Financial Literacy - United States

United States

See also: Financial Literacy Curriculum See also: Financial Literacy Month

The US Treasury established its Office of Financial Education in 2002; and the US Congress established the Financial Literacy and Education Commission under the Financial Literacy and Education Improvement Act in 2003. The Commission published its National Strategy on Financial Literacy in 2006. The Jump$tart Coalition has championed personal financial literacy in the United States since as early as 1995.

While many organizations have supported the financial literacy movement, they may differ on their definitions of financial literacy. In a report by the President’s Advisory Council on Financial Literacy, the authors called for a consistent definition of financial literacy by which financial literacy education programs can be judged. They defined financial literacy as “the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being.”

The Council for Economic Education (CEE) conducted a 2009 Survey of the States and found that 44 states currently have K-12 personal finance education or guidelines in place. Due to differing criteria, the Jump$tart Coalition only considers 24 states to have a component of personal financial education required. Results from the Jump$tart Survey of Personal Financial Literacy indicate low levels of financial literacy among American youth.

Additionally, automobile finance companies and retailers provide consumer education through Americans Well-informed on Automobile Retailing Economics.

Also, Northern Illinois University started a campus-wide Financial Literacy Initiative in 2009 with a program called Financial Cents. Financial Cents provides college students at Northern Illinois University with the tools and knowledge needed to make sound financial decisions during their college careers as well as after they graduate. Other public and private universities across the United States have implemented similar financial literacy programs.

Read more about this topic:  Financial Literacy

Famous quotes related to united states:

    “There is no Soviet domination of Eastern Europe and there never will be under a Ford administration.... The United States does not concede that those countries are under the domination of the Soviet Union.”
    —Gerald R. Ford (b. 1913)

    “I am colored but I offer nothing in the way of extenuating circumstances except the fact that I am the only Negro in the United States whose grandfather on the mother’s side was not an Indian chief.”
    —Zora Neale Hurston (1891–1960)

    “Hollywood ... was the place where the United States perpetrated itself as a universal dream and put the dream into mass production.”
    —Angela Carter (1940–1992)

    “The city of Washington is in some respects self-contained, and it is easy there to forget what the rest of the United States is thinking about. I count it a fortunate circumstance that almost all the windows of the White House and its offices open upon unoccupied spaces that stretch to the banks of the Potomac ... and that as I sit there I can constantly forget Washington and remember the United States.”
    —Woodrow Wilson (1856–1924)

    “The real charm of the United States is that it is the only comic country ever heard of.”
    —H.L. (Henry Lewis)