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S . D E P A R T M E N T O F T H E T R E A S U R Y  \nFederal Financial Literacy Reform  \nCoordinating and Improving Financial Literacy Efforts  \nJULY 2019  \n1789  \nU . S . D E P A R T M E N T O F T H E T R E A S U R Y  \nFederal Financial Literacy Reform  \nCoordinating and Improving Financial Literacy Efforts  \nSteven T. Mnuchin  \nSecretary  \nJovita Carranza  \nTreasurer of the United States  \nStaff Acknowledgments  \nSecretary Mnuchin and Treasurer Carranza would like to thank Treasury staff members for their contributions to this report. The staff’s work on the report was led by Christopher Weaver and Louisa Quittman, and included contributions from James Gatz, William Girardo, Danielle Johnson-Kutch, Kelsey Kats, Nancy Montoya, Chris Soares and Neal Stolleman.  \nTable of Contents  \nExecutive Summary  1  \nIntroduction 1  \nThe Scope of This Report 3  \nReview of the Process for This Report 3  \nSummary of Issues and Recommendations 3  \nSection 1:  \nGovernance of Federal Financial Literacy and Education Efforts  12  \nIntroduction 12  \nFederal Role in Financial Literacy and Education 13  \nLeadership and Accountability for Federal Financial Literacy and Education 15  \nCoordination of FLEC Efforts 17  \nSection 2:  \nCoordination of Programs and Policy Proposals for High Impact  18  \nIntroduction 18  \nBasic Financial Capability 18  \nAccess to Financial Services 20  \nSaving and Credit 25  \nRetirement Savings and Investor Education 30  \nHousing Counseling 37  \nPostsecondary Education 42  \nMilitary 48  \nOther Areas for Coordination 52  \nWebsites and Outreach 52  \nResearch Agenda 52  \nBudget and Allocation of Resources 53  \nTable of Contents iii  \nSection 3:  \nBest Practices for Delivery of Financial Literacy and Education  54  \nIntroduction 54  \nKnow the Individuals and Families to be Served 54  \nProvide Actionable, Relevant, and Timely Information 55  \nImprove Key Financial Skills 55  \nBuild on Motivation 56  \nMake It Easy to Make Good Decisions and Follow Through 56  \nDevelop Standards for Professional Educators 56  \nProvide Ongoing Support 57  \nEvaluate for Impact 58  \nSection 4:  \nTechnology and the Future of Financial Education  60  \nExhibits  62  \nExhibit A: Participants in the Engagement Process 62  \nExhibit B: Summary of Recommendations 66  \nExhibit C: Proposed Sample Outcome Measures 74  \niv Federal Financial Literacy Reform: Coordinating and Improving Financial Literacy Efforts  \nExecutive Summary  \nIntroduction  \nThe federal government spends an estimated $273 million annually on financial literacy1 and education programs and activities across 23 federal agencies and entities. These programs are designed to educate Americans about a wide array of financial literacy and education topics. However, in 2012, the Government Accountability Office (GAO) issued a report (GAO Report) that found that federal financial literacy efforts lacked meaningful coordination with multiple programs with similar goals and activities.2 Furthermore, very few federal agencies appear to monitor the effectiveness of their programs and only a handful of these programs have been formally assessed or evaluated for impact.  \nMany non-federal organizations also provide financial literacy services and resources, including nonprofit organizations, consumer advocacy organizations, financial services companies, employers, educational institutions, and state and local governments. In 2013, the Consumer Financial Protection Bureau (CFPB) estimated that the public and private sector spends approximately $670 million on financial education, with non-federal government entities accounting for almost two-thirds ofthat amount.3  \nTo coordinate the federal government’s financial literacy efforts, the Financial Literacy and Education Commission (FLEC) was established by law in 2003. The FLEC is made up of the heads of 22 federal agencies and the White House Domestic Policy Council. Chaired by the Secretary of the Treasury, the FLEC is tasked with improving “the financia","cbCaicS3dc39Vcv1","https://ap.wps.com/l/cbCaicS3dc39Vcv1","pdf",2324065,82,"English","# Executive Summary\n## Introduction\n## The Scope of This Report\n## Summary of Issues and Recommendations\n# Section 1: Governance of Federal Financial Literacy and Education Efforts\n## Federal Role in Financial Literacy and Education\n## Leadership and Accountability for Federal Financial Literacy and Education\n## Coordination of FLEC Efforts\n# Section 2: Coordination of Programs and Policy Proposals for High Impact\n## Basic Financial Capability\n## Access to Financial Services\n## Saving and Credit\n## Retirement Savings and Investor Education\n## Housing Counseling\n## Postsecondary Education\n## Military\n## Other Areas for Coordination\n# Section 3: Best Practices for Delivery of Financial Literacy and Education\n## Know the Individuals and Families to be Served\n## Provide Actionable, Relevant, and Timely Information\n## Improve Key Financial Skills\n## Build on Motivation\n## Make It Easy to Make Good Decisions and Follow Through\n## Develop Standards for Professional Educators\n## Provide Ongoing Support\n## Evaluate for Impact\n# Section 4: Technology and the Future of Financial Education\n## Exhibits","[{\"question\":\"Why does the report focus on coordinating federal financial literacy efforts?\",\"answer\":\"Prior oversight concluded that federal programs with similar goals and activities lacked meaningful coordination, motivating a review of how agencies collaborate and align efforts.\"},{\"question\":\"What is the Financial Literacy and Education Commission (FLEC) and what role does it play?\",\"answer\":\"FLEC, created by law in 2003 and chaired by the Treasury Secretary, is tasked with improving financial literacy and education through a national strategy with participation from public and private sectors.\"},{\"question\":\"Which major areas does the report address for program coordination and impact?\",\"answer\":\"It covers high-impact coordination areas such as basic financial capability, access to financial services, saving and credit, retirement and investor education, housing counseling, postsecondary education, and military-related efforts.\"}]","Federal Financial Literacy Reform - Coordinating and Improving Financial Literacy Efforts - July 2019 | PDF",1792062031,207]