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PERSPECTIVES ON DIGITAL CURRENCY

Aug 27, 2010

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Financial literacy pays off

More and more prominent voices are joining the chorus for the need to improve the nation’s financial literacy levels. This week Brett Nelson posted a compelling piece on Forbes.com that details a painful litany of America’s money management shortcomings.

Brett ends his sobering post with a succinct cry of: “Help!”

This is exactly what we are doing. For 15 years Visa has been a private sector leader in developing free, high-quality financial literacy programs for parents, teachers, students and consumers. We’ve reached millions of people worldwide. And we’re having an impact.

A study conducted with Wells Fargo showed that first-time credit cardholders who took a brief Visa tutorial on responsible card usage had dramatically improved behavior, compared with cardholders who received no training. New cardholders who took the tutorial had 43% fewer late payments and over-limit charges and 28% lower revolving balances.

We’ve built the better financial literacy mousetrap. But we can’t do it alone. Everyone who has a stake in a healthy global economy needs to be a part of this solution.

Posted by: Jason Alderman, Visa Corporate Relations on August 27, 2010 at 6:19 pm