Financial literacy is important but not common, if you consider the following statistics:
• The American family spends $1.22 for every dollar it earns.
• In 2002, 12th graders answered only 50% of questions correctly when tested on personal finance basics.
• Only 15% of high school students currently get any school-based personal finance education.
• When questioned, 60% of pre-teens could not explain the difference between cash, checks, and credit cards.
The Get Smart About Credit Day
The Get Smart About Credit Day is held every October. Volunteer bankers across Tennessee will visit colleges, high schools, freshman orientations, youth groups, and continuing education classes to teach students how to budget, use credit cards responsibly and build a positive payment history.
TBA Personal Economics Program (PEP)
Over 100 banks across Tennessee participate in the Personal Economics Program, a consumer education effort that promotes understanding of banking and financial services by enhancing the public's knowledge of economic systems, specifically as they relate to banking and personal financial management. In the past year, Tennessee's PEP program reached over 63,000 people through some 2,000 presentations, thanks to 400 volunteer bankers. To find out if the PEP program is availabe in your area contact the Tennessee Bankers Association at 800/964-5525.
Tennessee Saves Coalition
TennesseeSaves is a state-wide campaign in which The University of Tennessee Agricultural Extension Service, working with other state and national organizations, helps individuals and families save and build wealth.
The Jump$tart Coalition for Personal Financial Literacy
The Jump$tart Coalition for Personal Financial Literacy seeks to improve the personal financial literacy of young adults.
Jump$tart's purpose is to evaluate the financial literacy of young adults; develop, disseminate, and encourage the use of standards for grades K-12; and promote the teaching of personal finance. The Jump$tart Coalition believes that all young adults need to have the financial literacy necessary to make informed financial decisions.
National Teach Children to Save Day
According to the 2005 ABA Banking Journal Community Bank Competitiveness Survey, nearly 60 percent of community banks are taking steps to build relationships with children of all ages in their communities. Of those banks forging ties through financial education, most are supplying bankers for classroom lessons.
ICBA Resources on Financial Literacy
