May 14, 2012
Financial Literacy: A Year-Round Effort
By Melanie Rose
By Melanie Rose
The Richmond Fed’s Community Development and Economic Education teams immersed themselves in a monthlong effort to promote financial education throughout the Fifth Federal Reserve District in recognition of Financial Literacy Month.
The Fed’s goal in focusing on financial education is to provide people with reliable information and tools to help them make informed personal financial decisions, especially those that may substantially influence their lives.
We held a number of programs around our District, highlighting resources that are available to help people who are considering those big financial decisions. We also tried something new, an interactive scavenger hunt called “Capture the Capital,” which drew more than 30 teams to the Fed to compete in downtown Richmond on a Saturday morning.
We worked with partners outside our Bank to promote financial literacy. That includes bringing together people and organizations with the Virginia Jump$tart Coalition for Personal Financial Literacy.
We also provided information to Richmond Fed employees throughout Financial Literacy Month on building their financial toolkit to help navigate through these important decisions. In addition, employees and visitors were able to test their personal finance knowledge in The Fed Experience, the interactive exhibit in our Richmond office.
While April is a great time to call attention to the importance of financial literacy, our financial education work goes on year-round. We have been working to develop new resources that will provide information and tools to help consumers with decision-making around the “big three” financial decisions — whether to pursue higher education, whether to purchase a house and on what terms, and decisions around retirement savings.
We’re also working on an online course for high school students that will focus on the benefits of completing high school, the decision about going to college and financing for higher education. And we’re continuing to work with colleges in our region on our successful Share the Wealth financial literacy video contest.