The Education Bill signed into law today by President Bush represents the first time the federal government has appropriated money specifically for personal finance education.

The law allocates $385,000,000 in funding for local innovative education programs. Among the 27 programs that qualify for this funding are "Activities to promote consumer, economic and personal finance education, such as disseminating information on and encouraging use of the best practices for teaching the basic principles of economics and promoting the concept of achieving financial literacy through the teaching of personal financial management skills (including the basic principles involved with earning, spending, saving, and investing)."

This money will put more schools in the position of being able to incorporate personal finance teaching into their curriculum. It remains to be seen, however, whether school districts will choose to do so. A local educational agency shall have complete discretion in determining how funds made available will be divided among the 27 qualifying programs.

Now is the time for parents, teachers and other supporters of personal finance education to contact their local educational agencies. These agencies should be encouraged to apply for these funds and use them for local innovative programs that will ensure young adults graduate from high school prepared to handle a complex financial world.

Founded in 1997 and based in Washington, DC, the Jump$tart Coalition (www.jumpstart.org) is a non-profit organization whose 120 partners include federal agencies, universities, associations, corporations and non-profit organizations. The coalition's goal is to ensure that students have skills to be financially competent upon graduation from high school.

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Contact: Dara Duguay, Jump$tart Executive Director, (202) 466-8610