Widmann: ‘The need for financial education in the United States has never been greater.’
WASHINGTON (April 13, 2005) –The following is a statement from North American Securities Administrators Association President and New Jersey Bureau of Securities Chief Franklin L. Widmann on the passage of House Resolution 148. Organized in 1919, NASAA is the oldest international organization devoted to investor protection. NASAA’s membership consists of securities administrators in the 50 states, the District of Columbia, Puerto Rico, Canada, and Mexico.
“NASAA commends the House of Representatives for passing H. Res. 148, which designates April 2005 as “Financial Literacy Month.” We thank Rep. Judy Biggert (R-IL) for sponsoring this resolution, along with Representative Rubén Hinojosa (D-TX) and the resolution’s 81 other co-sponsors. Their efforts bring much needed attention to the issue of financial literacy.
“The need for financial education in the United States has never been greater. The precipitous drop in savings rates and the rise of personal debt indicates a looming crisis that will be averted only through the combined efforts of public and private sectors, educators and, in the end, individuals making informed choices about their own financial futures. These problems will not be solved by education alone, but we are certain that they cannot be solved without education.
“State securities regulators have a long tradition of protecting investors through education, and many have established investor education programs within their agencies. In April, as in every other month, state securities division staffs will visit schools, senior centers, military bases and community centers to educate Americans of all ages about safe investing and preparing for retirement.”
Examples of ongoing state-level financial educational programs are available here.
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