Annamaria Lusardi is the Denit Trust professor of economics and accountancy at the George Washington School of Business.
CEE CEO Nan J. Morrison
On April 2nd, to kick off Financial Literacy Month, CEE held a breakfast at the New York Stock Exchange, “Financial Literacy in the Financial Capital of the World: Working Together to Educate New Yorkers”. Following welcome remarks by Steve Wheeler, Director, Archives, Corporate Giving and Education at the NYSE, Ron Lieber of The New York Times moderated a panel discussion that covered a range of topics and questions, from whether students in New York are receiving the financial literacy education they need, to how government, corporation, non-profits and schools can work together to build financial literacy among students.
With unique perspectives from the government, private and academic sector, panelists Jonathan Mintz, Commissioner, NYC Department of Consumer Affairs, Gerald Rosenfeld, Chairman, Lazard, Ltd., and Dr. Michael Staten, Assistant Dean for Careers, Commerce and Industry, Norton School of Family and Consumer Sciences, The University of Arizona, and Director, Take Change America Institute had a thoughtful–and lively!–discussion.
One of the morning’s dominant themes was the need to teach students how to make smart decisions:
“The key to any good educational model is how you make the tough choices,” said Mintz, adding that it was critical to make students feel confident enough to ask the right questions.
Staten seconded that notion, noting that the financial educational sector has “stepped up its game” in this department: “There has been a shift toward recognizing that personal finance is all about making decisions. Economics lays the foundations for these decisions, training [students] to make the decisions that are best for them.”
Rosenfeld raised another important point, noting the importance of providing students with the necessary vocabulary to navigate the financial and economic landscape. Which means more than simply teaching the terms, but truly understanding a concept like “risk,” or “debt.”
In her closing remarks, CEE CEO and President Nan J. Morrison offered a nice summation of the panel discussion, asserting that financial literacy “is a language that people need to learn; and that language is a language of choice.”
Panelists Gerald Rosenfeld, Jonathan Mintz and Dr. Michael Staten
Attendees touring the NYSE
All photos by Ben Hider Photography.
April is Financial Literacy Month (FLM), and as we prepare to lead the industry in outreach, advocacy and awareness, we invite you to join us in New York City and Washington, D.C. for our special events. Read more…
Last October, CEE held its seventh annual Visionary Awards dinner honoring leaders who promote economic and financial literacy to create a better-informed society.
The evening featured a fireside chat moderated by Sharon Epperson, CNBC Senior Commodities Correspondent and Personal Finance Correspondent, who discussed the importance of corporate responsibility in personal finance education with the honorees:
- The Honorable Sheila C. Bair, Former Chairman of the FDIC and currently a Senior Advisor at The Pew Charitable Trusts;
- Karen Finerman, Co-Founder and Chief Executive Officer of Metropolitan Capital Advisors and Panelist on CNBC’s Fast Money;
- The Honorable Mel Martinez, Chairman of the Southeast & Latin America at JPMorgan Chase & Co. and Chairman of JPMorgan Chase Foundation;
- Duncan L. Niederauer, Chief Executive Officer and Director at NYSE Euronext. (John Merrell accepted the award on behalf of Niederauer).
Watch the 2012 Visionary Awards fireside chat below.
The 2013 Visionary Awards Dinner will be Tuesday, October 22 at The Pierre, New York.
Council for Economic Education (CEE), Network for Teaching Entrepreneurship (NFTE) and Junior Achievement (JA) visit the NYSE to highlight the good works these three organizations are doing to promote financial literacy with children and students.
We are also celebrating the launch of the NYSE Euronext Virtual Field Trip as part of Financial Literacy Week. The NYSE Euronext Virtual Field Trip, created through a partnership with Discovery Education, is a one hour segment that features a tour of the NYSE Trading Floor, interviews with NYSE Euronext Executives, and a live Q and A session with Duncan Niederauer, CEO of NYSE Euronext. The program will be broadcast live on April 11th from 12pm-1pm on the Discovery Education website, and will be later archived on the NYSE Euronext website as an education tool for students. In honor of the occasion, representatives from Network for Teaching Entrepreneurship (NFTE), Council for Economic Education (CEE), and Junior Achievement (JA) ring The Closing BellSM.
Click here to watch video of the ringing.
Join Discovery Education and the New York Stock Exchange on April 11, 2012 at 12:00pm ET as they go live from the floor of the New York Stock Exchange. Introduce your middle and high school students to the basics of stock ownership, initiate a dialogue on financial responsibility and meet the NYSE staff members who keep the exchange running day after day.
- Learn about the history of the markets and get an exclusive behind-the-scenes floor tour of the exchange.
- Meet young market professionals: brokers, designated market makers, technology gurus and marketing experts, who will guide classrooms through stock market terminology and describe their day-to-day roles.
- Interact with executives from the NYSE and financial experts who will introduce students to the basics of stock ownership and answer your live investment questions.
Pre- and post- classroom connection guides, related thought starters, and student activities will be distributed to all registered classrooms in advance of the event in order to provide a comprehensive learning experience.