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National Strategy for Financial Literacy 2006

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National Strategy for Financial Literacy 2006 TTakakinging OwnershipOwnership ofof thethe FutureFuture The National Strategy for Financial Literacy 2006 Taking Ownership of the Future The National Strategy for Financial Literacy 2006 Members Department of Agriculture Department of Defense Department of Education Department of Health and Human Services Department of Housing and Urban Development Department of Labor Department of the Treasury Department of Veterans Affairs Commodity Futures Trading Commission Federal Deposit Insurance Corporation Federal Reserve Board Federal Trade Commission General Services Administration National Credit Union Administration Office of the Comptroller of the Currency Office of Personnel Management Office of Thrift Supervision Securities and Exchange Commission Small Business Administration Social Security Administration Taking Ownership of the Future The National Strategy for Financial Literacy Table of Contents Foreword, Part I: Taking Ownership of the Future . v Foreword, Part II: Illustrative Programs . xiii Chapter One: General Saving . .1 1 . Shifting Public Discussion from Consumption to Saving through Public Awareness Campaigns . .2 2 . Using Existing Tax Incentives to Make Saving More Convenient and Affordable . .4 3 . Tailoring Communications to Make Saving Relevant to Everyone . .5 Chapter Two: Homeownership . .9 1 . Using Grassroots Approaches to Deliver Counseling and Training Programs . .10 2 . Highlighting Success through Quality Education and Public Awareness . .13 3 . Community Collaboration Can Be Invaluable in Developing and Distributing Programs . .15 Chapter Three: Retirement Saving . .19 1 . Educating Workers on All Retirement Saving Opportunities . .21 2 . Encouraging Retirement Saving for Employees of Large Firms . .24 3 . Retirement Saving Options for Employees of Small Businesses . .27 4 . Taking Advantage of Tax-Preferred Individual Retirement Saving Products . .28 Chapter Four: Credit . .31 1 . Increasing Public Understanding of Credit, Credit Reports, and Credit Scores . .33 2 . Using Reputable Credit Counseling Services . .35 Chapter Five: Consumer Protection . .41 1 . Educating Consumers about Reducing their Risk of Identity Theft . .42 2 . Guarding against Fraudulent Business Opportunities . .45 3 . Safeguarding Senior Citizens from Targeted Consumer Threats . .46 i TAKING OWNERSHI P OF THE FUTURE: The National Strategy for Financial Literacy Chapter Six: Taxpayer Rights . .49 1 . Helping Individuals to Identify and Utilize Available Programs and Services . .50 2 . Education and Outreach to Individuals and Employers . .53 3 . Reducing Taxpayer Risks and Costs by Encouraging Direct Deposit . .55 4 . Taking Advantage of Important, New Benefits to Realize Financial Saving . .56 Chapter Seven: Investor Protection . .59 1 . Equipping Consumers with Unbiased, Neutral Investment Information . .60 2 . Encouraging Greater Understanding of Investment Characteristics, Particularly Fees . .63 3 . Protecting Investors from Fraud through Increased Education Efforts . .64 Chapter Eight: The Unbanked . .67 1 . Using Banking Industry-Driven Products and Services to Increase Understanding and Utilization . .68 2 . Encouraging Collaboration and Use of Existing Relationships to Increase Familiarity with Financial System . .70 Chapter Nine: Multilingual Multicultural Populations . .75 1 . Promoting Participation in the Financial Services Process through Increased Understanding of the System . .76 2 . Changing Perceptions about the Accessibility of Homeownership . .78 3 . Improving Access to Financial Services . .79 Chapter Ten: Kindergarten – Postsecondary Financial Education . .83 1 . Finding Room for Financial Education in K-12 Curricula through Integration . .84 2 . Providing Teachers with Training and Support to Effectively Teach Financial Education Topics . .88 3 . Providing Teachers with Effective Financial Literacy Materials, Curricula, and Resources . .89 4 . Increasing Financial Literacy by Reaching Youth in Non-Traditional Educational Venues . .90 5 . Increasing the Financial Skills of Postsecondary Students . .93 Chapter Eleven: Academic Research and Program Evaluation . .97 1 . Encouraging Academic Research . .98 2 . Program Evaluation Utilizing Proven Quantitative Analysis . .100 3 . Program Evaluation Utilizing Qualitative Evaluation . .102 ii Table of Contents Chapter Twelve: Coordination Efforts . .107 1 . Coordination of Federal Information on Financial Literacy . .108 2 . Assessing Federal Resources and Avoiding Duplication and Redundancy . .109 Chapter Thirteen: International Perspective . .113 1 . Approaches within Other Nations and Cross-Border Efforts . .114 2 . Encouraging Global Partnerships . .118 Acronyms . .121 Appendix A: Meeting Summaries . .125 Appendix B: Federal Register Notice . .139 iii iv TAKING OWNERSHI P OF THE FUTURE: The National Strategy for Financial Literacy Foreword, Part I Taking Ownership of the Future The Financial Literacy and Education Commission Today’s increasingly complex financial In 2003, Congress established the Financial services market offers consumers a vast Literacy and Education Commission array of products, services, and providers (the Commission) through passage of to choose from to meet their financial the Financial Literacy and Education needs . While this degree of choice Improvement Act under Title V of the Fair provides consumers with a great number and Accurate Credit Transactions (FACT) of options, it also requires that they be Act of 2003 (P L. 108-159) . Congress equipped with the information, knowledge, designated the Treasury Department’s and skills to evaluate their options and Office of Financial Education to lend its identify those that best suit their needs expertise and provide primary support to and circumstances . This is especially the the Commission, which is chaired by the case for populations that have traditionally Secretary of the Treasury . In addition to been underserved by our financial system . the Treasury Department, the following Federal agencies are represented on Financial education also is essential to help the Commission: The Federal banking consumers understand how to prevent agencies (as defined in Section 3 of the becoming involved in transactions that Federal Deposit Insurance Act)—the are financially destructive, how to avoid Office of the Comptroller of the Currency becoming victims of fraud, and how (OCC), the Board of Governors of the to exercise their consumer protection Federal Reserve System (FRB), the Federal rights . Financial literacy can empower Deposit Insurance Corporation (FDIC), consumers to be better shoppers, and the Office of Thrift Supervision allowing them to obtain goods and (OTS)—the National Credit Union services at lower cost . This optimizes Administration (NCUA), the Securities their household budgets, providing and Exchange Commission (SEC), more opportunity to consume and save each of the Departments of Education, or invest . In addition, comprehensive Agriculture (USDA), Defense (DOD), education can help provide individuals Health and Human Services (HHS), with the financial knowledge necessary Housing and Urban Development (HUD), to create household budgets, initiate Labor (DOL), and Veteran Affairs (VA), savings plans, manage debt, and make the Federal Trade Commission (FTC), strategic investment decisions for their the General Services Administration retirement or their children’s education . (GSA), the Small Business Administration Having these basic financial planning (SBA), the Social Security Administration skills can help families to meet their (SSA), the Commodity Futures Trading near-term obligations and to maximize Commission (CFTC), and the Office their longer-term financial well being . of Personnel Management (OPM) . Foreword, Part I: Taking Ownership of the Future v TAKING OWNERSHI P OF THE FUTURE: The National Strategy for Financial Literacy Congress charged the Commission comments to present more information . to “improve the financial literacy and Many used their own resources to education of persons in the United States travel to Washington, D C. to attend through development of a national these meetings and others were able to strategy to promote financial literacy and participate by telephone . The Commission education ”. The statute also provides for is grateful to the participants for their a yearly re-examination of the progress of thoughtful comments and willingness to that strategy . This document represents share knowledge and opinions . Both the the first step in the evolutionary process Federal Register notice and the summaries of crafting and refining a framework of these meetings are included in the for a national strategy for improving Appendices to the Strategy . Many of the the financial literacy and education of elements in this Strategy document were Americans . Under the terms of the statute, contributed by meeting attendees . the Commission will annually review the It is clear that there is a myriad of ongoing National Strategy and make changes and financial education efforts within the recommendations as it deems necessary . United States, targeting a wide variety Title V, Section 514 of the FACT Act of topics and audiences and employing states, in part, that the strategy “shall various strategies to deliver financial provide for participation by state and local education . Some of the efforts that governments and private, nonprofit, and the Commission identified represent public institutions in the creation and background research that was instrumental implementation
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