Peters Urges Support for Financial Literacy Education Programs
WASHINGTON, DC – U.S. Senator Gary Peters (MI) today announced he sent a letter to Senate Committee on Health, Education, Labor and Pensions (HELP) leaders urging them to include financial literacy programming as an allowable use for Title I Parent and Family Engagement funding. The Senate is preparing to consider the Every Child Achieves Act, the bipartisan effort to rewrite the No Child Left Behind law. The Every Child Achieves Act was unanimously approved by the HELP Committee in April.
“Financial literacy programming will ensure our nation’s children have the skills necessary to properly utilize credit, finance their education, manage a household budget, and plan for retirement,” wrote Senator Peters. “Regardless of a parent’s financial situation, financial literacy programming can contribute to the long-term success of an entire family.”
The Financial Industry Regulatory Authority (FINRA) Investor Education Foundation conducted a survey in 2014 that found “millennials display low levels of financial literacy, engage in problematic financial behaviors and express concerns about their debt.”
Before entering public service, Peters worked as an investment advisor for more than two decades, helping families save for their retirement and provide for their children’s college education. In Congress, he has worked to support financial literacy education to help children and families make well-informed and effective financial choices. In 2014, the U.S. House of Representatives passed a Peters amendment that would require counseling for student borrowers to explain how defaulting on a loan would impact their credit score.
The full text of the letter is available below, or click here:
Chairman Lamar Alexander
Committee on Health, Education, Labor and Pensions
428 Senate Dirksen Office Building
Washington, D.C. 20510
Ranking member Patty Murray
Committee on Health, Education, Labor and Pensions
648 Senate Dirksen Office Building
Washington, D.C. 20510
Dear Chairman Alexander and Ranking Member Murray:
I commend your efforts to reauthorize the Elementary and Secondary Education Act. As you prepare for the upcoming floor consideration of the Every Child Achieves Act, I respectfully request you include financial literacy programming as an allowable use for Title I Parent and Family Engagement funding.
Like you, I believe we must invest in education in order to ensure students are equipped with the skills they need to compete and succeed in the 21st century global environment. Meaningful family engagement can contribute to positive outcomes for youth inside and outside of the classroom. To that end, there is a clear need for practical educational programming. Financial literacy programming will ensure our nation’s children have the skills necessary to properly utilize credit, finance an education, manage a household budget and plan for retirement. Regardless of a parent’s financial situation, financial literacy programming can contribute to the long term success of an entire family.
Recent studies have shown that future generations are likely to be less financially stable than those that preceded them. The Financial Industry Regulatory Authority (FINRA) Investor Education Foundation conducted a survey in 2014 that found “millennials display low levels of financial literacy, engage in problematic financial behaviors and express concerns about their debt.” We have an obligation to ensure the next generation is taught to make well-informed and effective financial choices. That is why I respectfully request you include financial literacy programming as an allowable use for Title I Parent and Family Engagement funding.
Again, I commend your continued leadership on this important piece of legislation. If you have any questions, please contact my office at (202) 224-6221.
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