Financial Literacy

FINANCIAL LITERACY

In response to Americans’ struggles during the financial crisis, the U.S. government and the financial services industry have introduced a number of financial literacy programs and revamped their efforts in existing programs. These include:

  • The President's Advisory Council on Financial Capability was created in 2010 to advise the President on promoting and enhancing financial literacy. Its projects include Money as You Grow (http://moneyasyougrow.org/), a website designed to teach financial skills to young people.
  • The Financial Literacy and Education Commission, first established in 2003, establishes annual financial literacy priorities for the Federal government. It hosts MyMoney.gov, which brings together educational materials as well as information on programs and grants.
  • National Financial Literacy Day on Capitol Hill, an event instituted in 2003 by the Council for Economic Education, Junior Achievement and the Jump$tart Coalition, brings together groups interested in fostering financial literacy, including advocacy groups, financial services firms, the general public and members of Congress.
  • The Financial Services Roundtable and its members offer several financial literacy programs, including ones focusing on young people, older Americans, armed services members and people outside the banking system. These are highlighted on the Web at www.fsround.org/fsr/financial_literacy/financial_literacy_corner.asp.
  • The Insurance Information Institute (www.iii.org) and its members offer resources to help the public understand the insurance implications of personal finance decisions and major life milestones, such as marriage or the birth of a child.