Congressman Steve Stivers

Financial Literacy Month Highlights

2014 financial literacy month Financial Literacy Month HighlightsApril is Financial Literacy Month, and it’s a great opportunity to reflect on both how far we’ve come, and what challenges remain in 2015. Over the past 12 months, four states—and counting—have adopted CEE’s National Standards for Financial Literacy. This follows a period of slow to no growth as shown in CEE’s 2014 Survey of the States, which found that a majority of states do not require that students receive education in economics or personal finance education. This increased momentum may signal that the tide has at last started to turn in the right direction.

For the next four weeks CEE and our affiliates will be conducting a full roster of events to shine a spotlight on the importance of economic and financial education.  Here are some of the highlights:

VP Financial Literacy Month HighlightsVantage Point: Real World Perspectives on the Economy
An insightful and engaging discussion with an esteemed panel of experts and leaders joined us for our second annual economic symposium. Featured speakers included Professor Greg Mankiw, who gave the keynote, and Esther George, President of the Kansas City Federal Reserve, with an Update from the Fed.

 

Higher One, Money Matters On Campus
CEO and President Nan J. Morrison participated on a panel conducted by Higher One, sharing the results of their Money Matters On Campus survey.

State Council Events
Meanwhile, our state council affiliates have been working diligently to promote financial literacy carrying out a host of activities: the Ohio Council for Economic Education welcomed Jeff Immelt, (CEO, General Electric) as keynote speaker at their 2015 Awards Luncheon; and in Rhode Island, students and guests including U.S. Congressman Jim Langevin and State Treasurer Seth Magaziner, kicked off the month with a “‘Financial Frenzy’ Forum.”

bedtime math e1428507502789 Financial Literacy Month HighlightsMoney Math Mondays
New this year we’ll be featuring Money Math Mondays throughout the month, a series of financial literacy-related math problems for parents and kids created by the founder of Bedtime Math.

 

CEE Blog Features Leaders Promoting Financial Literacy
We are excited to share perspectives from some of the leading voices in economics and personal finance. Guest bloggers include Sen. Patty Murray (D-WA), Congressman Steve Stivers (R-OH), Richard Cordray (Director, CFPB), David Wessel (Director, Hutchins Center on Fiscal and Monetary Policy, Brookings), Raymond W. McDaniel, Jr. (President and CEO, Moody’s) and Kelli Grant (Consumer Reporter, CNBC.com). Be sure to tune in; we’ll be posting new articles every week!

 

 

POSTED: April 10, 2015 | BY: Annamarie Cerreta | TAGS: , , , , ,

The Importance of Financial Literacy

Congressman Steve Stivers e1428413312966 The Importance of Financial LiteracyBy Congressman Steve Stivers, Ohio’s 15th District, Co-Chair of the House Financial and Economic Literacy Caucus.

The month of April is Financial Literacy Month and serves as a reminder that we are all responsible for our fiscal security. As a co-chair of the House Financial and Economic Literacy Caucus, this issue is especially important to me.

I believe we can take steps now to ensure financial security in the future. These steps can include learning about IRAs and mutual funds, regularly contributing money into a savings account or even starting a retirement plan for the first time. Taking these small steps can mean the difference between retiring at a time of your choosing versus continuing to work well past retirement age.

A factor in ensuring financial security in the future is saving enough money for healthcare expenses. One way many families save money for healthcare services and items not covered by insurance are through Flexible Spending Accounts (FSAs). These can pay for expenses such as doctor copayments, prescription drugs, medical supplies, vision and dental services. Recently, I introduced legislation that will make it even easier for families by allowing the un-used money in FSAs to be saved for large medical expenses.

If you are interested in learning more about how to ensure financial security in your future, I would recommend the U.S. Treasury Department’s resource center, which can be found at http://www.treasury.gov. Another good resource available through the FDIC is the Money Smart website, which can be found at http://www.fdic.gov/consumers/consumer/moneysmart/index.html.

Our own financial literacy is important, but we also need to teach our children how to make good financial decisions. There have been studies that have found that freshman college students who had taken a financial literacy class while in high school were significantly more likely to be fiscally responsible than students who had not taken such classes.

These classes give students an excellent opportunity to learn more about managing finances before college, where many students can fall into financial trouble. In fact, a study by EverFi and Higher One featured in a USA Today article shows that students who have this opportunity in high school are generally more opposed to debt and more inclined to pay credit cards bills in a timely manner.

As the father of two young children, I understand that there are also little lessons I can teach them well before high school. Right now, my daughter Sarah, who is five, is learning the difference between quarters, nickels, dimes and pennies and why she should save her change in her piggy bank.

If you are interested in learning about more to help your children begin learning about fiscal responsibility, a great resource is the Jump$tart website at http://www.jumpstart.org/.

I hope you will take time this month to consider learning more about finances and visit some of the available resources to ensure a secure financial future for you and your family. If you have any questions about this, or any other federal issue, please feel free to contact my office in Washington, D.C. at (202) 225-2015, Hilliard at (614) 771-4968, Lancaster at (740) 654-2654, or Wilmington at (937) 283-7049.

POSTED: April 7, 2015 | BY: Daniel Thompson | TAGS: , , , , ,

Financial Literacy Month 2015 Kick Off

2014 financial literacy month 150x150 Financial Literacy Month 2015 Kick OffApril is Financial Literacy Month! Throughout the month, CEE and our affiliates will be conducting a full roster of events to shine a spotlight on the importance of economic and financial education. As part of our efforts, we will be sharing perspectives from leaders in the field right there on our blog. Look out for essays from guest bloggers throughout the month of April, including:

 

  • United States Senator Patty Murray, Senior Senator from Washington, Ranking Member on the Senate Committee on Health, Education, Labor, and Pensions
  • Congressman Steve Stivers, Ohio’s 15th District, Co-Chair of the House Financial and Economic Literacy Caucus
  • Richard Cordray, Director of the Consumer Financial Protection Bureau
  • David Wessel, Director of the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution
  • Raymond W. McDaniel, Jr., President and Chief Executive Officer, Moody’s Corporation
  • Kelli Grant, Consumer Reporter, CNBC.com
  • and more!

In addition to these to these great guest bloggers, we will also be featuring “Money Math Mondays” every week to introduce key concepts focused on financial literacy. These posts will provide fun number problems that parents can do with their kids from Bedtime Math and will link to lessons that relate to the topic on EconEdLink.

POSTED: April 1, 2015 | BY: Daniel Thompson | TAGS: , , , , , ,

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