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Financial Literacy Is Crucial to the Future of the Global Financial Markets

By DTCC Connection Staff | October 29, 2020

Engaging Industry

Financial Literacy Is Crucial to the Future of the Global Financial Markets

By DTCC Connection Staff | Oct 29, 2020

The audience might have been virtual, but it was clear that Mike Bodson’s message resonated with his industry colleagues at the SIFMA Foundation’s 2020 Tribute Event on Wednesday.

“Promoting financial literacy and enabling a clear understanding of financial marketplaces are critical to the success and growth of the global economy,” said Bodson, DTCC’s President & CEO, as he accepted the Foundation’s Education Champion award. “Education programs developed and promoted by the SIFMA Foundation serve as a cornerstone of that work. By increasing awareness, these programs enable students in all economic and racial backgrounds to understand vital information they will need to successfully navigate life as adults.”

The Foundation event, held online due to the COVID-19 pandemic, raised more than $1 million from industry members and stakeholders as it also honored Penny Pennington, Managing Partner at Edward Jones, as an Industry Champion. The Foundation posted the recorded program on its website.

Recognizing Bodson’s long-standing commitment to financial literacy and education, including serving on his local Board of Education, Bob Druskin, DTCC’s Non-Executive Chairman of the Board, introduced Mike and said “Mike embodies everything this award represents. He has demonstrated over his career a strong commitment to teach, develop and inspire others.”

Druskin described Bodson as a “strong advocate for education” and an unwavering proponent of diversity and inclusion. “You see all these qualities in action working alongside Mike, but what always comes through is how he embraces the tenets of teaching in his leadership style,” he said.

The Foundation acknowledged Bodson’s leadership and dedication to improving financial literacy, saying, “Mike Bodson is a widely admired and accomplished leader for whom business success is inextricably linked to supporting communities and cultivating opportunities for all people. From the corporate board to the school board, Mike's professional and personal involvement deliver significant positive impacts, improving educational opportunities for youth and bringing up the next generation of financial professionals.”

After thanking his family and friends for their support, Bodson praised his DTCC colleagues for their dedication to protecting the safety and stability of the global financial markets, particularly during the pandemic. “They make it look easy, even when it definitely is not.”

Noting that the Foundation is “well-placed to coordinate with schools and our industry” to provide financial literacy, Bodson cited programs including The Stock Market Game—which has helped to education nearly 20 million students in 43 years—along with the Capitol Hill Challenge, InvestWrite national essay competition and Invest It Forward that have already helped shape the industry.

To encourage greater understanding and participation in the industry, DTCC recently launched its “Rising Stars” program for high school and college students. The program will help DTCC maintain relationships and provide additional engagement and training opportunities for students who have participated in internships or other programs through organizations including Boston Private Industry Council, Girls Who Code, Jersey City Summer Internship, New York University Computer Science for Cyber Security, and PENCIL.

“We believe that will keep us in touch with a very talented and diverse group of young people as they move toward professional careers and help us to create the future,” Bodson said. “It’s critical we assist the SIFMA Foundation and other groups to ensure that future generations receive the financial literacy education to participate in the financial markets – whether as leaders and employees in our industry or as educated investors.”