Financial Literacy Month

Statement

Alan Greenspan, former Federal Reserve Chairman once said, "The number one problem in today's generation and economy is the lack of financial literacy." This month is National Financial Literacy Month and as co-chair of the House Financial and Economic Literacy Caucus, this issue is especially important to me. Educating people, young and old, about making responsible financial decisions is extremely important.

We must ensure Americans have the knowledge to make sound decisions for a financially secure future. For instance, learning about mutual funds, regularly contributing money into a savings account or even starting a retirement plan for the first time are just a few steps that can make the difference between retiring at a time of your choosing or having to work well past retirement age.

Also as the father of two young children, I know how important it is to begin teaching children about making fiscally responsible decisions, like paying yourself first by placing money into a savings account. This education becomes even more important as children go into high school and college, as they take a more active role in their financial decisions.

Source