CBA 2002 Survey of Bank-Sponsored Financial Literacy Programs

For the second year, CBA has conducted a nationwide study examining the scope of financial education programs provided by financial institutions.  This survey measures the industry’s educational efforts in mortgage/homeownership counseling, foreclosure prevention, credit/debt management, predatory lending, small business development, K-12 and college-based programs.   
 
Our efforts to document bank-sponsored financial literacy programs have been prompted in part by the current national dialogue on the state of financial literacy in the United States.  In recent years, a wealth of data has emerged documenting the lack of personal finance skills among students and adults.  A survey of high school students conducted by Americans for Consumer Education and Competition (ACEC) found that 82% of students tested failed a basic quiz evaluating their knowledge of financial concepts such as interest rates, savings, loans, credit cards and calculating net worth.  Reports of failing test scores among students, and the lack of a basic understanding of economics and finance among consumers in general, have sparked a national dialogue on how to adequately address financial illiteracy in America.
 
The financial services industry is equally concerned about the lack of basic financial education among US citizens.  By compiling this data, CBA strives to shed light on the role financial institutions play in educating the public and to underscore our belief that education is, by far, the best weapon to combat financial illiteracy and the problems that plague the financially uninformed.  CBA’s efforts are further driven by our mission to make educators, legislators and consumer advocates aware of the resources that banks offer in this arena and to promote the use of bank- led programs in public schools, universities and communities.

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