Wednesday, February 2, 2005
Nancy Condon (202) 728-8379
Sarah Bohn (202) 728-8988
NASD Investor Education Foundation Announces New Grant Program
Washington, D.C.— NASD Investor Education Foundation today formally invited non-profit groups and colleges and universities to apply for funding for projects intended to help young adults who are about to enter the workforce set financial goals and plan for retirement. Grant proposals must be submitted by April 13, 2005 and involve a strategic collaboration with partners on a national, regional, or multi-institutional level. The Foundation anticipates awarding grants of $100,000 or more.
The Foundation, established as a separate, non-profit organization in 2003, announced the request for proposals and application instructions, which are accessible at http://www.nasdfoundation.org/.
“Saving for retirement should start from the first day of the first job. But too many young adults are ill-prepared to make these complicated, but very important investment decisions,” says Foundation Chairman Robert R. Glauber. “The grants are intended to fund educational programs that will provide these new investors with high-quality, easily-accessible information about saving and investing for retirement.”
Studies show that most college and high school students lack the financial knowledge necessary for a smooth entry into investment decision-making. The 2003 NASD Investor Survey indicates that young workers, among others, have a weak understanding of financial matters, citing less than a quarter of investors between the ages of 21 and 29 scored a passing grade in investor literacy.
The Foundation has partnered with the National Endowment for Financial Education to process and conduct an initial review of grant applications. Foundation staff will conduct its own review of applications that meet grant guidelines and make recommendations to the Foundation's five-member Board of Directors. The Board will make the final grant awards. Grant recipients will be announced no later than October 2005.
NASD is the leading private-sector provider of financial regulatory services, dedicated to investor protection and market integrity through effective and efficient regulation and complementary compliance and technology-based services. NASD touches virtually every aspect of the securities business—from registering and educating all industry participants, to examining securities firms, enforcing both NASD rules and the federal securities laws, and administering the largest dispute resolution forum for investors and registered firms. For more information, please visit our Web Site at www.nasd.com.