Vote For Manny ? Blog Archive ? Financial Literacy

Manny has a history of community involvement and has been featured in news stories since 2007 when he started a financial literacy pilot program with Marin District Attorney David Ball. Following is an overview of one of his many contributions to Marin County.

Combined, those agencies represent the Coalition of Financial Institutions for Youth Financial Literacy in Marin County. The program included:

• Basic budgeting
• Basic banking
• What credit is (and how to use it wisely)
• Budgets
• Identity theft and life skills
• An important part of credit is checking your credit report at least once a year: This is in part due to the American credit scoring system, which is a mess. 80% of Americans have an error on their credit score that is not necessarily accurate. Incorrect reporting means that you pay more interest on everything you charge: clothes, car, your home . . .

In a 1999 survey, the American Savings Education Council found that 15% of students said they understand financial matters very well, 67% said fairly well, and 18% said they do not understand financial matters at all.

The National Foundation for Credit Counseling reports 41 percent of U.S. adults, or more than 92 million people living in America, gave themselves a grade of C, D, or F on their knowledge of personal finance (April 2009).

Financial Preparedness is Essential to Well Being

?The financial preparedness of our nation?s youth is essential to their well-being and of vital importance to our economic future. In light of (current) problems, 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 navigate an increasingly complex financial marketplace. Choosing a credit card, saving for retirement or for a child?s education, or buying a home requires more financial savvy than ever. Financial literacy and consumer education?coupled with consumer protection?makes the financial marketplace effective and efficient. Only eight states require personal finance before highschool graduation. I believe more states should consider making personal finance a requirement for all students . . . this is vital to the future of our economy and all its citizens, and I strongly believe that financial literacy must be a high priority . . . ?

~ Ben S. Bernanke, Federal Reserve Board

Reports from the Youth Financial Literacy Program

Report: Taking Ownership of the Future The National Strategy for Financial Literacy, 2006 (162 pages) from the U.S. Government?s website dedicated to teaching all Americans the basics about financial education. Whether you are planning to buy a home, balancing your checkbook, review your credit reports, or investing in your 401k, the resources on MyMoney.gov can help you do it better. Throughout the site, you will find important information from 20 federal agencies government wide.

Manny?s commitment to community, as exampled by this program and other proejcts, is what is needed to keep us healthy.

Source: http://voteforfernandez.com/VoteForManny/2011/10/05/financial-literacy/

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