Today, Delaware Congressman Mike Castle joined with Tim Johnson, Howard High School of Technology Academy of Finance Instructor; Matt Kane, Howard High School of Technology Academy of Finance Instructor; David Bakerian, President of the Delaware Bankers Association; Ronnie Cohen, Executive Director of the Delaware Financial Literacy Institute; James B. O'Neill, Director of the Center for Economic Education & Entrepreneurship at the University of Delaware; and students in the Academy of Finance and Business at Howard High School of Technology to highlight the importance of financial education. Rep. Castle also discussed the Financial Education in the Classroom Act (FECA), federal legislation he authored to promote financial education for students in elementary and secondary school.
"So many Americans are taking steps to reduce their debt and start saving money. Each of us can improve our level of financial literacy and the best practices can be learned at any age," said Rep. Castle. "Unfortunately, many people are unable to read bank statements, balance a checkbook, or pay bills. Studies have shown that only 1 in 3 teens understand these simple financial tasks and fewer than 30 percent of America's youth are given an opportunity to take as much as a week's worth of coursework in money or personal finance. For these reasons, I am writing the Financial Education in the Classroom Act (FECA), to promote financial literacy and prepare our kids for financial responsibilities."
The Financial Education in the Classroom Act (FECA) will be introduced this week by Rep. Castle. Specifically, the legislation seeks to improve financial literacy for all students in grades K-12 by strengthening the existing financial and economic education section currently under Title V of the Elementary and Secondary Education Act (ESEA) through the establishment of a competitive grant program for states who demonstrate a commitment to bringing financial literacy education to their schools. Subgrants would then be awarded by States to school districts who partner with groups in the community to achieve student financial literacy through the teaching of personal financial management skills and the basic principles involved with earning, spending, saving, investing, credit, and insurance.
For more information on the Financial Education in the Classroom Act (FECA), and for pictures from today's event, please contact Jessica Gross.