This Spring, the SEC and a national coalition of federal and state government agencies, securities industry associations, business groups, and consumer organizations launched the Facts on Saving and Investing Campaign. Our goal is to motivate Americans to get the facts they need to achieve financial security, and to give them the tools they need to succeed. You can also call that number to receive a free copy of the Ballpark Estimate, a one-page worksheet developed by the American Savings Education Council to help people calculate their retirement savings needs. We recently hosted a forum of the nation's leading financial experts, seeking bold and imaginative ideas to encourage saving and investing. Suggestions included reduced or waived fees for first time investors, increased access to paycheck withholding for personal savings plans, expanded minority outreach, and greater emphasis on financial education in schools.
Nothing outweighs the benefits of financial education, especially when started early.
Good financial habits, learned early, will last a lifetime. Fortunately, excellent educational programs already exist. The Securities Industry Association's Stock Market Game, for example, teaches students how to research real companies and make investment decisions. State securities regulators recently launched Financial Literacy 2001, a program to teach the financial fundamentals to graduating high school seniors and their teachers. I am convinced that educated investors are more likely to achieve financial security, and better able to protect themselves in the marketplace.