Opinion Pieces

Financial Literacy Month

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Washington, April 22, 2015 | comments
Alan Greenspan, former Federal Reserve Chairman once said, “The number one problem in today’s generation and economy is the lack of financial literacy.” This month is National Financial Literacy Month and as co-chair of the House Financial and Economic Literacy Caucus, this issue is especially important to me. Educating people, young and old, about making responsible financial decision is extremely important.
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Alan Greenspan, former Federal Reserve Chairman once said, “The number one problem in today’s generation and economy is the lack of financial literacy.”  This month is National Financial Literacy Month and as co-chair of the House Financial and Economic Literacy Caucus, this issue is especially important to me.  Educating people, young and old, about making responsible financial decisions is extremely important.

We must ensure Americans have the knowledge to make sound decisions for a financially secure future. For instance, learning about mutual funds, regularly contributing money into a savings account or even starting a retirement plan for the first time are just a few steps that can make the difference between retiring at a time of your choosing or having to work well past retirement age.

Also as the father of two young children, I know how important it is to begin teaching children about making fiscally responsible decisions, like paying yourself first by placing money into a savings account.  This education becomes even more important as children go into high school and college, as they take a more active role in their financial decisions.

If you are interested in learning more about finances there are many great resources available. I would recommend the U.S. Treasury Department’s resource center, which can be found at www.treasury.gov.  Also, FinancialLiteracyMonth.com, which has helpful tools like:

•    Free Webinars – You can sign up for free webinars designed to help you on your path to financial wellness. Topics include: goal setting, credit reporting, managing credit, debt repayment and budgeting.
•    Income Worksheet - Use the income worksheet to help you determine the amount of income you can realistically count on.
•    Record of Daily Expenditures - Knowing where your money is going is critical for a successful budget. Track your daily expenses and then ask yourself if you are spending your money wisely.

Completing these simple steps can help you and your family more easily manage your finances and plan for the future.  As always, I look forward to hearing from you on federal issues facing our nation and I appreciate the opportunity to serve Ohio’s 15th Congressional District.  I invite you to call my Washington D.C. Office at (202) 225-2015, Hilliard Office at (614) 771-4968, Lancaster Office at (740) 654-2654, or Wilmington Office at (937) 283-7049 to share your thoughts with me.

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