A Quote by Richard Thaler
Even if we grade on a very generous curve, many Americans flunk when it comes to financial literacy.
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Financial literacy is not an end in itself, but a step-by-step process. It begins in childhood and continues throughout a person's life all the way to retirement. Instilling the financial-literacy message in children is especially important, because they will carry it for the rest of their lives. The results of the survey are very encouraging, and we want to do our part to make sure all children develop and strengthen their financial-literacy skills.
Financial literacy is an issue that should command our attention because many Americans are not adequately organizing finances for their education, healthcare and retirement.
The Harper Government is committed to ensuring that seniors have the skills they need to make solid financial choices. Seniors today face an increasingly complex financial marketplace, and it will take the combined efforts of public and private sector organizations to help seniors navigate the many financial choices they face. The start of Financial Literacy Month is an excellent opportunity to thank the Canadian Bankers Association and encourage other private sector organizations to take an active role in providing financial literacy support to Canada's seniors.
The commitment to literacy was constant on the part of African Americans. And the percentages of literacy by the end of the century, by 1900, basic literacy has galloped ahead. People believed that education, of course, was the turnstile for advancement.
We don't invest in financial literacy in a meaningful way. We should be teaching elementary school children how to balance a checkbook, how to do basic accounting, why it's important to pay your bills on time. First, education. Begin the learning process as early as possible, in elementary school. Second, encourage and support entrepreneurism. Third, policy. I know it's a priority of the US Treasury to augment financial inclusion and increase financial literacy.
Real vectoring in space, real orbital mechanics, is very counterintuitive, very strange, and very hard to render. It's expensive, and there's a learning curve. Some of it is about raising audience literacy to the point where they understand that.
Fundamentally, the solution to economic insecurity is economic prosperity - an achievable goal. But for anyone who has grown up without financial security, there's a shadow that lies over even those who move towards independence: lack of financial literacy.
It's really important, obviously, for people to realize that it is a very small percentage, only 1 percent of our total economy, of our total budget, and I think that's important for people to know. But I also know that Americans are very generous and that many, many Americans are proud that their taxpayer dollar has saved lives in Africa through the president's malaria initiative or through PEPFAR, the emergency relief plan for AIDS.
Women's vulnerability around money is hardly exclusive to Africa. Throughout the world, women struggle with financial power. In the West, women's financial literacy is notably lower than men's. That lack of knowledge means that many women slide into poverty when they become widows.
There's a great lack of financial literacy and understanding in this nation, even among college-educated people.
In terms of my profession, I'm passionate about financial literacy. I want to live in a financially literate society. I want kids to understand the importance of savings and investing. I want to try to replicate the great savers who came out of the Depression, the best savers the country has ever seen. It's crucial that people understand the importance of financial literacy, because it's actually life saving.
You know, the old version was about balancing a checkbook. The new version is about the risks of debt, which is so much more widely available. So I think it's important that we design relevant financial literacy courses, and teach them starting early in grade school.
But I think we're also just talking about the literacy of the audience. The visual literacy of the audience. They've seen so many images now, especially here in the States. There's so much to look at, to watch. So the visual storytelling literacy is harder to impress.
I have four relatively small children, and around fourth grade, they start doing big projects on Native Americas: everything is Native Americans in elementary school. Do you know how many Native American dresses I've sewn, on and on; it's a full yearlong study. And then never again. As journalists, we never even cover Native Americans.
I think visual literacy and media literacy is not without value, but I think plain old-fashioned text literacy and mathematical literacy are much more powerful and flexible ways to organize your mind.
I think people don't understand compound interest because typically no one ever explains it to them and the level of financial literacy in the US is very low.
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