12/15/08 – Econ4U Launches Economic Literacy Initiative in Washington, D.C.
Television, Radio, and Print Advertising Campaign to Fight Economic Illiteracy in the Nation’s Capital
WASHINGTON, DC — The Center for Economic and Entrepreneurial Literacy (CEEL, Econ4U.org) today launched a $1 million economic literacy campaign in Washington, D.C. with a full page advertisement in the Washington Post. The ad, which highlights the “5 Biggest Credit Myths,” is part of a larger effort including radio, television, online, and outdoor advertising to promote economic literacy.
Econ4U “Fact of the Day” radio messages are running on WTOP, WAMU, WJFK, and WASH-FM. These PSAs provide clear and helpful advice regarding mortgages, credit, personal finance, and macroeconomic issues. A television ad running on local cable warns viewers of the dangers of complex and confusing mortgage contracts, in the context of children buying a dollhouse. It illustrates how confusing getting a mortgage can be, and directs viewers to Econ4U’s online resources. You can view the ad at http://Econ4U.org/.
CEEL has launched this campaign as a way to remind lawmakers and the public of the importance of personal finance education. The subprime mortgage crisis is a clear example of how economic illiteracy can have disastrous effects for our country and our economy. A recent CEEL survey showed that most Americans do not know what a subprime mortgage is, cannot subtract 25% from 8, and have overdrawn their personal checking account at least once.
“Economic illiteracy is at the heart of our current economic crisis,” said James Bowers, Managing Director for CEEL. “Many Americans find themselves knee-deep in mortgages that they don’t fully grasp and cannot afford. A majority of Americans don’t understand some of the most basic facts about the economic crisis and many don’t have the tools to manage their personal finances.”
“It is our goal to expand economic education to Americans of all ages so that we will have better informed employees, borrowers, and voters.”
