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Bernanke: Financial education key for nation

WASHINGTON (MarketWatch) - Financial education is important not to individual well-being but also to the nation's economic health, Federal Reserve Bank Chairman Ben Bernanke said Tuesday. "As the recent financial crisis illustrates, consumers who can make informed decisions about financial products and services not only serve their own best interests, but, collectively, they also help promote broader economic stability," Bernanke said in remarks for a Teacher Town Hall at the central bank's headquarters. Teachers need to pass along the essential skills and concepts that students will require to make major financial choices, he said. If students understand that it is important to shop around for a loan to get the lowest interest rate, to review fees and how to contact financial advisers, they are more likely to make good decisions, he said. Bernanke did not discuss the economic outlook or monetary policy.