The Economics Center at the University of Cincinnati is celebrating Financial Literacy Month with a photo contest!

Please WEAR GREEN and encourage your colleagues, teachers, students and friends to join you. Post a picture on their Facebook Page and the photo with the most “LIKES” will win $50 Visa Gift Card. The winner will be announced on Tuesday, April 30.

Contest Details:
•    Submit Photos through Friday, April 26.
•    A gallery of photos will posted on the Center’s Facebook Page on Friday.
•    Vote for your favorite photo Friday, April 26 – Monday, April 29.
•    Winner will be announced on Tuesday, April 30!

Good luck, and thanks for supporting Financial Literacy Month!

POSTED: April 24, 2013 | BY: Leslie Rasimas | TAGS: Contest, Councils & Centers, Financial Literacy, financial literacy month, Students, teachers

By Leslie Sutton, Vice President of Corporate Communications at Discover

April’s designation as national financial literacy month is significant because it brings necessary attention to the fact that so many Americans today lack the training to manage their personal finances effectively. Discover is committed to addressing that and has been working with CEE to help students.

Our financial education program, Pathway to Financial Success, has helped bring related curriculum into more than 200 schools public high schools across the country since 2012. But more remains to be done. In two months, many students will be graduating. The question is: Are they prepared? Do they have the skills necessary to succeed? Read more…

POSTED: April 24, 2013 | BY: Leslie Rasimas | TAGS: awkward conversations, Financial Literacy, financial literacy month, High School, personal finance, Professional Development, survey, teachers, teens and money

By Nancy Phillips, BS, EMBA, Author and Speaker; Founder & President, DollarSmartKids Enterprises, Inc.; Creator of the Zela Wela Kids. Nancy is the mother of two elementary school-aged children.

As parents, we are automatic educators, and we want our children to learn the skills they’ll need to thrive and reach their full potential in life. This is true for parents around the world. With the financial industry and global culture changing as rapidly as they are today, it’s easy to see that our children need guidance; current, effective, honest information, that has their best interest and future well-being at heart.

The Lessons Must Have These Key Elements

These core financial life lessons must involve a combination of information, beginning with inspirational and motivational messages, so children understand how the information can affect their individual lives. The messages must also be simple, and effective – so the lessons are implemented and become habit. Beneficial learning only occurs if the new information is implemented, thus creating positive decision-making skills and behavior. Read more…

POSTED: April 23, 2013 | BY: Leslie Rasimas | TAGS: children, Financial Literacy, financial literacy month, give, invest, parents, personal finance, save, Saving, spend, Students

By Congressman Rubén Hinojosa, Representing the 15th District of Texas.

In 2005, former Congresswoman Judy Biggert and I came together to form the Financial and Economic Literacy Caucus. Judy, a Republican, and myself, a Democrat, found common ground when it came to the importance of financial literacy. I am happy to report that Congressman Steve Stivers, Republican of Ohio, is our new co-chair for the Caucus. We will once again sponsor a House Resolution declaring April as Financial Literacy Month, and the annual Financial Literacy Day on Capitol Hill will be held on Friday, April 26 in the Cannon Caucus Room in Washington, D.C.

The message of the Caucus is a nonpartisan one: We need to empower young people with the information they need in order to make healthy financial decisions throughout their lives. A focus on financial literacy makes sense for policymakers from either party; financial empowerment can alleviate poverty and attack inequality, while also providing Americans the tools to be financially independent and self-reliant. This will not only ensure their families’ own financial security, but will contribute to the stability and growth of the entire economy. Read more…

POSTED: April 22, 2013 | BY: Leslie Rasimas | TAGS: Capitol Hill, Dodd-Frank, Financial Literacy, financial literacy month, personal finance, Politics

From Education Week: Financial Literacy Standards Rolled Out for K-12

Recognizing the need for kids to be smarter about how they manage their money, the Council on Economic Education released the National Standards for Financial Literacy for K-12 education.

Developed by economists, education specialists at Federal Reserve banks, and financial education researchers, the benchmarks are intended to provide a framework of essential knowledge that 4th, 8th, and 12th graders should master to be savvy financial consumers.

Read the full report here.

POSTED: April 20, 2013 | BY: Leslie Rasimas | TAGS: Federal Reserve, Financial Literacy, National Standards for Financial Literacy, personal finance, Students

By Christian Ackmann, Economics concentrator at Brown University; Winner of the 2012 National Personal Finance Challenge.

You would be surprised to know the number of college students who don’t know how build their credit history, view their account balances, or even write a check.  College is usually the first time that students acquire independence, yet some students remain dependent on their parents’ financial support and advice.  Proper financial education in high school is necessary to gain financial independence in college.  During my first year of college, I have seen many financial mistakes made by my fellow students.  Here are some of the things I believe every college student should know about personal finance to make intelligent financial decisions.

1.  Credit
When I asked my fellow classmates which financial topics they wished they knew more about, the unanimous answer was credit.  For many college students, credit cards are a thing of mystery.  They are magical pieces of plastic that somehow pay for pizza and gasoline using money from their parents.  The first step to establishing a solid credit history is understanding how credit works.  Once students understand the importance of credit, it can be very helpful to have a credit card in the student’s name (not the parent’s name) to encourage responsibility.  Paying the credit card bill in full each month is an easy way to build a good credit history, not to mention the perks that many cards offer, such as cash back or air miles (which are especially applicable to college students living away from home). Read more…

POSTED: April 20, 2013 | BY: Leslie Rasimas | TAGS: College, credit, Credit Cards, currency exchange, Financial Aid, Financial Literacy, financial literacy month, online banking, parents, personal finance, Saving, Student Loans, Students, taxes