Bernanke touts benefits of Junior Achievement’s finance program

image003Outgoing chairman of the Federal Reserve, Ben Bernanke, spoke to a crowd of educators on Wednesday about financial literacy, the economy and the importance of teachers.

In a live-streamed event from Washington, D.C., Bernanke oversaw a program billed as a “Teacher Town Hall: 100 Years of the Federal Reserve,” as reported by Michele Molnar in Education Week, an online blog for teachers and educators.

After giving a history lesson about the Federal Reserve, Bernanke answered teachers’ questions during the hour-long program. He addressed a variety of issues, including the Federal Reserve’s need to address long-term issues such as deficit and debt, and changing requirements for banks, so they’ll be be financed to a greater extent by equity, rather than by debt.

Bernanke went on to talk about effective financial literacy teaching, and Molnar quoted him:

“It’s a very important lesson, but how do you get kids to learn this stuff? It isn’t that easy and research on it is kind of mixed. My own sense is that kids like to roleplay. There are some really good programs like Junior Achievement’s Finance Park program, where students are given a role to play in a simulation,” regarding how to make ends meet.

Junior Achievement USA and Junior Achievement of Southern Colorado are headquartered in Colorado Springs. The latter has plans for a capital campaign to raise funds to build a JA Finance Park in the city.