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“Financial literacy empowerment of the individual is key to our future,” a presidential advisory council member said last week about a report that recommends 15 steps to improve financial literacy not just for students but for all Americans.

“The best response to this crisis is to put in place policies and practices that help to ensure that something like this never happens again,” said John Hope Bryant, vice chairman of the U.S. President’s Advisory Council on Financial Literacy. It plans to work with Congress, the executive branch, the private sector and faith-based and nonprofit organizations this year to implement the recommendations.

Among the suggestions is the creation of a “National Financial Literacy Check-Up,” through which people could assess their financial knowledge, and to provide links to sites where information could help fill in the gaps.

Are you competent that you have the skills to take control of your financial future? Would you take the time to perform a check-up? Would it be worth your time to pursue information to raise your knowledge level?

You could wait to see whether these ideas pan out under the new presidential administration. Or you could get a jump on the competition and determine today to spend some time on http://www.mymoney.gov, the Treasury Department’s Web site to teach Americans financial literacy.
Would you attend financial literacy courses at work if your employer provided them? Another council suggestion is to look into providing tax incentives to encourage businesses to inform workers.

Another proposal would require college students getting federally funded or guaranteed loans to take a more comprehensive course or pass a competency test as a condition of getting those loans. The council report also recommends increasing access to bank accounts for the millions of “unbanked” and underserved Americans.

Other suggestions are to have colleges and universities research the state of financial literacy in America and mandates on teaching the subject in elementary and secondary schools.

The 16-member council, created one year ago by President George W. Bush, has been led by the founder and chairman of stock brokerage Charles Schwab Corp. Charles R. Schwab, according to Fortune magazine, was the nation’s 55th richest man in 2008, with a net worth of $6.2 billion. So it’s fair to say he’s a man with a familiarity with money.
 
“There is no question that the lack of personal financial literacy has been a major contributing factor to the economic and financial crisis in the United States,” Schwab is quoted as saying in the release. “We believe that this report contains recommendations that will help Americans at all stages of life learn the financial basics so that they can manage their own money wisely, save for the future and navigate our complex economy effectively.”
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The draft report can be found at http://www.treas.gov/offices/domestic-finance/financial-institution/fin-education/council/7th-meeting-2009/PACFL_Draft-AR-0109.pdf
The recommendations start on page 6.
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For more on Schwab’s thoughts on investing and today’s market, see Chuck’s Perspective on the Charles Schwab Web site: https://www.schwab.com/public/schwab/home/welcomep.html

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As individuals, wringing our hands over the state of the economy isn’t just a waste of time, it can be counterproductive.

Admitting there is a problem is the first step toward conquering it.

America, we have a problem.

Now, you and I need to find those quintessential American bootstraps and begin pulling.

This blog, and the Sunday Richmond Times-Dispatch section by the same name, will provide coping ideas, suggested solutions and tips to get us through the downturn and to exit this recession as stronger residents and business owners.

The hope is that this blog will be a place to share ideas big and small that can embolden individuals to discard destructive habits and embrace new inspirations, a place to talk through possible strategies, a place to support our neighbors and our businesses as we navigate through trying times.
Come join the conversation.

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