Matz, Bair and Duncan Unveil Financial Literacy Effort
NCUA Chairman Debbie Matz and two other top government officials announced an initiative aimed at increasing financial literacy and financial planning.
Matz, Education Secretary Arne Duncan and FDIC Chairman Sheila Bair spoke at T.C. Williams High School in Alexandria, Va.
Matz, Duncan and Bair visited the student-run credit union at the high school, which received national attention in the 2000 movie Remember the Titans starring Denzel Washington, and then made the announcement.
"There is no better place for young people to learn these concepts than from their teachers at school, and no better partner to provide subject matter expertise for schools than financial institutions," Matz said. "In many underserved communities, studies show that parents learn about finances from their children, so youth financial education can benefit adults as well."
Under the program, the two regulatory agencies and the Department of Education will help set up partnerships among schools, financial institutions and other organizations to increase financial education and access to accounts at federally insured credit unions and banks.
"A lack of financial literacy is a major roadblock on the path to college access and success for too many students and families," Duncan said. "We know that students who save for college are more likely to go."