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PA Senate Approves Gordner Resolution for Financial Literacy

Recognizing the importance of financial and economic knowledge, the PA state Senate has passed a resolution authored by Senator John R. Gordner (R-27) to designate April as “Financial Literacy Month” in Pennsylvania.

“Knowledge of finance is essential to ensure individuals are prepared to manage credit and debt, invest, and become responsible workers, business leaders and entrepreneurs,” said Senator Gordner.  “A knowledge of finance has been linked to lower delinquency rates for borrowers, higher contributions to savings and retirement plans, and a higher net worth.”

Senate Resolution 92 encourages employers, schools, financial institutions and the media to provide opportunities for financial literacy education by collaborating with organizations such as EconomicsPennsylvania.

economicspa 300x214 PA Senate Approves Gordner Resolution for Financial Literacy

(L-R) Senator Gordner; Jennifer Dodge, Director of
Governmental Relations, EconomicsPennsylvania;
Fritz M. Heinemann, President, EconomicsPennsylvania;
and Lieutenant Governor Jim Cawley present Senate
Resolution 92.

 

POSTED: April 18, 2013 | BY: Leslie Rasimas | TAGS: , , , , ,

I wish I’d known that!

Lori Berkes Nelson 214x300 I wish Id known that!By Lori Berkes-Nelson M.S.Ed., President, Econ Illinois.

I had not heard the word “economics” until I was in high school, and then it was attached to Consumer Economics and I walked away from that class with an understanding of how to write a check and how to keep a checkbook balanced – both very important skills as I became an adult.  But, what if I had been taught the economic way of thinking from the time I was in kindergarten?  If I had understood “opportunity cost” when I was in grade school or scarcity when I was in high school or compounding interest rates when I graduated college, perhaps I would have been better-prepared to avoid debt. Read more…

POSTED: April 16, 2013 | BY: Leslie Rasimas | TAGS: , , , , , ,

Waiting for the Cavalry

Dan Kadlec 200x300 Waiting for the CavalryBy Dan Kadlec, author and journalist.

I’d like to think the cavalry is coming. But it isn’t—not quickly enough, anyway. For all the lip service to financial education and well-intentioned research surrounding what works best when it comes to teaching young people about money, much too little instruction is actually taking place. In plain view, the next generation is growing up as financially inept as the last.

Financial illiteracy brought us the Great Recession. Individuals had taken on crushing credit card debt, renounced the concept of an emergency fund and inked mortgages that made no sense. Sure, bankers were complicit. But that’s all the more reason to get serious about raising the public’s financial I.Q. Read more…

POSTED: April 10, 2013 | BY: Leslie Rasimas | TAGS: , , , , , ,

Growing up Financially Literate

AmyRosen NFTE Headshot 223x300 Growing up Financially LiterateBy Amy Rosen, President & CEO, Network for Teaching Entrepreneurship; Vice-Chair, President’s Advisory Council on Financial Capability.

America must make a choice to become financially literate, and we must start acting now with our youngest generation. During the past half-decade we have been unfortunate witnesses to the consequences of debt and poor financial decisions. We have seen the suffering of families on a micro level and experienced the macro pains in small towns and big cities. Let’s seize this opportunity to make a change. We can improve ourselves while offering young people the best foundation for their future and for our country. Read more…

POSTED: April 8, 2013 | BY: Leslie Rasimas | TAGS: , , , , ,

Focusing on Major Financial Decisions – Richmond Fed President Shares his Perspective

Jeff Lacker 300x199 Focusing on Major Financial Decisions   Richmond Fed President Shares his PerspectiveBy Jeffrey M. Lacker, President of the Federal Reserve Bank of Richmond; CEE Board Member.

What’s the first thing you think of when you read the words “financial literacy”? How to write a check? There’s sure to be a website to help you with that. In fact, if you Google it, you’ll get about 1.4 billion results. How to create a budget? You’ll find more than 2.8 billion results. In other words, there are plenty of resources to guide you through these and other financial decisions.

So it may surprise you to hear that the Federal Reserve Bank of Richmond has added to these options by creating a new financial education and resource website. One of the first things that you’ll notice, however, is that our site is not about every financial decision. It’s about big ones. And it reflects our belief that financial literacy efforts should focus on key financial decisions – ones that have major and long-term impacts for individuals and their families. Read more…

POSTED: April 2, 2013 | BY: Leslie Rasimas | TAGS: , , , , ,

Celebrating Financial Literacy Month

nan headshot Celebrating Financial Literacy MonthBy Nan J. Morrison, President & CEO, Council for Economic Education.

As all of you know, April is no longer “the cruelest month”; it is now financial literacy month!

All of us at CEE are enthusiastic about our plans to celebrate the progress being made in financial and economic literacy and the chance to involve all of you.

First and foremost, we are launching our new National Standards for Financial Literacy, providing a toolkit for educators in creating a solid curriculum for all of our students. By giving financial and economic education equal status with other subjects (math, science, languages), we will increase both state and national will and resources to this mission.

In addition, throughout the month of April, we will share the perspectives here of some of our nation’s most important financial, corporate, and political leaders on the need for and importance of financial and economic literacy. Look out for essays from great guest bloggers, such as:

Lori Berkes-Nelson, President, Econ Illinois
Lynn Fitch, Mississippi State Treasurer
Congressman Rubén Hinojosa, TX-15
JD Hoye, President, National Academy Foundation
Max Isenberg, freshman at the University of Pennsylvania and former National Economics Challenge finalist
Dan Kadlec, journalist
Jeff Lacker, President of the Federal Reserve Bank of Richmond and CEE Board Member
David H. Lillard, Jr., Tennessee State Treasurer
Barbara O’Neill, Extension Specialist in Financial Resource Management, Rutgers Cooperative Extension
Brian Page, 2011 Ohio Department of Education Milken National Educator Recipient
Mike Periu, President, Proximo, Inc. and CEE Board Member
Amy Rosen, President & CEO, Network for Teaching Entrepreneurship
Joan Rosenbaum, 5th grade teacher

And more!

Check out this link to see the events that we will be sponsoring for April as well.

At the end of the month, I will share my thoughts on these experiences. And I hope that you will share some of your experiences with us here.

We know that financial literacy changes the way people see the world and their roles in it. Together, we can make a difference.

Nan J. Morrison
President & CEO
Council for Economic Education

POSTED: April 1, 2013 | BY: Leslie Rasimas | TAGS: , , , , , ,

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