CEE Board

Financial Illiteracy: Educated Women Too?

Industry Leaders Discuss the Gender Gap in Financial Education

This week, the Council for Economic Education welcomed Ann F. Kaplan, Dr. Annamaria Lusardi and Dr. Mahnaz Mahdavi to our national headquarters to address an important, yet rarely discussed topic: that even highly educated women have low levels of financial literacy.

Speaking before an audience of industry leaders from the financial, philanthropic, legal and non-profit sectors, rising freshmen Heather Pepper and Naomi Gonzalez opened the program by sharing their personal experiences and the first-hand benefits of the financial curriculum they experienced in high school. Then, following opening remarks from CEE’s CEO and President Nan J. Morrison,  the trio of distinguished panelists offered their insights into the issue at hand.

Ms. Kaplan, partner at Circle Wealth Management, dispelled the false yet persistent myth that women don’t invest because they aren’t good at math.  But she also spoke to the need for greater financial education for women, even for those who work in finance.  To paraphrase Ms. Kaplan, understanding complex derivatives doesn’t equip you with the personal finance lessons you need to plan for retirement.

Dr. Lusardi, Professor of Financial Literacy at The George Washington School of Business, noted that a sharp difference exists between men’s and women’s financial knowledge not just here in the United States, but across the globe.  According to Dr. Lusardi, financial literacy is a skill one needs for everything from voting to making the decision to invest in education.  Equipping young women with that knowledge is a crucial way to “make a difference in someone’s life.”

Dr. Mahdavi, Professor of Economics at Smith College, presented a comprehensive study she conducted on the state of financial literacy of educated women based on detailed survey responses from almost 4,400 Smith alumni. One of the most startling findings was the dearth of financial knowledge among women in their 20’s and 30’s: out of the six basic finance questions they were asked, these age groups correctly answered only 35% and 44% respectively. And though literacy tends to increase with age, peaking in the 60’s with a 57% correct response rate, even then it falls short of where it needs to be.

On a positive note, data suggests that a rigorous financial education at an early age could be a way to reverse the trend.  As Ms. Morrison concluded, “if we get to the problem early… [students] can build life along their values by having the tools and knowledge to make the best decisions for them and their communities.

The event was graciously funded by Gerstein Fisher, a financial management firm based in New York City.

L-R: Mahnaz Mahdavi, Nan J. Morrison, Dr. Annamaria Lusardi, Ann Kaplan

POSTED: June 21, 2012 | BY: admin | TAGS: , , , ,

Council for Economic Education Announces $200,000 Challenge Grant

Board Member to match all gifts received through June 30, 2012, up to $200,000

The Council for Economic Education (CEE), the leading organization in the United States that focuses on the economic and financial education of students from kindergarten through high school, announced a Challenge Grant.  Funded by one of CEE’s generous board members, the Challenge Grant will match dollar-for-dollar any gifts received by June 30, 2012, up to $200,000.

Donate Today
“If there’s one lesson we’ve learned from the recent recession and its painful fallout, it’s that an alarming number of Americans lack the most basic dollars-and-cents understanding they need to survive in our global economy,” said President and CEO Nan J. Morrison. “CEE raises funds to support the financial education of future generations, and a challenge grant that will match donations dollar-for-dollar is economics we can all understand.”

CEE is uniquely positioned to help narrow the widening gap between what people know about economics and personal finance, and what they need to know.  Last year CEE trained more than 55,000 teachers, including 5,000 in some of the nation’s lowest-performing high schools; those teachers, in turn, reached 5 million students.  Funds raised through the Challenge Grant will enable CEE to support educators more effectively, including programs for Hispanic Americans, girls and K-5 after school providers.

Join in the effort to make economic and personal finance education a priority in the schools, and help educate young people about the economy they will one day ultimately inherit by donating today to CEE’s Challenge Grant.

POSTED: April 19, 2012 | BY: nan | TAGS: , , , , , ,

CEE Report – Winter 2012

Download NowThree times a year the Council for Economic Education releases the CEE Report, highlighting our new and noteworthy events, programs and partnerships, including pilot programs and joint ventures with key supporters.

“Early training in economics and financial literacy will go a long way towards the creation of a stable society in the future.”
– Henry Kaufman, President of Henry Kaufman & Company, and renowned economist and author

Read more…

POSTED: February 29, 2012 | BY: Daniel Thompson | TAGS: , , , , , ,

CEE Appoints Lusardi, Fauber and English to Board of Directors

New board members bring robust experience in corporate finance, education and leadership
NEW YORK, December 20 – The Council for Economic Education (CEE) welcomes Annamaria Lusardi, Robert Fauber and Mike English to its board of directors. Effective Oct. 28, the CEE’s board of directors voted Lusardi, Professor of Economics and Accountancy, the George Washington University School of Business; Fauber, Senior Vice President of Corporate Development, Moody’s Corporation; and English, President and CEO, Missouri Council on Economic Education as its newest members of the board.
Read more…

POSTED: December 20, 2011 | BY: admin | TAGS: ,

Changing a Nation of Spenders to a Nation of Savers through Financial Education

ING DIRECT Funds Personal Finance After-school Program for Elementary Students through the Council for Economic Education

NEW YORK, June 30 – The Council for Economic Education (CEE) is proud to announce a new partnership with ING DIRECT to pilot a personal finance after-school program for elementary school students focusing on effective decision-making and the development of crucial life skills. Read more…

POSTED: June 30, 2011 | BY: admin | TAGS: , , ,

CEE Appoints Kuhlmann, Campbell and Duboff to Board of Directors

New board members bring robust experience in financial services, banking, leadership and marketing

NEW YORK, June 20 – The Council for Economic Education (CEE) welcomes Arkadi Kuhlmann, Deidre H. Campbell and Rob Duboff to its board of directors. Effective May 23, the CEE’s board of directors voted as the newest members of the board Kuhlmann, president and CEO, ING DIRECT USA; Campbell, managing director, Burson-Marsteller; and Duboff, CEO and founder, HawkPartners LLC. Read more…

POSTED: June 20, 2011 | BY: admin | TAGS:

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