Financial Literacy Month is recognized annually in Canada in November,
and National Financial Literacy Month was recognized in the United States in April 2004,
[ Sponsored by Sen. Daniel Akaka D-HI.] in an effort to highlight the importance of
financial literacy
Financial literacy is the possession of the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources. Raising interest in personal finance is now a focus of state-run prog ...
and teach citizens how to establish and maintain healthy financial habits.
In Canada
November of every year is Canada's Financial Literacy Month.
[ The month is organized by the Financial Literacy Action Group (FLAG), a coalition of 7 non-profit organizations who work with the federal government body ]Financial Consumer Agency of Canada
The Financial Consumer Agency of Canada (FCAC) is an agency of the Government of Canada that enforces consumer protection legislation, regulations and industry commitments by federally regulated financial entities. It also provides programs and i ...
(FCAC).[
Throughout November FLAG organizes events across Canada to educate and engage with the public regarding the need for financial literacy and promote services available to the public:
The purpose of this month is to educate the public so Canadians are equipped to:
* Provide for themselves and their family
* Invest in their future and the future of their children
* Understand their financial rights and obligations
* Contribute to the community as a good citizen
Many of the country's ]financial institutions
Financial institutions, sometimes called banking institutions, are business entities that provide services as intermediaries for different types of financial monetary transactions. Broadly speaking, there are three major types of financial insti ...
(such as Planswell, Wealthsimple, RBC) and nonprofit
A nonprofit organization (NPO) or non-profit organisation, also known as a non-business entity, not-for-profit organization, or nonprofit institution, is a legal entity organized and operated for a collective, public or social benefit, in co ...
financial educational organizations promote the month by creating educational material and hosting promotional events that center around topics of personal finances.
In the United States
Financial Literacy Month grew out of Youth Financial Literacy Day, which originated with the National Endowment for Financial Education (NEFE) as an activity of its High School Financial Planning Program.[ NEFE passed responsibility for Financial Literacy Day over to the Jump$tart Coalition which now promotes it with its partner organizations.][ Jump$tart Coalition began promoting April as Financial Literacy for Youth Month in 2000.][ The title was eventually shortened to Financial Literacy Month.]United States Congress
The United States Congress is the legislature of the federal government of the United States. It is bicameral, composed of a lower body, the House of Representatives, and an upper body, the Senate. It meets in the U.S. Capitol in Washing ...
showed its support for the idea of a financial literacy month when Senate Resolution 48 and House Resolution 127 asked President George W. Bush
George Walker Bush (born July 6, 1946) is an American politician who served as the 43rd president of the United States from 2001 to 2009. A member of the Republican Party, Bush family, and son of the 41st president George H. W. Bush, he ...
to declare April Financial Literacy for Youth Month. At that time, governors of eight states had already named the month of April as such. April 2004 was named National Financial Literacy Month by the passing of Senate Resolution 316unanimous consent
In parliamentary procedure, unanimous consent, also known as general consent, or in the case of the parliaments under the Westminster system, leave of the house (or leave of the senate), is a situation in which no member present objects to a prop ...
.
In April 2005, the United States House of Representatives
The United States House of Representatives, often referred to as the House of Representatives, the U.S. House, or simply the House, is the Lower house, lower chamber of the United States Congress, with the United States Senate, Senate being ...
passed a bill supporting the goals and ideals of Financial Literacy Month for April 2005.[ During his time in office, President Bush did not issue a proclamation. President Obama proclaimed April as National Literacy Month in least two years of his time in office.
During Financial Literacy Month in 2006, The ]Financial Literacy and Education Commission The Financial Literacy and Education Commission (the Commission) was established under Title V, the Financial Literacy and Education Improvement Act which was part of the Fair and Accurate Credit Transactions Act (FACT) Act of 2003, to improve fina ...
unveiled a new national strategy in their report "Taking Ownership of the Future: The National Strategy for Financial Literacy".[ The report outlined a series of outreach and education goals for the public and private sectors aimed to help Americans improve their understanding of financial issues such as credit management, savings, and home ownership.][{{cite web , url=http://www.cscuf.coop/repository/Texas+April+Proclamation.pdf , title= Proclamation , website=www.cscuf.coop , access-date=2020-07-10]
See also
* Financial literacy curriculum
A financial literacy curriculum is a curriculum that teaches basic financial skills (known as financial literacy) to students of various age groups. Some curricula are age-specific, while others are intended for all ages. For example, Money Smar ...
References
External links
The National Endowment for Financial Education (NEFE)
Jump$tart Coalition for Personal Financial Literacy
National Foundation for Credit Counseling (NFCC)
FinancialLiteracyMonth.com
The United States Mint
Financial Literacy and Education Commission (US)
Month-long observances
Personal finance education
2004 in the United States
2004 in American politics
April observances
November observances