In 2003, the United States Senate designated April as Financial Literacy for Youth Month. In March 2004 the Senate passed Resolution 316 that officially recognized April as National Financial Literacy Month.
On January 22, 2008, President George W. Bush signed Executive Order 13455, creating the 16- member President’s Advisory Council on Financial Literacy. The Council Members represented a diversity of organizations, including corporations, non-profits, faith-based groups, state government agencies, regulatory authorities, and academic institutions. Each member brought extraordinary experience and expertise to the table; most members had spent much of their careers dedicated to the goal of improving financial literacy in this country. In addition to their expertise, all of the Council members brought a willingness to listen to the opinions and input from a variety of sources.
The Executive Order created the Council established, for the first time, that it was “the policy of the federal government to encourage financial literacy among the American people.” The President and the Secretary of the Treasury tasked the Council to work with the public and private sector to help increase financial education efforts for youth in school and for adults in the workplace, increase access to financial services, establish measures of national financial literacy, conduct research on financial knowledge and to help strengthen public and private sector financial education programs.
On March 31, 2011, President Barack Obama recommitted the nation to improving financial literacy and ensuring all Americans have access to trustworthy financial services and products.
Today, April 1, 2019, Odoom Academy is also embarking on this month-long, simple yet daunting task to reinforce the importance of financial literacy and focus on financial education. According to Mark Hamrick, Senior Economic Analyst at Bankrate.com, “Some 44% of people said their expenses exceeded their income in the past year and they used credit to make ends meet. Another 42% said they have no retirement savings at all.” There are a myriad of reasons as to why people outspend their earnings, live beyond their means, use credit cards, borrow for college, or carry a balance on their credit cards from month to month, or cannot save for emergencies and retirement.
Financial illiteracy is not an issue unique to any one population. It affects everyone – men and women, young and old, across all racial and socio-economic lines. Ignorance is not bliss, and Odoom Academy can no longer stand by and ignore this problem.
Even though money permeates every aspect, socio-economic, and stage of life, most people do not have enough of it nor do they fully understand how it works. Money, as most people know, doesn’t grow on trees. Money in and of itself is neutral – its neither evil or good, and depending on the choices we make today, money can be a good servant or a bad master in the future.
Financial literacy must be mastered at every stage in life – Infancy, Early Childhood, Middle Childhood, Late Childhood, Adolescence, Early Adulthood, Midlife, Mature Adulthood, Late Adulthood, and right before your death. Join Odoom Academy make this month a big deal by making this a priority in your household this month. We will employ a 360-degree view to maintaining life balance, enabling those who choose to join us determine their purpose in life, set a vision that aligns with that purpose, develop a path to achieve that vision, and engage the process in their day-to-day lives to fulfill their purpose and achieve their vision.
You, too, can become an advocate for this cause –