Financial Literacy Month

The latest edition of the Economist includes an interesting article about the low rate of financial literacy in United States.  According to the article,

Americans still leave school not knowing much about money. A sample of high-school pupils aged 17 or 18 gave correct answers to barely half of a set of questions about personal finance and economics posed in 2006...

Congress has declared April ‘Financial Literacy Month’, but many individuals, especially those in the low-income bracket, do not have access to adequate financial education. Improving financial literacy in the U.S. may not prevent future economic crises, but it can empower individuals and help them to make more educated decisions about bank accounts, credit, and investments. The challenge of improving financial literacy is not limited to the United States – and the article also highlights efforts by multilateral institutions to improve financial education in the developing world. This issue will continue to be relevant as the world economy becomes increasingly integrated. To learn more about the many financial literacy programs being instituted at home and abroad, click here.