Third Annual Financial Literacy Summit a Big Success
Last week, nearly 300 of Virginia’s leaders in education, business, nonprofit and government came together in a hallmark event, called the Virginia Financial Literacy Summit, to hear about the need for increased money management knowledge among the Commonwealth’s youth, discuss possible solutions and learn about available resources for integrating personal finance education in the classroom. Held at the Richmond Marriott on October 17, the Summit was developed by the Virginia Jump$tart Coalition for Personal Financial Literacy and sponsored by Capital One, Citigroup, Wachovia, the Virginia Society of Certified Public Accountants (VSCPA) and its Educational Foundation, Virginia Credit Union League, State Department Federal Credit Union and Scott & Stringfellow.
“Access to financial literacy education is a critical issue facing Virginia’s and America’s students,” said Tina Lambert, CAE, chair of the Virginia Jump$tart Board of Directors and Vice President of Member & Public Relations of the VSCPA. “In 2006, Virginia high school seniors failed a survey on savings, debt, credit cards, retirement and other personal finance basics [answering 55 percent of questions correctly]. The Virginia Jump$tart Coalition hopes the success of this Summit and support of state leaders and high school educators here today will make financial education a top priority across Virginia.”
Although many states, including Virginia, require that personal finance education be implemented in some way in high school, today only nine U.S. states require student testing and even less require personal finance graduation requirements. Virginia does not require personal finance testing in its annual Standards of Learning (SOLs) and the state does not have a personal finance graduation requirement.
Virginia Secretary of Education Dr. Thomas Morris in his opening remarks applauded the goals of the Summit and Virginia Jump$tart Coalition, and said students in the Commonwealth and nationwide need increased access to civic and financial literacy.
In her presentation, Virginia Department of Education’s Assistant Superintendent of Instruction Dr. Linda Wallinger reviewed legislation (SB 950) that took effect on July 1, 2006, that requires instruction on economic and personal finance education in Virginia’s middle and high schools. She also reviewed models in local school divisions that have implemented a personal finance graduation requirement, including Salem City Public Schools, Waynesboro City Schools and Westmoreland County Schools. She added Chesterfield County Public Schools offers a nine-week personal finance curriculum in senior government classes (which every student must take to graduate) and other school divisions statewide are discussing how to best implement financial literacy education for their students.
The Summit included a panel of Virginia middle and high school educators that reviewed best practices and teaching tips for integrating personal finance education in the classroom as well as hands-on training from industry experts on the topics of consumer rights and responsibilities, applying economics to personal finance, insurance, and saving and investing.
Virginia Attorney General Bob McDonnell delivered the luncheon address highlighting the importance of financial literacy in Virginia, and specifically offered tips and advice for preventing identity theft. Also at lunch, the Summit top-level supporters Capital One, Citigroup, Wachovia and the Virginia Society of CPAs commended Virginia Jump$tart’s efforts.
"Capital One is especially pleased to be involved with bringing a financial education focus to the Commonwealth," said Lahne Mattas-Curry, financial education spokesperson for Capital One. "Although we have a number of unique programs that bring financial education to Virginia residents, we strongly believe that by partnering with other Virginia-based organizations we can make a greater impact in the lives of Virginia’s youth — our children. Once these students understand money skills, they will have many other opportunities open up to them."
"In today's complex financial world, being financially literate is a critical life skill," said Dara Duguay, director of Citigroup's Office of Financial Education. "Citi is committed to supporting financial education and to improving the communities where we live and work."
“Wachovia is committed to improving the communities where we operate, and teaching consumers how to manage their money is a key component of that commitment,” said Penny Johnson, Wachovia's community development officer for Central and Eastern Virginia. “Financial literacy is essential to becoming financially independent and achieving the dream of home ownership, which in turn creates financial stability and even wealth. Wachovia is proud to partner with organizations, like Jump$tart to help educate members of our community."
“As one of the founding organizations of the Virginia Jump$tart Coalition, the Virginia Society of Certified Public Accountants is a proud supporter of the Virginia Financial Literacy Summit and personal finance education” said VSCPA Media & Public Relations Specialist Shawnte Reynolds. “The VSCPA has a long history of community service and outreach, and provides an award-winning financial literacy initiative to Virginians. Called Financial Fitness, our campaign is part of a national effort of the CPA profession to educate consumers of all ages on wise money management.”
The Virginia Jump$tart Coalition (www.vajumpstart.org) formed in April 2005 as the state affiliate of the national Jump$tart Coalition for Personal Financial Literacy, a nonprofit organization whose 200 partners include federal agencies, universities, nonprofits, associations and businesses. While the national organization focuses on students and young adults, Virginia Jump$tart and its 100+ members want to ensure that all Virginia residents have the resources and education to become financially competent. All individuals and organizations in the Commonwealth with a passion for financial literacy are welcome to become members of Virginia Jump$tart. For more information, please visit the Virginia Jump$tart Web site at www.vajumpstart.org, e-mail tlambert@vscpa.com or call (800) 733-8272.
LAST UPDATED 10/25/2007
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