Wilmington | July 28, 2010 - The Delaware Office of the State Treasurer recently announced a student essay contest to promote financial education throughout the state.  As a Member of the U.S. House of Representatives Education and Labor and Financial Services Committees, who has advocated for and introduced legislation to improve financial education in our nation's classrooms, I applaud this initiative.

So many Delawareans are taking steps to reduce their debt and start saving money.  Each of us can improve our level of financial literacy and best practices can be learned at any age. Unfortunately, many people are unable to read bank statements, balance a checkbook, or pay bills.  Studies have shown that only 1 in 3 teens understand these simple financial tasks and fewer than 30 percent of America's youth are given an opportunity to take as much as a week's worth of coursework in money or personal finance.

In Congress, I introduced the Financial Education in the Classroom Act (FECA), to promote financial literacy and prepare students for financial responsibilities.  Specifically, the legislation seeks to improve financial literacy for all students in grades K-12 by strengthening the existing financial and economic education section of the Elementary and Secondary Education Act (ESEA) through the establishment of a competitive grant program for states who demonstrate a commitment to bringing financial literacy education to their schools.  Subgrants would then be awarded by States to school districts who partner with groups in the community to achieve student financial literacy through the teaching of personal financial management skills and the basic principles involved with earning, spending, saving, investing, credit, and insurance.  To learn more about my work to promote financial literacy in our schools, please visit my website.

In Delaware, the Office of the State Treasurer's essay contest is a great opportunity for students to both showcase their ability as a writer and their knowledge of personal financial issues.  For details about this contest, please visit the Office of the State Treasurer, or the Contest Homepage.  I encourage all students to take part in this contest and wish you the best of luck.