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San Diego, CA - April is National
Financial Literacy Month. The nonprofit Institute of
Consumer Financial Education (ICFE) joins with other
leaders, in the consumer financial education, which also
includes the national Jump$tart Coalition for Personal
Financial Literacy, its statewide coalitions and partners
to recognize and promote National Financial Literacy
Month.
The ICFE is an award winning, educational group, founded
in 1982 and based in San Diego, CA. It's dedicated to
helping people improve their spending, increase their
savings and use credit more wisely. The nationwide, month
long, effort, will recognize and draw attention to the
need for consumers of all ages to master basic skills
spending, saving and the wise use of credit.
The ICFE is offering financial education tips to parents
and teachers alike as part of its recognition of National
Financial Literacy Month on its web site at www.icfe.info.
Also, a free PowerPoint show (PPs) is available for
parents, teachers and counselors. It is titled:
“18 Ways To Help Children Learn the Value of Money.” The
PPs also includes, for use in the classroom, (1) “Young
Spender's Profile”, an interactive tool to help students
identify dangerous spending habits. (2) The “Credit Risk
Profile”, also interactive, gives student a view of
themselves as a potential lender/creditor might view them.
The free download may be requested at
www.icfe.info/contact/flm.
The ICFE utilizes a “National Financial Education
Questionnaire” for consumers, both young and
old, to use as a measurement of their individual financial
abilities and awareness. The questionnaire
is given in conjunction with a nationwide credit education
program, written by Paul Strassels,
available from the ICFE is known as: “Credit When Credit
Is Due.”
The National Financial Education Questionnaire, (below)
consists of 15 questions about such
things as bill paying practices, how much you know about
your credit report, about your monthly
budgeting practices and your financial goals. As part of
the National Financial Literacy Month,
the ICFE is also has two interactive spending tests
available (www.icfe.info).
National Financial Education Questionnaire
(From the Credit When Credit Is Due Education Course -
written by Paul Strassels)
Answer the following questions to the best of your
ability. Your circled responses may then be
compared with the answers given below.
The scoring on the true-false questions (1-10) will help
you determine if you (along with millions of
other Americans) need to get more financial education.
Please circle your selection of true, false, or not sure
for numbers 1-10 of the following statements:
1. Late payments on bills are a minor problem or no
problem at all when seeking a home loan. (T) (F)
(Not Sure)
2. You should keep enough in your savings account to cover
3 months of expenses. (T) (F) (Not Sure)
3. No more than 25% of your income should be used on
installment debt. (T) (F) (Not Sure)
4. If you don’t have enough money to pay your bills, you
should call your lenders right away and tell
them. (T) (F) (Not Sure)
5. Bankruptcy will only stay on your credit record for 7
years. (T) (F) (Not Sure)
6. The lowest interest rate on a loan always means the
best loan. (T) (F) (Not Sure)
7. Two people can purchase the same item and still pay
vastly different amounts. (T) (F) (Not Sure)
8. When you use a credit card you are borrowing money from
a bank. (T) (F) (Not Sure)
9. If I can’t afford my car payments, I can voluntarily
surrender my car to get out of the loan. (T) (F)
(Not Sure)
10. Your credit history has no effect on your ability to
get a job or rent an apartment. (T) (F) (Not
Sure)
Please indicate with an “x” on items 11-15, which
statement best describes your own financial situation.
11. Which of the following statements best describes your
right to check your credit report for
accuracy?
If you are turned down for credit based on a credit
report, the records can be checked for free.
Your credit report can be checked at any time for free.
You can not see your credit report.
All credit records are the property of the U.S. Government
and your lenders and the FBI are the only
ones who can look at them.
12. Which of the following best describes your bill paying
practices right now:
I pay my bills on time.
I occasionally pay my bills on time.
I hardly ever pay may bills on time.
I do not pay the bills in my household.
13. Which of the following best describes what you know
about your credit report:
I have never seen a copy of my credit report.
I have seen my credit report but I did not understand it.
I have seen my credit report and my credit record was
poor.
I have seen my credit report and my credit record was
good.
14. Which of the following best describes your financial
goals:
I do not have any real financial goals.
I have some financial goals but I do not know how to make
them come true.
I have some financial goals and I have created a plan to
make them come true.
I have some financial goals and they are coming true.
15. Which of the following best describes your monthly
spending plan or budget.
I do not have enough money to have a budget.
I would like to have a monthly budget, but do not know how
to make one.
I have a budget for the monthly bills but not for everyday
expenses.
I have a monthly budget and I use it to plan for all of my
monthly expenses.
Scoring: TRUE/FALSE 1-10 F,T,T,T,F,F,T,T,F,F
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About the ICFE:
About the
ICFE:
The Institute of Consumer Financial Education (ICFE), founded in 1982 by the
late Loren Dunton (creator of the “certified financial planner” (CFP)
designation) and it is dedicated to helping consumers of all ages to improve
their spending, increase savings and use credit more wisely. The ICFE trains and
certifies Personal Finance Instructors for its own curriculum. It also trains
and certifies Credit Report Reviewers and Identity Theft Prevention Specialists.
The ICFE is an award winning, nonprofit, consumer education organization that
has helped millions of people through its education programs and resources. It
publishes the Do-It-Yourself Credit File correction Guide, now in its 16th
printing and has distributed over one million “Credit/Debit Card Warning Labels”
and “Credit/Debit Card Sleeves” world wide.
The ICFE became an official partner with the Department of Defense/Financial
Readiness Campaign in June of 2004.
The ICFE is also a partner in the national Jump$tart Coalition for Financial
Literacy and the California Jump$tart chapter. The ICFE staff is also active
with San Diego Saves, an offshoot of America Saves, and the California Student
Debt Resource Awareness Project (CASDRAP) (studentdebthelp.org).
The ICFE’s on-line help for consumers who spend too much was featured in PARADE
Magazine in the Intelligence Report section. The money helps and tips are from
“The Money Instruction Book,” a course in personal finance, positioned to become
among the premier programs in the new bankruptcy and debtor education
initiatives.
The ICFE Web site at:
http://www.icfe.info helps consumers with mending spending, learning about
the proper use of credit, budget and expense guidelines, how to set up and
implement a spending-plan and also how to access financial education courses and
videos and how to teach children about money. Other ICFE services include a free
eNewsletter, and an online resource center of financial education learning
tools, including videos, books, software and personal finance courses.
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