2003 News Releases

For immediate release: May 19, 2003

Federal Reserve System Launches
Personal Financial Education Campaign

DALLAS—The Federal Reserve System today launched a public campaign designed to educate Americans about wise management of their personal finances.

“Americans of every income and educational background want additional tools and training to address the complexities of personal finance. Educated consumers are one key to keeping our economy functioning well,” said Federal Reserve Board Governor Edward M. Gramlich at a Washington, D.C., news conference.

Federal Reserve Chairman Alan Greenspan will be featured in a public service announcement to be aired by major television and radio networks. His message: “No matter who you are, making informed decisions about what to do with your money will help build a more stable financial future for you and your family.” An English and Spanish version of the announcement will be distributed.

Over the next year, the Federal Reserve System, including the 12 Reserve Banks, will work to promote personal financial education through a variety of routes, including public events, speakers and articles. Additionally, the system will distribute a new brochure—titled “There’s a Lot to Learn about Money”—to help educate the public about the benefits of setting financial goals, budgeting and using credit wisely.

The Federal Reserve education web site (www.FederalReserveEducation.org [off-site]) is also being enhanced with links to educational resources, including the brochure which is available in English and Spanish.

“We believe this is a particularly good time to promote financial education because of the widespread availability of high-quality curricula, programs and training opportunities for consumers of all ages and backgrounds,” Gramlich said. “Our hope is to encourage consumers to take advantage of the programs available in their communities, schools and on the web.”

In addition, an online repository for financial education and literacy research has been created on the Chicago Federal Reserve’s Consumer and Economic Development Research and Information Center web site (www.chicagofed.org/cedric/financial_education_research_center.cfm [off-site]).

-30-

Media contact:
James Hoard
Phone: (214) 922-5307
e-mail: james.hoard@dal.frb.org