Blog: Promoting Financial Literacy

Statement

Each April we recognize Financial Literacy Month, bringing attention to budgeting, responsible use of credit and saving for the future. Developing an understanding of these smart money management skills is vital, no matter what your age or income.

Sadly, we are facing a serious deficit of financial literacy in this country. According to the National Foundation for Credit Counseling, more than half of American adults rate themselves as either "fair" or "poor" in terms of financial literacy. Consequently, problems with personal finance and money management are passed on to children by parents who believe students are learning financial literacy in schools. In reality, only 30% of teachers are incorporating these lifelong skills into their curriculum.

Reaching more young Americans is critical, especially as they begin earning their first paychecks through part-time jobs, considering college loans or buying their first car or apartment. We must do a better job of teaching money management skills to young people, from middle school to graduate school. That's why I introduced H.R. 891, the Young Americans Financial Literacy Act - a bill that seeks to promote the development of effective financial literacy curricula and educational models for students ages 8-24.

If we strengthen financial literacy education and instill these important skills in our kids, I am confident we can spur our economic growth and ensure that more Americans have a shot at achieving their financial goals.

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