Since 2002, the Credit Union National Association (CUNA) has given out the Desjardins Award for Youth Financial Education to one state lawmaker each year. The award honors leadership in helping youth become more financially literate, and past winners have included Illinois Senator Jacqueline Y. Collins and California Assembly Member Ted Lieu. This year, the 2009 Desjardins Award was presented to our very own Rep. Sharon Tomiko Santos who was honored by CUNA at a special dinner on March 18.Rep. Santos has long championed youth financial literacy, believing that learning basic banking and personal finance at a young age leads to better, more responsible choices in life and helps people steer clear of financial scams and predatory lenders.
In 2003, Rep. Santos introduced a bill to require that financial literacy be taught in public schools alongside the 3 R’s; however, the bill did not make it through the Legislature that year.
She persisted with her efforts, all along educating her legislative colleagues about the importance of financial education for kids. In 2006, a $50,000 appropriation was made by the Legislature to help fund the Financial Literacy Public Private Partnership (FLPPP), which brought together people from the public and private sector to draw up a financial education curriculum and help train teachers to teach kids about money.
As the economy began to show signs of downturn, Rep. Santos’ message took on new urgency and people began to take notice. In fact, that year the House passed legislation to expand the role of the FLPPP, which has since become the Financial Education Public Private Partnership (FEPPP), and is chaired by Rep. Santos.
The efforts of the FEPPP will continue, Rep. Santos vows. The work has only begun.
“A 2008 survey by the National JumpStart Coalition found that financial literacy among high school students has fallen to its lowest level ever,” she said. “These students are on the verge of making major financial decisions that will affect their ability to borrow money, balance a checkbook, and purchase a home. Without solid financial education skills, they cannot make informed choices.”
