Federal Reserve Chairman Ben Bernanke addressed financial education Monday, urging Americans to educate themselves in order to better manage their money. In the midst of the worst financial crisis since the Great Depression, Bernanke said Americans need to become more financially literate.
The Chairman's brief comments came at the opening of a conference on financial literacy in Chicago, sponsored by the Federal Reserve Bank of Chicago. The branch's president, Charles Evans, is also scheduled to speak.
As the global economy continues to experience extraordinary turbulence ... the need has never been greater for initiatives that help consumers learn to manage their money wisely, Bernanke said.
Bernanke has pushed for better financial education during his tenure as Fed chairman. In September 2008 he called education in economics vital to our prosperity.
As our economy becomes more and more technologically advanced and globally interconnected, the skills, knowledge, and analytical ability that education develops are becoming ever more crucial to each individual's success, Bernanke said at the September speech. A substantial body of research demonstrates that investments in education--higher education, certainly, but also lifelong education, from preschool to mid-career training and adult education--pay high rates of return both to individuals and to our society as a whole.
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