I just "attended" (virtually) the 2nd Annual "Financial Literacy & Education Summit," which was hosted by the Federal Reserve Bank of Chicago in conjunction with VISA. The opening remarks were provided by Ben Bernanke, the Chairman of the Federal Reserve who replaced Alan Greenspan. There were several great speakers and panelists for the event, and I could have not echoed their comments more as it relates to the need for better financial education in our society.
I think we all agree that there are numerous resources available to consumers (many being free or low cost), but the challenge is bring awareness to this topic (my personal goal), explaining why this type of education is important to them and how it directly relates to their everyday life for many years. The second part is to actually deliver the content to the people who need it, whether that be via the web, text messages, books, seminars, etc.
While individuals ultimately need to accept personal responsibility for their own education, getting the support (i.e. buy-in and not necessarily money) from the school system, employers and parents would be most helpful. Click here to visit the website where a replay of the Summit should be available soon.
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