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Photo of Senator Terry Gerratana.


Terry Gerratana

Healthy Families, Healthy Communities

Jump$tart to Financial Literacy for Students

The Jump$tart Coalition is a nonprofit dedicated to advancing financial literacy among pre-school through college-age youth. Next week, Connecticut Jump$tart will hold its annual Financial Literacy Summit in Rocky Hill. The event is open to parents, educators, business owners and any other member of the public interested in the financial education of Connecticut’s students. Attendees will hear from several guests speakers and participate in a simulation all designed to improve financial literacy. The event will be held at the Sheraton Hartford South Hotel on Friday, October 13 from 8:00am to 3:30pm. Advanced registration is required, and there is a $50 fee to participate.

financial literacy

National studies have found a disturbing trend in which young Americans are heavily in debt and have a minimal understanding of the financial system and the nature of credit. Over 30 percent of young adults with higher education experience are delinquent on their student loan payments, and over two-thirds of renters between the ages of 18 and 24 say that each month they spend more than they earn. In 2015, I worked to pass a law that gives Connecticut educators access to a financial literacy curriculum designed by the State Board of Education. This curriculum covers banking, investing, savings, handling of personal finance matters, and the impact of using credit and debit cards.

It has been established in nation-wide studies conducted by the Federal Reserve Bank and other organizations that young adults who receive financial literacy training have increased credit scores and lower debt. These students are more aware of their own credit history and scores, and are less likely to engage in risky spending and borrowing practice.