On the heels of President Obama’s speech about the economy, Federal Reserve Chairman Ben Bernake is calling for heightened financial education. Specifically, Bernake addresses racial income gaps and stresses the importance of personal finance literacy and budgeting:
Bernanke also addressed the inequities in wealth between whites and minorities.
“Part of it has to do I think with financial education,” Bernanke told students at the historically black college. “There needs to be broader understanding in minority communities … about the importance of saving and building a credit record.”
Bernanke said many factors contribute to the issue – including access to home ownership, income levels and differences in professions – but promoting financial literacy in minority communities is important.
Our friends over at Get Rich Slowly have compiled a collection of websites that offer basic tips on personal finance. Since April is Financial Literacy Month–and especially with the current state of the economy–now is a good time to learn more about managing your money, if you haven’t already.
