FOR IMMEDIATE RELEASE: April 4 , 2002
FOR MORE INFORMATION: Maria E. Hatzikonstantinou
(703) 683-5004 x131, Kristy Thomas (703) 683-5004 x136
Visa U.S.A. Releases National 'Financial
Literacy for Youth Month' Survey
Visa U.S.A. Survey Shows Most Parents Want Students to Learn
Practical Money Skills in School
Parents Rate Learning Money Management Skills Higher
Than History and Algebra
San Francisco, Calif. - According to a national
survey conducted by Visa U.S.A. to mark April as "Financial
Literacy for Youth Month," parents across America believe
students should be required to take a class in practical money
skills by a 92 percent majority. Additionally, the survey found
that when adults were asked to rate which skills were most important
to their student's future, 82 percent rated practical money skills
"very important," compared to 58 percent for history
and 52 percent for algebra.
"These survey results underscore the serious
need for young people to master money management skills in order
for them to be able to meet the life challenges ahead of them,"
said Kelly Presta, Vice President, Visa U.S.A. "It is clear
that parents want their children to learn these practical money
lessons and that both parents and schools have an important role
in providing them. Teaching our children these skills before graduation
will lay the foundation for their financial futures. Financial
Literacy Month is a great opportunity for us to raise awareness
and increase the focus on teaching these financial skills to America's
youth," added Presta.
Visa U.S.A.'s survey also found that adults learned
their financial skills the hard way - by making mistakes. Of the
adults surveyed, 64 percent said they learned their money management
skills in the "school of hard knocks," and believe an
increased focus on teaching financial skills in the classroom
will keep today's youth from making the same mistakes.
The Jump$tart Coalition for Personal Financial Literacy
sponsors "Financial Literacy for Youth Month" in April,
and Visa U.S.A. is proud to take part in this national opportunity
to draw attention to the need for young adults to obtain basic
money management skills. Visa's national survey is an important
part of its commitment to improve financial awareness and responsibility
during Financial Literacy Month and throughout the year.
Additional components of Visa's ongoing campaign
to enhance personal financial literacy include:
- Visa's Practical Money Skills For Life program (www.PracticalMoneySkills.com)
was developed by teachers for teachers. Working with our partners:
Jump$tart Coalition for Personal Financial Literacy, the National
Consumers League, BigChalk, EdGate.com, U.S. News and World
Report Classroom Program, U.S. Hispanic Chamber of Commerce,
and the National Association of Consumer Agency Administrators,
this cutting-edge internet-based personal finance curriculum
reaches more than 100,000 schools and 37 million students.
These financial literacy tools are available in English and
Spanish.
- In addition to providing a free personal finance curriculum,
Visa U.S.A. continues its efforts to bridge the digital divide
by donating computer equipment to schools in need and providing
training for teachers. In 2002, Visa U.S.A. expects to continue
this program by donating computer labs to ten high schools
in Arizona, New Jersey, New York, North Carolina, and Ohio.
In total, Visa will have donated more than 35 computer labs
across the country.
- In an effort to increase financial literacy of America's
youth, Visa will kick-off in the fall of 2002 a Practical
Money Skills for Life Educator Challenge. High school teachers
are encouraged to enter their classrooms in the contest. Information
will be available soon on www.PracticalMoneySkills.com.
The Visa U.S.A. survey interviewed 1,000 adults
in March 2002. The poll's margin of error is plus or minus 3.1
percent.
More About Practical Money Skills for Life
The Practical Money Skills for Life curriculum is teacher tested
and teacher approved. At the 2001 National Education Association
Expo, the program was put before teachers to evaluate and grade.
Fully 99 percent of teachers who reviewed the site said they approve
of the Practical Money Skills for Life program; 98 percent said
they would recommend the site to other educators and 94 percent
gave the program a "B" or better. The curriculum is
currently being used by 2.5 million teachers, 37 million students
and in 100,000 schools. Beyond a focus on educating high schoolers
to be smart money managers, Visa U.S.A. has also partnered with
the Reserve Officers Association to make available Practical Money
Skills for Life resources to military families at installations
across the U.S. Additionally, this program has received a "four
star" rating from The Detroit Free Press and has been recognized
by Teacher.com as a Teacher Information Network Gold Award winner,
and is also the recipient of the prestigious Golden Web Award.
Visa U.S.A. was also a strong supporter of the Leave No Child
Behind Act of 2001 its allocation of $450 million in block grant
funding for financial literacy education in public schools.
About Visa U.S.A.
Visa is the world's leading payment brand and largest consumer
payment system, enabling banks to provide their consumer and merchant
customers with the best way to pay and be paid. More than 14,000
U.S. financial institutions rely on Visa's processing system,
VisaNet, to facilitate over $810 billion in annual transaction
volume - including more than half of all Internet payments - with
virtually 100 percent reliability. U.S. consumers carry more than
353 million Visa-branded smart, credit, commercial, stored value
and check cards, accepted at approximately 22 million locations
worldwide. Visa has long led the industry in developing payment
security standards, and has been named the most trusted payment
brand online. Visa's people, partnerships, brand and payment technology
are helping to create universal commerce - the ability to safely
conduct transactions anytime, anywhere and by any device. Please
visit www.visa.com for additional information.
###
EDITORS NOTE: For a copy of Visa U.S.A.'s Financial
Literacy for Youth Month Survey or to arrange an interview with
a Visa spokesperson, please contact
Maria E. Hatzikonstantinou at (703) 683-5004 ext. 131.
