The Federal Trade Commission will join the Securities and Exchange Commission, the North American Securities Administrators Association and a broad alliance of public and private organizations including government, industry associations and consumer organizations to launch a campaign to educate consumers about investing and saving.
"At a time when baby boomers are thinking about the possibilities of retirement -- and young people are contemplating their own futures and the education of their children -- we have an opportunity and an obligation to promote financial literacy," said Jodie Bernstein, Director of the FTC's Bureau of Consumer Protection. "This education initiative combines the experience and creativity of the government and the private sector to help consumers learn the 'dollars and sense' of saving and investing wisely so that they can avoid costly -- and sometimes heartbreaking -- mistakes."
The kick-off, announced at 10 a.m., Tuesday, February 24, 1998, at the Federal Reserve Board, will launch an ongoing investment education campaign and a week's worth of activities focusing on the theme, "Get the facts. It's your money. It's your future." Activities will include:
- A National Roundtable on Saving and Investing (3/30) that will assemble government, industry, consumer groups and the media to focus attention on investor education;
- Get a "Ballpark Estimate" of Your Retirement Needs (3/31) will encourage employers to provide a government publication that lists sources of government information on savings and investing;
- Set Realistic Goals Day (4/1) will encourage programs that help people determine financial goals and understand markets, risks and the need for diversification;
- Teach our Children Day (4/2) will emphasize financial literacy for children;
- Focus on Your Future - Protect Yourself (4/3) will spotlight USDA's Money 2000 and NASAA investor protection programs;
- National Investors' Town Meeting (4/4) will be a two-hour broadcast, available nationwide, that will be downlinked by many SEC Regional and District offices and state securities administrators for events being hosted by them.
"The FTC is pleased to be working with the SEC, NASAA and the other partners in this great coalition to help consumers focus on the facts about smart saving and investing," Bernstein said.
The FTC has several brochures to help educate consumers about investment fraud. Copies are available from the FTC's web site at http://www.ftc.gov and also from the FTC's Consumer Response Center, Room 130, 6th Street and Pennsylvania Avenue, N.W., Washington, D.C. 20580; 202-326-3128; TDD for the hearing impaired 1-866-653-4261. To find out the latest news as it is announced, call the FTC NewsPhone recording at 202-326-2710.
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