States need to do a better job posting Financial Literacy initiatives and resources.

Posted by: Kathy Griffin

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While MoneyU's primary focus has been to bring financial literacy instruction in education, at state- and district-levels, and in secondary and postsecondary levels, I have recently been doing a little research on States' initiatives in financial literacy outside of schools.  

Most States are extremely interested in addressing the financial illiteracy crisis, for obvious reasons: a financially capable populace is a healthier tax base, and less likely to be in need of welfare and similar services. 

I searched the web for every State's financial literacy initiatives.  A few States have none, some States have done nothing more than declare April to be Financial Literacy Month. Shame on them, in either case.  Some States have tucked their financial literacy resources so deep as to make them invisible.  Others parse and sprinkle financial literacy initiatives across so many agencies that a needy citizen would squander hours in searches and navigation.

States could learn a lot from each other, and from the success story of New Zealand's National Strategy for Financial Literacy, which  owes in large part to two key strategies:

  1. a centralized, trusted, easy-to-find and easy-to-navigate website of financial resources for its citizens.  http://www.sorted.org.nz/ 
  2. Empirical measures of the campaign's effectiveness, for example percentage of the population owning bank accounts, savings rates, and regular testing of citizens' financial literacy.

And, Wow, they did it in under 3 years.

Even as the US climbs slowly out of this economic crisis, its aftershocks in the job market, the credit freeze, mortgage defaults, student loan defaults will hamper complete recovery, and necessitate continued efforts in financial literacy.  Such efforts need to be driven at both the Federal and State levels. 

Kudos to several States that have done near-exemplary jobs of making their financial literacy efforts and resources easy to find.

Connecticut        http://www.state.ct.us/ott/FL_youth.htm

Florida                 http://www.myfloridacfo.com

Kansas               http://www.kansasstatetreasurer.com/prodweb/financial_resources.php

 New York          http://www.nyfinancialliteracy.com/

 Texas                http://www.window.state.tx.us/citizens.html

They'd be even better, if they mentioned MoneyU! 

I welcome our readers in other States to to let us know about other laudable examples.

 

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