Financial Update (January-March 1998)

Financial Literacy Consortium
Develops Plan to Educate Consumers

T he Georgia Consortium for Personal Financial Literacy recently met at the Atlanta Fed to discuss strategies for helping Georgians make wise decisions as consumers. Based on discussions at this meeting, the consortium's education, public awareness, regulatory and business work groups developed more specific plans to advance the group's financial literacy platform.

The education group discussed how best to teach personal finance to students. After first conducting teacher focus groups to determine how personal finance is currently taught in schools, the group plans to consider how to enhance instruction through lesson plans, teacher training and a resource directory of personal finance materials.

With consumer bankruptcies increasing by 20 percent between 1995 and 1996 and Georgia having one of the highest bankruptcy rates in the United States, the regulatory group recommended that research be conducted to determine the main factors associated with bankruptcy.

The public awareness group is working on a public relations campaign to increase broad consumer awareness of financial literacy issues. The business group discussed plans to develop a consumer credit training program to be taught in the workplace.

Members of the consortium include the Atlanta Fed, the Consumer Credit Counseling Service, the Georgia Council on Economic Education, Junior Achievement of Georgia and the Community Foundation for Greater Atlanta.

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