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'Crisis highlights need for literacy'

Washington - US Federal Reserve Chairman Ben Bernanke said the recent economic crisis highlights the importance of financial education.

“Among the lessons of the recent financial crisis is the need for virtually everyone -- both young and old -- to acquire a basic knowledge of finance and economics,” Bernanke said in the text of a speech prepared for delivery via prerecorded video today in Dayton, Ohio.

US Federal Reserve chairman Ben Bernanke. Credit: Reuters

Bernanke didn’t discuss the outlook for the national economy or monetary policy in his remarks to students at a conference at the University of Dayton.

“In addition to ensuring that students graduate with the financial literacy skills they need to navigate in the modern financial world, we, as a society, must also make sure that adults have opportunities to gain these skills or to refresh what they have learned,” Bernanke said.

Bernanke has emphasised the importance of financial and economic education in past speeches.

Financial education and planning boost the economy, and students with those skills tend to save more later in life and better weather market turbulence, he told teachers at a town hall meeting in August. - Bloomberg News

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