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What is Financial Literacy?
Financial Literacy is broadly defined as the ability to understand finance; however, we know it is much more then that. We are currently in an economic crisis that has been exacerbated by a fundamental lack of financial responsibility among our citizens. For too long, we have failed to equip people with the knowledge they need to make good financial decisions. An alarming number of adults are unable to balance a checkbook, understand the terms of a basic mortgage, realize the benefits of compound interest, and properly manage credit card debt. Today we are suffering the consequences … We can see it in the subprime mortgage meltdown, skyrocketing credit card debt, personal bankruptcies, and a low savings rate. Beyond individual broken dreams, this lack of financial and economic education is threatening entrepreneurship and business success which is the basis of American capitalism. So what needs to be done?
The private sector, nonprofits, and parents all have a role to play. They must help provide teachers and administrators with the educational programs and materials children need to learn how to manage their money for a lifetime. Parents must play an active role, either in teaching useful concepts to their children if they are knowledgeable or making sure they gain access to free resources provided by the private sector and nonprofits. Many groups, including the Administration, the business community, and a host of non-profit groups are already stepping up to the plate.
To view the programs available directed to the unique challenges of you as an individual, business owner, employee, retiree, student or other, please see the links below.
There are four key groups, differentiated by age, that are affected by financial responsibility in this country. Please click below to be directed to programs that can be of the most help to you based on your age category.