News Release

Contact Information

FOR IMMEDIATE RELEASE March 30, 2004

Contact Rebecca Reid at 202-342-2922

Financial Literacy Leader Susan Molinari Says Government is Making Strides in Support of Money Skills Education

Senate Hearing on “The Federal Government's Role in Empowering Americans To Make Informed Financial Decisions” Takes Inventory of Government Financial Literacy Programs

Washington, D.C. (March 30, 2004) – Noting increased priority by the federal government to develop and support financial literacy programs for students, investors and consumers, former Congresswoman and National Chairman of Americans for Consumer Education and Competition (ACEC), Susan Molinari, said money skills education is critical for each American and for the future economic well being of this country, in a statement submitted for a key senate hearing today.

“Our federal government and this administration is taking a leadership role along with the financial literacy community in the mission to educate our young people, many of whom will be leading this country in the future, on how to responsibly manage finances and make sound fiscal decisions with their own money,” Molinari stated. “We live in a society where more than half of our households live paycheck to paycheck and have not saved enough for retirement. Our younger generations need to chart a new financial course and the programs we are hearing about today can help them.”

Today’s hearing before the Budget and International Security Subcommittee of the Senate Governmental Affairs Committee focused on federal agencies, such as the Education Department, the Agriculture Department, the Securities and Exchange Commission and the Federal Reserve Board that sponsor programs designed to improve the economic and financial literacy of students and consumers. Subcommittee members are charged with reviewing the current status and effectiveness of activities carried out by the newly established Commission on Financial Literacy and Education.

Molinari helped form Americans for Consumer Education and Competition with the goal of improving the financial literacy of young people today, so that they might enjoy more fruitful lives tomorrow. The impetus to create ACEC came from national survey data that found that eighty-one percent of adults wanted solid, personal finance courses taught in their children’s schools. The same survey indicated that less than one in every five adults believed their children’s schools were adequately teaching personal money management skills. ACEC launched the Money Skills Report Card, a national survey of high school seniors – 82% of whom failed the personal financial quiz. Tested on real life questions involving interest rates, loans, and savings options, a passing grade on financial literacy was hard to find.

“An investment today in our children and young adult consumers for financial literacy education will yield great dividends and prevent us from borrowing on their future,” said Molinari. “Government, both state and federal, plays a key role in this commitment.”

FOR MORE INFORMATION, CONTACT:

Rebecca Reid
Executive Director
Americans for Consumer Education & Competition
202-342-2922
Cell: 410-212-3843