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* Anthony M. Santomero, President (2000-2006)
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Home > Publications and Other Resources > Speeches > Anthony M. Santomero > Know-how Is Electricity: The Importance of Economic Education Speeches
Understanding Is Electric power: The Importance of Economic Education
Presented by Anthony M. Santomero, Director
Federal Hold Bank of Philadelphia
Pa Economic Relationship Annual Convention
Hosted by West Chester University
Might 30, 2003
Financial education is important to the health and wellness of our country's economy. It offers our students the building blocks to get a successful monetary future. That empowers buyers with expertise and tools to improve all their economic well-being. It is the greatest investment we could make to excercise our place's economy. While economists, all of us recognize that the development of basic economical and financial knowledge is a crucial goal for any democratic contemporary society that depends on informed residents and personal economic decision-making. Once households can handle building wealth, they are also competent of building even more economically steady neighborhoods and communities. Today, I would like to share with you my own perspective for the importance of economic and economic education and provide you some examples of what we're performing at the Philadelphia Fed to help this important cause. Understanding Is Power
In today's evolving and progressively competitive economic marketplace, knowledge is electric power. We are living in an age in which the communications revolution has inundated customers with more data than ever before, even while the financial marketplace has become more complex. Yet simply having more information would not necessarily mean individuals have more expertise. As we all know, the business of handling our profit this environment has become progressively complicated. Technical advances continue to expand kids of financial providers available to buyers. While decision and flexibility are certainly beneficial to the consumer, they come with increased hazards --- specifically among buyers who shortage the knowledge and resources to discern all their choices. American consumers should not only have access to information, they have to be able to both understand and use it. This is the challenge. It is hard enough to get the average American to understand and choose wisely among the list of complex financial products and companies now available. Believe what a very daunting concern it is for anyone with limited financial encounter or education to make these kinds of decisions. Therefore , educating customers on the principles of economics is a problem of crucial importance. Economical Education and the Fed
The Federal Reserve has been associated with economic education initiatives for quite a while. We consider them important to our quest. As you know, the Fed acts a three-fold function inside our economy: that conducts monetary insurance plan, supervises and regulates banks and financial institutions, and retains an effective obligations system. Our economic education efforts are crucial to, and intertwined with, all functions. First, educating the nation's populace regarding economic concerns is a fundamental element of our position in financial policy. Monetary education encourages a better understanding of how our democracy functions and how policymakers have an impact around the economy. This basic knowledge of economics assists consumers better understand Government Reserve plan actions and how changes in coverage ultimately impact their own lives. Second, as regulators and supervisors of banks and other depository banks, the Federal government Reserve can be responsible for promoting safety and soundness in the industry. Additionally ,...
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