Financial Literacy month is around the corner so consumers should be seeing more articles and blogs on the matter. Today, we wanted to provide an article share from Gregory Karp’s piece in the Chicago Tribune. The opening addresses that Arne Duncan, U.S. Secretary of Education, would dub Chicago as the “the first “model city” for financial education”. His comments were also referenced in a press release from the Chicago Mayor’s office, including more details about a new program being introduced in Chicago.
Let’s provide a couple of highlights regarding the program and financial literacy in Chicago.
√ The program, entitled The Chicago Financial Education Initiative, will be a coordinated effort of entities coming together to teach financial education topics. These include: Chicago’s Treasurer’s, Chicago Public Schools, the Department of Family & Support Services, Chicago Public Libraries, City Colleges and the mayor’s office.
√ The program is anticipated to commence in the fall 2015.
√ The program will be implemented over a period of three years.
Karp’s article does highlight some discussion regarding the inefficacy of financial literacy. However, those are counterpointed by others arguing that if presented early and consistently there can be value to teaching about money. No matter the side one sits in the debate, there is absolutely no doubt that an increase in knowledge about money basics is needed for today’s generation and the young people coming behind.
MoneyBasicsU readers are aware we proudly support and are active with the Federal Reserve Bank of Chicago’s Money Smart Week initiative. Money Smart Week is an annual initiative with its summit held at the Federal Reserve Bank in April. It is focused on the conversation of financial literacy and provides FREE workshops throughout the United States to help consumers learn about money to make better financial decisions. As for Money Smart Week 2015, there is still ample time to check out the Money Smart Week website and sign up for a topic of interest.
We encourage you to read both Karp’s article and the Chicago Mayor’s office news release. We are hopeful that this new program will be successful and help the many consumers who are in great need of good financial literacy.
News to Read:
Chicago to be named a model for financial education, by Gregory Karp, The Chicago Tribune, March 12, 2015
Treasurer Kurt Summers, Mayor Rahm Emanuel & CPS CEO Barbara Byrd-Bennett Announce New Citywide Plan for Financial Education, Press Release, March 12, 2015
Financial Literacy Summit at the Federal Reserve Bank/Chicago 2015, “Improving Millennials’ Financial Literacy with Mobile Technology