Published April 1, 2011 | April 2011 issue
The federal Financial Literacy and Education Commission (FLEC) has released a national strategy for coordinating policies, educational offerings, and research related to financial literacy. Promoting Financial Success in the United States: National Strategy for Financial Literacy 2011, available at www.mymoney.gov, is a product of discussions with private, public, and nonprofit players in the financial education field. The strategy identifies four main goals that support a vision of sustained financial well-being for individuals and families: increasing awareness of and access to effective financial education; determining and integrating core financial competencies; improving the nation's financial education infrastructure; and identifying, enhancing, and sharing effective practices.
The FLEC was established in 2003 with the passage of the Fair and Accurate Credit Transactions Act. It comprises representatives of 22 federal entities, including the Board of Governors of the Federal Reserve System, and is chaired by the Secretary of the Treasury. The FLEC last released a national financial literacy strategy in 2006.