Financial Education

Financial literacy is very important to the economic health of the nation, and that point has become increasingly more evident in this time of economic crisis.  Indeed, many Americans are having a difficult time navigating through the financial obstacles that are currently present in their daily lives.  According to the 2009 Consumer Financial Literacy Survey conducted by Harris Interactive Inc., for the National Foundation for Credit Counseling, more than 92 million Americans (41%) grade themselves C or lower when it comes to knowledge of personal finance.  Young people, African Americans and Hispanics are even more likely to grade themselves a C, D or F (47%, 50% and 45% respectively).  Given this lack of understanding, the great majority of most Americans (over 80%) believe that they can benefit from advice and answers to everyday financial questions. This poor financial literacy results in the fact that almost 16 million Americans (7%) don’t know how much they spend on food, housing, and entertainment, and do not monitor their overall spending.  Approximately 72 million Americans (32%) report that they have no savings and more than 58 million people (26%) admit to not paying all of their bills on time.  Amongst African-Americans this number grows to 51%.  In addition, 37% of adults admit that they do not know their credit score and more than 13 million Americans (6%) report that their household carries credit card debt of $10,000 or more from month to month.  And even though it is free, nearly 64% of Americans (and 72% Hispanic Americans) have not ordered a copy of their credit report in the past year.  One-third of adults or more than 74 million people, do not put any part of their annual household income toward retirement and almost 30 million Americans have no medical insurance. Although music is a widely consumed communications channel among Gen Y Americans, it is under-utilized as a device for delivering financial education. Positive Records seeks to support and collaborate with individuals, organizations, agencies, institutions and companies who are working to address the nation's requirement for a financially literate citizenry.   Our goal is to help financial educators and other stakeholders discover if it is possible to take advantage of the popularity of music among Americans by utilizing music to specifically communicate financial concepts, processes and principles.