Obama Launches Financial Responsibility Council for Youth

Despite the nation's $16.7 trillion national debt, President Barack Obama is hoping future generations will be better-educated stewards of money, creating an advisory group on Tuesday aimed at teaching financial responsibility to young people.

The Advisory Council on Financial Capability for Young Americans, created by executive order, calls on the government to promote financial capability for young people in schools, communities, families, and the workplace, noting the importance of the country's "future financial stability" and the need to "increase upward economic mobility."

"By starting early, young people can begin to learn the difference between wants and needs, the importance and power of saving, and the positive and productive role money can play in their lives," states the order, first reported by CBS News.

"Having a basic understanding of money management from an early age will make our young people better equipped to tackle more complex financial decisions in their transition to adulthood, when critical decisions about financing higher education and saving for retirement can have lasting consequences for financial security," the order reads. "Strengthening the financial capability of our young people is an investment in our nation's economic prosperity."

The youth-focused council dovetails off of one of four key recommendations offered in April from the President's Advisory Council on Financial Capability (ACFC), which urged a greater role for families and schools in teaching youth to be financially literate.

"Many indicators, including the level of student loan debt in the United States, illustrate the need and urgency of equipping our youth with the financial skills to plan for a successful future, "the ACFC report noted.

Members of the new youth council will include the U.S. secretaries of Treasury and Education as well as 22 presidential appointees who are not employed by the federal government. It will also include members of Congress and the director of the Bureau of Consumer Financial Protection.

The group will seek advice from those working in the financial, education, and corporate sectors to build public-private partnerships with local governments, schools and families to help youth build financial capability, the order said.