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Bernanke: Subprime shows financial literacy need

WASHINGTON
Wed Apr 9, 2008 9:34am EDT

WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke said on Wednesday the crisis in the U.S. subprime mortgage market underscored the need for Americans to develop a sound base of financial knowledge.

"We are reminded of how critically important it is for individuals to become financially literate at an early age so that they are better prepared to make decisions and navigate an increasingly complex financial marketplace," Bernanke said in remarks prepared for delivery at a news conference on financial literacy.

Bernanke did not comment on the outlook for the U.S. economy or monetary policy in his remarks opening the news conference, at which the Jump$tart Coalition was due to release a survey on the financial literacy of high school seniors.

He was not expected to take questions at the event.

(Reporting by Tim Ahmann; Editing by Andrea Ricci)


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