In the face of a rapidly evolving economy and financial marketplace, it’s vital that Americans have the tools and the knowledge to make good decisions about money. We at the FINRA Investor Education Foundation are committed to helping Americans build their financial knowledge. One of the ways we’re doing this is through the FINRA Foundation’s National Financial Capability Study (NFCS), which was most recently conducted in 2012. Read more…
Today, young people are facing challenges no other generation has faced as they become adults and adapt to an ever changing world. The great recession has left us a job market and economy that are still rebounding, while the cost of college and living are higher than ever. If our children are to grow up to be productive, independent and fulfilled, it is imperative they understand the principles of money management — how to use money wisely, how to save it and how to make it work for them.
Research shows that millennials feel strained when it comes to personal finances. In fact, earlier this year, FINRA released a survey that shows 36% of 18 to 24 year olds have student loan debt and 55% of them fear they won’t be able to pay down their loans. Only one third of respondents have emergency savings, 31% have unpaid medical bills and nearly half carry a balance on their credit cards. Read more…
Next week, the Council for Economic Education will hold its 52nd Annual National Financial Literacy and Economic Education Conference in Baltimore, MD, October 3-5, convening leaders, experts and teachers to exchange ideas and discuss the key issues in financial education today. Joining them are Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), Richard G. Ketchum, chairman and CEO of the Financial Industry Regulatory Authority, Inc. (FINRA) and Jeffrey M. Lacker, president of the Federal Reserve Bank of Richmond, all of whom will be speaking at the Conference. noted financial literacy expert, George Washington University professor and CEE board member, Dr. Annamaria Lusardi, will also be presenting at this year’s Conference.
Over 500 educators, industry thought-leaders and Federal Reserve partners from around the country are expected to attend the conference. Participants will come together to address the most important issues, trends and challenges in financial and economic education. The event is made possible by the generous sponsorship of Wells Fargo (Lead Sponsor), Bank of America (Teacher Champion), and the Maryland Council on Economic Education.
“This conference is a unique opportunity for educators to enhance their ability to incorporate financial literacy in the classroom, and to do so while meeting the new Common Core State Standards, and engage with the industry’s most influential leaders on the most pressing issues,” said Nan Morrison, CEO and President, Council for Economic Education. “We are thrilled to be able to welcome President Lacker, Director Cordray, Chairman & CEO Ketchum and Dr. Lusardi, offering educators the chance to learn from their insights and engage them in dialogue.“
Attendees will also be able to participate in workshops and events featuring best practices and new developments in curriculum, teaching strategies and instructional materials. There will also be networking opportunities and teacher roundtable discussions during which participants can engage with their peers to share ideas and lessons, as well as discuss challenges and innovations.
For additional details, visit http://www.councilforeconed.org/events/cee-national-conference/.
Overwhelming Majority of Americans Believe Financial Literacy Should be Taught in Schools
The FINRA Investor Education Foundation (FINRA Foundation) released the results of America’s State-by-State Financial Capability Survey. The survey findings are available at www.usfinancialcapability.org, which features an interactive map of the United States, and allows the public, policymakers and researchers to delve into and compare the financial capabilities of Americans across all 50 states and the nation as a whole.
The 2012 Survey asked respondents whether they thought financial education should be taught in schools. An overwhelming majority (89%) of respondents said yes, indicating strong support for increased school based financial education. As of June 2013, only 16 states require that some sort of personal finance education be offered in high schools and only 15 states require that course for graduation. The Council for Economic Education is working with state affiliates to increase these numbers so that more students have exposure to this important topic as part of the required curriculum. Read more…