It’s easy to become complacent about our finances with the vast number of websites, apps, and businesses available today that specialize in helping people manage their money. Granted, technology can be a powerful partner in financial management, but it cannot replace a strong understanding of factors that should inform decisions about how, where, and when we spend our money.
Why is financial literacy more important than ever?
Our financial landscape has grown increasingly complex. Before a young person approaches college or a career, he or she is faced with big decisions on how much money to borrow for tuition, how much to save, how to invest, and how to grow and protect their budding wealth.
Image via GW Today
Dr. Annamaria Lusardi, a professor of economics and accountancy at the George Washington School of Business, wanted to test how financially literate populations are, both in the United States and internationally. What she found was surprising. She discussed her research recently at a TEDx Foggy Bottom gathering.
You may not know this about the Fed, but we do more than monetary policy. We also play a central role in the nation’s payment systems. Reserve Banks keep enough currency and coin in circulation to meet public demand, provide check collection services to banks and other depository institutions, operate electronic payment systems, and provide financial services to the U.S. government and certain foreign institutions. This week, we’re focusing on cash – past and present – and are also highlighting some of the work from our Cash Product Office.
Money, Money, Money
Cash stirs the imagination. It’s a driving plot element and character in thousands of books, movies, television shows, and songs. We think about it, dream about it, talk about it, work for it, save it, and spend it. At its most basic level, cash—currency and coin—is essentially a store of value for obtaining the goods and services you need for your daily life.
Thank you for visiting our blog! We’re going to be working hard to make this space your go-to spot for economics and personal finance education materials that can be quickly and easily integrated into your existing curriculum.
Although the full list of our materials will remain on our website, this blog will be a space for announcements about our freshest content, exciting upcoming events (both in-person and virtual), and a place for discussion with both us and your colleagues about economics and personal finance education.
We look forward to working with you, and want to know: what kinds of content would you like to see on our blog? Add a comment!