April 24, 2008

Support Financial Literacy Education Speakers Urge Summit Attendees

SACRAMENTO, Calif. — Addressing more than 450 people at the California Summit on Financial Literacy, Jack O’Connell, state superintendent of public instruction, noted that “the average 21-year-old will spend more than $2.2 million in their lifetime.”
How to help those young people learn how to better manage their finances was one of the themes of the Summit, which was held April 23. Webcasts of Summit sessions are available at http://www.calcpa.org/Content/summit.aspx
In accepting the Government Leadership in Financial Literacy Award, California State Assemblyman Ted Lieu of Torrance, said, “My vision is to mandate financial literacy in our schools and give teachers the resources to do so.” He pledged to continue to introduce legislation in support of financial literacy education until it is passed and signed into law.
On behalf of her father, Charles Schwab, and herself, Carrie Schwab-Pomerantz, accepted the Summit’s Leadership in Financial Literacy Award. She pledged that she and her father would continue their efforts to improve the financial literacy of Americans. “With all of us rolling up our sleeves, there is momentum,” she said. “I believe we have reached a tipping point. But as much progress as we’ve made, we still have a lot of work to do.
Jean Chatzky, Money magazine editor-at-large and the financial editor for NBC's “Today Show,” delivered the Summit’s keynote address, noting, “Fifty percent of people surveyed are more comfortable discussing their weight versus money or debt.”
A key theme for Chatzky was getting parents to discuss their finances and money matters with their children so that young people will learn the value of budgeting and saving. “If they’re old enough to ask the question,” she said. “they’re old enough to hear the answer.”
The Summit featured sessions on coalition building, financial education in California schools, the housing crisis, and nonprofit programs that provide services for low-income Californians.
The California Society of CPAs/CalCPA Institute and the California Jump$tart Coalition were co-hosts of the event.
About CalCPA
The California Society of Certified Public Accountants (www.calcpa.org) is the nation’s largest state accounting organization. It serves more than 31,000 members in public practice, private industry, education and government.
About CalCPA Institute
The CalCPA Institute is a nonprofit 501(c)(3) foundation that promotes financial literacy education for all Californians.
About the California Jump$tart Coalition
California Jump$tart Coalition (www.cajumpstart.org) is a Section 501(c)(3) organization receiving support from businesses and foundations. California Jump$tart is affiliated with the national Jump$tart Coalition for Personal Financial Literacy.