News Release

Contact Information

FOR IMMEDIATE RELEASE November 9, 2004

Contact Rebecca Reid at 202-342-2922

Survey Shows: When it Comes to Money Management Skills Majority of Students are Home-Schooled

Operation Hope and ACEC Poll Indicates Parents are the Main Source for Financial Literacy Tips

Los Angeles, CA (November 15, 2004) – While a majority of respondents over the age of 18 said they have been taught money management tips according to a recent survey by Operation Hope and Americans for Consumer Education & Competition (ACEC), a surprising 91 percent point to their parents as their primary instructors. Although the survey findings overwhelmingly challenge the traditional view that parents do not speak of finances with their children, and while that is considered positive news by Operation Hope and ACEC, representatives of both organizations are concerned that most information getting to kids might be exclusive to their parents’ experiences, and that these may drastically differ from what they later, as adults, will encounter in the financial and economic world.

The national survey was conducted in August 2004 with a sampling of 1,000 individuals 18 years of age and over. It has a margin of error of 3.1%.

"Parents should be encouraged to continue a dialogue on finances, budgeting, saving and investment," said John Bryant, President of Operation Hope which implements Banking on Our Future, a financial literacy program staffed by a national volunteer network. This network manages 11 program offices in Oregon, California, Illinois, Washington D.C., Georgia, Chicago, Boston, New York, and Rhode Island. Since its inception this program has served over 139,000 individuals living in wealth-less communities nationwide. Banking on Our Future, winner of the Oprah’s Angel Network award and just recently, the U.S. Treasury Department’s John Sherman Award for financial literacy excellence, is America’s only national urban delivery platform for financial literacy in the country.

"The fact that they are talking to their kids about money management is an enormously positive first step," Bryant continued. "They should also know that there is a wealth of information at their fingertips that could broaden and deepen the value of their advice."

"The best education for anyone is always the combination of access to accurate information and what we learn from our family – our parents," said Susan Molinari, national spokesperson for ACEC. "Often, our children live very different lives from ours and we are more inclined to impart advice based on our own experience. Both ACEC and Operation Hope are financial literacy resources for parents, children and young adults who are just beginning to plan for their future."

While 57 percent of those surveyed said they had been made aware of money matters, a national movement for increased financial literacy is afoot through provisions included in the federal Higher Education Reauthorization Act, financial institutions such as VISA, consumer education groups such as ACEC and Operation Hope, which sponsors Banking On Our Future and other financial literacy and economic empowerment programs.

"The success of the future of this country and our citizens is contingent upon the education and empowerment of our youth," noted Bryant. "Our world is changing every day and the subsequent generations will wake up to an environment different from the one we live in now. It’s our job to recognize that and prepare them to not only be able to exist in that future, but to be productive, responsible and able to lead. Financial stability is a critical piece of that foundation." "The time to learn about money is before you start spending it," said Molinari. "As the holiday season begins and consumers flock to stores and online catalogues, we urge them to make their first stop a financial literacy website. Santa may come once a year, but your bills come every month. Budgeting for the holidays is a good place to start money management skills."

You can view Operation Hope activities at www.operationhope.org and ACEC’s website at www.acecusa.org.

# # #

FOR MORE INFORMATION, CONTACT:

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