NASD Tuesday announced a $10 million project to be run by its not-for-profit Investor Education Foundation to better educate investors on financial markets. The foundation will work with other not-for-profit groups and researchers to conduct educational projects.
"We want to determine how to improve disclosure to investors and find better ways to provide them with valuable information," said John Gannon, vice president of investor education at the NASD.
"The industry must fund education messages, so I think its a very positive thing," said Michelle Smith, managing director of the Mutual Fund Education Alliance . "The old days of holding information close have passed, and investors deserve as much pertinent information as they can get."
NASD conducted a survey of investors last year and found that young investors and women need financial education most.