A shocking lack of financial knowledge by our nation’s teenagers has caused a junior achievement organization and an association of retired teachers to band together to help bridge this gap.

A study conducted in 2006 by the National Financial Literacy Summit showed that 60% of teens throughout the U.S. could not decipher the underlying differences between cash, checks, and credit cards.

The National Retired Teachers Association (NRTA) and the Junior Achievement organization are joining forces to teach such basic financial principles as budgeting, savings, and other practical skills needed to be successful in the workplace and in life.

“This collaboration works on two levels-to expand and enrich our programs-as the pool of REA members consists of more than one-million retired educators and school personnel at the local, state and national levels," said Jack E. Kosakowski, president Junior Achievement USA and executive vice president and chief operating officer of JA Worldwide. "We are thrilled to engage the education community and leverage their expertise to the benefit of our youth.”

This spring, cities such as Chicago, Columbus, Ohio, Washington, D.C., and Phoenix will lead the national in inducting such programs, as later this year the NRTA and Junior Achievement hopes to expand financial literacy to youths nationwide.

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