The need to begin teaching financial literacy and education at a young age is by now widely acknowledged. According to a recent Schwab survey, nearly two-thirds (63%) of U.S. adults chose financial education as the most important supplementary graduation requirement to math, English, and science, and 25 states have a financial education requirement to graduate.
The retirement plan advisory industry is increasing its volunteerism and advocacy efforts in the area, and includes high-profile names like Lisa Buffington, Alex Assaley, Derek Fiorenza, Kristi Baker, Amy Glynn, and Devyn Deux, among others.
They’re actively involved with FinLitFuture$, an education initiative conceived and developed by the financial literacy committee of the Retirement Advisor Council (RAC).
“Beginning with the ultimate goal in mind, we believe that the way to fuel the financial knowledge of America’s future leaders is by advancing financial education for its youth,” RAC explained. “FinLitFuture$ is fiercely dedicated to supporting, [organizing], and inspiring the collective volunteer and advocacy efforts of financial advisors, service providers, asset managers, and retirement industry associates who share a commitment to advancing financial education in schools and community programs.”
There are plenty of financial professionals who want to help but don’t know where to start, which is the reason for the FinLitFuture$ website and its Volunteer Effort Tracking Survey, where individuals can report the volunteer efforts they’re leading in their communities while tracking the industry’s impact overall, according to Marsh & McLennan’s Lisa Buffington, a RAC member.
“For starters, our RAC financial literacy committee pulled together a website with curated content and vetted programs,” Buffington explained. “We’re up to 25 states that now have a financial literacy mandate for high school graduation, but a lot of these states still don’t have the curriculum designed yet, and they’re looking for partners to come in and help them check these boxes.”
No stranger to financial literacy education, she’s volunteered for over 15 years, including with FinLitFuture$ partners like Junior Achievement, a charter school for which she’s chair of the board, and coordinating a mentoring program for girls at Marsh & McLennan.
While she pointed to FinLitFuture$ and the resources it provides, she emphasized that it’s more about increasing volunteerism overall and pointed to Spectrum Pension Consultants’ Petros Koumantaros as an example of someone who’s helping by “doing their own thing.”
"He’s Mr. 401(k) guy, but he’s using his own thing, and that’s great,” Buffington said. “If you’re doing your own thing, that’s awesome; just tell us about it so we can help. We also have a survey where we’re collecting the efforts of volunteerism in the retirement industry because we want to amplify the impact that we’re making.”
Notably, she mentioned that an agreement is close with certain organizations that provide industry designations and certifications to have Financial Literacy Volunteer efforts count towards continuing education (CE) credits in the ethics requirement, the details of which will be shared soon.
If advisors are interested in other strategies to identify or develop local volunteer opportunities, RAC said it’s all about going local. Contact the local Boys & Girls Club, YMCA, and YWCA. Or contact the local board of education. The PTA, Chamber of Commerce, Rotary Clubs, United Way, and Habitat for Humanity are also good resources.
