On July 10, 2009, Governor Beverly Purdue signed a law (Senate Bill 1019) creating the North Carolina Financial Literacy Council. The law was passed nearly unanimously.
The law?s preamble laid out the pressing need for better financial literacy. It noted that seventh graders failed when tested on basic financial concepts, high schoolers? financial knowledge is on the decline, and nearly 3 million households don?t have savings accounts. The law authorized the council to ?work to expand access to financial education resources and programs.?
A year later, citizens of North Carolina might want to know what the council has accomplished. The answer is . . . nothing. The council has yet to hold a meeting. In fact, a chairperson hasn?t been appointed yet.
Financial literacy must be a really pressing issue in the state bureaucracy.
