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CEE launches Senate Financial and Economic Literacy Caucus

Last week on May 21, the Council for Economic Education hosted Senator Jack Reed (RI) and Senator Mike Enzi (WY) in Washington, DC for a very exciting announcement: the official launch of the Senate Financial and Economic Literacy Caucus, a bipartisan effort to ensure that all Americans are equipped with the essential skills and education they need.

senateFEL1 300x198 CEE launches Senate Financial and Economic Literacy Caucus

Senator Jack Reed (RI) talking with CEE CEO & President Nan Morrison (right) and RI CEE President Margaret Brooks (left).

Senator Reed stressed the importance of bringing people from all sides together to address the issue of financial literacy, “a critical problem for future generations.” Financial education is a lifelong endeavor, he continued, and “has to start in elementary and secondary schools, and lead into the college arena.”  The Caucus, he hopes, will be a “catalyst for positive change.”

Senator Enzi addressed the need for access to information and tools to help Americans make the right choices, like saving for retirement, buying insurance, or investing.

Following their remarks, the room turned its attention to an important and timely question: what role should the federal government play in supporting financial literacy? Read more…

POSTED: May 28, 2014 | BY: Annamarie Cerreta | TAGS: , , , , , , , ,

Once is Not Enough—Together, Yes We Can

April 23 Once is Not Enough—Together, Yes We CanBy Helen Roberts, Clinical Professor in Economics at UIC and Director, UIC Center for Economic Education.

Practice Makes Perfect

How can our children learn the necessary skills and knowledge to be financially literate? Like reading and driving and other important life skills, one try, one course, one time is not enough to be proficient.

To learn to drive a car, students must learn the rules of the road. To drive their financial lives, students need to learn the rules of good financial life, such the importance of saving, budgeting, and protecting their money. Just as reading about driving is not enough, students need to practice as they go. Read more…

POSTED: April 23, 2014 | BY: Annamarie Cerreta | TAGS: , , , , , , , , , , , , , , ,

Financial Literacy: Its Importance in the (Woman’s) Future

April 22 150x150 Financial Literacy: Its Importance in the (Woman’s) Future

By Kathleen Brennan, 2013 Alfred P. Sloan Foundation Teaching Champion Award recipient.

It goes without saying that today’s females have career opportunities that weren’t available to them a century ago.  The statistics are impressive– according to the U.S. Bureau of Census, females make up 60% of college graduates and the Bureau of Labor Statistics reports that labor participation rates of females have increased from 32% in 1950 to about 57% in 2012. Women have come a long way. The good news is that women have made great strides in breaking the glass ceiling and closing the pay gap; the bad news is that they still lag well behind men in terms of financial literacy. Ignorance in financial matters is particularly concerning since women have unique financial challenges—while many women rely on their husbands “to handle the money”,  the reality is that 90% of women will be solely responsible for their finances at some point in their lives due to the death of a spouse or divorce (Gender Gap in Financial Literacy 2012). Clearly, a man cannot be a “financial plan”. Read more…

POSTED: April 22, 2014 | BY: Annamarie Cerreta | TAGS: , , , , , , , , , ,

Financial Literacy within Our Communities

April 16 240x300 Financial Literacy within Our Communities By Carolyn Berkowitz, Managing VP of Community Affairs at Capital One; President of the Capital One Foundation.

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…

POSTED: April 16, 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: , , , , , , , , , ,

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