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News Now

Washington
Pres. Obama officially declares fin lit month
WASHINGTON (4/6/10)--President Barack Obama late last week officially announced the beginning of financial literacy month, calling on Americans to “take time to improve our own financial knowledge and share that knowledge with our children.” Obama said that America’s “future prosperity depends on the financial security of all Americans,” adding that improving financial education “can prevent another crisis and rebuild our economy on a stronger, more balanced foundation.” “While our government has a critical role to play in protecting consumers and promoting financial literacy, we are each responsible for understanding basic concepts: how to balance a checkbook, save for a child's education, steer clear of deceptive financial products and practices, plan for retirement, and avoid accumulating excessive debts,” Obama added. Addressing the government’s role in financial literacy, Obama promoted the proposed Consumer Financial Protection Agency, and lauded the Credit Card Accountability Responsibility and Disclosure Act of 2009’s role in “reining in” some “deceptive” financial tactics. Credit unions nationwide are joining in the financial literacy celebration by participating in National Credit Union Youth Week, April 18-24, and the Credit Union National Association sponsors the National Youth Saving Challenge during the entire month to help youth younger than age 18 develop good savings habits. This program has helped young prospective credit union members save $26.5 million in deposits. For more on financial literacy, check CUNA's website (finlit.org) and use the resource links below.
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