Dr. Lee: Schools should teach financial literacy

The Rev. Dr. Robert V. Lee, chairman of FreshMinistries, will be meeting with the President’s Advisory Council on Financial Literacy in Washington, D.C. Tuesday, October 14, where he will be pushing to make financial literacy a requirement in schools.

Dr. Lee, who was appointed to the council by President George W. Bush in January 2008, said learning how to manage finances should be as important as learning math or history.

“People who can’t manage their finances well are at a huge disadvantage,” said Dr. Lee. “This has become especially clear with today’s housing and economic difficulties.”

The U.S. Treasury’s Deputy Assistant Secretary Dan Iannicola, Jr. agreed. “The last several months represent a national teachable moment for personal finance,” he said. “Recent events underscore the need for financial education.”

Financial literacy could be taught throughout the entire educational cycle, said Dr. Lee. “There are programs available that work from elementary school all the way through high school. It’s a bit like starting with basic arithmetic and working your way up to calculus—they’re all important steps.”

However, Dr. Lee will be bringing more than just a suggestion to the table Tuesday, according to Iannicola. “[He] brings important insights to the financial literacy discussion, which is undoubtedly why the President appointed him to this important post.”

As part of a local financial independence initiative, FreshMinistries partnered with public and privately-funded financial organizations in Jacksonville to help low-income residents convert their income into assets as a way to break the cycle of poverty. The initiative included money management courses, free tax return preparations and a matched savings program.

“This council is a great opportunity to share what FreshMinistries has learned and seen succeed in our own community,” said Dr. Lee. “I am confident we can apply these lessons on a much larger scale.”

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