By Congressman Matt Cartwright, Pennsylvania’s 17th Congressional District.
This month we celebrate Financial Literacy Month in an effort to bring attention to this important life skill and encourage all Americans to take charge of their financial health. We’re confronted with a variety of financial decisions throughout our lives. Whether saving for retirement, buying a home, financing an education or simply putting away money in an emergency fund, a solid financial education is vital to making smart and responsible decisions.
The importance of consumer sophistication on financial matters has never been more important than it is in today’s economy. Unfortunately, Americans receive a failing grade when it comes to the subject. According to Harris Interactive’s 2013 Consumer Financial Literacy Survey only 40 percent of adults say they have a budget and keep close track of their spending. Approximately 60 percent of adults reported that they have not reviewed their credit score within the past year. Read more…
In 2007 Oklahoma legislators passed a law, that will take effect this year, requiring high-school seniors to master financial concepts. Amy Lee, of The Oklahoma Council for Education helped develop the curriculum that requires students to understand and utilize 14 financial standards.
Dr. Annamaria Lusardi, Denit Trust Distinguished Scholar in Economics and Accountancy at the George Washington University School of Business, and Director of the Financial Literacy Center, will be honored with the William E. Odom Visionary Leadership Award from the Jump$tart Coalition.
Lusardi is a CEE board member who has worked with us to promote economic education and financial literacy for all. She has participated on CEE panels including Financial Illiteracy: Educated Women Too? and Women and Financial Literacy: Evidence Across Countries. Lusardi provided guidance on the biennial Survey of the States and served on the Blue Ribbon panel for CEE’s soon-to-be-released National Financial Literacy Standards.
Congratulations to Dr. Lusardi for a well-deserved recognition. The William E. Odom Visionary Leadership Award, named for Bill Odom, the former chairman of Ford Motor Credit Corporation, recognizes individuals who have made substantial, groundbreaking contributions to the promotion of financial literacy among students across the United States.