John Pelletier, director of the Center for Financial Literacy at Champlain College, attended a Summit on Financial Capability and Empowerment in Washington, D.C., hosted by the White House in early May. He was among some 100 experts from across government, private, education and nonprofit sectors who shared innovative ideas on how to raise Americans’ financial capability, with a particular focus on younger Americans.
Director of the Consumer Financial Protection Bureau Richard Cordray gave opening remarks highlighting the work of the Consumer Financial Protection Bureau (CFPB). The Summit attendees also heard from Director of the National Economic Council Gene Sperling, Director of the Domestic Policy Council Cecilia Muñoz, and Secretary of Education Arne Duncan.
The Administration also announced a number of new public-private partnerships across schools and colleges, business, and local government that aim to improve financial literacy and capability for all Americans.
Speakers highlighted information and tools Americans can use to manage their finances effectively. Leaders also outlined a set of set of possible solutions put forth by the President Obama’s Advisory Council on Financial Capability on ways to promote financial education and financial access.
While celebrating model actors and new efforts to promote financial capability among American workers, youth, families, and communities, the Summit presentations encouraged other institutions to make tangible commitments to promote financial capability.
Champlain College was included in a list 10 top universities and colleges across the country, which includes Dartmouth College and George Washington University, as an example of best practices in improving financial literacy.
Specifically, the White House report cited Champlain’s partnership with several Vermont financial institution to increase financial literacy in classrooms, ensure college students graduate with the skills to make sound decisions on credit, spending and investments and help adults navigate difficult financial situations such as buying a home and saving for retirement. The CFL’s work in training K-12 teachers and partnering with a local bank to help college students access and understand their credits scores, was also spotlighted.
In addition to the resource guide, a new, interactive tool for youth and parents to learn important financial lessons from ages 3 to 18+ was officially launched. “Money as You Grow,” created by the President’s Advisory Council on Financial Capability, uses easy-to-understand language and includes behavior-changing activities around 20 key money concepts. It is located at http://www.moneyasyougrow.org/
To see the Financial Capability Toolkits for K-12, community leaders, higher education and employers, see the report http://www.whitehouse.gov/sites/default/files/final_toolkit_higher_ed.pdf
About Champlain College: Since 1878, Champlain College has provided career-focused education to students from its hilltop campus in Burlington, Vt. Champlain's distinctive educational approach embodies the notion that true learning only occurs when information and experience come together to create knowledge. Champlain offers traditional undergraduate and online undergraduate courses, along with online certificate and degree programs and eight master's degree programs. Champlain offers study abroad programs at its campuses in Montreal, Quebec and Dublin, Ireland. Champlain College is included in the Princeton Review's "The Best 376 Colleges: 2012 Edition." Champlain was named a "Top-Up-and-Coming School" by U.S. News & World Report's America's Best Colleges and is ranked in the top tier of 2012 Regional Colleges in the North. For more information, visit www.champlain.edu.
About the Center for Financial Literacy at Champlain College: The Center for Financial Literacy is a partnership among several financial institutions, non-profit entities and governmental agencies. Champlain College hopes to increase financial literacy in classrooms across our nation, ensure college students graduate with the skills to make sound decisions about spending, credit and investments, and help adults navigate difficult financial situations like buying a home and saving for retirement. The Center advocates for more financial education opportunities at the local, state and national level. John Pelletier of Stowe, director of the Center for Financial Literacy at Champlain College, is a former chief operating officer and chief legal officer at some of the largest asset management firms in the U.S. The Center has launched a variety of programs aimed at increasing the personal finance sophistication of our citizens.