FDIC programs bring education to consumers early

Excerpts from FDIC's Sheila C. Blair's comments delivered April 30 to a subcommittee of the US Senate are presented. Survey evidence suggests that inadequate financial knowledge is pervasive among many segments of society. The April 2007 National Foundation for Credit Counseling consumer financial literacy survey finds that many American consumers do not follow basic sound financial management practices. Building on the verified success of the Money Smart program, the FDIC has embarked on a pilot project to further integrate the Money Smart curriculum into public schools. Responsible and prudent financial practices should start early to teach good habits to young consumers. Therefore, to increase the availability of financial education for students, the FDIC will contact 120 school systems and related government entities during 2007 to recommend the use of the Money Smart curriculum, which has been unanimously endorsed by the board of directors of the National School Boards Association for use in public schools. At the same time, the FDIC is distributing through schools, churches, and other venues - copies of a special edition of the FDICs consumer newsletter for teenagers, and another newsletter for young adults becoming financially independent.