Financial Literacy Month
Encyclopedia
National Financial Literacy Month is recognized in the United States in April in an effort to highlight the importance of financial literacy
and teach Americans how to establish and maintain healthy financial habits.
In 2000, The Jump$tart Coalition for Personal Financial Literacy
began promoting April as Financial Literacy for Youth Month.
In 2003, the United States Senate
designated April as Financial Literacy for Youth Month. In March 2004 the Senate passed Resolution 316 that officially recognized April as National Financial Literacy Month.
Since 2006, the National Foundation for Credit Counseling (NFCC) has emerged as the leading organization promoting Financial Literacy Month, releasing an annual survey on financial education and honoring the winner of its national financial literacy poster contest, Be Money Wi$e. The NFCC poster contest invites elementary, middle and high school students to submit a poster design surrounding a theme that deals with managing money effectively.
Many of the country’s financial institutions and nonprofit financial educational organizations promote the month by holding promotional events and creating educational materials that center around effectively handling money and dealing with debt.
, a nonprofit credit and debt counseling firm, created a microsite
to support the mission of National Financial Literacy Month, with a step by step process for improving financial wellness.
showed its support for the idea of a financial literacy month. Senate Resolution 48 and House Resolution 127 asked President George W. Bush
to declare April Financial Literacy for Youth Month. At that time, governors of eight states had already named the month of April as such. April was named National Financial Literacy Month by the passing of Senate Resolution 316 with unanimous consent
.
In April 2005, the United States House of Representatives
passed a bill supporting the goals and ideals of Financial Literacy Month. This bill, and the resolution passed by the Senate, called on President Bush to issue a proclamation calling on Federal Government, States, localities, schools, nonprofit organizations business and the people of the United States to observe the month with appropriate programs and activities. During his term in office, President Bush did not issue a proclamation.
During Financial Literacy Month in 2006, The Financial Literacy and Education Commission
unveiled a new national strategy in their report "Taking Ownership of the Future: The National Strategy for Financial Literacy". The report outlined a series of outreach and education goals for the public and private sectors aimed to help Americans improve their understanding of financial issues such as credit management, savings, and homeownership.
(FCAC).
Throughout November FLAG organizes events across Canada to educate and engage with the public regarding the need for financial literacy and promote services available to the public:
“[FLAG] raises awareness of the need for financial literacy and highlights the programs, services and tools available to help Canadians improve their financial knowledge, skills and confidence.”
The need for financial literacy in Canada has been highlighted by the Investor Education Fund’s (IEF) study on Ontarians, discovering that only 3 out of 10 Ontarians are aware of typical priorities and strategies for long-term saving and even fewer know how financial priorities change with age.
The purpose of this month is to educate the public so Canadians are equipped to:
- Provide for themselves and their family
- Invest in their future and the future of their children
- Contribute to the community as a good citizen
Financial literacy
Financial literacy is the ability to understand finance. More specifically, it refers to the set of skills and knowledge that allows an individual to make informed and effective decisions through their understanding of finances...
and teach Americans how to establish and maintain healthy financial habits.
In 2000, The Jump$tart Coalition for Personal Financial Literacy
Jump$tart Coalition for Personal Financial Literacy
The Jump$tart Coalition for Personal Financial Literacy is a 501 non-profit coalition of national organizations seeking to advance the financial literacy of pre-kindergarten through college-aged students. Jump$tart Coalition endeavors to provide youth with life-long financial decision-making skills...
began promoting April as Financial Literacy for Youth Month.
In 2003, the United States Senate
United States Senate
The United States Senate is the upper house of the bicameral legislature of the United States, and together with the United States House of Representatives comprises the United States Congress. The composition and powers of the Senate are established in Article One of the U.S. Constitution. Each...
designated April as Financial Literacy for Youth Month. In March 2004 the Senate passed Resolution 316 that officially recognized April as National Financial Literacy Month.
Since 2006, the National Foundation for Credit Counseling (NFCC) has emerged as the leading organization promoting Financial Literacy Month, releasing an annual survey on financial education and honoring the winner of its national financial literacy poster contest, Be Money Wi$e. The NFCC poster contest invites elementary, middle and high school students to submit a poster design surrounding a theme that deals with managing money effectively.
Many of the country’s financial institutions and nonprofit financial educational organizations promote the month by holding promotional events and creating educational materials that center around effectively handling money and dealing with debt.
Educational initiatives
Money Management InternationalMoney Management International
Money Management International is a Houston-based credit counseling agency offering services in 23 US states and the District of Columbia, as well as nationally via a toll-free hotline...
, a nonprofit credit and debt counseling firm, created a microsite
Microsite
A microsite is an Internet web design term referring to an individual web page or a small cluster of pages which are meant to function as a discreet entity within an existing website or to complement an offline activity...
to support the mission of National Financial Literacy Month, with a step by step process for improving financial wellness.
Government support
In 2003 the United States CongressUnited States Congress
The United States Congress is the bicameral legislature of the federal government of the United States, consisting of the Senate and the House of Representatives. The Congress meets in the United States Capitol in Washington, D.C....
showed its support for the idea of a financial literacy month. Senate Resolution 48 and House Resolution 127 asked President George W. Bush
George W. Bush
George Walker Bush is an American politician who served as the 43rd President of the United States, from 2001 to 2009. Before that, he was the 46th Governor of Texas, having served from 1995 to 2000....
to declare April Financial Literacy for Youth Month. At that time, governors of eight states had already named the month of April as such. April was named National Financial Literacy Month by the passing of Senate Resolution 316 with unanimous consent
Unanimous consent
In parliamentary procedure, unanimous consent, also known as general consent, or in the case of the parliaments under the Westminster system, leave of the house, is a situation in which no one present objects to a proposal. The chair may state, for instance: "If there is no objection, the motion...
.
In April 2005, the United States House of Representatives
United States House of Representatives
The United States House of Representatives is one of the two Houses of the United States Congress, the bicameral legislature which also includes the Senate.The composition and powers of the House are established in Article One of the Constitution...
passed a bill supporting the goals and ideals of Financial Literacy Month. This bill, and the resolution passed by the Senate, called on President Bush to issue a proclamation calling on Federal Government, States, localities, schools, nonprofit organizations business and the people of the United States to observe the month with appropriate programs and activities. During his term in office, President Bush did not issue a proclamation.
During Financial Literacy Month in 2006, The Financial Literacy and Education Commission
Financial Literacy and Education Commission
The Financial Literacy and Education Commission was established under Title V, the Financial Literacy and Education Improvement Act which was part of the Fair and Accurate Credit Transactions Act Act of 2003, to improve financial literacy and education of persons in the United States...
unveiled a new national strategy in their report "Taking Ownership of the Future: The National Strategy for Financial Literacy". The report outlined a series of outreach and education goals for the public and private sectors aimed to help Americans improve their understanding of financial issues such as credit management, savings, and homeownership.
Financial Literacy Month in Canada
Differing from the US, November is Canada’s Financial Literacy Month. The month is organized by the Financial Literacy Action Group (FLAG), a coalition of 7 non-profit organizations who work with the federal government body Financial Consumer Agency of CanadaFinancial Consumer Agency of Canada
The Financial Consumer Agency of Canada is an independent government agency of the Government of Canada. FCAC provides consumer information and oversees financial institutions to ensure that they comply with federal consumer protection measures. Created in 2001, the Agency investigates cases of...
(FCAC).
Throughout November FLAG organizes events across Canada to educate and engage with the public regarding the need for financial literacy and promote services available to the public:
“[FLAG] raises awareness of the need for financial literacy and highlights the programs, services and tools available to help Canadians improve their financial knowledge, skills and confidence.”
The need for financial literacy in Canada has been highlighted by the Investor Education Fund’s (IEF) study on Ontarians, discovering that only 3 out of 10 Ontarians are aware of typical priorities and strategies for long-term saving and even fewer know how financial priorities change with age.
The purpose of this month is to educate the public so Canadians are equipped to:
- Provide for themselves and their family
- Invest in their future and the future of their children
- Contribute to the community as a good citizen