FINRA Foundation Releases Inaugural Financial Capability Survey

The FINRA Investor Education Foundation yesterday released survey results that measure the financial capabilities of American adults and reveal in detail how Americans save, borrow and plan for their financial future. The National Survey, one of three surveys that collectively make up the National Financial Capability Study, is the first of its kind in the United States.

Developed in consultation with the U.S. Department of the Treasury and the President’s Advisory Council on Financial Literacy, the Survey found that:

• nearly half of survey respondents are facing difficulties in covering monthly expenses and paying bills;
• the majority of Americans do not have a “rainy day” fund for unanticipated financial emergencies and are not adequately preparing for their children’s college education and their own retirement; and
• while many adults believe they are adept with dealing with day-to-day financial matters, they nevertheless engage in financial behaviors that generate fees and expenses.

Visit the National Financial Capability page on the Foundation Web site to view the Executive Summary, Full Report and Survey.

Foundation Chairman Joins Treasury and Education Secretaries for Financial Capability Event

In an event yesterday at the U.S. Treasury, Treasury Secretary Tim Geithner, Education Secretary Arne Duncan and FINRA Foundation Chairman Rick Ketchum met with financial press, financial literacy and community leaders and DC-area high school students to announce the results of the National Survey, a component of the National Financial Capability Study.

To learn more, read Chairman Ketchum’s remarks.

March 4, 2010, Application Deadline for General Grant Program

Apply by Thursday, March 4, 2010, for September 2010 grant awards. Applicants must first submit a simple, three-page Project Concept Form. Those whose projects closely align with the Foundation’s priorities and show good potential for success will then be invited to submit a full grant proposal. Although you may submit a Project Concept Form at any time throughout the year, the March 4 deadline corresponds to the announcement of grant awards in September 2010. Project concepts received after Thursday, March 4, 2010, will be considered in a later funding decision cycle.

For complete information, please visit the Grants section of the FINRA Foundation Web site.

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