National Movement to Rebuild Financial Strength in the American Household Launches

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Frugality NationTM Foundation hosted two events in Southern California for academics, business leaders, political leaders and philanthropists. These events addressed the issues of government debt, consumer debt stress and the critical need for financial literacy programs in education

We believe the only way to economic recovery and prosperity is by building a wiser, more frugal consumer base.

A new organization, Frugality Nation, aimed at driving a national movement to rebuild financial strength in the American household and advancing financial literacy education officially launched this week.

Frugality Nation Foundation hosted two events in Southern California for academics, business leaders, political leaders and philanthropists. These events addressed the issues of government debt, consumer debt stress and the critical need for financial literacy programs in education.

On Tuesday, at the University of Southern California Orange County Campus, a panel of experts discussed the national crisis of financial illiteracy and the far reaching impact of 'debt stress' on the Nation. Hasnain Walji, Ph.D, Director of Research for Frugality Nation Foundation cited recent research on the inability of over 50% of adults to come up with $2,000 for an emergency from savings, family, friends or other sources. Lawrence McQuillan, Ph.D. said the problem was further exacerbated by an attitude of entitlement from the government that leaves little or no incentive for personal responsibility. Operation Hope Vice President, Leonardo Cablayan, said that the core issue was the lack of financial literacy across all demographic groups. The panel also concurred that it was time that Corporate America took up the responsibility for offering financial wellness programs, creating less stress, and hence a more productive workforce. A number of edutainment tools such as The Frugality Game and Celebrity Calamity were cited by the academics as examples of available tools to help organizations deliver financial literacy programs.

The following evening at the City Club in Los Angeles, business leaders and small business owners attended a summit where Los Angeles Supervisor Michael Antonovich addressed a room of about 100 guests. Mr. Antonovich discussed the issues facing government that further burden consumers. Manny Medrano, KTLA television Legal Correspondent, spoke about how it was critical to address financial literacy in the United States Joanne Garneau, founder of the Frugality Nation Foundation said, "We can't wait for our government to address these critical issues. We, as corporate leaders, must take it upon ourselves to build a movement and help restore financial security to the American people--that is the only way we will turn the economy around with consumers spending wisely."

Frugality Nation will operate as the driver of the national movement by hosting business, academic and political summits throughout the country, as well as offering innovative human resources programs, education platforms, "edutainment" tools (like video games) and act as a clearinghouse for the best practices in the financial literacy movement.

Malia Chapman, the Executive Director of Frugality Nation Foundation said, "We believe the only way to economic recovery and prosperity is by building a wiser, more frugal consumer base." More information on Frugality Nation can be found at http://www.frugalitynation.org.

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Heather Allsopp
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