Monday, September 24, 2012

SEC Must Advance Financial Literacy for Underserved Communities Says Comm. Aquilar

According to SEC Commissioner Luis Aguilar, one way to bridge the gap of financial education in the unbanked and underwerved is to improve financial literacy for all investors, but especially for Latinos, African-Americans, and other underserved communities. In remarks to the DC Hispanic Bar Association, he announced strong support for financial education and believes that the SEC has an important role to play in this area. Clearly the need exists,  he added.

Last month, the SEC staff published a study on financial literacy that found broad weaknesses in the ability of U.S. retail investors to make basic investment decisions and protect themselves from fraud. In addition, the study found that certain subgroups, including women, African-Americans, Hispanics, the oldest segment of the elderly population, and those who are poorly educated, have an even greater lack of investment knowledge than the average general population.” This is unacceptable, declared the Commissioner, who believes that the SEC should, do more to advance basic investor education, especially for underserved groups.