Students and Schools Experience Win-Win with Financial Literacy Project
Ben Bernanke, economist and current Chairman of the Federal Reserve (the U.S. central bank), recently expressed his opinions about the need for a financial literacy project for American youth. “The financial preparedness of our nation’s youth is essential to their well-being and of vital importance to our economic future,” said Bernanke. “In light of the problems that have arisen in the subprime mortgage market, we are reminded of how critically important it is for individuals to become financially literate at an early age so that they are better prepared to make decisions and navigate an increasingly complex financial marketplace.”
As Bernanke nears the end of his tenure as Chair, his remarks resonate as we continue to witness the lingering effects of the 2008 Great Recession. Our nation’s young people face uncertain futures due simply to a lack of money knowledge. While college education may prepare young adults to enter the workforce, without learning basic money skills—financial literacy 101, if you will—they will enter the real world unprepared to meet the personal finance challenges they are sure to face. Yet the fundamentals of financial literacy facts are more readily available and easier to teach and learn than many people realize.
With the help of the National Financial Educators Council, community colleges and universities across America are beginning to answer the clarion call raised by Bernanke and others who have a passion for improving the lives of our nation’s youth. Schools are presenting their students with financial literacy education that will give them the confidence to take effective action toward fulfilling their personal, family, and global community goals.
Building financial literacy doesn’t only help the students. The institutions can turn these personal finance programs toward accomplishing a variety of school goals, including improving enrollment rates, obtaining grants and sponsorships, and networking with community leaders and nonprofit groups. It’s truly a win-win for everyone involved.