(Carson City, NV; December 16, 2009) – Secretary of State Ross Miller today said the new 2009 National Financial Capability Study highlights the need for Nevadans of all ages to avoid financial failures by learning and applying the basics of saving and investing. The report was just released this month by the Financial Industry Regulatory Authority (FINRA) Investor Education Foundation.
The survey concludes that managing day-to-day finances has become more difficult for many Americans and there are greater risks in making the wrong financial decisions. Researchers asked a series of questions and studied actual behavior as they looked at how Americans are making ends meet, planning ahead, and managing financial products. They also measured financial knowledge and decision-making.
“The study concludes that there is often a gap between self-reported financial knowledge and real-world behavior,” Secretary Miller said. “In addition, young adults were particularly unable to correctly answer the most basic questions. That leads me to believe that our schools must do a better job of teaching both financial literacy and the skills to apply what is learned in real life situations. I am encouraging public school administrators in Nevada to take advantage of the teaching aids available through my office at no cost to the school districts.”
As the regulator of the state’s securities industry, Secretary Miller conducts investor education and outreach, advising Nevadans of all ages to become financially literate and to learn how to make smart investments. His office has distributed “The Basics of Saving and Investing: Investor Education 2020”, a comprehensive teaching guide from the non-profit Investor Protection Trust, to the curriculum directors in all 17 school districts. Secretary Miller also launched VISA Inc.’s latest interactive tool, the “Financial Soccer” game at a Clark County middle school this fall and has provided each school district with CD’s of the unique teaching program that makes learning fun.
“Part of my job is to help schools teach our students how to become better money managers,” Secretary Miller added. “The better skilled we are at making good decisions, the less likely it is our families, our communities, and our entire economy will experience devastating financial failures.”
More investor education information can be found at www.nvsos.gov
. The 2009 FINRA Investor Education Foundation survey on Financial Capability in the United States can be found at www.finrafoundation.org