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Putting financial education on the agenda.

April 13, 2010
Citi, Citi

With April marking Financial Literacy Month, there is a great deal of public attention on financial education and its potential as a tool to improve the economy. At a Citi-sponsored event last week organized by The Greater Washington Jump$tart Coalition, "Financial Education and Washington," participants framed the issue and highlighted financial literacy initiatives directed at students.

In opening remarks, Eric Bell, an assistant vice president at Citi Private Bank who is the volunteer president of the DC-area coalition, noted a 2008 Jump$tart Coalition survey finding that financial literacy of high school students had fallen to its lowest level ever. He also outlined a vision for personal finance to be covered in every student's education. "A few decades ago, credit was extended only to those who could prove their ability to repay. Today, however, both college graduates and high school dropouts enter their adult lives with crippling student loans and credit card debt, frequently without a job in place to provide the income they will need to repay it," he said. "If young people are not prepared to make financial decisions wisely, substantial negative consequences may result that we will ultimately face as a nation."

Bell brought in a range of expert panelists who also focused on improving young Americans' financial capability and access, including Michelle Greene, Deputy Assistant Secretary for Financial Education in the U.S. Treasury Department; Elizabeth Duke, Governor of the Federal Reserve Board; Gail Laster, Deputy Chief Counsel for the House Financial Services Committee; and Michelle Rhee, Chancellor of the Washington, DC public schools. The event occurred against a backdrop of the forming of President Obama's Advisory Council on Financial Capability.

Citi is six years into a 10-year, $200 million global commitment to support financial capability initiatives. Check out the website of Citi's Office of Financial Capability, and watch this space for more information about our community partnerships and accomplishments.

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