Saturday, April 18, 2009

April... Financial Literacy Month (2)

Since April is in financial terms a key month, I've noticed several very interesting and honest efforts that the U.S. Government, many cities and schools have been doing intended to help particularly young people by spreading a much needed financial education as a key basic tool intended to create a much needed awareness about many daily and seemingly "non important" financial issues that people didn't realize and felt its impact before the current financial crisis.

Let's try to focus (in some detail) as to the efforts the U.S. Government is carrying out to take in order to disseminate financial literacy: this time, U.S. Senators Patty Murray and Tad Cochran as well as Representative Carolyn McCarthy introduced a legislation intended to "help improving American's financial decision making skills": the Financial and Economic Literacy Improvement Act of 2009 aiming to "provide 250 million in grants annually to states to support teaching financial literacy in K-12 and 2 -and 4 year- colleges" (Watch video at the end of this post to get familiar with the details...)

On a personal (yet modest) perspective, I'd say that this bill arrives in time since the lack of financial literacy (according to Darmouth's Professor Anna Maria Lusardi) is an urgent issue to address and solve; in this regard, another serious problem arises when many college students are already struggling with a growing debt (we'll talk about this particular problem later).

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Financial Culture / Cultura Financiera
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