The Council of Economic Education (CEE) has announced that it is collaborating with ING Direct on a pilot after-school program set out to help elementary school students develop the skills of effective decision-making when it comes to money and personal finance.

The financial literacy program will cover the basics of banking and credit, the costs of running a family, exploring cost-benefit analysis for purchases and the economics and finances of their individual communities.

“We have reached a crucial moment in history,” said CEE President and CEO Nan J. Morrison.

“We must educate our children, students and communities to be responsible spenders and savvy savers by supplying the tools for future generations.”

The CEE and ING Direct are looking to come together with various after-school service providers and local communities to pilot the program in St. Cloud, Minn., and Wilmington, Del.

It is thought that once the pilot is complete, the training module will be taken to other areas of the country.

Arkadi Kuhlmann, president and CEO of ING Direct USA and CEE board member says:

“Through the ING DIRECT Kids Foundation programs we help children throughout the country understand the basics of saving, spending and investing.”

“By means of this outstanding partnership with the CEE, our goal is to help children and adults understand that saving is a good thing for us as individuals and as a nation. Most of all, we will provide examples of how saving can better the quality of life, ”says Kuhlmann.

This comes as the Council for Economic Education have appointed Annamaria Lusardi, Robert Fauber and Mike English to its board of directors. It is thought that these appointments will bring robust experience in corporate finance, education and leadership to the organization.