New Mexico Coalition
for Financial
Education

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A 2005 nationwide survey of adults and high school students found that many had not mastered the basic economic concepts they needed to successfully manage their personal finances and function as informed citizens.

Consider these facts:

• The volume of American credit card lending nearly quadrupled between 1990 and 2003
• 2005 was the first year since the Great Depression when Americans registered a negative savings rate, spending more than they earned.
• In 2000, one half of working families did not own a private retirement saving account...no 401(k), no 403(b) offered by non-profit organizations, no Individual Retirement Account (IRA), and no Keogh account for the self employed.
• Only 23% of those aged 40 to 59, and 17% of those over 60, have saved one hundred thousand dollars or more for retirement; 13% of those aged 40 to 59, and 11% of those over 60 say they have saved nothing at all for their retirement.

The steep rise in credit card debt, short-term lending and personal bankruptcies in recent years all point to the need for more effective economic education.

Some basic knowledge of the workings of financial markets and the fundamental principles of credit and investing are necessary to avoid the risk of fraud and recognize appropriate investment opportunities that allow the individual to achieve financial security.

A variety of financial education curricula are now available to educators, but support and delivery of these materials has been lacking.

The coalition's Mission is to serve as a clearinghouse to bring together the potential sponsors and interested educators in the areas of personal financial Management, economic education and effective investment skills.