National Strategy for Financial Literacy 2016 Update

Financial Literacy and Education Commission Members

Board of Governors of the Federal Reserve System 

Commodity Futures Trading Commission 

Consumer Financial Protection Bureau 

Department of Agriculture

Department of Defense

Department of Education

Department of Health and Human Services

Department of Housing and Urban Development

Department of the Interior

Department of Labor 

Department of the Treasury 

Department of Veterans Affairs

Federal Deposit Insurance Corporation

Federal Trade Commission

Federal Emergency Management Agency 

General Services Administration 

National Credit Union Administration

Office of the Comptroller of the Currency 

Office of Personnel Management 

Securities and Exchange Commission 

Small Business Administration

Social Security Administration

White House Domestic PolicyCouncil

For more information on the Financial Literacy and Education Commission, 

visit www.MyMoney.gov.

ii
National Strategy for Financial Literacy 2016 Update

1

Table of Contents

Introduction ............................................................................... 2

Development of the National Strategy 2016 Update.................. 6

Financial Education Today ........................................................ 7

2016 Update National Strategy for Financial Literacy:

Vision & Mission ......................................................................15

Conclusion ............................................................................... 18

Appendix: Accomplishments and Next Steps..........................23

Bibliography ............................................................................ 36
2

National Strategy for Financial Literacy 2016 Update

Introduction

The Financial Literacy and Education Commission (FLEC), comprising 23 

federal government entities, plays a central role in the federal government’s 

effortsto enhance financial literacy, financial capability, and individual financial 

well-being.1 The FLEC coordinates its members’ diverse financial education 

activities for Americans, including families, children, youth, students, service 

members and their families, and financially vulnerable populations. The FLEC 

members have pursued a variety of financial literacy and education approaches

to provide information, instruction, and guidance to help American households 

meet their financial goals. The FLEC provides a platform for its member 

agencies to collaborate and share those approaches, as well as ideas, research 

findings, and experiences that inform financial education policies and practices. 

Through the FLEC’s efforts,federal financial education support and services 

can be more effective and coordinated.

As the country continues to emerge from the aftermath of the financial crisis, 

Americans are, on average, experiencing less financial stress and improved 

satisfaction with their financial condition. However, large segments of

society continue to face financial difficulties.

2 The financial difficulties of 

individuals and families can dramatically affect the financial health of local 

communities, and it is clear the financial well-being of individuals and families 

is fundamental to national financial stability. In the United States, nearly

one in five households reports spending more than they earn in income (not 

including the purchase of a new home, car, or other big outlays).

3 Nearly 

half of all households are not able to pay for an unexpected $400 expense

without having to borrow money or sellsomething,

4 and over half worry about 

running out of money in retirement.

5 The understanding, skills, tools, and 

resources to make informed financial decisions are important for attaining and 

maintaining financial health and security. Supporting the financial capability

1 Financial well-being is a state of being wherein a person can fully meet current and ongoing 

financial obligations, can feelsecure in his or her financialfuture, and is able to make choices that 

allow enjoyment of life. For more information, see Consumer Financial Protection Bureau, Financial 

Well-Being: The Goal of Financial Education, (January 27, 2015),

http://www.consumerfinance.gov/data-research/research-reports/financial-well-being/.

2 FINRA Investor Education Foundation, National Financial Capability Study: U.S, (July 2016), 

http://www.usfinancialcapability.org/downloads/NFCS_2015_Report_Natl_Findings.pdf.

3 FINRA Investor Education Foundation, National Financial Capability Study: U.S, (July 2016),

4 Board of Governors of the Federal Reserve System, Report on the Economic Well-Being of U.S. Households

in 2015, (May 2016), https://www.federalreserve.gov/2015-report-economic-well-being-us-households201605.pdf
3

National Strategy for Financial Literacy 2016 Update

of Americans can take many forms, from providing timely, relevant and

actionable information, to supporting the development of effective financial 

skills and habits, to creating an environment where it is easierfor people to 

make and follow through on money decisionsthat serve their life goals. In the 

years ahead this work will need to be responsive to trends shaping Americans’ 

financial security, including inequality of financial status; increasing diversity; 

longevity and the need for long-term financial security; and the power of 

technology.

In 2011, the FLEC developed a national strategy, Promoting Financial Success 

in the United States: National Strategy for Financial Literacy, which established 

goals for the various sectors seeking to increase financial literacy and improve 

individual financial well-being.

6 The goalsincluded:

1. Increase awareness of and access to effective financial education.

2. Determine and integrate core financial competencies.

3. Improve financial education infrastructure.

4. Identify, enhance, and share effective practices.

The 2016 National Financial Literacy Strategy Update highlights progressin 

financial education since the release of the 2011 National Strategy and the 

actions the FLEC has taken to advance the action areas of policy, education, 

practice, research, and coordination, and identifies next steps in these areas.In 

addition, the National Strategy Update summarizes what research has uncovered 

about financial literacy and financial well-being since 2011, and highlights key 

factorsthat will impact future effortsimprove Americans’ financial well-being.

The purpose of the National Strategy Update is not to revise but rather to build 

upon the overarching strategic framework that waslaid out in 2011, so that all 

organizations involved with personal finance education, research, practice, and 

policy will find this National Strategy Update useful to help guide their work. 

The aim is for stakeholders across the country—within the federal government 

and beyond—to develop, implement and evaluate specific objectives that 

support and advance the elements of the National Strategy as we work together 

to achieve our shared vision of financial well-being for all people in the United

States. This document is intended to summarize the learning and achievements 

of recent years, as well as highlight areas where our efforts can continue to 

evolve toward attaining our shared vision.

6 Financial Literacy and Education Commission, Promoting Financial Success in the United States: 

National Strategy for Financial Literacy, (2011), https://www.treasury.gov/resource-center/financialeducation/Documents/NationalStrategyBook_12310%20(2).pdf .
4

National Strategy for Financial Literacy 2016 Update

Increased financial literacy and well-being have become a priority for many

nations around the world, including the United States. Globally, as of 2014, 

more than 50 countries had developed, or were working to develop, national 

strategiesfor financial education.

7 Thisreflects the global concern that 

consumers need to be better prepared in the face of increasingly complex 

financial choices that they must make throughout their lives. This global trend 

adds to the value of an up-to-date FLEC National Strategy for the United States 

that takes into account the changing and evolving landscape of the market.

Critical Developments Influence the FLEC

A number of notable FLEC developmentssince 2011 were initiated by the

Dodd-Frank Wall Street Reform and Consumer Protection Act (DoddFrank Act), enacted in 2010. Among these were the creation of the Consumer 

Financial Protection Bureau (CFPB) with a financial education mandate8 and 

the naming of the CFPB to the FLEC, with its director to serve as its vice 

chair. The CFPB’s Office of Financial Education, along with other CFPB 

offices, directly serves consumers and special populations (older Americans, 

students, service members, and economically vulnerable consumers) and

has undertaken a range of initiativesfor empowering consumersto take more

control over their financial lives, which include partnering with other agencies

and intermediaries, and conducting and sharing research on building effective

financial education practices.

9 The Dodd-Frank Act also required

the Securities and Exchange Commission (SEC) to consult with the FLEC 

members in developing an investor literacy strategy.

10 Additionally, the 

Dodd-Frank Act created the Commodity Futures Trading Commission (CF

TC) Customer Protection Fund to provide whistleblower awards and to 

fund financial education initiatives.

11 Those initiatives are administered by

the CF TC’s Office of Customer Education and Outreach, and focus on fraud

7 Economic Co-operation and Development/International Network for Financial Education, 

OECD/INFE Progress Report on Financial Education, (September 2014), 

http://www.oecd.org/finance/financial-education/OECD-INFE-Fin-Ed-G20-2014-ProgressReport.pdf 

8 See Dodd-Frank Act, Pub. L. No. 111-203, Sec. 1011. Also see Section 1013(d) of the DoddFrank Act (12 U.S.C. § 5493(d)(1)&(2)). https://www.treasury.gov/about/organizationalstructure/offices/Documents/Dodd%20Frank%20Act.pdf

9 Consumer Financial Protection Bureau, 2016 Financial Literacy Annual Report, (October 2016), 

http://www.consumerfinance.gov/data-research/research-reports/2016-financial-literacy-annualreport/.

10 See Dodd-Frank Act, Pub. L. No. 111-203, Sec. 917(a). https://www.sec.gov/news/studies/2012/917-

financial-literacy-study-part1.pdf

11 See Dodd-Frank Act, Pub. L. No. 111-203, Sec. 748. 

http://www.cftc.gov/reports/presbudget/2014/2014presidentsbudget0302.html
5

National Strategy for Financial Literacy 2016 Update

prevention and deterring other violations of the Commodity Exchange Act and

its related rules and regulations.

12

Additionally, two entities have joined the FLEC since 2011. The Federal 

Emergency Management Agency focuses its financial education messaging on 

emergency preparedness and recovery, while the Department of the Interior, 

through its Office of the Special Trustee for American Indians, offers financial 

education for the populations and communities it serves.

The FLEC’s Strategic Focus on “Starting Early for

Financial Success”

This National Strategy Update incorporates the FLEC’s strategic focus on 

“Starting Early for Financial Success,” begun in 2012 as an approach to 

implement the goals of the 2011 National Strategy.

13 The “Starting Early” focus 

recognizes that in today’s economy, it is essential for Americans to develop the 

financial capability to navigate a complex financial system. Thisfocus builds

on the understanding that young people are apt to be receptive to learning the 

fundamentals of financial capability, just as they are with many other types of 

learning.

Young people who develop the fundamentals of financial capability are more 

likely to become financially secure adults.

14 Furthermore, children begin to be 

able to acquire the fundamentals of financial capability early and, if acquired, 

these fundamentals can develop over time as children grow and encounter

new experiences. During childhood and adolescence, there are important 

developmental “windows of opportunity” when youth are typically, and most 

readily capable of, learning a particular financial skill or behavior. And the 

acquisition of these fundamentals or “building blocks” can then start young 

people on a path to self-reinforcing development of financial confidence,

12 The CFTC has since implemented the SmartCheck.gov campaign using evidence-based social 

marketing principles.The website, together with direct-to-consumer advertising, social media, events, 

and stakeholder engagement, encourages all investorsto research the registration and disciplinary 

histories of financial professionals.

13 Financial Literacy and Education Commission, Research Priorities applied to the 2013-2014

Strategic Focus: Starting Early for Financial Success, (May 2013), 

https://www.treasury.gov/resource-center/financialeducation/Documents/Starting%20Early%20Research%20Priorities%20May%202013.pdf

14 Terrie E. Moffitt, Louise Arseneault, Daniel Belsky, Nigel Dickson, Robert J. Hancox, Hona Lee 

Harrington, Renate Houts, Richie Poulton, Brent W. Roberts, Stephen Ross, Malcolm R. Sears, W. 

Murray Thomson, and Avshalom Caspi, “A Gradient of Childhood Self-Control Predicts Health, 

Wealth, and Public Safety.” Proceedings of the National Academy of Sciences, 108 (7) (2011):

2693–2698.
6

National Strategy for Financial Literacy 2016 Update

skills, and successful money management.

15 Whether gained in childhood, 

adolescence or early adulthood, the benefits of getting an early start on large 

financial goals can be significant. Starting to save for retirement at a younger 

age, for example, allows more time for earnings to accrue in investment 

accounts and for savers to recover from market downturns.

A strategic focusis also an effective approach for the FLEC as an organization. 

Focusing on a selectset of key actions over a multiyear period is a disciplined 

and targeted approach that enhances the organizational effectiveness of the 

FLEC. Through this focus, the FLEC has demonstrated substantial progress

in coordinating activities to improve and expand financial education for

Americans and in achieving key objectives of the 2011 National Strategy.

Development of the National Strategy 2016 Update

To update the National Strategy, the U.S. Department of the Treasury (the 

Treasury), on behalf of the FLEC, published in the April 11, 2016, Federal 

Register, a request for comments on the proposed updates to the National 

Strategy. 16 There were 20 responses from nonprofit organizations, private 

businesses, trade associations, private citizens, and government entities.

The comments received demonstrated support for the National Strategy vision, 

mission, and goals, and generally supported the proposed update. Among

the topics raised by commenters were the importance of using technology to 

promote financial literacy and enhance financial capability, understanding and 

addressing the needs of financially vulnerable individuals, and the value of 

financial education throughout a person’s life. The FLEC carefully considered 

all comments in developing this National Strategy Update. Throughout this 

document, we addressthe primary suggestionsraised.

15 A.I. Drever, E. Odders-White, C.W. Kalish, N.M. Else-Quest, E.M. Hoagland, and E.N. Nelms, 

“Foundations of Financial Well-Being: Insights into the Role of Executive Function, Financial 

Socialization, and Experience-Based Learning in Childhood and Youth,” Journal of Consumer 

Affairs, 49 (2015): 13–38. doi:10.1111/joca.12068;

David Whitebread and Sue Bingham. “Habit formation and learning in young children,” University 

of Cambridge and Money Advice Service, (2013), https://mascdn.azureedge.net/cms/the-money-adviceservice-habit-formation-and-learning-in-young-children-may2013.pdf.

16 “Comment Request for the Financial Literacy and Education Commission on the Draft 

National Strategy Update, Entitled Promoting Financial Success: National Strategy for 

Financial Literacy Update,” Federal Register, (April 11, 2016),

https://www.federalregister.gov/documents/2016/04/11/2016-08227/comment-request-for-thefinancial-literacy-and-education-commission-on-the-draft-national-strategy
National Strategy for Financial Literacy 2016 Update

resources prudently and effectively. Efforts to improve financial capability, which should be based

7

Financial Education Today

Given the increasingly complex financial choices Americans face in their lives 

and substantial disparitiesin many Americans’ ability to weather financial 

challenges, the need for financial education remains crucial. While many 

American households have rebounded from the financial crisis, many still report

spending more than they earn, engaging in costly behaviors, and lacking 

emergency savings or a long-term financial plan. As of 2015, less than a third

of American adults had been offered financial education at a school, college, or 

workplace, and only one in five say they participated in financial education.

17

Despite growing evidence that well-designed and implemented high school 

personal finance mandates help prepare young people to successfully navigate 

their financial lives,

18 only 17 states require high schoolstudents to take a 

course in personal finance.

19 Compared with their peersin other developing 

nations, U.S. 15-year-olds rank in the middle of the 18 countries and 

economies participating in the - Organisation for Economic Co-operation and

Development’s 2012 Programme for International Student Assessment (PISA), 

which assesses financial knowledge and skills through solving problems,

and nearly one in five failed to demonstrate more than a basic level of such 

knowledge and skills.

20

Meanwhile, there is growing evidence that financial education – in a variety of 

forms and when appropriately matched to the specific need at hand – can have

a meaningful impact on financial behavior and well-being. The field of financial 

education has evolved over the past several years. Practitioners continue to

learn from a variety of approaches. Researchers aim to identify the educational 

approachesthat are most effective and to understand which approaches are best 

matched to different consumer situations and needs. By focusing beyond the 

provision of financial information—the traditional scope of financial literacy 

and education—and instead emphasizing a broader view of financial capability, 21

17 FINRA Investor Education Foundation, National Financial Capability Study: U.S, (July 2016), 

http://www.usfinancialcapability.org/results.php?region=US.

18 Alexandria J. Brown,J. Michael Collins, Maximilian Schmeiser, and Carly Urban, “State 

Mandated Financial Education and the Credit Behavior of Young Adults,” Finance and Economics 

Discussion Series, Washington, DC: Federal Reserve Board, (2014),

https://www.federalreserve.gov/pubs/feds/2014/201468/201468pap.pdf

19 Council for Economic Education, Survey of the States: The State of K-12 Economic and 

Financial Education in the United States, (2016), http://councilforeconed.org/policy-andadvocacy/survey-of-the-states/

20 Programme for International Student Assessment, Students and Money - Financial Literacy 

Skills for the 21st Century,” (2012), http://www.oecd.org/pisa/keyfindings/PISA-2012-results-volumevi.pdf

21 Financial capability is the capacity, based on knowledge, skills, and access, to manage financial
National Strategy for Financial Literacy 2016 Update

8

the FLEC recognizes that factual knowledge alone is not sufficient to drive

behavior or behavior change.

22 The scope of financial education has broadened 

to include a range of interventions that teach the application of financial skills 

and seek to help consumers close the gap between their financial intentions and 

actions. Financial education does so by supporting positive financial behavior 

and action taking, paired with opportunities to use appropriate and helpful 

financial products and services. The following section briefly summarizesrecent 

advances in the field’s understanding of the nature and development of financial 

capability and how financial education practices can improve financial wellbeing.

What We Have Learned about Drivers of Financial

Behavior and Well-Being

A significant development in financial education literature has been heightened 

awareness of the relevance of attitudes, feelings, and the role of psychological 

factorsin financial behavior and well-being outcomes.

23 Thisincludesfactors 

such as the confidence people have in their financial abilities(subjective

on evidence of effectiveness, empower individuals to make informed choices, plan and set goals, avoid

pitfalls, know where to seek help, and take other actions to better their present and long-term 

financialwell-being. Executive Order creating President’s Advisory Council on Financial Capability, 

Exec. Order No. 13,646, 78 Fed. Reg. 39159, (January 29, 2010), 

https://www.whitehouse.gov/sites/default/files/2010financial.eo_.rel_.pdf

22 I. Ajzen, N. Joyce, S. Sheikh, and N. Gilbert-Cote, “Knowledge and the Prediction of Behavior: 

The Role of Information Accuracy in the Theory of Planned Behavior,” Basic and Applied Social 

Psychology, 33 (May 2011): 101-117, doi:10.1080/01973533.2011.568834;

Barbara Kiviat and Jonathan Morduch, “From Financial Literacy to Financial Action,” Financial 

Access Initiative: Robert F. Wagner Graduate School of Public Service, New York University, and

McGraw-Hill Research Foundation, (January 2012), 

https://wagner.nyu.edu/files/faculty/publications/Financial_Literacy_WP.pdf;

Cliff A. Robb, and Ann S. Woodyard, “Financial Knowledge and Best Practice Behavior,” Journal of

Financial Counseling and Planning, 22(1) (2011): 60–70, http://ssrn.com/abstract=2061308; 

Lewis Mandell and Linda Schmid Klein, “The Impact of Financial Literacy Education on 

Subsequent Financial Behavior,” Journal of Financial Counseling and Planning, 20(1) (2009):

15–24, http://ssrn.com/abstract=2224231 Joyce Serido, Soyeon Shim, and Chuanyi Tang, “A 

Developmental Model of Financial Capability: A Framework for Promoting a Successful Transition 

to Adulthood,” International Journal of Behavioral Development, 37(4) (April 2013): 287–297, 

doi:10.1177/0165025413479476.

23 Karen Holden, “The Emotions and Cognitions behind Financial Decisions: The Implications of

Theory for Practice,”Center for Financial Security, (September 2010), https:// 

centerforfinancialsecurity.files.wordpress.com/2010/09/2010-the-emotions-and-cognitions-behindfinancial-decisions-paper.pdf
National Strategy for Financial Literacy 2016 Update

9

financial knowledge and financial self-efficacy),

24 self-control,25 the financial 

options people believe are available to them, and the choices that seem familiar, 

appropriate, and comfortable to make. Thissuite of attitudes seemsto develop 

through experience and exposure, or a lack thereof, to financial opportunities 

and choices.

26 27 Beginning with early childhood and continuing into young 

adulthood, children can begin to acquire critical attributes, abilities, and 

opportunities that support the development of adult financial capability. In 

practice, this means that financial skill, or “know-how,” and attitudes develop 

together, as part of a process of experiential learning. Thisincludes exposure to 

financial situations and choices, practicing resource management and financial 

decision-making, and learning by experiencing the outcomes of actions taken

(or not taken).

28 External factors, such as socioeconomic circumstances, limited 

access to a wide range of economic opportunities and financial products, and 

early experiences with adversity, can limit or interfere with opportunities to 

acquire financial capability.

24 Liat Hadar, Sanjay Sood, Craig R. Fox, “Subjective Knowledge in Consumer Financial 

Decisions,” Journal of Marketing Research, 50 (June 2013): 303-316, doi:10.1509/jmr.10.0518; Jean

M. Lown, “Development and Validation of a Financial Self-Efficacy Scale,” Journal of Financial

Counseling and Planning, 22(2) (February 2012): 54–63, 

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2001554; Vanessa Gail Perry and Marlene D.

Morris. “Who Is in Control? The Role Of Self-Perception, Knowledge, and Income in Explaining

Consumer Financial

Behavior,”The Journal of Consumer Affairs, 39(2) (September 2005): 299-313, doi:10.1111/j.1745-

6606.2005.00016.x.

25 Terrie E. Moffitt, Louise Arseneault, Daniel Belsky, Nigel Dickson, Robert J. Hancox, Hona Lee 

Harrington, Renate Houts, Richie Poulton, Brent W. Roberts, Stephen Ross, Malcolm R. Sears, W. 

Murray Thomson, and Avshalom Caspi, “A Gradient of Childhood Self-Control Predicts Health, 

Wealth, and Public Safety,” Proceedings of the National Academy of Sciences, 108(7) (February

2011): 2693–2698, doi:10.1073/pnas.1010076108.

26 Financial socialization is an ongoing process by which children and youth develop the habits and

norms that guide their financial behavior as adults. Studies describing this process include: S. Shim,

J. Serido, L. Bosch, and C. Tang, “Financial Identity-Processing Styles Among Young Adults: A

Longitudinal Study of Socialization Factors and Consequences for Financial Capabilities,”The 

Journal of Consumer Affairs, 47 (January 2013): 128–152, doi:10.1111/joca.12002;

Soyeon Shim, Bonnie L. Barber, Noel A. Card, Jing Jian Xiao, and Joyce Serido, “Financial 

Socialization of First-year College Students: The Roles of Parents, Work, and Education,” Journal 

of Youth and Adolescence, 39 (December 2010): 1457, 

http://link.springer.com/article/10.1007/s10964-009-9432-x; Sharon M. Danes, “Parental

Perceptions of Children’s Financial Socialization,” Journal of Financial Counseling and Planning,

5(1994): 127–146, https://afcpe.org/assets/pdf/vol-58.pdf

27 Consumer Financial Protection Bureau, Financial Well-Being: The Goal of Financial Education, 

(January 2015), http://www.consumerfinance.gov/reports/financial-well-being;

Ulrike Malmendier and Stefan Nagal, “Depression Babies: Do Macroeconomic Experiences Affect

Risk Taking?”The Quarterly Journal of Economics, 126 no. 1(2011): 373−416.

28 A.I. Drever, E. Odders-White, C.W. Kalish, N.M. Else-Quest, E.M. Hoagland, and E.N. Nelms, 

“Foundations of Financial Well-Being: Insights into the Role of Executive Function, Financial 

Socialization, and Experience-Based Learning in Childhood and Youth,” Journal of Consumer

Affairs, 49 (Spring 2015): 13–38, doi:10.1111/joca.12068.
National Strategy for Financial Literacy 2016 Update

10

The literature also highlights the difficulty that people have engaging in

forward-looking financial thinking or planning and sustaining attention to 

financial goalsin the context of competing demands for time, attention, and 

financial resources.

29 The more mentally difficult or emotionally taxing an 

action is to take, the less likely it is that a person will take it.

30 The financial 

education field is increasingly aware of research revealing that the context

in which a decision is made, or situational factors, such as available financial 

products, can have a large influence on financial behavior and resulting

financial outcomes.

31 To respond to this challenge, the financial education field 

is increasingly focused on understanding the context in which people make 

financial decisions, helping individualsreduce the mental and emotional cost of 

planning for the future, and following through on their financial intentions.

What We Have Learned about Ways to Support

Financial Capability

There is a growing body of research examining the effectiveness of programs 

that seek to increase financial capability. It has found that different types

of interventions aimed at boosting financial health and well-being will be 

effective for consumersin different situations. Recent research suggests that 

interventions and support should be appropriately matched to an individual’s 

specific financial challenges, goals, background, and circumstances in order 

to make a meaningful difference in their financial behavior and outcomes.

32

Financial educators ought to have a clear understanding of the goals and 

challenges facing the participants in their programs. Further, to be most 

effective, financial capability programs and interventions must be designed and 

marketed with a clear understanding of the real obstacles blocking participants 

from achieving their financial objectives. Opportunities to access appropriate 

financial products and services that help userstoward their financial goals are 

also critical to enabling financial capability.

29 S. Mullainathan and E. Shafir, Scarcity: Why Having Too Little Means So Much, Times Books, 

(2013).

30 Cass R. Sunstein, Choosing Not to Choose: Understanding the Value of Choice, Oxford

University Press, (2015).

31 Lee Ross and Richard E. Nisbett, The Person and the Situation: Perspectives of Social

Psychology, McGraw-Hill Book Company, (1991);

M. Bertrand, S. Mullainathan, and E. Shafir, “Behavioral Economics and Marketing in Aid of 

Decision Making Among the Poor,” Journal of Public Policy and Marketing, 25(1) (2006): 8- 23, 

doi:10.1509/jppm.25.1.8.

32 Fenella Carpena, Shawn Cole, Jeremy Shapiro, Bilal Zia, “The ABCs of Financial Education: 

Experimental Evidence on Attitudes, Behavior, and Cognitive Biases,”World Bank PolicyResearch 

Working Paper, 7413 (September 2015), 

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2661139
National Strategy for Financial Literacy 2016 Update

11

A number of recent studies demonstrate the effectiveness of financial

counseling and coaching in helping individuals negotiate their situations to 

better meet their own goals. Financial counseling or credit counseling provides 

actionable, tailored (timely, relevant, and personalized) information, and 

guidance to help clients navigate specific and unfamiliar financial decisions.

33

Financial coaching, typically delivered by nonprofit organizations, helps 

individualsset and refine their financial goals, connect smaller actions to larger 

goals, and stay on track.

34 Innovation in delivery modes (online, phone, and 

technology-enhanced) has created the potential to increase access to approaches 

that have historically needed more resources, or considered “high touch.”35

At the same time, studies demonstrate the value of lighter touch approachesto

impact financial behavior and outcomes. Rule of thumb-based financial 

education offers simplified guidelinesthat may support financial behavioral 

outcomes by providing memorable, simple, and actionable guidance on financial 

decisions and actions.

36 Other studies demonstrate the value of reminders,37

33 Stephen Roll and Stephanie Moulton, “The NFCC’s Sharpen Your Financial Focus® Initiative 

Impact Evaluation,” (April 2016), https://nfcc.org/wpcontent/uploads/2016/06/134236_NFCC_WEB-1.pdf; F. Carpena, S. A. Cole, J. Shapiro, and B.Zia,

“The ABCs of Financial Education: Experimental Evidence on Attitudes, Behavior, and Cognitive

Biases,”World Bank PolicyResearch Working Paper, 7413 (2015).

34 Brett Theodos, Margaret Simms, Mark Treskon, Christina Stacy, Rachel Brash, Dina Emam, 

Rebecca Daniels, and Juan Collazos, “An Evaluation of the Impacts and Implementation 

Approaches of Financial Coaching Programs,” Urban Institute, (October 2015) 

http://www.urban.org/sites/default/files/alfresco/publication-pdfs/2000448-An-Evaluation-of-theImpacts-and-Implementation-Approaches-of-Financial-Coaching-Programs.pdf; Center for

Financial Security, “Financial Coaching: A Review of Existing Research,” University of WisconsinMadison Issue Brief, (October 2015), 

http://fyi.uwex.edu/financialcoaching/files/2015/10/FinancialCoaching_10.1.pdf Stephanie Moulton, J.

Michael Collins, Cäzilia Loibl, and Anya Samek, “Effects of Monitoring on Mortgage

Delinquency: Evidence From a Randomized Field Study,” Journal of Policy Analysis and 

Management, 34 (1) (November 2014): 184–207, doi:10.1002/pam.21809.

35 Center for Financial Security, “MyBudgetCoach Pilot Study: Final Report and Summary Brief,” 

University of Wisconsin-Madison Issue Brief, (June 2016), 

https://centerforfinancialsecurity.files.wordpress.com/2016/06/mybc_brief_june20161.pdf

36 Alejandro Drexler, Greg Fischer, and Antoinette Schoar. “Keeping It Simple: Financial Literacy 

and Rules of Thumb,” American Economic Journal: Applied Economics, 6(2) (April 2014): 1–31, 

https://www.aeaweb.org/articles?id=10.1257/app.6.2.1;

Urban Institute, Don’t Swipe the Small Stuff: An Evaluation of the Impacts of Two ‘Rules of Thumb’ 

for Credit Card Revolvers, (September 2016), 

http://www.urban.org/sites/default/files/alfresco/publication-pdfs/2000846-An-Evaluation-of-theImpacts-of-Two-Rules-of-Thumb-for-Credit-Card-Revolvers-1.pdf.

37 Dean Karlan, Margaret McConnell, Sendhil Mullainathan, and Jonathan Zinman, “Getting 

to the Top of Mind: How Reminders Increase Saving” National Bureau of Economic Research 

Working Paper, 6205 (July 2010), doi:10.3386/w16205;

Benjamin L. Castlemana and Lindsay C. Pageb, “Summer Nudging: Can Personalized Text 

Messages and Peer Mentor Outreach Increase College Going among Low-Income High 

School Graduates?” Journal of Economic Behavior & Organization, 115 (July 2015): 144–160,
National Strategy for Financial Literacy 2016 Update

12

goalsetting and planning,

38 and real-time opportunities to act on financial 

decisions39 to help people focus on and follow through on their financial 

intentions. There is more to understand about the ways that technologyenabled approaches, ranging from those that provide customized data to 

educational games, hold promise to deliver needed financial tools, information, 

and guidance in engaging, convenient and efficient ways.

40

Another lesson in financial education is the importance of meeting people 

where they are— at work or in their communities, for example—with the 

information and support they need, when they need it, and in actionable 

forms. A recent study found that people who receive bundled services that

focus on employment, income supports, and financial management skills made 

significant, lasting progresstoward desired financial outcomes, and experienced 

improvements greater than those who received a single service.

41

The workplace is a valuable potential venue for helping individualsimprove

their financial capability. Research indicates that workplace financial education 

programs can result in employees who are better able to manage financial 

stresses and are more productive.

42 The Government Accountability Office

and the Comptroller General of the United States convened a select group of 

leaders and expertsin 2015 for a forum focusing on financial education in the 

workplace.

43 Forum participants identified a number of employer practices 

that research and experience have shown can help employees improve their

overall financial wellness, including pairing financial education with automatic

doi:10.1016/j.jebo.2014.12.008.

38 Fenella Carpena, Shawn Allen Cole, Jeremy Shapiro, and Bilal Zia, “The ABCs of Financial 

Education: Experimental Evidence on Attitudes, Behavior, and Cognitive Biases,”World Bank 

PolicyResearch Working Paper, 7413 (2015),

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2661139.

39 Michal Grinstein-Weiss, Dana C. Perantie, Blair D. Russell, Krista Comer, Samuel H. Taylor, 

Lingzi Luo, Clinton Key, and Dan Ariely, Refund to Savings 2013:Comprehensive Report on a 

Large-Scale Tax-Time Saving Program, (March 2015), https://www.brookings.edu/research/refundto-savings-2013comprehensive-report-on-a-large-scale-tax-time-saving-program/ .

40 President’s Advisory Council on Financial Capability for Young Americans, Final Report, (June

2015), https://www.treasury.gov/resource-center/financialeducation/Documents/PACFCYA%20Final%20Report%20June%202015.pdf

41 Sarah Rankin, Building Sustainable Communities: Integrated Services and Improved Financial 

Outcomes for Low-Income Households, Local Initiatives Support Corporation, (April 2015), 

http://www.lisc.org/media/filer_public/8d/d0/8dd0ddcd-e6b4-443a-bf47-

a0c67096e212/041415_srankin_foc_report.pdf

42 Consumer Financial Protection Bureau, Financial Wellness at Work: A Review of Promising 

Practices and Policies, (August 2014), http://www.consumerfinance.gov/reports/financial-wellnessat-work/.

43 Government AccountabilityOffice, Financial Literacy: The Role of the Workplace, (July 2015), 

http://gao.gov/assets/680/671203.pdf.
National Strategy for Financial Literacy 2016 Update

13

enrollment in retirement savings plans, personalizing information provided to

employees, and offering financial coaching.

Research is also beginning to uncover promising approachesto support 

financial skill development earlier in life. For example, mounting evidence 

suggests that school-based financial education mandates—when carefully 

designed and implemented—support meaningful learning and skill 

development to better prepare young people to successfully navigate their 

financial lives.

44 A special issue of the Journal of Consumer Affairs dedicated 

to “Starting Early for Financial Success,” and developed in partnership with 

the FLEC, revealed the value of providing young people the opportunity

to practice financial decision-making45 by incorporating financial decisionmaking simulations into the school curriculum,

46 or providing youth with 

access to savings accounts through financial institutions operating in schools or 

in partnership with youth-serving organizations.

47

The research summarized above suggests that building financial capability 

can be accomplished through: equipping consumers with “know-how” and 

skills, helping them put their intentions into action through strengthening 

motivation, and helping them understand how to make financial products 

and services options work for them. Overall, the evidence paints a picture of 

nuanced, complex interactions between financial knowledge, understanding,

and actions taken. Thisissue is complicated by the fact that there is no one-sizefits-all solution for the variety of goals, circumstances and financial challenges 

consumers face. The issue is further complicated by the attendant diversity in

44 Alexandria J. Brown,J. Michael Collins, Maximilian Schmeiser, and Carly Urban, “State

Mandated Financial Education and the Credit Behavior of Young Adults,” Federal Reserve

Board Finance and Economics Discussion Series, 68 (2014),

https://www.federalreserve.gov/pubs/feds/2014/201468/201468pap.pdf ;

M. Batty,J.M. Collins, and E. Odders-White, “Experimental Evidence on the Effects of Financial 

Education on Elementary School Students’ Knowledge, Behavior, and Attitudes,” Journal of 

Consumer Affairs, 49 (2015): 69–96. doi:10.1111/joca.12058.

45 Research and Evaluation Committee, Financial Literacy and Education Commission, “Starting

Early for Financial Success: Capability into Action,” Journal of Consumer Affairs, 49 (January

2015): 299–302, doi:10.1111/joca.12063.

46 Center or Financial Security, Evaluating Experiential Financial Capability Education: A

Field Study of My Classroom Economy, (September 2016), 

https://centerforfinancialsecurity.files.wordpress.com/2016/09/mce-report-final.pdf

47 Corporation for Enterprise Development, Financial Education & Account Access Among 

Elementary Students: Financialsfrom the Assessing Financial Capability Outcomes (AFCO) Youth 

Pilot, (April 2014), https://www.treasury.gov/resource-center/financialeducation/Documents/AFCO%20Youth%20Research%20Brief.pdf V. Loke, L. Choi, and M.

Libby, “Increasing Youth Financial Capability: An Evaluation of the MyPath Savings Initiative,”

Journal of Consumer Affairs, 49 (February 2015): 97–126, doi:10.1111/ joca.12066.
National Strategy for Financial Literacy 2016 Update

14

approaches, providers, and standards of quality in this very broad field, as well

as in the unequal opportunities available to Americans. The National Strategy’s 

vision—sustained financial well-being for U.S. individuals and families—points 

to improving financial well-being. As recent research has uncovered methods

to quantify and measure it,

48 financial well-being can now be regarded as a 

clear objective across a variety of financial capability approaches and consumer 

circumstances.

48 Consumer Financial Protection Bureau, Measuring Financial Well-Being: A guide to Using the 

CFPB Financial Well-Being Scale, (December 2015

http://files.consumerfinance.gov/f/201512_cfpb_financial-well-being-user-guide-scale.pdf
National Strategy for Financial Literacy 2016 Update

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National Strategy for Financial Literacy 2016 Update

Vision: Sustained FinancialWell-Being for All Individuals and

Familiesin the U.S

The 2011 National Strategy established a long-term vision of financial wellbeing, financial stability, and financial security for the diverse U.S. populace. 

Individuals have financial well-being when they can meet current and ongoing 

obligations, feelsecure in their financial future, and are able to make choices 

that allow enjoyment of life.

49 The National Strategy seeks to foster a culture in 

which: households take periodic stock of their financial situations; individuals

49 For more detailed information on the definition of financial well-being, see Consumer Financial 

Protection Bureau, Financial Well-Being: The Goal of Financial Education, ( January 2015), 

http://files.consumerfinance.gov/f/201501_cfpb_report_financial-well-being.pdf.
National Strategy for Financial Literacy 2016 Update

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seek information and ask questions before entering into financial transactions;

and everyone has the information and tools needed to help manage debt, save to 

meet their financial goals, and plan for secure financial futures.

Mission: Set Strategic Direction for Policy, Education, Practice, 

Research, and Coordination so that U.S. Individuals and 

Families Make Informed Financial Decisions

The mission of the National Strategy outlines general areas of action identified as

critical in moving toward the FLEC’s vision. These action areas—policy, 

education, practice, research, and coordination—are influenced by all 

participants in the field of financial education, from the federal government and 

national organizations, to state and regional organizations, to communities, and 

schools, all of which help ensure that diverse and underserved populations are 

reached. Not every organization will engage in all of these action areas, and the 

National Strategy relies on each organization to find its own balanced blend of 

effective work.

The 2011 National Strategy identifiesfour goals and related objectives to 

help move the nation toward the vision and mission outlined above. Some 

of these goals may be best suited to the federal government; others might 

be better achieved by state or local governments, the private sector, or 

through collaborative efforts. The recommended goalsserve not necessarily

as a course of action for the federal government only, but rather for the field of

financial education as a whole. The 2011 National Strategy also provides 

recommendations for how the FLEC, its members, and other organizations can 

incorporate the strategy into their activities and initiatives. The goalsinclude:

• Increase awareness of and access to effective financial education.

• Determine and integrate core financial competencies.

• Improve financial education infrastructure.

• Identify, enhance, and share effective practices.

Since 2011, the FLEC members have demonstrated substantial progressin 

improving and expanding financial education for Americans. The Appendix 

highlights some activities the FLEC and its members have taken to advance the 

National Strategy, especially through “Starting Early for Financial Success.” The 

work has incorporated advances in research and trends in financial education

and related fields, and it work that remains to be done in these areasis also 

identified by each of the National Strategy goals.50

50 See also Strategy for Assuring Financial Empowerment (SAFE) Report, (2015),

https://www.treasury.gov/resource-center/financialeducation/Documents/2015%20SAFE%20Report.pdf 
National Strategy for Financial Literacy 2016 Update

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Goal: Increase Awareness of and Accessto Effective Financial

Education

This goal seeks to ensure that individuals and families are aware of the 

importance of financial literacy and have access to financial education resources. 

FLEC members have promoted financial education resources to a broad 

audience through websites, public service announcements and advertisements, 

social media, and in-person outreach, and through key partnerships with 

organizations like libraries. Resources are also promoted to specific audiences 

like teachers and those who work with older adults.

Goal: Determine and Integrate Core Financial Competencies

This goal focuses on determining the personal finance knowledge and skills that

individuals and families need to make informed financial decisions at various

life stages and for particular life events. It also addresses integrating these

competenciesinto effective resources and programs. In support of this goal the

FLEC has continued to disseminate the My Money Five,51 which were 

developed with input from the public and expertsto summarize the key areas

of knowledge and action about personal finance and launched a Spanish 

version: Mis Cinco del Dinero. Additionally, the CFPB’s Building Blocks to 

Help Youth Achieve Financial Capability describes how

young people acquire the “building blocks” of financial 

capability executive function, financial habits and 

norms, and financial knowledge and decision-making 

skills – as a basisto the capacity needed to navigate the 

financial marketplace as adults. The CFPB has released 

resources to help parents and teachers implement these 

“building blocks.”

Goal: Improve FinancialEducation Infrastructure

This goal focuses on the need to develop guidelines on content, training, and 

delivery channels for financial literacy and financial education providers and 

to promote opportunities for partnerships and information sharing. FLEC 

members’ activities include tools for social service and providersserving 

vulnerable populations; a report on Opportunities to Improve the Financial

Capability and Financial Well-Being of Postsecondary Students and other resources 

to help post-secondary students; and materials that help integrate financial 

education in key areaslike primary and secondary education, income tax

 51 See http://www.mymoney.gov/mymoneyfive/Pages/mymoneyfive.aspx and

 http://www. mymoney.gov/es/mi-dinero/Pages/mi-dinero.aspx
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preparation, and youth employment training, among others.

Goal:Identify, Enhance, and Share Effective Practices

This goal focuses on the need to support research to evaluate and identify 

effective programs and practices.It encourages the implementation and 

production of evidence-based programs and practices. The FLEC’s Research 

and Data Clearinghouse on MyMoney.gov, sharesinformation with

researchers and the public about federally-supported research projects,such as

research cited in this document, and detailed further in the Appendix. Much

of the FLEC members’ research is informed by consultation and coordination,

and is informed by the FLEC’s 2012 Research Priorities and Research

Questions, and 2013 Research Priorities for Starting Early for Financial

Success. In addition, the FLEC worked with the Journal of Consumer Affairs

to issue a callfor research centered on the theme “Starting Early for Financial

Success: Capability into Action” resulting in the publication of a special issue

featuring the selected submissions and a FLEC essay reflecting on the

implications of the research. On an on-going basis FLEC members have also

held large and small gatherings of researchers to discuss current and future

topics of needed research and evaluation.

Conclusion: The Work Ahead

As laid out in this document, the research and work of the FLEC members 

have produced ideasthat can inform future actions to improve financial 

education and to help increase Americans’ financial literacy, capability, and 

well-being. The FLEC can employ and build on this knowledge to anticipate

and respond to trends, opportunities, and emerging issues faced by Americans. 

The FLEC members will continue working together and harmonizing efforts to

address needs while drawing upon the strengths, resources, and functions

of each member agency as they bear on their specific missions. These ideas 

can inform the work of other stakeholders, including: tribal, state, and local 

governments; private, nonprofit, and public institutions; education, policy, 

and community leaders; those focused on human development and poverty 

alleviation; and organizations seeking to build better customers for financial 

products and services across the life span.

What Is Needed in FinancialEducation?

Helping Americans attain financial well-being calls for diverse, targeted, and 

multifaceted approaches. Americans’ financial lives and choices are complex, 

and much of this complexity stems from the growing breadth and variety

of products and services offered in the financial marketplace. Consumers 

face many complicated choices and innumerable sources of information, all
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while taking on increased responsibility for their own financial outcomes—

particularly when saving and investing for long-term financial security.

Approaches to reach financial well-being should include helping people gain 

knowledge,skills and opportunities and make informed choices, ensuring 

access to safe, affordable financial products and services, a fair marketplace

that worksfor all consumers, and appropriate protections when needed. Efforts 

must reach people where they are and connect them with products, programs, 

and strategiesto help them meet personal financial goals and needs. Financial 

education should help with immediate needs, like making a sound choice on a 

particular financial product or other money choices in people’s financial lives. 

Thisjust-in-time education must also be supplemented by financial education 

that delivers a deeper understanding of how and why financial products and 

markets work, and empowers people to move ahead, not just avoid pitfalls.

Financial education should complement the availability of appropriate,

high-quality financial products and services that help people of all ages and 

abilities manage their day-to-day income and expenses, save and invest for the 

future, weather financial ups and downs, and protect their assets. Along with 

education, information, and decision-making tools, people need both products 

and services that help them attain their financial goals. To be widely available 

to meet the needs of many, such products and services must be sustainably 

delivered. Financial education, inclusion, and consumer protection should be 

closely intertwined. Financial education and decision-making do not replace 

strong consumer protections and oversight. Although financial education can 

help people better avoid fraud, scams, and bad dealsfor themselves and their 

families, it does not replace the need for expanded opportunities, consumer 

protections, and a safety net.

Because financial knowledge and skills are not necessarily built by a one-time 

intervention, starting early in life is beneficial: the precursorsto financial wellbeing can be taught as early as early childhood, and there are many venues in 

which to integrate financial education. Families, communities, workplaces, and 

other institutions all provide venues to help young people become prepared. 

Financial education in schoolsis a key channel to reach many young people at a 

critical time, and state and local governments, educators, and students and their 

families, among others, should consider how to use this opportunity. Hands-on 

learning experience involving actual financial decisions can be very effective

and should be provided to learners, especially young people, in a safe and 

protected manner, such asthrough in-school accounts and entrepreneurship experience.

We have greatly deepened our evidence of what worksin financial education 

in recent years, but we must continue to research, evaluate, and assess what 

works and what is needed, using rigorous measures of financial well-being.
National Strategy for Financial Literacy 2016 Update

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These assessments should be grounded in a clear understanding of goals and

contexts in order to further our collective knowledge of why financial education 

works, who it worksfor, what helps people addressthe most common financial 

challenges, and what types of education help people achieve specific financial 

goalsleading to financial well-being. We should encourage the integration of 

these lessons learned and other leading practices across government programs 

and wherever financial education is implemented.

Financial education must both be useful in an array of scenarios and, as a field,

be responsive to trends shaping Americans’ financial security. Among these

important concerns, a few key themes have emerged that are particularly 

important to the work: diversity; longevity and the need for long-term financial 

security; inequality; and technology.

Diversity

Our diverse American population is best served by different approaches at 

different times to meet diverse needs. Financial education delivered within 

other services and programs, such as human capital development, building 

communities, and enabling work and entrepreneurship, seems especially 

effective and may help programs achieve their primary missions. Financial 

education has diverse grassroots origins and many stakeholdersshould embrace 

this diversity as a strength that helps in meeting diverse needs. Levels of 

government, nonprofits, financial service providers, employers, educational 

institutions, and many others play important rolesin supporting and directly 

delivering financial education.

Attention to Longevity and the Need for Long-Term Financial

Security

Financial education will increasingly need to be responsive to the challenges 

of longer life spans. Financial education should help individuals understand 

the complexity of later-life financial choices for themselves and their families, 

such as those relating to health care needs. Thistrend of longer lives plays out 

alongside another trend: the increasing need for individualsto manage their 

own income and plan for, potentially, decades of life after their work life. 

Financial education tools, as well as products like myRA, will be useful to

people without a traditional employerto guide them in saving and planning for 

their future and managing benefits or providing other assistance. Americans 

will increasingly require tools and guidance to manage their own or others’ 

resources in late life, even in the face of physical or cognitive impairment. 

Additionally, the need will increase for protections against abuses and fraud 

targeting older people, especially those with diminished cognitive abilities or 

disabilities.
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Recognition of Inequality

The economic situation of Americans has become increasingly disparate over

the last several decades, with more Americans in a position of financial fragility 

and fewerin a financially stable middle class.52 Even in the middle tiers of 

income and above, incomes are increasingly volatile and less predictable on a 

month-to-month or even week-to-week basis.

It is important to tailor our financial education approachesto the needs of the 

most financially vulnerable and historically underserved populations, including 

using direct services and direct funding to help people build financial capability 

and navigate choices. It is clear that some groups of Americans have not had 

equal opportunities to gain knowledge and experience, and do not have equal 

abilitiesto achieve their financial goals. Financial education programs and 

policies should seek to addressthese populations, including low-income people, 

minority populations, people with disabilities, and those who can least afford 

the impact of financial choices that fail to serve their life goals.

Keeping Up with and Leveraging Technology

Financial education approachesshould take into consideration the valuable 

role of technology in making financial concepts and information convenient 

to access, personalized, engaging, and cost-effective to deliver. Innovative 

approaches, like interactive gamesthat include an opportunity to review and 

learn from choices, can help build criticalskills for young people and help 

consumersfind and use information when and where they need it.

Technology can make the delivery of customized interactions, even those that 

include face-to-face elements, more efficient and provide tools to maintain 

relationships. There will likely still be a need for one-on-one assistance, 

especially when people are making particularly complex decisions, are dealing 

with challenging situations, or have low levels of understanding or trust in the 

financial system.

Financial capability and empowerment may be better achieved when 

individuals have access to data about their own use of financial products and 

have data about financial products, benefits, and services. People also need 

smart, consumer-friendly tools that can help them make sense of this data.

52 U.S. Department of the Treasury Office of Economic Policy, The Economic Security of American 

Households: Issue Brief One: The Evolution of Earnings and Income, (April 2016), https://www.

treasury.gov/resource-center/economic-policy/Documents/US%20Treasury%20Economic%20

Security%20Issue%201.pdf.
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Evolving to Meet Challenges Ahead

The financial marketplace may continue to grow more complex in the years 

ahead. Even with strong consumer protections and appropriate regulation, 

Americans willstill need to be financially literate and capable to successfully 

navigate these complexities to achieve their own goals. Thus, financial 

education should continue to be responsive and actively evolve. It will take 

action from existing and new players in the field to do so. Collaboration by 

and among nonprofit organizations, schools, communities, workplaces, units

of government, employers, and financial institutions is essential to help achieve 

our objectives. The FLEC and the financial education field should continue to 

enhance coordination, improve quality, and reduce the likelihood of overlap 

and duplication among programs to enhance outcomes.. We should be open

to new ways to help Americans gain the knowledge, understanding, and skills 

to attain the vision of sustained financial well-being for all individuals and 

families in the United States.
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Appendix: Accomplishments and Next Steps

Goal: Increase Awareness of and Access to Effective Financial Education

This goal seeks to ensure that individuals and families are aware of the importance 

of financial literacy and have access to financial education resources. The following 

sample activities represent some of the FLEC members’ key effortsin this area, 

organized by the primary audience served.

Working Adults and the General Public

• my Social Security account

The SocialSecurityAdministration (SSA) my Social Security account allows 

people quick, secure online access to their SocialSecurity information. Individuals 

who are still working and not receiving Social Security benefits can get estimates

of future retirement, disability, and survivor benefits, and verify that earnings are 

posted correctly.

https://www.ssa.gov/myaccount

• Planning for Retirement

Thisinteractive educational online tool, developed by the CFPB in collaboration 

with the SSA, helps people decide when to claim their SocialSecurity benefits, by 

showing how claiming age affects benefits and showing how other factors could 

affect their decision of when to claim.

http://www.consumerfinance.gov/retirement

http://www.consumerfinance.gov/jubilacion (Spanish website)

• Money Smart for Adults

Developed by the Federal Deposit Insurance Corporation (FDIC), Money Smart 

for Adults’ instructor-led curriculum consists of 11 training modules that cover 

basic financial topics. Topics include a description of deposit and credit services 

offered by financial institutions, choosing and maintaining a checking account, 

spending plans, the importance of saving, how to obtain and use credit effectively, 

and the basics of building or repairing credit. It is available in Braille and large 

print.

https://www.fdic.gov/consumers/consumer/moneysmart/adult.html

• Ask CFPB

Ask CFPB is an interactive online tool that gives consumers answers to questions 

about financial products and services, including credit cards, mortgages, student 

loans, bank accounts, credit reports, payday loans, and debt collection. The
National Strategy for Financial Literacy 2016 Update

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questions and answers include explanations of financial terms to help consumers

better understand financial products and services they encounter in the 

marketplace, along with advice about shopping for financial services.

http://www.consumerfinance.gov/askcfpb/

http://www.consumerfinance.gov/es/obtener-respuestas/(Spanish website)

• Investor.gov

The SEC Investor.gov, an online resource for individual investors, contains 

information to help investorsmake informed investing decisions and avoid fraud. 

The site includesresources for military service members, seniors, teachers, and 

students. A Spanish version featuresinvestor brochures, alerts, and bulletins.

https://investor.gov

https://investor.gov/outreach/SECenEspanol (Spanish website)

• Before You Invest

The SEC Office of Investor Education and Advocacy initiated a public service 

campaign in February 2016 focused on helping individuals protect themselves 

from investment fraud. The campaign reminds investors of the importance of 

checking the background and registration status of investment professionals.

https://investor.gov/outreach/public-service-campaign-pilot

• IdentityTheft.gov

Hosted by the Federal Trade Commission, IdentityTheft.gov is the federal 

government’s one-stop resource for identity theft victims. The site provides 

streamlined checklists and sample letters to guide consumersthrough the recovery 

process.

https://www.IdentityTheft.gov/

• Community Financial Education Project

This CFPB effort promotes consumers’ access to reliable, unbiased financial 

education and resources by distributing the FLEC members’ resources through 

public libraries in more than 920 communities across 49 states, the District of 

Columbia, and Puerto Rico, representing more than 2,700 library branches.

http://www.consumerfinance.gov/library-resources/

• CFPB Publications

The CFPB has created a range of publications for consumersthat provide 

straightforward information about money management and other financial issues. 

These publications include brochures about checking a credit report, avoiding
National Strategy for Financial Literacy 2016 Update

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checking account fees, tax-time savings, how to avoid foreclosure, what to do when

unable to pay credit card bills, and other topics. The CFPB makes many of these 

resources available in English and Spanish, as well as eight other languages, and 

provides them for download or free bulk ordering. Additionally, CFPB has created 

resources and tool kits for social service providers, like Your Money, Your Goals, 

which is discussed later in this report.

http://pueblo.gpo.gov/CFPBPubs/CFPBPubs.php

• H&R Block and Intuit, Inc. Partnerships

The Treasury and the Department of Education (ED) collaborated with H&R 

Block and Intuit, Inc. to incorporate federalstudent loan repayment plan 

information in tax preparation software and websites. More than 100,000 people 

learned about how they or their children could lowerstudent loan payments. The 

Treasury also shared student loan repayment information in tax refund mailings to 

more than 20 million Americans.

https://www.treasury.gov/press-center/press-releases/Pages/jl2268.aspx

• MyMoneyAppUp Challenge: Tools to Share Your Financial Future

Led by the Treasury and two nonprofit partners, the challenge provided prizes 

for innovative mobile app ideas and designsthat would help Americans make 

smart financial choices, access high-quality financial products and services,

and ultimately control and shape their financial futures. The nonprofit partners 

provided an opportunity for winning ideasto compete for assistance in developing 

the apps.

https://www.treasury.gov/press-center/press-releases/Pages/tg1723.aspx

Youth, Educators, Families, and Postsecondary Students

• Money as You Grow

This CFPB web page provides parents and caregivers activities and conversation 

starters to help children develop money skills, habits, and attitudes that can serve 

them well as adults.

http://www.consumerfinance.gov/money-as-you-grow/

http://www.consumerfinance.gov/es/el-dinero-mientras-creces/ (Spanish website)

• Money Smart

Developed by the FDIC, Money Smart is a comprehensive financial education 

curriculum that engagesstudents, parents, and educators in learning about money. 

This age-appropriate curriculum complements the Money as You Grow website.
National Strategy for Financial Literacy 2016 Update

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https://www.fdic.gov/consumers/consumer/moneysmart/

• Teacher Online Resource Center

The FDIC’s Teacher Online Resource Center provides educators with easy access 

to videos, materials, and other resources to help teach about money.

https://www.fdic.gov/teachers

• Paying for College, College Scorecard, and Financial Aid Shopping Sheet

Created by the CFPB and ED, these resources help students and their families 

evaluate higher education financing options, compare college costs and financial 

aid, learn about college funding and loan options, and assess repayment options.

http://www.consumerfinance.gov/paying-for-college/

https://collegescorecard.ed.gov/

http://collegecost.ed.gov/shopping_sheet.pdf

Entrepreneurs and Small Businesses

• Young Entrepreneurs course

The Young Entrepreneurs course provides online training by the Small Business 

Administration (SBA) to help young entrepreneurs identify good business options 

and to give guidance on the firststeps toward creating a business.

https://w ww.sba.gov/tools/sba-learning-center/training/young-entrepreneurs

• Money Smart for Small Business (MSSB)

Developed by the FDIC and the SBA, MSSB introduces topics related to starting 

and operating a business. The MSSB curriculum is an instructor-led, 13-module 

course available in English and Spanish to help aspiring entrepreneurs learn about 

business ownership, including startup costs and cash flow management.

https://www.fdic.gov/consumers/consumer/moneysmart/business.html

Older Adults and Their Caregivers

• Money Smart for Older Adults

A product of a CFPB and FDIC partnership, Money Smart for Older Adults 

promotes awareness among older adults and their caregivers on how to prevent 

elder financial exploitation and encourages advance planning and informed 

financial decision-making. The materials include a consumer resource guide, 

available in English and Spanish, and an instructor’s manual that can be used to 

facilitate training sessions.
National Strategy for Financial Literacy 2016 Update

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http://www.consumerfinance.gov/older-americans/

https://www.fdic.gov/consumers/consumer/moneysmart/olderadult.html

• Managing Someone Else’s Money guides

The CFPB’s Managing Someone Else’s Money guides include four guides for four 

different fiduciary capacities: agents under power of attorney, court-appointed 

guardians, trustees, and government fiduciaries. Each guide contains information 

on fiduciary responsibilities and tips on how to spot financial exploitation and 

avoid scams. Also, each guide includes a “Where to go for help” section with a 

listing of relevant agencies and service providers. State-specific guides have been

developed for six states: Arizona, Florida, Georgia, Illinois, Oregon, and Virginia. 

These guides provide information about the state’s unique laws and practices, as 

well as state-specific resources.

http://www.consumerfinance.gov/managing-someone-elses-money/

• Senior Guides

The SEC offers online publications that help seniors understand the vast array of 

investment products and how to avoid investment fraud. In-person presentations 

explain the red flags of investment fraud and how to check the background of 

investment professionals.

https://investor.gov/seniors

• CFTC SmartCheckSM

CF TC SmartCheckSM is an evidence-based social marketing campaign 

encouraging the older investorsmost commonly targeted by fraud to check the 

registration status and disciplinary histories of professionals selling positions in 

commodity-related products, investments, or securities. The initiative uses directto-consumer advertising,social media, in-person events, and stakeholder outreach 

to promote these checks and other fraud avoidance techniques.

http://www.smartcheck.gov/

Federal Benefit Recipients

• Direct Express®

The Direct Express® mobile apps for Android and iPhone allowthe 5.5 million 

federal benefit recipients using the Direct Express® Debit MasterCard® to check 

card balances, view transaction history, find nearby ATMs or cash bank locations, 

and learn how to manage their prepaid card.

https://www.treasury.gov/connect/blog/Pages/Direct-Express-Mobile-AppDelivers-Financial-Capability-to-Those-Most-in-Need.aspx
National Strategy for Financial Literacy 2016 Update

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Next Steps

The FLEC will continue to coordinate sharing resources online for the public 

through MyMoney.gov and other channels, such as social media, and through 

occasions like National Financial Capability Month, to help people make sound 

financial choices and be better prepared across a wide array of financial steps 

during their lives. Additionally, the FLEC members will work to deliver resources 

to targeted audiences—individuals, educators, and other stakeholders—through 

various channels, including online, social media, traditional media, and in-person 

events.

The FLEC members will continue to work with stakeholders such as coalitions, 

nonprofit organizations, libraries, and others that have the capability to reach 

consumers where they are and to ensure that these organizations have access to 

financial education tools from the FLEC community.

Goal: Determine and Integrate CoreFinancial Competencies

This goal focuses on determining the personal finance knowledge and skills that 

individuals and families need to employ to make informed financial decisions at 

various life stages and for particular life events. It also addresses integrating these 

competenciesinto effective resources and programs.

• MyMoney Five

MyMoney Five, which appears on the FLEC website,spotlights financial 

education information from a wide array of agencies. The page provides resources 

and tips in five topic areas: Save & Invest, Protect, Spend, Borrow, and Earn. The 

FLEC created a companion website for Spanish speakers, Mis Cinco del Dinero.

http://www.mymoney.gov/es/mi-dinero/Pages/mi-dinero.aspx

Many organizations across the FLEC and beyond use the MyMoney Five structure 

for developing financial education resources. For example, the FDIC offers a

table aligned with the MyMoney Five key topics to help usersfind lessons from 

the FDIC’s Money Smart curricula for young people. Also, the Parent/Caregiver 

Guides for Money Smart for Young People, available in English and Spanish, are 

organized around MyMoney Five.

http://www.mymoney.gov/mymoneyfive

www.mymoney.gov/es (Spanish website)

• Building Blocks to Help Youth Achieve Financial Capability: A New Model and

Recommendations
National Strategy for Financial Literacy 2016 Update

29

The CFPB’s Building Blocks to Help Youth Achieve Financial Capability

describes how young people acquire the “building blocks” of financial capability to 

help them navigate the financial marketplace as adults. The report lays out a new 

evidence-base developmental framework and promising strategies that educators, 

policymakers, parents, and caregivers can use to strengthen financial skills, habits, 

knowledge, and abilitiesin youth. To support the implementation of the new 

developmental framework, CFPB has created a Personal Finance Teaching Tool 

for high school educators and updated existing resources such as Money As You 

Grow and the Money As You Grow Book Club.

http://www.consumerfinance.gov/data-research/research-reports/buildingblocks-help-youth-achieve-financial-capability/

Next Steps

The MyMoney.gov website will continue to use MyMoney Five as an organizing 

tool for the wide array of resources available for individuals, educators, and 

researchers on the website, as we continue to add usefulresources, in both English 

and Spanish. The FLEC also encourages others to use MyMoney Five to organize 

their own financial education materials.

http://www.mymoney.gov/Pages/default.aspx

To increase the number of American exposed to financial literacy materials, the 

FLEC members will continue to seek ways to increase the distribution of these 

resources and to deliver relevant information to those who need it at the time and 

location where it’s needed.

The CFPB willshare these findings and tools developed as part of the “building 

blocks” research broadly with the FLEC and broader financial education field.

Goal:Improve Financial Education Infrastructure

This goal focuses on the need to develop guidelines on content, training, and 

delivery channels for financial literacy and financial education providers and to 

promote opportunities for partnerships and information sharing. FLEC members’ 

activities below are grouped by their primary area of focus.

Social Service and Other Providers Serving Vulnerable Populations

• Your Money, Your Goals

These CFPB toolkits help social service organizations, legal aid providers, and 

similar groups assist their clientsin addressing financial challenges like budgeting, 

debt, and credit.
National Strategy for Financial Literacy 2016 Update

30

http://www.consumerfinance.gov/your-money-your-goals/

• Building Financial Capability: A Planning Guide for Integrated Services

• Thisresource from the Department of Health & Human Services (HHS) 

Administration for Children and Families (ACF) is for community-based 

organizations interested in integrating financial capability services into existing 

programs. The interactive tools in this guide walk organizations through the 

process of developing an integration plan, beginning with developing a deeper 

understanding of clients’ financial circumstances and which financial capability 

services can help clients reach financial goals.

http://www.acf.hhs.gov/programs/ocs/resource/afi-resource-guide-buildingfinancial-capability

• The Financial Empowerment Toolkit for Youth and Young Adults in Foster Care

This HHS resource provides caseworkers, independent-living skills providers, 

foster parents, and other supportive adults with strategies and resources to 

critically evaluate and improve their ability to promote the financial capabilities of 

youth in foster care.

http://www.acf.hhs.gov/cb/resource/financial-empowerment-toolkit

• How to protect vulnerable children from credit reporting problems

These CFPB online resources and tools show the steps child welfare caseworkers 

and their agencies can take to help ensure that youth in foster care start their adult 

lives with healthy credit. Tip sheets explain how to detect identity theft or fraud, 

and how to resolve inaccuracies in credit reports. The CFPB also provides sample 

letters for disputing credit report errors on behalf of youth in foster care.

http://www.consumerfinance.gov/about-us/blog/how-to-protect-vulnerablechildren-from-identity-theft/

Postsecondary Education Institutions

• Opportunities to Improve the Financial Capability of Postsecondary Students

This FLEC report provides recommendations, resources, and examples of ways 

postsecondary institutions can better support the financial capability of students. 

The FLEC shared this resourcewith financial aid offices, extension offices, and 

other university officials, as well as with minority-serving community college 

leadership.

https://www.treasury.gov/resource-center/financialeducation/Documents/Opportunities%20to%20Improve%20the%20Financial%

20Capability%20and%20Financial%20Wellbeing%20of%20Postsecondary%20Students.pdf
National Strategy for Financial Literacy 2016 Update

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• Safe Student Account Scorecard

Colleges and universities interested in providing consumer-friendly on-campus or 

cobranded banking products can use the CFPB’s Safe Student Account Scorecard 

to compare fees, features, and sales tactics before agreeing to a partnership. The 

ED has issued guidance to colleges and universities about financial education

and encouraged effortsto promote financial education in community colleges, 

especially those serving minority and low-income students, through convenings 

and outreach.

http://files.consumerfinance.gov/f/201501_cfpb_safe-student-accountscorecard.pdf 

• Financial Aid Toolkit

The ED’s Financial Aid Toolkit website provides federalstudent aid information 

and outreach tools for counselors, college access professionals, nonprofit mentors, 

and others who educate parents and students about college aid. The resources 

include a searchable library of fact sheets, videos, infographics, booklets, 

PowerPoint presentations, and archived webinars; updates on the Free Application 

for Federal Student Aid; ideasfor financial aid nights; and tips, talking points, and 

URLs to use in conversations with students and parents.

https://financialaidtoolkit.ed.gov/tk/

Schools and Youth Educators

• Advancing K-12 Financial Education: A Guide for Policymakers

The CFPB’s Guide for Policymakers connects state and local policymakers with 

tools, information, and insights to enhance K-12 financial education efforts. The 

Guide provides a framework, case studies, and resources for implementing best 

practicesin K-12 financial education.

http://files.consumerfinance.gov/f/201504_cfpb_advancing-k-12-financialeducation-a-guide-for-policymakers.pdf

• Youth Financial Education Curriculum Review Tool

The CFPB designed the Curriculum Review Tool to help educators compare

and evaluate financial education curricula within four key areas: content, quality, 

utility, and efficacy. The goal of this tool is to alloweducators to find and develop 

the most appropriate and effective financial education curricula for their classroom.

http://www.consumerfinance.gov/data-research/research-reports/youthfinancial-education-curriculum-review-tool/
National Strategy for Financial Literacy 2016 Update

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• Personal Finance Pedagogy

The CFPB created this guide for educators who teach youth personal finance 

skills. Personal Finance Pedagogy helps teachers incorporate developmentally 

appropriate teaching strategiesin their lesson plans to help children gain the 

skills they need for making sound financial decisions.It outlines strategiesfor 

instructing students of all ages with a broad range of skills, habits, and attitudes 

that appear to characterize adult financial capability.

http://files.consumerfinance.gov/f/documents/092016_cfpb_PedagogyModel.pdf

Other Audiences

• Guidance to Encourage Financial Institutions’ Youth Savings Programs and Address

Related Frequently Asked Questions

The FLEC members developed and disseminated this guide to help financial 

institutions and schools expand young people’s access to bank and credit union 

accounts. The FLEC members shared it widely with banks and credit unions and 

discussed it at the February 2015 public FLEC meeting, which included a panel of 

banks and credit unions implementing youth savings programs.

https://www.fdic.gov/news/news/press/2015/pr15021a.pdf

• Resource Guide for Financial Institutions: Incorporating Financial Capability into 

Youth Employment Programs Building Financial Capability in Youth Employment 

Programs

The FLEC released a Resource Guide for Financial Institutions interested in 

enhancing youth financial capability by partnering with youth employment 

programs. It maps how and why financial institutions can engage in helping 

young people achieve greater financial well-being and employment success. This 

document builds on and complements a report of a 2013 roundtable convened by 

CFPB and HHS along with the FLEC.

• Special Issue of the Journal of Consumer Affairs

http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1745-660

• Building Blocks to Help Youth..... financial capability: A new model and 

recommendations

http://s3.amazonaws.com/files.consumerfinance.gov/f/documents/092016_cfpb_

BuildingBlocksReport_ModelAndRecommendations_web.pdf

• Financial Education Resource Center

https://www.treasury.gov/resource-center/financial-education/Pages/default.aspx
National Strategy for Financial Literacy 2016 Update

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• Financial Education Exchange (FinEx)

The CFPB FinEx connects and supports financial education practitioners through 

an online and in-person information exchange. FinEx provides financial education 

practitioners with centralized access to the CFPB’s tools, research on consumer 

financial behavior and effective practices, and other financial education resources.

http://www.consumerfinance.gov/adult-financial-education/

• Ready? Set. Save!

A tax refund may be the single biggest check some consumers receive all year. 

The CFPB’s Ready? Set. Save! offers resources to help service providerslearn 

more about tax-time saving options to better help those they serve. Thisincludes 

training webinar and workbook, promotional materials, and taxpayer tools.

http://www.consumerfinance.gov/tax-preparer-resources/

• Older Americans financial abuse advisory

This CFPB advisory provides tips on how consumers can work with their bank 

or credit union to protect themselves from financial exploitation. The advisory 

accompanies an advisory and report for financial institutions on preventing and 

responding to elder financial exploitation.

http://www.consumerfinance.gov/about-us/blog/older-americans-are-not-alonein-the-fight-to-stop-financial-abuse/

Next Steps

The FLEC will pursue activities that improve the financial education 

infrastructure in numerous ways, but it is particularly focused on three key areas:

• Improving financial education components in youth employment and other 

programs that serve vulnerable youth and their families.

• Preparing students for postsecondary education and financially preparing them 

to make sound financial decisions during their postsecondary education.

• Encouraging financial education both in and outside of the workplace that helps 

people, including those who work in nontraditional arrangements, prepare for

long-term financial security and retirement and avoid fraud, particularly among 

vulnerable populations, such as persons with disabilities and older adults.
National Strategy for Financial Literacy 2016 Update

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Goal:Identify, Enhance, and Share Effective Practices

This goal focuses on the need to support research to evaluate and identify effective 

programs and practices.It encourages the implementation and production of 

evidence-based programs and practicesfor individuals and organizations.

The FLEC’s Research and Data Clearinghouse, MyMoney.gov, shares information 

with researchers and the public about federally supported research projects. Some

of the coordination activities and recent research projects are described below.

Research and Evaluation Projects

• Financial Literacy Research Consortium

The Financial Literacy Research Consortium, supported by the SSA, produced 

research projects at three academic centers on a range of consumer financial 

behavior and retirement savings issues, including evaluations of the effectiveness

of interventions designed to improve consumer financial literacy. Additionally, the 

SSA has supported a number of research projectsrelated to financial education, 

financial decision-making, and money management, including retirement

planning and claiming Social Security benefits.

https://www.ssa.gov/retirementpolicy/retirement-security.html

• Special Issue of the Journal of Consumer Affairs

The FLEC and Journal of Consumer Affairs issued a callfor research centered on 

the theme “Starting Early for Financial Success: Capability into Action” and 

received submissions from researchers across diverse fields. In spring 2015, the 

Journal published a special issue featuring the selected submissions and a FLEC 

essay reflecting on the implications of the research

http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1745-6606

• Building blocks to help youth achieve financial capability: A new model and 

recommendations

The CFPB’s research addressed the childhood origins of adult financial capability 

and well-being. Building blocksto help youth achieve financial capability: A

new model and recommendations, illuminates critical attributes, abilities, and 

opportunities acquired during the years spanning preschool through young 

adulthood that support the development of adult financial capability.

http://consumerfinance.gov/f/documents/092016_cfpb_ BuildingBlocksReport_

ModelAndRecommendations_web.pdf.

• Measuring financial well-being: A guide to using the CFPB Financial Well-Being

Scale
National Strategy for Financial Literacy 2016 Update

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This guide describes the research behind the CFPB Financial Well-Being Scale – a

tool to measure individual financial well-being – and provides detailed steps for 

using it, including how to score individuals’ responses and compare their scores.

http://www.consumerfinance.gov/data-research/research-reports/financial-wellbeing-scale/

• Financial Education Resource Center

The Treasury has supported research on topics related to financial education and 

financial access, including work focusing on elementary students and low-income 

adults.

https://www.treasury.gov/resource-center/financial-education/Pages/default.aspx

• Financial Empowerment Innovation Fund

The Treasury’s Financial Empowerment Innovation Fund has funded research on

11 innovative projectsto develop, test, and evaluate new ways to financially 

empower Americans and help them access safe and affordable financial products 

and services. These research projectsfocus on several areas, including promoting 

more informed decision-making in higher education, innovations in payments and 

savings, and bringing dynamic financial education to more classrooms.

https://www.treasury.gov/resource-center/financial-education/Pages/Finemp.

aspx

• Programme for International Student Assessment (PISA) financial literacy module.

The ED, with support from the CFPB and the Treasury, released the findings of 

the first PISA financial literacy module, a study of youth financial knowledge and 

skills conducted in 2012 and internationally benchmarked. Findings from the

2015 assessment are expected in 2017.

http://www.oecd.org/pisa/keyfindings/PISA-2012-results-volume-vi.pdf

Research Coordination

• In May 2012, the FLEC updated and expanded its financial literacy research 

priorities. The FLEC identified nine research priorities to help researchers 

better utilize limited resources. The 2013 Research Priorities for Starting Early 

for Financial Success reflected the FLEC’s strategic focus on “Starting Early for 

Financial Success.”

• The SSA collaborated with the National Institute on Aging to support the

Understanding Americans Internet panel. SSA funding enabled the creation

of this nationally representative panel for studies on financial management and 

related topics.
National Strategy for Financial Literacy 2016 Update

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• In June 2016, the FLEC coordinated with the American Council of Consumer

Interests, an organization of academics and other professionals involved in 

consumer and family economics, to hold a roundtable on the research of interest 

to the FLEC agencies.

• In September 2016, the SSA and the Treasury cohosted a Financial Security 

Research Symposium, which highlighted research from the FLEC member 

agencies and other institutions, and identified policy implications on a range 

of issues relating to Americans’ financial security and retirement readiness, 

including an understanding of Social Security, workplace savings and other

assets.The Symposium also identified areas and approachesfor future research.. 

Since inception, the FLEC members have provided input to the FINR A 

Investor Education Foundation’s National Financial Capability Study including 

its research on military service members.

Next Steps

The FLEC members will continue to support and directly conduct research 

on topics related to financial education and evaluation of financial education 

approaches. For example:

• The ED, with support from the CFPB, will participate in the 2015 PISA.

• The Treasury will release findings from its Financial Empowerment

Innovation Fund Research.

• The FLEC members will continue to coordinate on research and share 

information about works in progress. They will share findings through 

the FLEC Research Clearinghouse online at MyMoney.gov .
National Strategy for Financial Literacy 2016 Update

37

Bibliography

Research, academic analysis, and corresponding data are integral to the formation 

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perception, knowledge, and income in explaining consumer financial behavior,” The

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6606.2005.00016.x.

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HonaLee Harrington, Renate Houts, Richie Poulton, Brent W. Roberts, Stephen

Ross, Malcolm R. Sears, W. Murray Thomson, and Avshalom Caspi, “A Gradient

of Childhood Self-Control Predicts Health, Wealth, and Public Safety,” Proceedings 

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pnas.1010076108.

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Financial Education: Experimental Evidence on Attitudes, Behavior, and Cognitive 

Biases,” World Bank Policy Research Working Paper, 7413 (2015), http://papers.ssrn.com/

sol3/papers.cfm?abstract_id=2661139.

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and Implementation Approaches of Financial Coaching Programs,” Urban Institute, 

(October 2015), http:// www.urban.org/sites/default/files/alfresco/publicationpdfs/2000448-An-Evaluation-of-the-Impacts-and-Implementation-Approaches-ofFinancial-Coaching-Programs.pdf;

Center for Financial Security, “Financial Coaching: A Review of Existing Research,” 

University of Wisconsin-Madison Issue Brief, (October 2015), http://fyi.uwex.edu/

financialcoaching/files/2015/10/FinancialCoaching_10.1.pdf;

Stephanie Moulton, J. Michael Collins, Cäzilia Loibl, and Anya Samek, “Effects of

Monitoring on Mortgage Delinquency: Evidence From a Randomized Field Study,”

Journal of Policy Analysis and Management, 34 (1) (November 2014): 184–207, 

doi:10.1002/pam.21809.

Center for Financial Security, “MyBudgetCoach Pilot Study: Final Report and 

Summary Brief,” University of Wisconsin-Madison Issue Brief, (June 2016), https://

centerforfinancialsecurity.files.wordpress.com/2016/06/mybc_brief_june20161.pdf.

Alejandro Drexler, Greg Fischer, and Antoinette Schoar. “Keeping It Simple: Financial

Literacy and Rules of Thumb,” American Economic Journal: Applied Economics, 6(2) (April

2014): 1–31, https://w ww.aeaweb.org/articles?id=10.1257/app.6.2.1;

Urban Institute, Don’t Swipe the Small Stuff: An Evaluation of the Impacts of Two ‘Rules of 

Thumb’ for Credit Card Revolvers, (September 2016), http://w ww.urban.org/sites/default/

files/alfresco/publication-pdfs/2000846-An-Evaluation-of-the-Impacts-of-Two-Rules-
National Strategy for Financial Literacy 2016 Update

42

of-Thumb-for-Credit-Card-Revolvers-1.pdf.

Dean Karlan, Margaret McConnell, Sendhil Mullainathan, and Jonathan Zinman, 

“Getting to the Top of Mind: How Reminders Increase Saving,” National Bureau of 

Economic Research Working Paper, 6205 (July 2010), doi:10.3386/w16205;

Benjamin L. Castlemana and Lindsay C. Pageb, “Summer Nudging: Can Personalized 

Text Messages and Peer Mentor Outreach Increase College Going among Low-Income 

High School Graduates?” Journal of Economic Behavior & Organization, 115 (July 2015):

144–160, doi:10.1016/j.jebo.2014.12.008.

Michal Grinstein-Weiss, Dana C. Perantie, Blair D. Russell, Krista Comer, Samuel H.

Taylor, Lingzi Luo, Clinton Key, and Dan Ariely,Refund to Savings 2013: 

Comprehensive Report on a Large-Scale Tax-Time Saving Program, (March 2015), https://

www.brookings.edu/research/refund-to-savings-2013comprehensive-report-on-a-largescale-tax-time-saving-program/.

President’s Advisory Council on Financial Capability for Young Americans, Final 

Report, (June 2015), https://w ww.treasury.gov/resource-center/financial-education/

Documents/PACFCYA%20Final%20Report%20June%202015.pdf

Sarah Rankin, Building Sustainable Communities: Integrated Services and Improved 

Financial Outcomes for Low-Income Households, Local Initiatives Support Corporation, 

(April 2015), http://w ww.lisc.org/media/filer_public/8d/d0/8dd0ddcd-e6b4-443abf47-a0c67096e212/041415_srankin_foc_report.pdf.

Consumer Financial Protection Bureau, Financial Wellness at Work: A Review of 

Promising Practices and Policies, (August 2014), http://www.consumerfinance.gov/ 

reports/financial-wellness-at-work/.

Government Accountability Office, Financial Literacy: The Role of the Workplace, 

(2015), http://gao.gov/assets/680/671203.pdf.

Alexandria J. Brown, J. Michael Collins, Maximilian Schmeiser, and Carly Urban, 

“State Mandated Financial Education and the Credit Behavior of Young Adults,” 

Federal Reserve Board Finance and Economics Discussion Series, 68 (2014), http://www.

federalreserve.gov/pubs/feds/2014/201468/201468abs.html;

M. Batty, J.M. Collins, and E. Odders-White, “Experimental Evidence on the Effects 

of Financial Education on Elementary School Students’ Knowledge, Behavior, and 

Attitudes,” Journal of Consumer Affairs, 49 (2015): 69–96. doi:10.1111/joca.12058.

Research and Evaluation Committee, Financial Literacy and Education Commission, 

“Starting Early for Financial Success: Capability into Action,” Journal of Consumer 

Affairs, 49 (January 2015): 299–302. doi:10.1111/joca.12063.
National Strategy for Financial Literacy 2016 Update

43

Center or Financial Security, Evaluating Experiential Financial Capability

Education: A Field Study of My Classroom Economy, (September 2016), https://

centerforfinancialsecurity.files.wordpress.com/2016/09/mce-report-final.pdf.

Corporation for Enterprise Development, Financial Education & Account Access Among 

Elementary Students: Financials from the Assessing Financial Capability Outcomes (AFCO) 

Youth Pilot, (April 2014), https://w ww.treasury.gov/resource-center/financial-education/

Documents/AFCO%20Youth%20Research%20Brief.pdf;

V. Loke, L. Choi, and M. Libby, “Increasing Youth Financial Capability: An

Evaluation of the MyPath Savings Initiative,” Journal of Consumer Affairs, 49 (February

2015): 97–126. doi:10.1111/joca.12066.

Consumer Financial Protection Bureau, Measuring Financial Well-Being: A guide 

to Using the CFPB Financial Well-Being Scale, (December 2015), http://files.

consumerfinance.gov/f/201512_cfpb_financial-well-being-user-guide-scale.pdf.

2016 Update National Strategy for FinancialLiteracy: Vision & Mission

Vision: Sustained FinancialWell-Being for All Individuals and Familiesin the U.S.

Consumer Financial Protection Bureau, Financial Well-Being: The Goal of Financial 

Education, (January 2015), http://w ww.consumerfinance.gov/f/201501_cfpb_report_

financial-well-being.pdf.

Mission: Set Strategic Direction for Policy, Education, Practice, Research, and 

Coordination so That U.S. Individuals and Families Make Informed Financial 

Decisions

Financial Literacy and Education Commission, Strategy for Assuring Financial 

Empowerment (SAFE) Report, (2015), https://w ww.treasury.gov/resource-center/

financial-education/Documents/2015%20SAFE%20Report.pdf.

Conclusion: The Work Ahead

Recognition of Inequality

U.S. Department of the Treasury, Office of Economic Policy, The Economic Security of

American Households: Issue Brief One: The Evolution of Earnings and Income U.S., 

(April 2016), https://w ww.treasury.gov/resource-center/economic-policy/Documents/

US%20Treasury%20Economic%20Security%20Issue%201.pdf.

plo

Financial Literacy and Education Commission

www.mymoney.gov