There is no question that poor levels of personal financial literacy contributed to the mess in which we now find ourselves. Too many people did not understand how to manage their finances. They did not understand the true cost of maintaining credit card balances. They took on too much mortgage debt. They did not plan adequately for the possibility of a job loss (or two) in the family. In my view, financial literacy begins with how we teach our children at a very young age about spending and saving money. At the university level, we can take concrete steps to help improve our students' financial literacy as well.
With that in mind, I was very glad to see this article in the Wall Street Journal about the National Foundation for Credit Counseling's recent efforts to promote financial literacy among young people. NFCC ran a wonderful poster contest (Be Money Wi$e), which challenged young people to develop creative posters that completed the statement, "I am going to be a millionaire because..." Congratulations to 11th grader Leah Ellyson of Farmington, West Virginia, who won this year's contest.
2 comments:
My name is Laurence Kotlikoff. I'm a professor of economics at Boston University.
www.esplanner.com/basic is the link to a simple version of my company's
software, which we've just made available to the public for free use.
Here is a link to a Wall Street Journal article announcing the launch. (Please ignore the title of the column, which is off-the-mark, and out of my control. The article itself is on target.)
http://blogs.wsj.com/wallet/2009/04/17/are-you-saving-too-much-for-retirement-esplanner-basic-may-have-answers/?mod=rss_WSJBlog?mod=personalFinance
I hope you'll consider providing a link to www.esplanner.com/basic from your site for free use by your visitors.
I can be reached at 617 834-2148. I copy our press release below.
best, Larry
FOR IMMEDIATE RELEASE:
CONTACT:
Laurence Kotlikoff
President
Economic Security Planning, Inc.
phone: 617-834-2148
fax: 617-353-4001
kotlikoff@bu.edu
www.esplanner.com
Economic Security Planning Introduces ESPlannerBASIC
Acclaimed personal financial planning software
now online in a free, simplified version
Boston, Massachusetts. April 17, 2009
Economic Security Planning, inc. has developed a simplified, online version of its highly regarded personal financial planning software ESPlanner. The free online version, ESPlannerBASIC, is available now at www.esplanner.com/basic.
ESPlanner software was developed by Laurence Kotlikoff, Professor of Economics at Boston University, and other economists. This patented state-of-the-art software has been called " the deepest and most powerful financial planning engine" by The Washington Post.
ESPlannerBASIC provides an easy introduction to economics-based personal financial planning and helps you begin to build a lifetime financial plan. The online software calculates how much you should spend, save, and insure each year to achieve a stable living standard now and through retirement.
ESPlannerBASIC can help you raise your spending power and make lifestyle decisions. It shows the living-standard impact of changing jobs, contributing to retirement accounts, having children, down-sizing your home, retiring early, waiting to collect Social Security, and much more.
The online software incorporates all your economic resources as well as "off-the-top" expenditures on housing, taxes, college, etc. It then generates annual discretionary spending, saving, and life insurance recommendations.
The recommendations are designed to provide a stable living standard without putting you into debt. The online software is a simplified version of the patented personal financial planning software used by financial planners and consumers across the nation.
Economic Security Planning, Inc. develops personal financial planning software for consumers and financial planners. The company's software products include ESPlanner, ESPlannerPLUS, and ESPlannerPRO. These products are available for download at www.esplanner.com.
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Teen Financial Literacy Program, a new financial literacy initiative for teens 13 – 17 years old. The average student who graduates from high school lacks basic skills in the management of personal financial affairs, and many of them fail in the management of their first consumer credit experience. Nouveau Riche is committed to getting ahead of that trend to help teens and young adults prevent costly mistakes that can haunt them into their adult life. Providing them with the foundational concepts and promoting the right mindset can help them get started out with a healthy financial outlook.
www.NRTeenFinancialLiteracy.com
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