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$4,700 FOR A PAIR OF SNEAKERS?
Non-Profit Investor Education Site is Retooled for "Saving and Investing Week" WASHINGTON, D.C.///April 22, 1999/// Would you shell out $4,700 for a pair of sneakers? How about $2,800 for a computer game or $300 for a fast-food meal? The sums may sound outlandishly high, but that is how much a 13-year-old could save if he or she invested for retirement, rather than spending $75 for a pair of sneakers, $45 for a computer game and $5 for a fast-food meal, according to the Web-based "AIE Savings Calculator" launched today at www.investoreducation.org/cindex2.cfm by the non-profit Alliance for Investor Education (AIE). The calculator is available at the Alliance for Investor Education's revamped Web site, which is being relaunched to mark the April 25-May 1 kickoff of the 1999 Facts on Saving and Investing Campaign. The Alliance for Investor Education is the official Web site of the 1999 Campaign. The new AIE savings calculator allows a child to enter his or her age, a typical purchase or any dollar amount, and then see how much the money might be worth if it was invested for 10 years, 25 years and to the age of retirement. The unique calculator is based on an 8 percent annual rate of growth, a stock market average in recent years. AIE Acting President Michael D. Jones said: "Much of the problem with young people and saving has to do with the fact that they can't see in real terms what savings will do for them. The AIE Savings Calculator is designed to appeal to youths and it shows in dramatic terms how investing for the future can add up in a big way." U.S. Securities and Exchange Commission (SEC) Chairman Arthur Levitt said: "I congratulate the Alliance for creating the 'Savings Calculator.' This innovative teaching tool will help young people see the 'real' pricetags on the products they buy by learning how even small amounts of money can really add up over time." The dramatically revamped Alliance Web site features a new portal design including
About AIE The Alliance for Investor Education Web site at www.investoreducation.org provides investors with access to a full range of information they need to make wise investment decisions. Dedicated to facilitate a greater understanding of investing, the Alliance for Investor Education was established in 1996 as a coalition of leading financial services industry and investor advocacy groups. The entire investment community is represented among member constituencies. The SEC Office of Investor Education and Assistance, the Federal Trade Commission Bureau of Consumer Protection, the Board of Governors of the Federal Reserve System, and the North American Securities Administrators Association are among the government and quasi-governmental advisors to the Alliance. Alliance members include: the American Association of Individual Investors, American Stock Exchange, Association for Investment Management and Research, Bank Securities Association, Bond Market Association, Certified Financial Planner Board of Standards, Futures Industry Institute, International Association for Financial Planning, Investment Company Institute, Investor Protection Trust, National Association of Investors Corporation, NASD, National Futures Association, National Investor Relations Institute, the New York Stock Exchange, Securities Industry Association, and the Security Traders Association. CONTACT: Ailis Aaron Wolf, (703) 276-3265 or . |
