Governor Bob Taft has proclaimed the week of April 25-May 1 as Saving And Investing Education Week in the State of Ohio. This week, which is being recognized in more than 20 countries, is designed to encourage consumers to save, invest wisely, and protect themselves against fraudulent schemes.

This year's campaign is focusing on young people, particularly high school students who are beginning to form their saving and investing habits. "We have a financial literacy crisis in this country and what today's young people don't know can hurt them," said Gary C. Suhadolnik, Director of the Ohio Department of Commerce. "We are working to ensure that our young people are prepared for today's complex financial arena."

Director Suhadolnik pointed to the following statistics as examples of the need to teach young people the basics of personal finance:

• American teenagers spend an average of $84 per week for a total of $100 billion a year.

• College students with their own credit cards carry an average unpaid balance of $1,039.

• The average student who takes out a college student loan graduates with $20,000 in debt.

• 8.7% of bankruptcy filings in 1997 were among 18-25 years olds.

During Saving And Investing Education Week, the Department of Commerce will be making presentations at schools throughout the state. The observance week will kickoff on April 26 with a reading of the children's book "If You Made A Million" to students in Hamilton County. In addition, the department will be making announcements on the availability of its investor education materials. The publications can be ordered by calling the Investor Protection Hotline at 1-800-788-1194 or by accessing them from the Division of Securities' web site at www.securities.state.oh.us

The highlight of the week will be the introduction of an innovative new curriculum for high schools titled Financial Literacy 2001. The curriculum, which was developed by the North American Securities Administrators Association, the National Association of Securities Dealers and the non-profit Investor Protection Trust, is being distributed in Ohio by the Division of Securities. A news conference will be held in Columbus on Thursday, April 29 to announce plans for distributing the new curriculum.

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