Center for Financial Security Faculty Director, J. Michael Collins, was awarded the inaugural Ketchum Prize from the FINRA Foundation. The announcement took place at the Foundation’s Board of Directors triannual board meeting in Washington, D.C. The Foundation’s prize is named for Richard “Rick” Ketchum, who retired as Chairman and Chief Executive Officer of the Financial Industry Regulatory Authority (FINRA) and Chairman of the FINRA Foundation in 2016. Ketchum is admired for his distinguished leadership in the field of securities regulation over a career spanning three decades. Dr. Collins is being honored for his extensive work in improving family financial security through innovative and thoughtful approaches.
Following news of the recent Equifax data breach many consumers are fearful of how this could cause personal credit issues and possibly identify theft. Peggy Olive, Senior Financial Capability Specialist with UW-Extension and the Center for Financial Security, provides information and resources on how to monitor your credit report and take steps to remediate credit issues if they occur.
The Consumer Financial Protection Bureau (CFPB) has released new resources for financial educators including Building Blocks to Help Youth Achieve Financial Capability, a report brief that presents a new financial capability developmental model and makes recommendations for financial education. Based on the developmental framework that is introduced in the report, the CFPB also released a Youth Personal Finance Pedagogy, a teaching tool to enhance personal financial education in schools.
Center Affiliates and UW-Madison youth financial capability experts, Elizabeth Odders-White and Chuck Kalish, were part of the Corporation for Enterprise Development (CFED) team that conducted research described in the report.
FINRA released results of the National Financial Capability Study in July, a report that provides comprehensive findings of financial behavior in the United States. The survey is part of an ongoing, multi-year effort with consultation from the U.S. Department of Treasury, to better understand the key indicators of financial capability and evaluate how they differ based on varying population demographics and characteristics.