Published January 6, 1970 | July 2006 issue
In fulfillment of a key component of its founding mission, the U.S. Financial Literacy and Education Commission (FLEC) has released a report titled Taking Ownership of the Future: The National Strategy for Financial Literacy 2006. The document outlines strategies for improving financial literacy and education in the U.S., with an emphasis on four major points: building awareness of available resources; developing tailored, targeted materials and dissemination methods; tapping into public-private and private-private partnerships; and researching and evaluating existing financial education programs. Separate chapters of the report focus on educating consumers about specific aspects of personal finance, such as homeownership, retirement savings and the use of credit.
The FLEC comprises representatives of 20 federal agencies, including the Federal Reserve Board, and is chaired by the Secretary of the Treasury. Congress established the commission in 2003, under provisions of the Fair and Accurate Transactions Act, and charged it with encouraging public- and private-sector efforts to promote financial literacy, coordinating the financial education efforts of the federal government, and creating a national financial literacy strategy. FLEC members will review the just-released strategy report on an annual basis and issue revisions or new recommendations, as needed.
To access the strategy report, visit www.mymoney.gov.