Annaloro Stresses Need for Financial Literacy

YAKIMA, Wash. – Noting that many Americans do not understand basic financial concepts, the head of the Washington Credit Union League stressed the importance of financial literacy efforts, including measures moving through the state Legislature to have schools teach the subject. Speaking at a National Consumer Protection Week event here, John Annaloro, president and chief executive officer of the league, said financial literacy efforts could help reverse the trend that has savings rates at an all-time low and personal indebtedness at an all-time high. He also noted that consumers lacking financial skills were often preyed upon by others. The league is backing two state measures, House Bill 2455 and Senate Bill 6212, which would allow for financial education to be taught in schools. Such programs, Annaloro said, would help consumers become more financially savvy and allow them to get a handle on their monetary affairs. The event was sponsored by the Better Business Bureau of Yakima. The theme of the 2004 National Consumer Protection Week is financial literacy.