Stephanie Tubbs Jones: “making thoughtful and informed decisions about your finances is more important than ever. Financial literacy and…”

“making thoughtful and informed decisions about your finances is more important than ever. Financial literacy and education are the foundation for wealth building. Being knowledgeable of the different financial products available leads to increased wealth among individuals and families and is key to stimulating the economy. There are many more aspects of financial literacy than knowing how to open and maintain a savings or checking account. In today's society, increasingly more adults, young and old participate in financial decision making including, life insurance coverage, 401(k)s, stocks, business, investments, credit cards, mortgage loans, and automobile financing. I believe that financial literacy should be taught at an early age. Parents should instill in their young children the value of saving and investing. According to the American Bankruptcy Institute, more young people filed for bankruptcy than graduated from college in 2001. In addition, personal bankruptcy filings were up 7.4 percent last year. There are several programs like JumpStart, which are geared toward teaching children and young adults the basics of financial management. The JumpStart Organization in Ohio was recently awarded a $10,000 grant from The McGraw-Hill Companies to launch Financial Literacy for Teachers Training Workshops for Pre-Teachers and Teacher Training in Personal Finance Basics in five different regions in Ohio.…”