Good Afternoon,

Below is an Op Ed piece that I submitted to the Puget Sound Business Journal per the request of the publisher, Emory Thomas. During these trying times, I felt it crucial to explain the role Junior Achievement fills in our education system by providing financial literacy lessons to over 106,000 students in Washington State.

I want to thank you for your involvement with and support of Junior Achievement. You are part of the solution to the current financial crisis. With your support, Junior Achievement continues to play a pivotal role in educating our young people about their personal finances. No JA program better demonstrates the great impact we have, than JA Finance Park™. Middle school students from around the region travel to JA Finance Park to take on an adult life situation and plan a monthly budget. At the end of their grueling but fun day, students leave feeling empowered, excited, engaged in their education, and equipped to take on the many financial challenges life hands them.

Each of you, in your own way, has demonstrated passionate support and leadership for this great organization. In today's turbulent times, we need to express our appreciation for your great work. My only regret is that we reach less than 15% of Washington's young people. We must do better. I hope you will share this message with others Please feel free to build on this JA message by sharing the information with those you associate with. Again, thank you for your support and leadership - you are making a difference!

David Moore
President

Economic Turmoil Proves Acute Need for Financial Education Programs

By David Moore

Seattle, Washington - October 8, 2008 — Yesterday as I was returning from a meeting at JA Finance Park™, a program offered by Junior Achievement, a national syndicated columnist and radio talk show host caught my attention. He was discussing the topic of kids and financial literacy. I was at first intrigued, and then dismayed to hear the host conclude that our financial crisis could have been averted if we only had financial education in the classroom, unfortunately no one is stepping up to provide it. Such is not the case. Here are some of my personal thoughts:

With the recent volatility on Wall Street, Americans trying to survive on Main Street had better become more financially literate. It is no secret that the banking and financial lending crisis is due in part to weaknesses in our own respective personal financial frameworks. For the last ten years, disposable income grew 47% while at the same time personal spending grew by 61%, resulting in today's approximately $2.5 trillion in personal debt (US Department of Treasury). We can, and must, teach the next generation to do better.

When did you first learn what compound interest was? Did you understand mortgage rates and the different types of loans that were available before you bought your first house? Or are these concepts still a little cloudy for you to articulate even now? Are you a responsible steward of the economy, and will you teach your children to be the same?

Unfortunately, research indicates that only 43 percent of parents have discussed the importance of prioritizing needs and wants with their children ( a concept brought to life in first grade classrooms through JA). Another surprising 42 percent of parents have not taken any steps whatsoever to discuss financial basics with their children (Capital One's 2006 Back to School Survey).

Many parents assume—incorrectly—that their children learn money management skills as part of their school's curriculum, when in fact, fewer than half of U.S. states require even the most basic economics course, much less personal financial literacy education. Parents who volunteer for JA will tell you their kids are never the same. They show appreciation for what their parents do and take control of their personal finances. In short, they are prepared to succeed in the future.

In Washington, there is no mandate for financial education. Financial literacy only just recently made it into the grade level expectations, and only at the seventh and twelfth grades. In already crowded curriculum requirements fueled by WASL passage and No Child Left Behind pressures, financial literacy receives cursory mention, but additional funding is generally not provided. This means that it is even more critical for schools to work with organizations that can provide relevant financial literacy education for students.

Sound financial education and a solid grounding in fiscal responsibility are basic self-defense for all citizens-especially for our young people. An investment now in teaching America's youth how to earn, save, and budget-how to manage credit-how to control their personal finances rather than vice versa-will pay dividends in the long term. Financially literate people are more likely to be self-supporting; to prepare for financial setbacks and emergencies; and to increase their standard of living through wise spending, saving, planning and investing, according to the U.S. Financial Literacy and Education Commission. They also are less susceptible to scams and identity theft. Financially literate citizens contribute positively to the local and national economy, improving peace of mind and national stability.

How can young people get this financial knowledge that they so desperately need? Fortunately, there are organizations who are answering the call to educate the next generation of consumers about how to effectively manage their money. Junior Achievement is leading the way, working closely with the business and education communities to deliver classroom programs that teach K-12 students age-appropriate, hands-on lessons about how to be financially literate.

Ironically, our challenge is adequate funding and lack of awareness of a program that dramatically changes the way kids prepare for their futures. JA students will possess the necessary practical skills, so that when they grow up they are prepared to run our nation's businesses, government entities and educational institutions. We believe that JA's impact will lead to more fiscal discipline than currently evidenced in personal and professional lives, resulting in a more robust communities and a stronger American economy.

Both practical programs and policy leadership are necessary to ensure our children are prepared for their futures. Representative Sharon Tomiko Santos chairs the Financial Literacy Public Private Partnership (created by SHB 2455), which sets strategies to promote financial literacy in schools and serves as an educational resource. The Washington Financial Literacy Work Group was created in 2008 by Governor-sponsored legislation (Senate Bill 6272) to assess financial literacy in Washington State. Jump$tart Washington Coalition and their partners provide a database of financial resources to schools and teacher development opportunities. These state wide initiatives focus on assisting schools to deliver on financial education in these turbulent times. Clearly our current economic climate legitimizes and creates urgency for these initiatives, but we must do more.

I encourage businesses, parents, and educators to champion initiatives that create the standards and infrastructure to ensure financial literacy of our children and to support grassroots organizations, such as Junior Achievement, which partner with our educators to provide financial education to our schools. The turmoil in our financial markets clearly demonstrates the need to take decisive action today. It's a sound investment in our children's futures.