Congresswoman Jackie Speier

April 10, 2012

Dear Friends,

The economic crisis has squeezed the majority of Americans. Making wise and informed financial decisions is especially crucial while we are feeling the pain at the grocery store, the pump, in the housing market and the job market.

In 2004, Congress designated April as National Financial Literacy Month in an effort to keep Americans informed and provide them with the resources they need to manage their earnings and savings.

I would like to share with you some of the online resources and tools the Federal government provides that can help you make the sound financial decisions for you and your family:

The interactive “ask us anything” tool through the Consumer Financial Protection Bureau (CFPB) provides information about everything from credit card interest rates to mortgages. It offers simple, unbiased explanations from experts.
Mymoney.gov is a website dedicated to helping Americans plan for all stages of life, including getting married, starting a family, or starting a business. You can get quick advice on basic financial planning, such as how to get a loan, invest your money, or plan for retirement.
Under The Fair Credit Reporting Act, Americans are guaranteed access to a free credit report once every 12 months. Make sure you know where you stand using the only Federal Trade Commission (FTC) authorized credit report at annualcreditreport.com.
Protect yourself from scammers by reading up on how to spot, stop, and avoid scams at moneymatters.com.

The financial literacy gap is especially acute among young adults. Many report that they don’t feel adequately prepared to make good financial choices when it comes to using debt wisely (28%), saving for the future (40%), or investing their money (43%). Nearly 50% of teens are unsure of how to use a credit card effectively, yet 24% think high school or younger is when they should get their first credit card. Fortyfour percent of parents admit to needing more guidance on how to best teach their children the skills necessary to become financially responsible and successful adults. If you are a parent, I encourage you to have a discussion with your children about these important issues to help set them on a secure financial path.

The U.S. Department of Treasury sponsors a National Financial Capability Challenge for students online. In 2011, 84,372 students took the online test. The national average score was 69%.

I hope you will find this information useful and will share it with others. Should you have additional questions or need help with an issue, please feel free to contact my District office at (650) 342-0300 or visit my website at www.speier.house.gov.

All the best,

jackie