Council targets youth, teachers for economic literacy

Economic literacy is vital to the future of Nebraska.

That's one of the messages that Roger Butters, president of the Nebraska Council on Economic Education, gave to the Grand Island Rotary on Tuesday.

Butters' organization is dedicated to promoting economic literacy among Nebraska's students in grades 4 through 12. It does this through programs such as The Nebraska Stock Market Game, The Nebraska Economics Challenge and The Nebraska Finance Challenge.

It also does training through in-service programs for teachers during the school year, summer classes and post-graduate education opportunities.

Butters noted that his organization can spend money to train a single student, or it can spend the same money on a single teacher who then will teach 100 students each year for the remainder of his or her career.

Some of the education for students is personal in nature, teaching them lessons about being a saver, consumer and investor.

Butters said people who have received good economic education save more, own homes at a higher rate and go through fewer insolvencies.

But some of the council's education is broader in nature.

Butters asked Rotary members to think about some of the big problems of the day: the mortgage crisis, trade deficit, U.S. government deficit, health care, international exchange rates, interest rates and energy costs.

He said people need to think clearly about such issues.

Butters said the mortgage crisis could have been smaller if more people had clearly understood the kinds of loans they were taking out when buying their homes.

Many people think students would try to learn lessons in economic and financial literacy. He said that's because the subject has too often been made sterile by the academic community.

But he said one of the most fascinating questions of economic literacy is how communities can foster economic growth. Butters said economic growth does not just impact a community financially, but has social outcomes as well.

He talked about "the moral heart of capitalism," noting that the only way to make money is for the market to make people happy.

For the first time, the Nebraska Financial Education Council is coordinating Nebraska Money Smart Week, which is Nov. 10-16. It is a public awareness campaign to help consumers better manage their personal finances.

The coalition includes more than 50 Nebraska organizations.

Butters said other organizations also can become involved in the event by going to www.moneysmartnebraska.org.

According to the Web site, Money Smart Partners ensures that all workshops, seminars and activities must be educational in nature and relate to improving knowledge of personal finances, from basic savings tips to advanced money management strategies.