The Community Financial Education Foundation (CFEF) today announced it will lead a grassroots campaign focused on high schools in Washington, D.C. to increase awareness and drive participation in the National Financial Capability Challenge. CFEF’s campaign is also intended to provide financial education training directly to students and through community partners in an effort to improve the financial health of students in the District of Columbia.
“Washington, D.C. received a failing grade last year based on the results of the 2010 Challenge,” says CFEF Executive Director, Jonas Singer. “D.C. had the lowest participation rate [of students] compared to any state in the U.S. so it is not surprising that student scores also were below average. It seems that these results are indicative of much bigger problems threatening our community. To start, the approach to financial education in D.C. is broken and we intend to help fix it.”
“D.C.’s performance should be a wakeup call to every school, community organization, and government official,” Singer added, “We want to do our part to sound the alarm of the financial illiteracy crisis, which is why we are making this year’s Challenge a priority for the hundreds of students we work with.”
The National Financial Capability Challenge is a joint program developed by the U.S. Department of the Treasury and the U.S. Department of Education. It is an awards program designed to increase the financial knowledge and capability of high school aged youth across the United States so they can take control over their financial futures. It challenges high school teachers and other educators to teach the basics of personal finance to their students, and rewards students, educators, schools, and states for their participation and their success. The National Financial Capability Challenge will be administered nationally, and in the District, between March 7 and April, 8, 2011.
“CFEF works with young adults in D.C. everyday so we know that these statistics are not reflective of the potential of the outstanding young adults in the nation’s capitol. We also have to remember that the participation rates are not the responsibility of the students. In other words, if financial education is not a priority for the schools, how can we expect it to be a priority for our students?”
CFEF (Community Financial Education Foundation) is a 501(c)(3) non-profit foundation based in Washington, D.C. that works nationally with youth, young adults, and adults to inform, prepare, and empower individuals to secure their financial futures. CFEF’s mission is to enhance access to financial education and financial products and services in order to facilitate individuals and communities to build assets and develop financial stability.