April 15, 2015
Chicago, Illinois – April 15, 2015 – The Federal Reserve Bank of Chicago and Visa Inc. convened a summit today on financial literacy that included Thomas E. Perez, the U.S. Secretary of Labor, and other top government officials from around the world.
The ninth annual Financial Literacy Summit brought together senior international financial literacy experts from governments, the financial services industry, NGOs, the news media, and academia to discuss improving millennials' financial literacy using mobile technology.
Millennials, also known as Generation Y, refers to the demographic group born between the years of 1980 and 2000 that represents more than 2 billion people worldwide – larger than any other generational category. Millennials are the first generation to mature alongside innovations of the current digital era, with instant access to nearly anything including money management tools. According to recent data from the Financial Industry Regulatory Authority millennials display low levels of financial literacy, engage in problematic financial behaviors and express concerns about their debt.
"A secure retirement is a fundamental part of the American dream. That's why President Obama has placed such great emphasis on enhancing retirement security for everyone, whether they're just starting their careers or getting ready to retire," Secretary Perez said. "Young people need access now to the tools and information that will allow them to prepare for their golden years. And workers of all ages need access to retirement investment advice that is in their best interest as they grow their nest eggs."
"The public-private partnership between the Federal Reserve Bank of Chicago and Visa in hosting this summit is a model on how we can improve financial literacy in the United States," said Charles Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago.
"No one single entity, no matter how powerful, can improve America's financial literacy. It requires a tightly integrated approach that must include full participation from parents and teachers, as well as the government, NGOs and financial services companies," said Jason Alderman, Vice President at Visa Inc. who runs the company's global financial literacy initiative. "At Visa we take our responsibility to be part of the financial literacy solution very seriously. The tools we create are always free and we try different methods to help ensure that disparate communities in each state are receiving personal finance education in a way that will resonate most with them."
Summit speakers included:
The Financial Literacy Summit is part of Visa's long-standing global financial education program, Practical Money Skills for Life (www.practicalmoneyskills.com). Visa's Practical Money Skills for Life initiative reaches millions of people around the world each year. Launched in 1995, the free program is now available in more than a dozen languages in thirty countries.
The summit can be viewed online at: http://www.practicalmoneyskills.com/summit2015/.
About the Federal Reserve Bank of Chicago
The Federal Reserve Bank of Chicago is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, DC, make up the nation's central bank. The Chicago Reserve Bank serves the Seventh Federal Reserve District, which encompasses the northern portions of Illinois and Indiana, southern Wisconsin, the Lower Peninsula of Michigan, and the state of Iowa. In addition to participation in the formulation of monetary policy, each Reserve Bank supervises member banks and bank holding companies, provides financial services to depository institutions and the U.S. government, and monitors economic conditions in its District.
About Visa Inc.
Visa Inc. (NYSE:V) is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world's most advanced processing networks – VisaNet – that is capable of handling more than 56,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead of time with prepaid or pay later with credit products. For more information, visit "usa.visa.com/about-visa, visacorporate.tumblr.com and @VisaNews.