Pieciak: “Education is an investor’s best tool to build a strong financial future.”
WASHINGTON, DC, April 2, 2019 – The North American Securities Administrators Association (NASAA) today announced its support of Financial Capability Month, a nationwide investor awareness initiative that invites people to improve their understanding of financial principles and best practices. Members of NASAA include state and provincial securities regulators throughout North America.
“NASAA members are on the front lines of financial literacy and investor protection because educating investors of all ages empowers them to make sound financial choices,” said Michael S. Pieciak, NASAA President and Commissioner of the Vermont Department of Financial Regulation.
For this year’s campaign, NASAA is focusing on raising awareness among millennials, those born between 1981 and 1996, of the importance of investing and protecting those investments from financial predators.
“Financial literacy is important for the financial future of North America. We cannot afford to let the next generation embark on these critical early investing years without the financial literacy and awareness they will need,” Pieciak said.
A recent NASAA survey found that three-quarters of millennials (76 percent) said they do not have a brokerage account to hold investments such as stock, bonds, mutual funds or retirement assets. Among those who do invest, nearly half (46 percent) said they were not concerned about their financial security in retirement.
“This shows a gap in understanding of how to build wealth for a financially secure retirement. I encourage my fellow regulators to help close this gap by developing investor awareness initiatives to reach important generation,” Pieciak said.
Pieciak also announced that NASAA is developing an online series of short, animated “Millennial Moment” videos to bring investor awareness information tailored specifically for the millennial audience. The first Millennial Moment is available on the NASAA website here.
NASAA’s website also offers a variety of investor awareness and protection resources, including tips on how to spot the warning signs of possible investment fraud; how to request information about your stockbroker or investment adviser’s qualifications, employment history, and disciplinary record; and contact information for each state’s securities regulator.
Investors are encouraged to contact their state or provincial securities regulator before making an investment decision to learn more about the investment product and the person offering it for sale. “One quick call is all it takes. Education is an investor’s best defense against investment fraud and best tool to build a strong financial future,” Pieciak said.