Dictionary of Financial Terms
Goals & Guidelines of FinLit
The following Guidelines were developed by Financial Literacy and Education Commission (FLEC). These goals are taken from the Excutive Summary published by FLEC's National Strategy Working Group (NSWG) in 2011.
- Increase awareness of and access to effective financial education;
- Determine and integrate core financial comptencies;
- Improve financial education infrastructure; and
- Identify, enhance, and share effective practices (FLEC)
FLEC. Why and How: Background Report Developing the 2011 National Strategy. Financial Literacy and Education Commission, 2011. Web. 29 May 2012.
Welcome to PJC's Financial Literacy LibGuide
Jackson, Joe R. Homage to Ritchie, 2011. Digital Photograph. Paris Junior College LibGuide. Paris, TX.
This LibGuide is the result of a faculty, administration, and professional staff collaboration during the fall 2011 Staff Development Program at Paris Junior College. The college deems financial literacy an integral part of ensuring student success.
What Is Financial Literacy?
Financial Literacy is broadly defined as the ability to understand finance; however, we know it is much more then [sic] that. We are currently in an economic crisis that has been exacerbated by a fundamental lack of financial responsibility among our citizens. For too long, we have failed to equip people with the knowledge they need to make good financial decisions. An alarming number of adults are unable to balance a checkbook, understand the terms of a basic mortgage, realize the benefits of compound interest, and properly manage credit card debt. Today we are suffering the consequences … We can see it in the subprime mortgage meltdown, skyrocketing credit card debt, personal bankruptcies, and a low savings rate. Beyond individual broken dreams, this lack of financial and economic education is threatening entrepreneurship and business success which is the basis of American capitalism. So what needs to be done?
The private sector, nonprofits, and parents all have a role to play. They must help provide teachers and administrators with the educational programs and materials children need to learn how to manage their money for a lifetime. Parents must play an active role, either in teaching useful concepts to their children if they are knowledgeable or making sure they gain access to free resources provided by the private sector and nonprofits. Many groups, including the Administration, the business community, and a host of non-profit groups are already stepping up to the plate.
"Financial Literacy." U.S. Chamber of Commerce. U.S. Chamber of Commerce, 2012.
Web. 29 May 2012.