A CNBC article discusses President Obama’s recent proclaimation that April is National Financial Capability Month and his reestablishment of the Advisory Council on Financial Capability for Young Americans. The spotlight is on financial literacy, however it is not taught in most schools.
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…
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…
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.
In this article from Edutopia, Brian Page, high school personal finance & economics teacher and CEE Teacher Advisory Chair, highlights resources to help teachers impart financial literacy lessons to middle school students.
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…