Before House Financial Services Panel: Social Security Debate Showsgrowing Need for Financial Literacy, Ebri's Salisbury Testifies

U.S. Newswire › April 20, 2005

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Summary

WASHINGTON, April 20 /U.S. Newswire/ -- The current debate over Social Security -- whether or not individual accounts are added to the program -- demonstrates the acute need for improving financial literacy in the United States, Dallas Salisbury, president of the Employee Benefit Research Institute (EBRI), testified today.

"Unfortunately, no matter how you look at the statistics, the bottom lines are the same: Financial literacy in the nation is not good, and most Americans are not planning for their financial future and saving for retirement and other life events," Salisbury said, speaking at a hearing by the House Committee on Financial Services. "To change that, we need to sustain and expand the national effort to increase the delivery of financial education."

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Before House Financial Services Panel: Social Security Debate Showsgrowing Need for Financial Literacy, Ebri's Salisbury Testifies

Salisbury cited statistics showing that Social Security is the only source of income for 25 percent of retirees, and the ...

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