America has fallen woefully behind in providing adequatefinancial education to students and families, especially when itcomes to student loans. Recent progress by government agencies,financial institutions and schools themselves is making up for losttime, but many college graduates still face significant studentloan debt that could affect their lives for decades to come.

That message formed the focal point of an open hearing Wednesdayby the Financial Literacy and Education Commission, a division ofthe U.S Department of Treasury, on the University ofWisconsin-Madison campus. The event drew participants from thepublic and private sectors to discuss the need for greaterfinancial literacy, a situation that may have reached crisisproportions in the effect its having on individuals, families andthe nation at large, according FLEC Vice Chair Richard Cordray,director of the ConsumerFinancial Protection Bureau.

“The neglect of financial education can undermine progress inany nation organized around a free market and founded on a regimeof personal responsibility, like the United States,” Cordray saidin his opening remarks. “Yet Americans have neglected thisimportant matter. “

Cordray was one of six speakers to offer opening remarks, a listthat included Rebecca Blank, the former acting U.S. Secretary ofCommerce who is now chancellor at UW-Madison, and Melissa Koide, assistant secretary of the Department ofTreasury's office of consumer policy.

The majority of the two-hour hearing focused on paneldiscussions that brought together financial industry and socialservice experts to discus several aspects of financial literacy and when it should begin in the lives of theeventual students that it will affect. The group's consensus saideducation should begin as early as possible, starting will familydiscussions and financial education in elementary school wheneverpossible.

Royal Credit Union, located in Eau Claire, Wis., is a keysupporter of financial literacy, according to panelist JenniferBlock, community relations manager for the $1.3 billion communityinstitution that serves more than 130,000 members in Wisconsin andMinnesota.

RCU this year will open its 27^th in-school branch, aprogram that will then support branches in 17 elementary schools,five middle schools and five high schools. The credit union hashired some 2,500 student-employees to operate the school branchesover the years, Block said.

The experience offers students not only financial educations,but enlists them as financial literacy advocates among peers andtheir families, she added.

“The kids are in the trenches doing the work and encouragingtheir fellow students to save,” Block said. “Similar opportunitiescan be provided by just about any organization.”

Panelist Alex Martinez, a past participant of RCU's schoolbranch efforts and now a student Chippewa Valley Technical Collegein Eau Claire, was a strong advocate for RCU's program and, infact, any opportunity to provides students with hand-on experiencein managing their own money.

“I've benefitted greatly from this program,” Martinez said.“This was a life-changing experience.”

The future of financial literacy is very bright, Block said inher testimony. She further called on all financial institutionprofessionals to do what they can to support such efforts.