199x300 Advocating Financial LiteracyBy Congressman Ruben Hinojosa, 15th District of Texas

I am proud to be Co-Chair and Co-Founder of the Financial and Economic Literacy Caucus (FELC) in the U.S. House of Representatives. In 2005, former Congresswoman Judy Biggert and I joined forces to found the first Congressional caucus devoted to furthering financial literacy for all Americans. Over the years, FELC has supported legislation, hosted briefings, and engaged federal agencies on promoting financial literacy at all levels of policy. I am happy to have Congressman Steve Stivers of Ohio, as the new Co-Chair for our Caucus. We share a belief in the power of financial literacy to decrease inequality and increase financial stability and hope for one’s future. Read more…

POSTED: April 15, 2014 | BY: Annamarie Cerreta | TAGS: , , , , , , ,

The work of the President’s Advisory Council on Financial Capability for Young Americans

April 14 The work of the President’s Advisory Council on Financial Capability for Young AmericansBy Beth Kobliner, Member of the President’s Advisory Council on Financial Capability for Young Americans; Author of the New York Times bestseller Get a Financial Life.

I certainly hope I’m wrong about this one.

But when results from the first PISA international test of financial literacy are released in July, I have a sneaking suspicion that the financial know-how of young Americans will be disappointingly low when stacked up against their peers around the world. But hey: If that turns out to be true, let’s not blame a bunch of 15-year-old kids (they’re the ones who took this Program for International Student Assessment test back in 2012). No, we grown-ups should be pointing the finger right back at ourselves. The fact is we are not adequately preparing our kids for a financial literacy test—or, more importantly, for the real-life tests to come as these young adults make their way in a complex financial world. Thanks to the CEE’s annual Survey of the States, we know that while four additional states now require students to study personal finance, that makes just 17 states total.

We can do better—and we will do better. Read more…

POSTED: April 14, 2014 | BY: Annamarie Cerreta | TAGS: , , , , , , ,

Life After High School

April 11 214x300 Life After High School

By Jeffrey Lacker, President of the Federal Reserve Bank of Richmond.

What path should a student choose after high school? Apply to college? Join the workforce? Enroll in career or technical training? Median earnings for college graduates are around $50,000 annually, compared to $28,000 for high school graduates, while the unemployment rate for college graduates is 3.4%, nearly half the 6.4% rate that high school graduates currently face. Given the numbers, it might be tempting to conclude that college is the best path for everyone. However, this recommendation takes into account neither the uncertainty lurking behind the reported numbers nor the preferences and constraints of the individual. Read more…

POSTED: April 11, 2014 | BY: Annamarie Cerreta | TAGS: , , , , , , , , ,

Unique Savings to Scholarship Program Helps Prepare Students for Financial Success

April 10 250x300 Unique Savings to Scholarship Program Helps Prepare Students for Financial SuccessBy Eileen Klein, President of the Arizona Board of Regents; Member of the Arizona State Board of Education.

For most students, entering college is not only a time of inauguration to new learning and discovery, but it also marks the advent of new found freedoms and responsibilities, including new levels of financial decision-making.  Yet while students may arrive at college prepared to learn, we know many are ill-equipped to be sound stewards of their financial health.

In Arizona, as we work to increase post secondary education attainment levels, we’re also finding new ways to empower students and families with the tools to help support strong financial planning and decision making.

Read more…

POSTED: April 10, 2014 | BY: Annamarie Cerreta | TAGS: , , , , , , , , ,

Increasing Financial Literacy to Address the Student Loan Debt Crisis

April 9 150x150 Increasing Financial Literacy to Address the Student Loan Debt Crisis

By: United States Senator Jack Reed (D-RI)

April is an exciting time for high school seniors. Graduation is just around the corner and college acceptance letters are rolling in, and with them an overwhelming sense of possibility and anticipation for students, along with a measure of joy and worry for parents.

Getting into college is an admirable achievement, but paying for college is a long-term commitment.

Indeed, according to the Project on Student Debt, 71% of college seniors who graduated last year had some form of student loans to pay back, with an average of $29,400 per borrower. Read more…

POSTED: April 9, 2014 | BY: Annamarie Cerreta | TAGS: , , , , , , , , , ,

Advocating for Our Children’s Future

April 8 200x300 Advocating for Our Children’s Future

By David Nelms, Chairman & CEO of Discover Financial Services

Financial education in school, coupled with regular money discussions at home, is necessary to help students become knowledgeable about money, establish good financial habits and avoid the economic pitfalls that can derail them from achieving their goals. As parents, teachers and community and business leaders, we are accountable for providing young people with access to academic instruction and life skills training. When we fail to do so, we deprive them of the knowledge they need to make good financial decisions that have lasting implications to their futures. Read more…

POSTED: April 8, 2014 | BY: Annamarie Cerreta | TAGS: , , , , , , , , , , , , ,

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