Education Secretary Pushes Need For Financial Literacy

Career College Central summary:

  • Financial literacy needs to be a staple of the American education system, U.S. Secretary of Education Arne Duncan said at Pensions & Investments' Investment Innovation and the Global Future of Retirement conference.
  • “When you look at the baby boomer generation moving toward retirement, when you look at a lack of savings, when you look at how insecure people are as they move toward retirement, as a nation, I worry tremendously about the financial viability of families,” Mr. Duncan said in a June 23 keynote speech at the Waldorf Astoria in New York.
  • Mr. Duncan was interviewed by Mellody Hobson, president of Ariel Investments LLC, Chicago. He said seeing so many families without savings or a basic understanding about how to prepare for retirement has him worried about the future.
  • “The lack of preparation for retirement, the lack of savings, particularly among the black and Latino populations, is devastating,” Mr. Duncan said. “I'm a huge proponent of education as a tool to help move families out of poverty.”
  • Although he was happy to see a number of states start financial literacy programs for high school students, Mr. Duncan likened financial literacy education to learning a foreign language in that it's something that should be taught as early as possible.

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