The Financial Literacy and Education Commission was established under the Fair and Accurate Credit Transactions Act of 2003. The Commission was tasked to develop a national financial education web site ( MyMoney.gov) and a national strategy on financial education. It is chaired by the Secretary of the Treasury and the vice chair is the Director of the Consumer Financial Protection Bureau. The Commission is made up of the heads of 19 additional federal agencies: the Office of the Comptroller of the Currency; the Federal Reserve; the Federal Deposit Insurance Corporation; the National Credit Union Administration; the Securities and Exchange Commission; the Departments of Education, Agriculture, Defense, Health and Human Services, Housing and Urban Development, Labor, and Veterans Affairs; the Federal Trade Commission; the General Services Administration; the Small Business Administration; the Social Security Administration; the Commodity Futures Trading Commission; the Office of Personnel Management; the White House Domestic Policy Council and its newest member, the Federal Emergency Management Agency. The Commission is coordinated by the Department of the Treasury's Office of Financial Education within the Office Consumer Policy.
The Commission's Activities
In case you missed it, here’s what Treasury blogged about for Financial Capability Month:
Deputy Assistant Secretary Melissa Koide shared Treasury’s focus on improving Americans’ financial health by helping more consumers have access to safe and affordable financial services and products and by supporting efforts to share information and research in areas that can improve the financial skills of young people.
Louisa Quittman, Director of the Office of Financial Education, shared FLEC’s collaboration with the Journal of Consumer Affairs to solicit new academic papers on ways to improve the financial capability of young people. This collaboration has resulted in the publishing of ten academic research papers that are now publicly available in the Spring 2015 “Special Issue on Starting Early for Financial Success.”
Annie Donovan, Director of the Community Development Financial Institutions Fund, highlighted Native Community Development Financial Institutions (Native CDFIs), which are successfully improving the financial literacy and capability of young people in Indian Country. Native CDFIs are specialized financial institutions that work to increase access to fair and affordable financial services in Native Communities and many are offering innovative financial education programs for Native youth.
MyMoney.gov is the federal government�s website that serves as the one-stop shop for federal financial literacy and education programs, grants and other information. MyMoney.gov is available in English and Spanish.
Call 1-800-FED-INFO if you have a question about federal agencies, programs, benefits or services related to financial literacy and education. Our trained specialists can answer your question in English or Spanish, or refer you to the agency that can help.
i. Special Issue on “Starting Early for Financial Success” – Journal of Consumer Affairs: To further share information and research that can help prepare young people for their financial lives, the FLEC requested that the Journal of Consumer Affairs dedicate a special issue to financial literacy research focused on “Starting Early for Financial Success.” Ten new academic research papers are now published and publicly available in the Spring 2015 issue. Click Here to access a summary containing research abstracts and hyperlinks to the articles.
Youth Savings Programs: Documents .The information listed below was developed to provide information on Youth Savings Programs, such as in-school bank and credit union branches, which can expand the financial capability of youth.
College Savings and Financing Resources. This document lists an array of resources for students and their families with tools and information to help make informed decisions about saving, paying, or financing their higher education. This list was compiled by members of the Postsecondary Subcommittee of the Financial Literacy and Education Commission (FLEC), and offers free resources from federal agencies.
Opportunities to Improve the Financial Capability and Financial Well-being of Post Secondary Students. This report has been prepared by the Financial Literacy and Education Commission (FLEC) and describes the state of financial education among postsecondary students. The report describes current efforts to enhance financial education in a number of institutions with regards to student understanding of financial aid and financial education topics. The body of the report describes issues facing postsecondary students regarding financial education and federal government policies and resources to address them. Further, this report identifies programs that promote or enhance financial literacy for students, including those that involve partnerships between nonprofit organizations. The report concludes with a series of recommendations for how institutions of higher education can better equip students to make critical financial decisions.
Report Summary : FLEC Postsecondary Report Summary
2012 Research Priorities and Research Questions. This document summarizes research priorities identified by the Financial Literacy and Education Commission’s Research and Evaluation Working Group, in consultation with members of the President’s Advisory Council for Financial Capability’s Research and Evaluation Subcommittee, and other experts. The document is intended to inform members of the Commission, other federal government supports of research, and private sector and academic researchers and research funders so that they may address the most important questions facing the financial literacy and education field, reduce duplication and overlap, and make best use of limited research dollars.
2012 Research Priorities
- 2013 Research Priorities for Starting Early for Financial Success. This document updates the 2012 research priorities to identify areas where they can be connected the Financial Literacy and Education Commission’s strategic focus on Starting Early for Financial Success.
Promoting Financial Success in the United States: National Strategy for Financial Literacy 2011 was created through a process that included conversations with private, public, and non-profit representatives from the field. Articulating a vision of sustained financial well-being for individuals and families in our nation, this document sets strategic direction for policy, education, practice, research, and coordination in the financial literacy and education field.
Implementation Plan 2011
National Strategy Background Report
2015 Strategy for Assuring Financial Empowerment (SAFE) Report