In 2005, the U.S. Senate passed (by an overwhelming vote of 48 to 2) a bill declaring April as Financial Literacy month.
President George W. Bush elevated the importance of financial literacy by signing an executive order establishing the President’s Advisory Council on Financial Literacy. It’s goal is to improve financial education efforts for youths in schools and for adults in the workplace. In 2010, President Obama furthered the cause by signing Executive Order 13530 and created the President's Advisory Council on Financial Capability to assist the American people in understanding financial matters and making informed financial decisions.
While this groundswell of support for financial literacy in schools is certainly needed and welcome, it is important to remember that kids learn the most about money by watching the adults around them. In addition to the award winning Yes, You Can curriculum, there are a number of other resources available to help you understand the essential facts about money so you can pass along good money habits to your kids. Some of these include these resources available through the Federal Trade Commission (FTC):
- Money Matters offers short, practical tips, videos, and links to reliable sources on a variety of topics in English and Spanish, ranging from credit repair, debt collection, job hunting, and job scams to vehicle repossession, managing mortgage payments, and avoiding foreclosure rescue scams.
- Free Annual Credit Reports offers details about a consumer's right to a free copy of his or her credit report from each of the three national credit reporting agencies, upon request, once every 12 months. Reviewing one's credit report regularly is an effective way to deter and detect identity theft.
- You Are Here is a virtual mall where kids experience the FTC's mission by learning about advertising, competition, and how to protect their privacy.