In an Op-Ed that appeared in Monday’s Pensacola News Journal, Drew J. Breakspear, commissioner of Florida’s Office of Financial Regulation, wrote about the importance of empowering youth to ensure a sound economic future. According to Breakspear, a financial literacy study conducted by leading research organizations indicates “young people in developed countries (including the United States), scored lower on a financial literacy survey than middle-aged individuals.”
Breakspear says research shows youth retain financial knowledge best when lessons are lifelong and when they coincide with financial milestones, such as opening a first bank account or going to college. Free resources available to Florida residents, along with targeting financial education around those watershed moments, will help secure a brighter financial future for the state. One helpful resource is OFR’s online Consumer Knowledge Center.
“Protection of Floridians means working to prevent financial fraud and educating people about potential frauds, as well as encouraging Floridians to become financially literate and providing access to educational resources,” Breakspear says.
The Op-ed is timely with April being National Financial Literacy Month. Many credit unions across Alabama and Florida are celebrating in various ways. Breakspear has also written about empowering youth.