Communications Office: Stephen Mease
Burlington, Vt. - Aiming to strengthen Vermonters' financial futures, Champlain College's Center for Financial Literacy (CFL) today launched an initiative to help policymakers understand the dimensions of the financial illiteracy problem in the state and to make recommendations to set all Vermonters on the path to prosperity.
"Many Vermonters are in a fiscal funk," says John Pelletier, director of Champlain College's CFL. "Some are suffering continuing effects from the Great Recession, others never really learned the basics of personal financial planning in school or in life. And some are in for a rude awakening when it comes time to pay for college, buy a home or retire in this brave new world of self-funded retirement."
"We owe it to our fellow citizens to better prepare them for their financial lives in this increasingly complex world of savings and spending and financial survival," emphasizes Pelletier.
The Vermont Financial Literacy Task Force is composed of 19 people from education, government, business, and the non-profit sector, with deep knowledge about the fiscal challenges Vermonters face. Bob Allen, president and CEO of the Windham Foundation, will chair the task force.
"We believe our work is critical to Vermont's continued prosperity," says Allen. "Vermonters need the skills and tools to take control of their financial lives. Ultimately, we expect to materially increase the financial knowledge of all our citizens and enable them to effect positive change in their personal and professional lives."
In 2013, Champlain College's CFL published a national financial literacy report card covering all 50 states' high schools. Vermont scored a "D" because there is no personal finance requirement in high schools. Seven states attained an "A" score, including Georgia, Missouri, Utah and Virginia.
Recent data about Vermonters' financial well-being are troubling.
63% of Vermont college seniors graduated in 2012 with student loan debt that averaged $28,299, which was the 13th highest state student loan debt average in the nation (Source: "Student Loan Debt and the Class of 2012" December, 2013)
46% of Vermonters have a subprime credit rating (Source: "CFED Assets & Opportunity Scorecard," January, 2013)
62% of Vermonters do not have "rainy day funds" set aside for an emergency (Source: "The 2012 National Financial Capability Study")
41% of U.S. adults gave themselves a grade of C, D or F on their personal finance knowledge (Source: "The 2014 Consumer Financial Literacy Survey")
The work of the Vermont Financial Literacy Task Force begins immediately and will conclude by year's end, with a series of recommendations to the Vermont Legislature, educators, employers and non-profits capable of effecting change in the way we foster financial literacy in schools, colleges and the workplace. The recommendations will take the form of a comprehensive report that will serve as Vermont's Financial Literacy Action Plan. The plan will provide a roadmap for policymakers, educators, business and non-profit leaders who seek to improve the level of financial sophistication among secondary school students, college students and adults.
The task force will function as three discrete committees, focused on K to 12 education, college education, and adults. Task force members include:
Vermont Financial Literacy Task Force
Chair-Bob Allen, President & CEO, Windham Foundation
K to 12 Committee
Chair-Linda Tarr-Whelan, Partner, Tarr-Whelan & Associates; former Distinguished Senior Fellow, Demos; former Ambassador
Kevin Christie, Representative, Vermont Legislature, and Member, House Education Committee; Chair, Hartford School District Board
John Fischer, Deputy Secretary, Vermont Agency of Education
Daniel French, Superintendent, Bennington-Rutland Supervisory Union
Lisa Helm, Director of Financial Literacy & Communications, Vermont State Treasurer's Office
Juliette Longchamp, Director of Professional Programs, Vermont - NEA
Thomas Sedore, Principal, Spaulding High School
Art Woolf, Associate Professor, University of Vermont; Principal, Northern Economic Consulting; President, Vermont Council of Economic Education
Chair-Scott Giles, President & CEO, Vermont Student Assistance Corporation
Kelley Beckwith, Director, Academic Support Center, Castleton State College
Pamela A. Chisholm, Associate Dean of Enrollment Services, Community College of Vermont
David Provost, Senior Vice President for Finance & Administration, Champlain College
John Ryan, Director of Institutional Research, University of Vermont
Chair-Bob Allen, President & CEO, Windham Foundation
Paul Dragon, Chief Administrator, Office of Economic Opportunity, Department for Children and Families, Vermont Agency of Human Services
Lisa Falcone, Community Impact Manager, and Income, Working Bridges Project Director, United Way of Chittenden County
Susan Leonard, Senior Vice President/Chief Financial Officer, New England Federal Credit Union (NEFCU)
Martha Reid, State Librarian, Vermont Department of Libraries
Sean Woodroffe, Senior Vice President & Chief People Officer, National Life Group
The work of the task force will be managed by Champlain College CFL Director John Pelletier.
The Vermont Financial Literacy Task Force is funded by Vermont organizations and individuals concerned about Vermonters and their ability to successfully navigate their financial lives, including:
Association of Vermont Credit Unions, Champlain Investment Partners, Hanson & Doremus Investment Management, KPMG, National Life Group, NEFCU (New England Federal Credit Union), TD Bank, United Way of Chittenden County, various private donors, Vermont Association of Realtors, Vermont Business Roundtable, Vermont Student Assistance Corporation, and the Windham Foundation.
Champlain College Center for Financial Literacy
About the Center for Financial Literacy:
Champlain College's nationally acclaimed, one-of-a-kind financial literacy program hopes to increase knowledge of money matters in classrooms across Vermont, ensure college students graduate with the skills to make sound decisions about spending, credit and investments, and help adults navigate difficult financial situations like buying a home and saving for retirement. The Center for Financial Literacy is a partnership among several financial institutions, non-profit entities and governmental agencies. The Center is designed to promote and develop financial literacy skills in K-12 students, college students, teachers (K-12 and college) and adults. The Center will also advocate for more financial education opportunities at the local, state and national level. The Center has launched a variety of programs aimed at increasing the personal finance sophistication of our citizens. The Center released the 2013 National Report Card, using national data on financial literacy education to grade all 50 states on their efforts to produce financially literate high school graduates. Director John Pelletier of Stowe, is a former chief operating officer and chief legal officer at some of the largest asset management firms in the U. S.
Since 1878, Champlain College has provided career-focused education to students from its hilltop campus in Burlington, Vt. Champlain's distinctive educational approach embodies the notion that true learning only occurs when information and experience come together to create knowledge. Champlain offers traditional undergraduate and online undergraduate courses, along with online certificate and degree programs and 11 master's degree programs. Champlain offers study abroad programs at its campuses in Montreal, Quebec and Dublin, Ireland. Champlain College is included in the Princeton Review's The Best 379 Colleges: 2015 Edition. Champlain was named a "Top-Up-and-Coming School" by U.S. News & World Report's America's Best Colleges and is ranked in the top tier of 2014 Regional Colleges in the North. For more information, visit www.champlain.edu