Treasury and Education announced a joint partnership today (click here for press release) to promote stronger financial capability among the nation's youth. Get used to the term "financial capability" replacing "financial literacy" in our lexicon. The first step in this effort was the announcement of the National Financial Capability Challenge, a test to be administered in the spring of 2010:
Here is the FAQ on the challenge, which includes an awards program, which hopes to use public recognition and a trip to DC for a select few as the primary rewards:
Important: If you are a high school teacher, home-school parent, youth group leader, principal or superintendent, you can sign up for the Challenge.
If you are a student, please encourage your teacher or group leader to sign up starting December 15, 2009!
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I will look out for the teacher toolkit once it is available next year. It sure would be nice if a comparable effort was established for college students. One look at rising student loan defaults would indicate that financial capability needs to be improved for college students also.
Related stories:
- Reuters: Obama Administration Aims For High School Financial Literacy
- Prepared remarks from Tim Geithner, US Treasury Secretary on December 15, 2009
- WebCPA: Obama Administration Backs Youth Financial Literacy
- NewsHour: Interview with Arne Duncan
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