Financial Education Commission Meeting Focused on Best Practices

WASHINGTON-The fourth meeting of the Financial Literacy and Education Commission featured representatives from numerous groups discussing best practices in financial education. Guest speakers on the subject included Securities and Exchange Commission Director for Investor Education Susan Ferris Wyderko; Citigroup Director of the Office of Financial Education Dara Duguay; Students In Free Enterprise President and CEO Alvin Rohrs; and United Parcel Service Corporate Compensation Manager Steven Nord. United States Mint Director Henrietta Holsman Fore noted the Mint's efforts toward financial education during remarks to the commission. "The Commission recognizes that a good credit rating, good money management and saving for the future sets a person on the road to a stable, prosperous life," she said. "At the United States Mint, we have an extensive educational outreach program for children, called H.I.P. Pocket Change, that not only uses coins to teach history, mathematics and geography, but also financial literacy." Congresswoman Judy Biggert (R-Ill.) expressed her commitment to increasing financial literacy and the need for personal finance skills. "If our young people learn how to manage money, credit, and debt, they can become responsible workers, heads of households, investors and business leaders," she stated. "But financial literacy is a lifelong process, and it's crucial that we continue our efforts to reach out to people of all ages and economic backgrounds." Treasury Assistant Secretary for Financial Institutions Wayne Abernathy opened the meeting and highlighted that the commission was created to establish a national strategy for financial education. He thanked the commission members who worked on the toll-free hotline (1-888-mymoney) and Web site (www.mymoney.gov), which was launched from NCUA's Alexandria, Va.-headquarters Oct. 12. "Special thanks to Chairman JoAnn Johnson and her staff at the National Credit Union Administration for hosting the MyMoney launch at NCUA headquarters this October," Abernathy said. Johnson announced at the agency's board meeting later the same day that 38,000 kits had been ordered from the Web site and hotline since they were announced. The commission was created under the Fair and Accurate Credit Transactions Act to create a national strategy for financial education. During the meeting, Abernathy commended interested parties' comments, stating, "The insightful comments we received from individuals, government, private, non-profit and local organizations have provided the Commission with valuable insights for developing the national strategy." -scooke@cutimes.com