Note on the Current Financial Literacy Program in America
Among Americans, burdensome consumer debt, low savings rates, and record bankruptcies are the common indicators of low financial literacy levels. Such indicators are calling for more active participations in the financial literacy movement that has begun ten to fifteen years ago. According to a recent Fannie Mae Foundation report, there were only 90 financial education programs in the community and workplace, of which 65% were launched in 1990s and in 2000. From the report, there were 29 programs active in community organizations, 24 programs in Cooperative Extension Service, 18 programs in businesses, 8 programs in faith-based organizations, 7 programs in community colleges, and 4 programs in the U.S. Military.
However, what is more important than the number 90 that looks rather small is the dramatic increase in the development of financial literacy programs during the last decade. The study further revealed that although the curricula and contents vary among different organizations, audiences, and settings, there are three genral categories in the current financial literacy programs in America.
The first category, into which Moneythink actually falls, considers several wide range financial education intiatives aimed at school-age students. The second category is designed to offer training and provide aids in the ares of retirement and savings. The last category considers home-buying and ownership programs.
The report also states that financial education received in school age improves the level of financial literacy most effectively. This is the field that Moneythink is dedicating its energy and passion into. We believe that there is a strong need in our communities for practical knowledge that will help our people survive small to large financial problems. From the report, it is rather obvious that America has a great room to improve in financial literacy. Moneythink has begun playing an effective role in one of the general categories of the current financial litercy programs.
Moneythink is striving for more support, friends, and advisors. Help us, befriend us, and let’s strengthen our communities and the people in them.
E-mail us for potential partnership opportunities, questions, and ideas.
Thank you.
Seung Ho (Andy) Han
Director of Strategic Partnership
ahan@moneythink.org