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February 26, 2002 COMPREHENSIVE K-12 PROGRAM TO PROMOTE FINANCIAL LITERACY LAUNCHED Idaho Council on Economic Education to train Idaho�s teachers Bank of America and the National Council on Economic Education (NCEE) today launched Financial Fitness for Life, an innovative financial education curriculum that will help students from kindergarten to senior high school become skilled consumers, savers and investors. The comprehensive program responds to a significant need for financial education by promoting active participation in the classroom as well as parental involvement. The program will be rolled out in Idaho through the Idaho Council on Economic Education (ICEE), housed at Boise State University. Teacher training workshops will be held across the state and as a result, as many as 25,000 students could complete the curriculum within the first year of implementation. The curriculum aligns with the Idaho Standards for Economic Education. Numerous recent studies point to the necessity of a strong financial literacy program for our nation�s young people. According to a JumpStart Coalition study of 1,500 seniors in 65 high schools across the United States, nearly 9 out of 10 students flunked a test about basic money management. A recent NCEE survey found that less than half of high school students understood the concepts of profit, inflation and the federal deficit. This creative education system, underwritten by a $3.2 million grant from the Bank of America Foundation to NCEE, presents key concepts in economics and personal finance in an easy-to-understand style to which students of all ages can relate. To further enhance the appeal of the materials to young people, the Financial Fitness for Life curriculum tracks many of the basic exercise regimens that are followed in achieving "physical fitness." "This new and unique personal finance curriculum fills an educational void and, when implemented nationwide, will make a significant difference in the lives and standard of living of many people," said Jack Rucker, chair of the ICEE at Boise State. "When we look back 10 or 20 years from now, we will find that the legacy of this curriculum is a nation of more knowledgeable consumers, more prudent savers and investors, more productive members of the work force and more informed voters on issues critical to our communities." "Bank of America wants to help America�s children succeed in life," said Robert Stuart, president of Bank of America Idaho. "Nationwide data tells us that nearly two-thirds of today�s high school students are financially illiterate. Financial Fitness for Life provides a comprehensive solution to this great need and will lay a good foundation for our young people as they enter the world of work and begin managing their personal finances." The curriculum, based on national teaching standards, includes four student workbooks (for grades K-2, 3-5, 6-8 and 9-12), four parallel teacher texts and a set of parent guides covering every grade level. An interactive CD-ROM and supporting Web site complement the Financial Fitness for Life curriculum, and a Spanish language version is now in development. Kindergartners can learn about managing money and making financial decisions from simple family activities such as grocery shopping. A fourth-grader can learn how to pay monthly bills. A seventh-grader can help select the family�s next car through an uncomplicated cost/benefit analysis. High school seniors can develop budgets to help them transition to adulthood. These lessons can help parents review and learn the basics of finance and economic concepts as they help their children though the exercises. To date, two national "train the trainers" sessions have been completed and hundreds of professional development workshops for teachers are being scheduled through NCEE state, local and university-based affiliates throughout the country. The curriculum has also been field tested in 18 rural and urban schools in California, Florida and Texas. The ICEE began offering teacher workshops last fall, and 120 teachers have been trained to date in Moscow, Boise and Pocatello. Workshops will be held this spring in Boise, Sun Valley, Coeur d�Alene, Post Falls, Twin Falls and across Southern Idaho. For more information on upcoming seminars call Jack Rucker at the ICEE at Boise State at (208) 426-1360, or visit www.financialfitnessforlife.org for more information on the Financial Fitness for Life program. NCEE is a non-profit organization that for more than 50 years has been helping students in grades kindergarten through 12 develop economic ways of thinking and problem solving to prepare them to function effectively in the global economy. Through a nationwide network of state councils and 250 university-based Centers for Economic Education, NCEE administers programs that each year reach approximately 120,000 teachers and over 7 million students in more than 70,000 schools. Through grants from the U.S. Department of Education, NCEE programs have also reached 1.2 million students in 20 countries in Central and Eastern Europe and the former Soviet Union. The Bank of America Foundation directs charitable giving on behalf of Bank of America. The Bank of America Foundation contributes financial assistance to nonprofit institutions that enhance the quality of life and promote public interest where the company conducts its business. One of the world�s leading financial services companies, Bank of America is committed to making financial services work for customers like it never has before. Through innovative technologies and the ingenuity of its people, Bank of America provides individuals, small businesses and commercial, corporate and institutional clients across the United States and around the world new and better ways to manage their financial lives. The company enables customers to do their banking and investing whenever, wherever and however they choose through the nation's largest financial services network, including approximately 4,400 domestic offices and 13,000 ATMs, as well as 38 international offices serving clients in 190 countries, and an Internet Web site that provides online access for more than 3 million customers, more than any other bank. Bank of America stock (ticker: BAC) is listed on the New York, Pacific and London stock exchanges. The company�s Web site is www.bankofamerica.com. Contacts: Media Contact: Copies of student, teacher and parent materials are available upon request. |