Monday, March 16, 2009

What are people doing to promote Financial Literacy? First steps...


The magnitude of the financial meltdown, its harsh effects on the global financial system and the cascade of problems that have been affecting people on "Main Street", have also created what can be defined as a reasonably serious effort that many people are doing to plan and create not only the appropriate educational tools but the public awareness as to how to take a better care of our personal finance having a key priority: avoid misconceptions, credulity in "financial gurus" and ultimately... bankruptcy.

We consider that the most significant effort has been carried out by President Barack Obama in terms of accepting the urgency and therefore the challenge of promoting financial literacy in order to address a serious problem involving the opposite: financial illiteracy. In this regard, the President’s Advisory Council on Financial Literacy and the U.S. Financial Literacy and Education Commission are a formal effort whose goal is “to help keep America competitive and assist the American people in understanding and addressing financial matters”.

On the other hand, what are people doing on Main Street to promote financial literacy? There are several key players that have been working really hard on this important goal: the Jumpstart Coalition that is seeking to address the problem of financial illiteracy by administering concrete tests.

There are many things yet to be done but these initial steps can be helpful...

Image: Flickr


- - - - - - - - - -
Financial Culture / Cultura Financiera
Have a comment? Feel free to post!
2008 ©

4 comments:

Alan Chokov said...

Another valuable Financial Literacy source would be www.efinanceportal.com, a free consumer service. It is an interactive, multicultural, Financial, Business & Educational Portal that contains over 50,000 categories; represents 17 industries, with point of interest venues and 150 interactive features. It is driven by six internal search engines and supports 99% of the world's most spoken languages.

Mario P. Lopez said...

Alan,

Thank you for your thoughts; you're correct. Although the US Government has several good informational alternatives on financial literacy, there are other good alternatives like efinancialportal.com

In addition, there's also a long list of financial blogs that also focus on very concrete financial issues; they are also a worthwhile alternative; I'll talk about them within the following days.

Thank you again.

Kind regards.

Ray Lindsley said...

This is a vitally important subject. This entire crisis could have been avoided (or at least diminished) if Main Street had used credit responsibly and were aware of the risks of some of the mortgage products being offered by the brokers.

Mario P. Lopez said...

Ray,

Thank you for your thoughts on the subject; the problem lies in a serious financial illiteracy that has made people make also serious financial mistakes involving in most of the cases credit cards...

Let's hope that this mess will gradually make people learn and realize also about financial risks that exist even for the most conservative investor.

Kind regards.