The Center for Ethics is Seeking to Reverse Financial Literacy Rate Among Young Americans

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Student Workshops on Improved Money Management Held in March 2015

center for ethics

The Center for Ethics in Financial Education, a Cleveland area 501(c)(3) corporation, conducted a series of financial literacy workshops at Ohio Wesleyan University on March 18th and 25th, 2015. Twenty-four (24) students completed the workshop curriculum, taught by Terry E. Rumker. Mr. Rumker is the Director of Educational Services at The Center for Ethics, is a certified financial planner (CFP&reg), and is an Assistant Professor of Finance at Ashland (OH.) University.

The purpose of the program was to help students learn effective ways to manage their money prior to beginning their professional careers. The FINRA Investor Education Foundation 2013 State-by-State Financial Capability Survey reported that the financial literacy rate among adult Americans decreased from 42% to 40% from 2009 to 2013, with both percentages very low. The financial illiteracy rate among younger Americans is significantly higher.

The goal of the Center for Ethics in Financial Education is to reverse that trend and to help students learn about prudent and responsible money management practices. Started in 2013, the Center plans to work with the nation’s colleges and universities to pursue achievement of that goal.

The workshops were conducted in Delaware, OH for the Department of Economics and The Woltemade Center of Economics, Business, and Entrepreneurship of Ohio Wesleyan University. They were sponsored by AXA Advisors in Cleveland.

“The importance of understanding and trying to manage money is probably one of the most important things in life. Getting a handle on it isn’t easy, but with a little work, anyone can,” Rumker said.

Megan Ellis, Administrative Director for The Woltemade Center said, “When we were approached about the workshop by Woltemade Center Alumni Advisory Board Member, Tom Harvey (President and CEO of The Center for Ethics), we felt that it brought a service to the OWU community that translates into real-life learning and success. The value of theory to practice and long term positive impact on our students' lives is of the utmost importance to us at The Center and this workshop delivers that in an engaging and truly beneficial manner. The workshops were a huge success!” Additional workshops are planned for the fall.

About The Center of Ethics in Financial Education

The Center for Ethics in Financial Education was established to create incentives for colleges and universities to develop a culture of ethics and effective personal asset management in their finance/business programs. Working with faculty and staff of the nation’s business schools, its objective is finance, ethics, and financial literacy, one person at a time.

For more information, please visit the Center at

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