SEC, Finra play show-and-tell

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SEC, Finra play show-and-tell

By Darla Mercado

November 29, 2009 6:01 am ET

While President Barack Obama's school address earlier this year seemed to ruffle some feathers, a visit to elementary schools last week by federal securities cops went off without any controversy.

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Officials from the Securities and Exchange Commission, the Financial Industry Regulatory Authority Inc. and the Jump$tart Coalition for Personal Financial Literacy visited 18 elementary schools all over the country to teach kids about financial literacy.

Project CHANGE: Creating Habits and Awareness for the Next Generation's Economy is aimed at teaching children the fundamentals of saving and avoiding credit card debt.

“Learning how to make smart choices about money is the first step to financial security,” said Finra chairman and chief executive Richard G. Ketchum. “By bringing financial literacy into classrooms across the country, we are helping to ensure that children develop good habits that we hope will stay with them as they grow.”

The program encourages kids to draw up a financial plan, list goals and purchases they'd like to either save or invest for, such as college, and to set a deadline for reaching that goal.

“While we are experiencing a financial crisis that's one of the worst in decades, the financial literacy of high school students has fallen to its lowest level ever,” said SEC Chairman Mary Schapiro. “Teaching children about money is an investment in the future, because an investment in financial literacy can pay a lifetime of dividends.”