Diploma

&

Strategy for Assuring 

Financial Empowerment 

(SAFE) Report

Submitted by

The Financial Literacy and Education Commission

2015

The Financial Literacy and Education Commission
Members of the Financial Literacy and Education Commission 

Department of the Treasury (Treasury), Chair

Consumer Financial Protection Bureau (CFPB), Vice Chair

Department of Agriculture (USDA)

Department of Education (ED)

Department of Defense (DoD)

Department of Health and Human Services (HHS)

Department of Housing and Urban Development (HUD) 

Department of Labor (DOL)

Department of Veterans Affairs (VA)

Board of Governors of the Federal Reserve System (FRB) 

Commodity Futures Trading Commission (CFTC)

Federal Deposit Insurance Corporation (FDIC)

Federal Emergency Management Agency (FEMA) 

Federal Trade Commission (FTC) 

General Services Administration (GSA)

National Credit Union Administration (NCUA)

Office of the Comptroller of the Currency (OCC)

Office of Personnel Management (OPM)

Securities and Exchange Commission (SEC)

Small Business Administration (SBA)

Social Security Administration (SSA)

White House Domestic Policy Council (DPC)
Strategy for Assuring Financial Empowerment (SAFE)

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Contents

Executive Summary��������������������������������������������������������������������������������������������������������������������� 2

Background on the Financial Literacy and Education Commission ������������������������������������������� 3

Strategic Focus on “Starting Early for Financial Success” ����������������������������������������������������������� 3

I. Preparing Children and Youth for a Financially Capable Adulthood ..........................................5

II. Informing Higher Education Decision Making .........................................................................8

III. Advancing Financial Education in the Workplace .....................................................................9

IV. Research and Evaluation .......................................................................................................11

Strategic Partnership with the President’s Advisory Council on

Financial Capability for Young Americans���������������������������������������������������������������������������������14

Planned Action and Expected Outcomes���������������������������������������������������������������������������������� 15

Appendices:

Appendix I: MyMoney.gov Website and the MyMoney Five����������������������������������������������������������16

 MyMoney Five�������������������������������������������������������������������������������������������������������������������16

 Research and Data Clearinghouse�����������������������������������������������������������������������������������������17

Appendix II: MyMoney Toll-free Hotline: 1-888-MyMoney ���������������������������������������������������������17

Appendix III: Expanded Consumer Protections on Remittances�����������������������������������������������������18

Appendix IV: For Further Information ����������������������������������������������������������������������������������������18
Strategy for Assuring Financial Empowerment (SAFE)

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Executive Summary

The Financial Literacy and Education Commission 

(FLEC or Commission), which is comprised of 22 federal government entities, plays a central role in the federal government’s efforts to enhance financial literacy

FLEC coordinates its members’ diverse financial education activities – for families, school children, college students, servicemembers and their families, disadvantaged 

and financially vulnerable populations, and others. These

diverse activities reflect the fact that Americans’ financial 

lives are complex, and they need different types of information, education, and guidance at different times and 

in varying situations. FLEC provides a platform for its

member agencies to join a common conversation and share 

ideas, experiences, and lessons that inform their financial 

education policies and practices so that the government’s 

financial education efforts can be more effective

In 2011, FLEC developed a National Strategy1 inclusive of the following four goals: increase awareness of 

and access to effective financial education; determine 

and integrate core financial competencies; improve 

financial education infrastructure; and identify, 

enhance, and share effective practices

In 2012, FLEC adopted a strategic focus on “Starting 

Early for Financial Success,” as an approach to implementing the National Strategy. This focus recognizes

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

develop the financial capability to navigate a complex 

financial system. Young people, including children, youth

and young adults, must be able to make smart decisions 

about financial products and services to buy and use; so 

that they can manage expenses and debt in the shortterm, even as they plan and save for the long term; and 

so that they can handle unexpected income shocks – such 

as a car breaking down, a bout of ill health, or the loss of 

1. Promoting Financial Success in the United States: National Strategy fo

Financial Literacy, 2011. http://www.treasury.gov/resource-center/financialeducation/Documents/NationalStrategyBook_12310%20(2).pdf

a job – while still achieving their personal and financial 

goals. FLEC chose its strategic focus not only based on

the needs of young people, but also because of the opportunities to help them prepare successfully for the financial 

decisions they will face later in life

This report will describe how FLEC members are taking action, using our diverse areas of expertise and 

resources to address the financial capability of young 

people by building the basics of financial knowledge, 

helping navigate higher education decisions and make 

choices early in their careers to plan and act for their 

futures. This work is informed and made more effective

by working with partners in the private and non-profit 

sectors, and other levels of government. This work also

encourages further research and evaluation by those 

partners. By helping young Americans to develop

financial knowledge, skills and habits, we extend ladders of economic mobility and help to build a more 

vibrant and prosperous economy

The Strategy for Assuring Financial Empowerment 

(SAFE) report introduces FLEC’s strategic focus and 

describes how the Commission is harnessing the resources 

and expertise of its members to achieve progress in financial education and literacy. In doing so, the SAFE report

describes activities of the FLEC for the period 2012-2014 

and early 2015 to implement its 2011 National Strategy on 

Financial Literacy, including activities targeted to populations that have historically lacked access to financial literacy materials and education and have been underserved 

by mainstream financial systems. Through this new focus,

the Commission has demonstrated substantial progress in 

coordinating activities to improve the financial education 

for more Americans and so achieving the key components 

of the 2011 National Strategy on Financial Literacy

2

2. This report does not describe all of the financial education activities an

resources produced by FLEC member agencies during the time period 

covered. Readers can access materials at http://www.mymoney.gov, visit the

individual agency websites, and review information about FLEC meetings, 

hearings and events at http://www.treasury.gov/resource-center/financialeducation/Pages/commission-index.aspx
Strategy for Assuring Financial Empowerment (SAFE)

3

This report details recent and ongoing FLEC efforts 

related to “Starting Early” in four areas:

1. Preparing Children and Youth for a Financiall

Capable Adulthood 

2. Informing Higher Education Decision Makin

3. Advancing Financial Education in th

Workplace

4. Research and Evaluati

Throughout each of these sections, this report describes 

FLEC’s coordination of activities, materials and 

resources made available to the public, and work with 

partners outside of the government, including activities 

and resources for traditionally underserved populations

Additionally, this report identifies FLEC’s key partnerships with organizations outside of the government, including activities conducted with state and 

local governments, non-profit organizations, and 

other entities. The report also highlights FLEC’s

coordination with the President’s Advisory Council 

on Financial Capability (which completed its work 

in January 2013) and its successor, the President’s 

Advisory Council on Financial Capability of Young 

Americans, which reflects both the priorities and the 

influence of FLEC’s strategic focus on Starting Early 

for Financial Success

FLEC is currently assessing the outcomes of these 

activities and determining goals aimed at achieving the National Strategy for 2015 and beyond. The

coordinated efforts of FLEC allow us to bring to bear 

diverse expertise, resources and tools to address the 

diverse financial capability needs of young Americans

Financial education is a necessary step to prepare 

young people for their future financial lives, so that 

they can take advantage of the opportunities our country has to offer, and contribute to a stronger economy 

with opportunities for all Americans

Background on the Financial Literacy 

and Education Commission

Congress established the Financial Literacy and 

Education Commission (FLEC) with passage of the 

Financial Literacy and Education Improvement Act, 

which appears as Title V of the Fair and Accurate Credit 

Transactions Act of 2003 (FACT Act) (P.L. 108-15

The statute assigns FLEC the purpose of serving “to 

improve the financial literacy and education of persons 

in the United States through development of a national 

strategy to promote financial literacy and education.

FLEC’s principal duties are to:

• Develop a national strategy to promote basic 

financial literacy and education among all 

American consumers

• Streamline, improve, or augment the financial literacy and education programs, grants, and 

materials of the federal government, including 

curricula for all Americans

• Establish a national financial education Web site 

to provide a coordinated point of entry for information about federal financial literacy and education programs and grants

• Establish a toll-free hotline available to the public seeking information about issues pertaining to 

financial literacy and education

• Promote partnerships among federal, state, and 

local governments, nonprofit organizations, and 

private enterprises

Strategic Focus on “Starting 

Early for Financial Success”

In 2012, FLEC adopted a strategic focus on “Starting 

Early for Financial Success,” building on the National 

Strategy. This focus recognizes that in today’s economy,
Strategy for Assuring Financial Empowerment (SAFE)

4

it is essential for Americans to develop basic financial 

knowledge and learn how to navigate a complex financial system. Young people need to be able to make smart

decisions about such matters as financial products and 

services to buy and use; manage expenses and debt as 

they plan, save and invest for the long term; monitor 

credit reporting and scores; ascertain fair and favorable 

credit terms; and manage unexpected income shocks – 

such as a car breaking down, a bout of ill health, or the 

loss of a job – while still achieving their personal and 

financial goals

FLEC chose its strategic focus in recognition of the 

needs of young people as well as of the opportunities to help them prepare successfully for the financial decisions they will face. The Great Recession hit

younger generations particularly hard, and they remain 

on a lower economic trajectory than that of earlier 

generations

3

For example, today, many young adults have high levels of debt, including student loans, and lower levels of financial assets, putting them on a rockier path 

than that of previous generations when they were at 

the same life stage. Young adults are finding it more

difficult to start building for a strong financial future 

by investing in a home and saving for retirement. The

recent National Financial Capability Study conducted 

by the FINRA Investor Education Foundation found:

• Nearly one-quarter (23 percent) of young people report routinely spending more than their 

income; 

• Nearly one-third (31 percent) of young people 

have unpaid medical debts;

3. Eugene Steuerle, Signe-Mary McKernan, Caroline Ratcliffe, and Sis

Zhang. Lost Generations? Wealth Building Among Young Americans. Th

Urban Institute, March 2013

• Of those with student loan debt, 55 percent are 

concerned that they might not be able to pay off 

their debt;

• Almost half of all young people are concerned 

that they have too much debt overall; and

• Only 33 percent report having any rainy-day savings and only about 40 percent say they have 

retirement savings

4

Evidence also shows that many young people lack 

the financial knowledge needed to make sound decisions. The latest National Financial Capability Study

found that young adults answered fewer questions correctly about basic financial concepts than older cohorts

The self-assessments of young Americans point to the 

financial capability challenges they face. Only 30 percent of young adults (ages 18-34) rated their financial skills as “very strong.” The young people surveye

see the value of early financial education, with nearly 

86 percent saying that financial education should be 

offered in school. Yet, only 36 percent of young adults

surveyed have been offered financial education, and 

only 22 percent have received financial education

5

But if the needs are great, so are the potential benefits 

– both to the nation’s young people and to America as a 

whole. By helping young Americans to develop financial knowledge, skills and habits, we strengthen our

nation’s families and communities. We open up opportunities and extend ladders of economic mobility. W

help to build stronger families and a more vibrant, 

more prosperous economy

The following sections describe the FLEC’s “Starting 

Early” efforts in four substantive areas:

4. FINRA Investor Education Foundation. Financial Capability in the Unit

States: Report of Findings from the 2012 National Financial Capability Study. 

May 2013

5. Ibi
Strategy for Assuring Financial Empowerment (SAFE)

5

1. Preparing Children and Youth for a Financiall

Capable Adulthood 

2. Informing Higher Education Decision Makin

3. Advancing Financial Education in th

Workplace

4. Research and Evaluati

These areas reflect key stages at which federal agencies 

can directly or indirectly reach young people in order 

to help build their financial knowledge and skills. This

report will provide an overview of the importance of 

these opportunities, and describe examples of these 

“teachable moments” and how a broad array of FLEC 

members are working together to support building 

financial capability at those times

Young people are apt to be receptive to learning the 

fundamentals of financial capability, just as they are 

with many other types of learning. Students from

states where a financial education course is required 

have shown higher financial knowledge, and more positive financial behaviors, such as less credit card debt 

and more timely payments

6

 These results suggest that 

“Starting Early” is a particularly promising approach to 

financial education

By starting young, children can learn the difference 

between wants and needs, the importance and power 

of saving, responsible management of credit and 

debt, and the positive and productive role that carefully managing money can play in their lives. Beyond

understanding financial basics, a critical dimension of financial capability is preparing young people 

and their families to make informed choices regarding higher education, which is a key contributor to 

6. Gutter, Michael S. et al, Financial Capabilities of College Students from Stat

with Varying Financial Education Policies, National Endowment for Financial 

Education, 2010

upward economic mobility

7

 Once students decide 

to pursue post-secondary education, they must select 

the right institution and face a host of other questions 

with financial implications: what to study, how to pay 

for it, and how to manage any debt that they may take 

on. The stakes are high, with both immediate and

long-term consequences for students and their families. To make sound choices, students and their families need access to information and tools to inform

their decisions. Young people and their families also

need the financial capability to use that information 

to make sound decisions

Financial capability is also important for young people 

as they enter the workforce and launch their careers

A first job is a critical opportunity for young people 

to understand their income and benefits. It is also the

time for them to gain experience in managing their 

money; make informed decisions as they use credit; 

responsibly address any student loan obligations; build 

savings for both expected goals and the unexpected; 

and begin to plan, save and invest for retirement

A strategic focus is also an effective approach for 

FLEC as an organization. By focusing on a select

set of key actions over a multi-year period, this disciplined and targeted approach enhances the organizational effectiveness of the Commission. The strategic

focus enables FLEC to better coordinate the diverse 

resources and activities of its members and to harness 

them for maximum impact

I. Preparing Children and Youth for a 

Financially Capable Adulthood 

The FLEC has explored ways to help children and 

youth prepare for a more financially capable adulthood, 

7. The Economics of Higher Education: A Report Prepared by th

Department of the Treasury with the Department of Education, December 

2012. http://www.treasury.gov/connect/blog/Documents/20121212_Economics

of Higher Ed_vFINAL.pdf.
Strategy for Assuring Financial Empowerment (SAFE)

6

and has identified that the FLEC can be most effective by providing tools, information and guidance to 

parents, teachers, and others who work with youth on 

how to talk to them about managing money; encouraging the provision of hands-on learning opportunities, including savings accounts; and using partnerships between federal, state, tribal, local and nonprofit partners to reach youth in financially vulnerable 

situations and those in youth employment programs

Research indicates that when parents teach their children about financial topics early in life, those children 

are more likely to attain positive financial outcomes in 

adulthood, such as higher credit scores and lower credit 

card debt. These efforts help empower families or others working with youth to give the next generation a

sound start

8

 This section describes some examples of 

FLEC’s collaborative activities to help teachers, families and others provide these lessons so that young people can be more financially prepared

The CFPB and the FDIC collaborated to encourage parents and caregivers to work with children on 

financial concepts, and provide practical tools, tips 

and resources to facilitate these activities, including 

new tools based on the FDIC’s Money Smart curriculum geared towards children, youth, their parents and caregivers. As part of the collaboration, the

CFPB has launched a dedicated web page for parents and caregivers. The page offers age-appropriate messages and resources for parents to use in helping build their children’s money skills. Starting saving and investing habits early puts the power of compounding to work. And the non-monetary benefits 

starting early to save and invest for a goal may be even 

greater than the monetary benefits

8. Grinstein-Weiss, Michal, Jonathan Spader, Yeong Eo, Elizabeth Book

Freeze, and Andrea Taylor. (Working Paper: January 2011). “Parenta

Transfer of Financial Knowledge and Later Credit Outcomes Among Low 

and Moderate Income Homeowners.” Center for Community Capital, The

University of North Carolina at Chapel Hill

To foster savings and financial capability among 

school children, FLEC supports the development of 

in-school financial institutions and savings programs

The Commission has been gathering information on 

leading practices related to school-based savings and 

financial institutions. FLEC’s work builds on previous

initiatives by its member agencies, including an OCC 

2009 Insights Report titled School-Based Bank Savings 

Programs: Bringing Financial Education to Students

9

FLEC is disseminating findings from a research project sponsored by the U.S. Department of the Treasur

on classroom financial education and the presence of 

a bank or credit union in the school. The study found

that students retained increased knowledge and more 

positive attitudes about their ability to save. See the

AFCO research below for details

In early 2015, FLEC members developed and disseminated joint Guidance to Encourage Financial Institutions’ 

Youth Savings programs and Address Related Frequently 

Asked Questions to help financial institutions, schools 

and other institutions expand the availability of bank 

and credit union accounts to young people

10 The guidance provides clarification on the regulations related 

to opening bank or credit union accounts for children. The FDIC and the NCUA have encouraged

financial institutions to provide financial education 

through webinars with speakers from the FLEC and 

non-profit financial education organizations. Together

these webinars have reached more than 1,300 individuals. And, the FDIC launched a Youth Savings

Pilot to identify and highlight promising approaches 

to offering financial education tied to the opening of 

safe, low-cost savings accounts to school-aged children. Evidence suggests that hands-on learning, such

as opening a bank or credit union account in a child’s 

name, may be an effective way to teach them about 

9. http://www.occ.gov/news-issuances/news-releases/2009/nr-occ-2009-45.htm

10. http://www.treasury.gov/resource-center/financial-education/SiteAssets/Pages

commission-index/Final%20Proposed%20Youth%20Savings%20Guidance%20

03022015%20Clean.pdf
Strategy for Assuring Financial Empowerment (SAFE)

7

financial capability and to help them develop sound 

financial habits. Research also indicates that children

who have savings accounts may become more likely in 

later years to succeed in college

11

FLEC is working to encourage youth employment 

programs, such as summer jobs programs, to build 

in a financial education component. Youth employment programs seek to help youth build the skills and

experience necessary to secure stable employment and 

a strong financial future. Adding financial education

to these programs could strengthen them further by 

building financial management skills into other skills 

attained by participants. In 2013, the CFPB and other

FLEC members drew local leaders from around the 

country to discuss providing financial education and 

financial access to youth through youth jobs programs. The information and insights gleaned from this

meeting are included in the report Building Financial 

Capability in Youth Employment Programs12 released by 

the CFPB and the Administration for Children and 

Families (ACF) in the Department of Health and 

Human Services (HHS) in August 2014. Members of

the FLEC are supporting the Department of Labor’s 

Employment and Training Administration as it implements the Workforce Innovation and Opportunity 

Act’s new provisions related to promoting financial 

literacy in youth education and training programs by 

connecting them with existing financial education 

resources

Another strategy for supporting children and youth 

that FLEC is promoting and supporting is coordination among federal programs targeted at the adults in 

children’s lives so that they are better prepared to discuss financial concepts with children and youth. There

11. Elliott, William. “Creating A Financial Stake in College,” particularl

Report 1, “Why Policymakers Should Care about Children’s Savings,” and 

Report III of IV, “We Save, We Go to College.” New America Foundation

and Center for Social Development, January 2012

12. http://www.acf.hhs.gov/programs/ocs/resource/building-financial-capabilityin-youth-employment-programs

are also opportunities to integrate financial capability into programs that are directly serving youth, such 

as youth in independent living and child welfare programs. Integrating financial capability into programs

for low-income and vulnerable individuals and families has the potential to support overall financial wellbeing and economic stability

ACF is actively working in this area by providing technical assistance resources to support this work. For

example, in December 2014, ACF released A Financial 

Empowerment Toolkit for Youth and Young Adults in 

Foster Care13 and a series of Tip Sheets on financial 

topics. This Toolkit is designed to help caseworkers and

others working with youth and young adults in the foster care system evaluate and improve their approaches 

to helping the young people they serve gain greater 

financial capability

In March 2015, ACF released Building Financial 

Capability: A Planning Guide for Integrated Services,14 an 

interactive guide for community-based organizations 

interested in integrating financial capability services 

into existing programs (e.g. housing, job training, o

Head Start). ACF is working with several other FLEC

members to disseminate Building Financial Capability

to the field

Additionally, our nation’s libraries regularly serve families throughout the country. As such, libraries offer

a natural delivery channel to convey information and 

material developed under FLEC’s Starting Early 

focus. Working with the FLEC, the CFPB has developed new partnerships that tap into these library networks. These national, state and community librar

networks include the Institute of Museum and Library 

Services, the federal agency that supports the work 

of the nation’s libraries and museums. As a result of

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

14. http://www.acf.hhs.gov/programs/ocs/resource/afi-resource-guide-buildingfinancial-capability
Strategy for Assuring Financial Empowerment (SAFE)

8

the CFPB’s Community Financial Education Project, 

FLEC members now have new opportunities to engage 

library networks to reach families and provide them 

with financial education resources from FLEC member agencies. The program provides unbiased resources

on a variety of financial education topics to libraries and 

librarians; helps them identify and connect with local 

partners in their communities; shares financial education program ideas and best practices with local librarians; provides marketing support for financial education 

in libraries; and provides trainings for library staff and 

managers. Today more than 360 library systems in 48

states, with more than 1,700 branches, have signed up 

to provide their communities with the best resources 

available on financial education

II. Informing Higher Education 

Decision Making

“Getting a higher education—whether it is a technical 

certificate or a four-year degree—is critical in today’s 

economy,” Treasury Secretary Jacob Lew remarked at 

the FLEC Public Meeting in October 2013. “We want

young people to be better informed so they can manage 

their expenses, save for the future, and achieve their 

financial and personal goals.

A post-secondary education is important for upward 

economic mobility. According to a 2012 report15 by the

Departments of the Treasury and Education, for children 

in middle class families, earning a college degree increases 

the likelihood of upward economic mobility by more than 

75 percent. This finding underscores the importance of

affordable college choices for American families

Yet, rising college costs have contributed to a heavy 

burden of student loan debt. According to the

15. The Economics of Higher Education: A Report Prepared

by the Department of the Treasury with the Department of 

Education, December 2012. http://www.treasury.gov/connect/blog

Documents/20121212_Economics of Higher Ed_vFINAL.pdf.

Department of Education, the median outstanding 

student loan balance one year after receiving a bachelor’s degree is $10,000

16 A high level of debt or high 

payment amounts relative to income may also deter 

some young people from buying homes, starting businesses, and saving for retirement – thus, potentially 

impacting the individual and the American economy

Also, while student loan debts help many borrowers build their credit history and improve their credit 

score, borrowers should also be aware that, like other 

loans, failing to make timely payments can also affect 

their credit scores

FLEC is pursuing a number of activities, described 

below, to help young people and their families make 

informed decisions about higher education and how to 

pay for it, before, during and after their education, in 

order for them to take advantage of educational opportunities in a sustainable manner

FLEC is working to make more students and their 

families aware of federal financial aid resources that 

can help them make sound decisions. Besides the

Free Application for Federal Student Aid (FAFSA), 

these tools include Federal Student Aid’s Financial 

Literacy Guidance,17 the CFPB’s Paying for College18

which includes resources on student loan repayment 

options, and the Department of Education’s Financial 

Aid Toolkit,19 College Scorecard,20 and Financial Aid 

Shopping Sheet

21 FLEC places a special emphasis on 

directing these resources towards those who will benefit from them the most, including first-generation college students and low-income families who may not 

have previously had access to decision-making tools

16. NCES, Baccalaureate and Beyond Longitudinal Study, 2012, http://nces

ed.gov/pubs2013/2013156.pdf (Table 4). The median debt is for first-time

bachelor’s degree recipients

17. http://www.financialaidtoolkit.ed.gov/resources/fin-lit-guidance.pdf

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

19. http://financialaidtoolkit.ed.gov/tk/

20. http://www.whitehouse.gov/issues/education/higher-education/college-score-card

21. http://www2.ed.gov/policy/highered/guid/aid-offer/index.html
Strategy for Assuring Financial Empowerment (SAFE)

9

Once students enter college, they benefit from receiving financial education as part of their overall education. The Department of Education mandates entrance

and exit counseling for students that borrow federal 

loans; and FLEC encourages institutions of higher 

learning to adopt best practices in delivering additional 

financial education. The Commission is also promoting better communication to make borrowers aware

of payment plans available on federal student loans, 

including income-based repayment plans that cap loan 

payments

As another example, for the 2013 tax season, Treasury 

and the Department of Education collaborated with 

the creators of TurboTax to incorporate information 

about repayment plans into their 2014 tax preparation 

software. Through this partnership, roughly 100,000

people learned about ways that they or their children 

can lower their student loan payments. The partnership

has been continued into the 2014 tax season, which 

was filed in 2015. Additionally, Treasury sent information about these options to more than 20 million

Americans with their tax refunds

To inform its work, FLEC has conducted outreach that 

seeks out the views of experts and students themselves

Through public meetings, FLEC has highlighted policy issues involving the financing of higher education

These events served to communicate government policies and priorities, highlight innovative policies and 

effective practices, and point to new resources offered 

by FLEC and its member agencies

Higher Education Decision Making served as the 

theme at FLEC’s October 2013 public meeting

22

Treasury Secretary Jacob Lew, Education Secretary 

Arne Duncan, and Consumer Financial Protection 

Bureau Director Richard Cordray were among the 

22. A webcast of the meeting, along with presentations, minutes, and Treasury

Secretary Lew’s remarks, are available at http://www.treasury.gov/resourcecenter/financial-education/Pages/flec10-23-2013.aspx

leaders who participated in the meeting. All three

stressed the importance of helping students and their 

families make sound decisions on higher education

Earlier the same month, FLEC held a field hearing at 

the University of Wisconsin - Madison on “Starting 

Early: Youth and Post-Secondary Financial Education.”

CFPB Director Richard Cordray, Treasury Deputy 

Assistant Secretary for Consumer Policy Melissa Koide, 

and other FLEC leaders heard from non-governmental experts and students. Panel discussions elaborated

on “Building Youth Financial Capability through 

Experiential Learning” and “Preparing Students for 

Financial Independence in Post-secondary Settings.”2

III. Advancing Financial 

Education in the Workplace

The workplace can be a critical and trusted source for 

delivering financial education to new employees. In

order to better understand how to effectively deliver 

financial education in the workplace to early career 

employees and be a credible source of information and 

guidance on this topic, FLEC determined it was important to explore federal agencies’ effectiveness at providing their own early career employees with financial 

education, information, and tools; and understand the 

challenges and opportunities in implementing workplace financial education. FLEC has examined agencies’ programs aimed at educating employees to manage debt; build credit responsibly, and save and invest

for retirement and other long term goals. Exploring

what works in federal agencies is an ongoing task for 

the FLEC, as described below. Once FLEC understands what is effective for early-career federal employees, we plan to share our findings with other employers

in the private and other governmental sectors

23. A webcast of the meeting is available at http://www.youtube.com/watch?v=

jB2h0Z0Smk&noredirect=1; and an agenda, with a list of speakers, is 

available at http://www.treasury.gov/resource-center/financial-education/

Pages/meetings.aspx
Strategy for Assuring Financial Empowerment (SAFE)

10

FLEC has embarked on a workplace financial education initiative that begins with a focus on the federal 

workforce using existing resources. FLEC has gathered information from federal benefits officers, assessed

resources currently available to federal employees, and 

conducted informal focus groups of federal employees. In the process, FLEC has gathered information

about the needs and preferred learning styles of young 

workers

FLEC has also engaged, and continues to engage, in 

outreach to highlight the importance of financial education in the workplace and to hear from experts in the 

field

FLEC devoted a portion of its Public Meeting 

in February 2013 to the theme Starting Early in 

the Workplace for Retirement Preparedness. The

Commission heard from two experts: Phyllis  Borzi, 

Assistant Secretary of the Employee Benefits Security 

Administration at U.S. Department of Labor, an

Robin Diamonte, Chief Investment Officer at United 

Technologies Corp. Ms.  Diamonte described th

importance of diverse financial education activities and 

savings opportunities to help workers plan and act to 

prepare for their future, and she explained the business 

value of these activities

24

On February 25, 2014, FLEC held a field hearing in 

Atlanta on workplace financial education. The event

gathered insights from the public and leading practitioners from the private, public and non-profit sectors

25 The Commission is sharing findings from the 

hearing with federal agencies as well as employers outside of the government

24. A webcast of the meeting, along with presentations and minutes, are

available at http://www.treasury.gov/resource-center/financial-education/

Pages/flec02-13-2013.aspx

25. A webcast of the meeting is available at http://www.consumerfinance.gov/blog

live-from-atlanta/; and an agenda, with a list of speakers, is available at http://

www.treasury.gov/resource-center/financial-education/Pages/meetings.aspx

The Department of Labor has worked with the 

Department of Education and the Certified Financial 

Planner Board of Standards to hold webcasts on the 

key financial issues facing college students about to 

enter the workforce and young workers. These sessions

provided practical tools on personal financial planning, 

including budgeting, managing credit, investing for 

short- and long-term goals, and making the most of 

employer-sponsored retirement plans

The SEC led a working group of FLEC members to 

produce a Strategy on Financial Literacy of Investors

The strategy calls on FLEC agencies to work collaboratively to develop programs that target several specific groups of investors, including younger investors to 

help them improve their behavior as investors, including taking advantage of their retirement plans

26

One indicator of progress in the area of workplace 

financial education is the substantial increase in federal entities, including FLEC members, submitting 

Retirement Financial Education Plans27 to the Office 

of Personnel Management (OPM). Due to the efforts

of the FLEC, as of 2014, 48 federal agencies have 

submitted their plans which is the highest number of 

plans submitted to OPM since this requirement went 

into effect (and 18 more plans than the prior year)

This number includes all of the FLEC member agencies covered by the requirement. Additionally, FLEC

members have been working to enhance the quality of 

the plans, especially in the area of reaching early career 

workers. FLEC members have shared plans with each

26. Section 917(a)(6) of the Dodd-Frank Act required the SEC to identify,

in consultation with the Financial Literacy and Education Commission 

(“FLEC”), a strategy (including, to the extent practicable, measurable goals 

and objectives) to increase the financial literacy of investors in order to 

bring about a positive change in behavior.

27. The Thrift Savings Plan Open Elections Act of 2004 required OPM

to develop and implement a retirement financial literacy and education 

strategy for federal employees covered by the TSP as part of the retirement 

training offered by OPM under 5 U.S.C. 8350. Pursuant to the Act, 

published Benefits Administration Letter 07-102 which included a request 

that agencies covered by the TSP submit to them an annual financial 

education plan
Strategy for Assuring Financial Empowerment (SAFE)

11

other, and three agencies described their activities at 

the November 2014 FLEC public meeting

28

To build on this progress, the FLEC is working 

closely with OPM and the Federal Retirement Thrift 

Investment Board to help agencies enhance their financial education programs, especially as they help early 

career workers prepare for their futures and understand 

their rights, options and opportunities for retirement 

savings and investments through the Thrift Savings 

Plan

IV. Research and Evaluation

FLEC is committed to evidence-based policies and 

practices and, therefore, promotes research and evaluation in the field of financial education through the 

actions described in this section. FLEC updated and

expanded its financial literacy research priorities in 

2012. The Commission identified nine top research

priorities and elaborated on them in its May 2012 

publication titled Research Priorities and Research 

Questions

29 FLEC designed the Research Priorities 

to assist researchers in and out of government to make 

the best use of limited resources

FLEC developed the Research Priorities in an inclusive process that drew on the knowledge and expertise 

of its own members, its partners, and external experts, 

including members of the President’s Advisory Council 

for Financial Capability. FLEC also received key contributions from leading academic researchers, nonprofit financial educators and counselors in the field,

research funders, and policy experts in financial education and related fields

28. A webcast of the meeting, along with presentations and minutes, are

available at http://www.treasury.gov/resource-center/financial-education/

Pages/November-5,2014.aspx

29. http://www.treasury.gov/resource-center/financial-education/Documents/2012

Research Priorities - May 12.pdf.

FLEC designed the Research Priorities to assist 

researchers to make the best use of limited resources

In this way, the research priorities help FLEC to fulfill 

its statutory responsibility to coordinate federal financial literacy efforts and promote partnerships among 

federal, state, and local governments, nonprofit organizations and private enterprises

The 2013 Research Priorities for Starting Early for 

Financial Success30 updated the 2012 research priorities to identify areas where they can be connected to the 

FLEC’s strategic focus on Starting Early for Financial 

Success. Recent research on financial education and

literacy includes work focused on young people. The

following are several examples, including efforts by the 

FLEC and research conducted or sponsored by FLEC 

members and non-governmental entities

FLEC Special Issue of Journal 

of Consumer Affairs

In order to advance research in its priority areas, FLEC 

joined together with the Journal of Consumer Affairs31 to 

issue a call for research papers on the theme, “Starting 

Early for Financial Success: Capability into Action.”

Papers were sought that rigorously explore the connection 

between financial education and capability interventions, 

and measurable changes in financial behavior and outcomes. The call encouraged submissions from researchers across diverse fields, such as economics, public policy,

consumer sciences, education, business, marketing, social 

work, sociology, and behavioral psychology. In early 2015,

the Journal published a special issue of selected submissions, as well as an essay from the FLEC reflecting on 

implications of the included research for financial capability policy and practice. The Journal includes an article based on research commissioned by the CFPB on the

youth antecedents of adult financial well-being

30. http://www.treasury.gov/resource-center/financial-education/Documents

Starting Early Research Priorities May 2013.pdf.

31. http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291745-6606/
Strategy for Assuring Financial Empowerment (SAFE)

12

FLEC Research Symposium

On September 16, 2014, on behalf of the FLEC, the 

Consumer Financial Protection Bureau, the Federal 

Reserve Board, and the FDIC co-hosted a research 

symposium entitled Starting Early for Financial Success: 

Capability into Action, to showcase some of the most policy-relevant research submitted for the special issue of 

the Journal of Consumer Affairs. The symposium shared

policy-relevant academic research on financial literacy 

and capability with interested policymakers and provided policy and practical feedback to researchers

The symposium included research on developmental milestones for young people’s financial capability; 

age and life stage implications for saving; evaluations 

of financial education and capability programs for children and youth; and the role of family assets and balance sheets in starting early for financial success. FLEC

agency staff from eight different member agencies 

served as moderators and discussants on the panels, and 

numerous others participated as audience members

Assessing Financial Capability 

Outcomes Research Project

In another project that advances FLEC’s National 

Strategy and the focus on Starting Early for Financial 

Success, Treasury funded research on the relationship between financial access, education and advice

Conducted by non-governmental research organizations, this project consisted of two pilots. One was an

elementary school pilot that sought to measure the 

impact of financial education – offered in combination 

with students’ access to safe, in-school savings accounts 

– on the financial capability of elementary school children. The pilot, conducted in schools in Eau  Claire,

Wisconsin, and Amarillo, Texas, found improved outcomes from the hands-on financial education. Even relatively short classroom financial education significantly

improved student financial knowledge, the effects of 

which persisted through the end of the study period

Both the financial education and access to in-school savings accounts were found to improve students’ attitudes 

toward saving and financial institutions

A second pilot involved low-income adults in a New 

York City transitional employment program. It found

that participants who received one-on-one counseling were more likely to stay current on debt payments

The study also demonstrated that integrating access to 

accounts into the transitional workforce program dramatically increased the banked status of the population

Over the course of the study, the percentage of participants who reported being banked moved from one-third 

at baseline to almost 60 percent at six months, and more 

than half still reported being banked at 12 months

32

Land-Grant University Research

The FLEC’s Starting Early focus has also been integrated into USDA’s National Institute of Food and 

Agriculture (NIFA) and its Family and Consumer 

Economics Division’s plans and into USDA’s overall Research, Education, and Extension efforts

33 The 

Division highlights FLEC’s strategy in its outreach 

activities to a variety of audiences, including financial counselors. As an example of the impact of this

effort, in February 2013, the University of Arizona, 

a land-grant university in the NIFA network, published Financial Readiness for Youth: A Review of 

the Literature and Programs in the United States. The 

DOD funded the research, which reviews the literature and programs on youth financial literacy from 

2002 to present

32. Financial Education and Account Access Among Elementary Students and

Financial Counseling and Access for the Financially Vulnerable can be found at: 

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

33. This document serves as a five-year strategic plan for REE, which has

federal leadership responsibility for advancing scientific knowledge related 

to agriculture through research, extension, and education
Strategy for Assuring Financial Empowerment (SAFE)

13

Grants for Research in Minority and 

Low-Income Communities

Two FLEC member agencies have collaborated to 

offer research grants to address retirement security 

within minority low-income communities. The purpose of the program is twofold; to provide opportunities for graduate students at institutions with high proportions of minority and low-income students to conduct rigorous research in these needed fields: and to

address the financial literacy and retirement planning 

needs within minority and low-income communities

In September 2013 the Department of Education and 

Social Security Administration awarded funds to four 

Minority-Serving Institutions to conduct research in 

the areas of retirement security, financial literacy, and 

financial decision-making within minority and lowincome communities

34

Federal Reserve System Research

The Federal Reserve System engages in research on 

the financial education of young people, a theme that 

resonates with FLEC’s focus on Starting Early. Two

research papers examine the impact of mandatory 

financial education in high schools,35 and a third analyzes the relationship between financial education and 

debt behavior

36

34. The grant recipients were Florida A&M University, Tallahassee; Chicago

State University; University of Houston-Downtown; and Hampton 

University, Virginia

35. Cole, Shawn, Anna Paulson, and Gauri Kartini Shastry. 2013. “Hi

School and Financial Outcomes: The Impact of Mandated Personal Finance and 

Mathematics Courses.” Harvard Business School Working Paper 13-064;

and Brown, Alexandra, Maximilian D. Schmeiser, J. Michael Collins an

Carly Urban. 2014. “State Mandated Financial Education and Later-Lif

Financial Well-Being.” Federal Reserve Board Working Paper

36. Brown, Meta, Wilbert van der Klaauw, Jaya Wen, and Basit Zafar. 20

“Financial Education and the Debt Behavior of the Young.” Federal Reserve

Bank of New York Staff Report Number 634

The Center for Household Financial Stability 

The Federal Reserve Bank of St. Louis recently launched

a new Center for Household Financial Stability,

37 which 

focuses on rebuilding the household balance sheets of 

struggling American families. The Center’s emphasis

on the financial health of American families parallels 

and complements FLEC’s focus on Starting Early for 

Financial Success. The Center identifies young adults

as one of the groups that lost the most from the Great 

Recession because in the years leading up to the recent 

financial crisis, young families on average concentrated 

their wealth to an unusually highly degree in housing 

and took on extremely high debt burdens

38 Moreover, 

the greatest losses were suffered by those under 40

More broadly, the Center’s mission reflects the critical 

importance of financial education and the impact that 

financial decisions have on American families and the 

economy as a whole. The Center explains the work in

these terms:

Why is it important to drill down into the health 

of household balance sheets? Looking back 

over the last few years, we have seen the damage to families, communities and the broader 

economy when we, as a nation, were not sufficiently attuned to four key balance sheet factors affecting American households. Too many

Americans relied too heavily on wealth-depleting financial services, maintained a low level of 

savings, carried risky and high-cost consumer 

and mortgage debt, and did not diversify assets 

beyond housing

39

37. http://www.stlouisfed.org/household-financial-stability/

38. Why Did Young Families Lose So Much Wealth During the Crisis? The Role

of Homeownership. http://research.stlouisfed.org/publications/review/13/01

Emmons.pdf.

39. New Perspectives on Household Balance Sheets: What is the State of

Household Balance Sheets, and Why They Matter for Families and Economic 

Growth. http://www.stlouisfed.org/household-financial-stability/assets

NewPerspectivesOnHouseholdBalanceSheets.pdf.
Strategy for Assuring Financial Empowerment (SAFE)

14

Outside Research Related to Starting Early

The efforts of the FLEC have also served to stimulate 

outside research including: 

The Urban Institute

The Urban Institute likewise finds that younger generations have been hardest hit, whether looking at 

their share of private wealth or the additional student 

and government debt with which they are being saddled. The Urban Institute presents its research in the

paper “Lost Generations? Wealth Building among 

Young Americans.” Three of the paper’s three coauthors – Eugene Steuerle, Signe-Mary McKernan,

and Caroline Ratcliffe – presented their findings at the 

FLEC Public Meeting on May 14, 2013

FINRA Financial Capability Studies

FLEC and its member agencies have helped to inform 

the design of the National Financial Capability 

Studies conducted by the FINRA Investor Education 

Foundation (FINRA Foundation). These seminal

studies offer significant data on the Americans’ financial capability, with data on the financial knowledge and attitudes of Americans in all fifty states and 

Washington, D.C. The FINRA Foundation also prepares a parallel Military Survey on the financial capabilities of military service membe

The FINRA Foundation consulted with FLEC, the 

CFPB, and the Departments of Treasury and Defense 

on the design of the latest national studies. To help

inform FLEC’s strategic focus on young people, the 

FINRA Foundation included survey questions on such 

topics as student debt

Strategic Partnership with the 

President’s Advisory Council 

on Financial Capability 

for Young Americans 

The President’s Advisory Council on Financial 

Capability of Young Americans was created by 

Executive Order in June 2013 to advise the President 

and the Secretary of the Treasury on how to promote the financial capability of young Americans and 

encourage building the financial capability of young 

people at an early stage in schools, families, communities and the workplace and through use of technology. The Council is comprised of the Secretaries

of Education and Treasury, and the Director of the 

CFPB, and 22 members from local and tribal government sectors, education, philanthropy, and the financial industry, amongst others. The Council’s name

and purpose reflects the influence of FLEC’s strategic 

focus on Starting Early for Financial Success. FLEC

is working the Council, just as it did with the previous 

President’s Advisory Council on Financial Capability 

(which completed its work on January 29, 2013). For

example, FDIC and NCUA staff, along with Treasury 

and CFPB staff provided a briefing to Council members on federal financial education programs for children, including youth savings initiatives

The previous President’s Advisory Council made a 

series of recommendations, many of which FLEC 

has implemented. Among them was a recommendation for the United States to participate in the financial literacy modules of the Program for International

Student Assessment (PISA). These modules, first

introduced in 2012, complement PISA’s core assessments of students’ understanding of mathematics, 

reading, science, and other subjects

40 The assessment, 

40. The U.S. Department of Education’s National Center for Educati

Statistics (NCES) manages United States participation in PISA, which 

is coordinated internationally by the Organization for Economic Cooperation and Development (OECD)
Strategy for Assuring Financial Empowerment (SAFE)

15

released in July 2014, provides the United States with 

unique data on the progress of national efforts toward 

enhancing the financial capability of youth. The

assessment found that US students on average fared 

approximately as well as the average among France, 

Spain, Israel and Russia. However, US students were

somewhat more clustered at the bottom levels of 

financial capability, meaning that 18 percent did not 

exceed a baseline level of proficiency in applying their 

knowledge to everyday situations

41 The Department 

of the Treasury and CFPB are working to support the 

Department of Education in its work on PISA

Planned Action and 

Expected Outcomes 

The FLEC is continuing the implementation of a number of activities described in this report during the next 

fiscal year and planning new joint actions to positively 

impact the financial literacy and decision making of 

Americans, especially young Americans. These activities include:

For Children, Youth and their Families:

• Encourage financial institutions to open savings accounts for children through venues such 

as school-based banks or credit union programs 

to help children build sound financial management habits

• Assist youth employment programs to provide 

opportunities for youth to obtain financial education and access to products and services, such 

as direct deposit into a bank or credit union 

account, to help them manage their money safely 

and affordably

41. OECD (2014), PISA 2012 Results: Students and Money: Financial

Literacy Skills for the 21st Century (Volume VI), PISA, OECD 

Publishing

• Support the integration of financial capability 

services into programs for low-income and vulnerable populations, including youth-serving 

programs and programs serving adults that act as 

financial facilitators for children and youth

For Students Pursuing Post-Secondary Education:

• Provide resources to help more school counselors and others to better guide students and their 

families to make sound financial decisions about 

higher education choices

• Encourage more institutions of higher education to expand financial education provided to 

students

• Provide information and tools to more federal 

student loan borrowers so that they can consider 

and adopt repayment options to help them manage their debt

In the Workplace:

• Provide information and tools to more workers 

in the federal government and beyond to help 

them make informed choices to manage their 

current needs and debt, and plan and save for 

their retirement

Across All Actions

• Use existing research and encourage new 

research and evaluation to inform effective 

policies and practices for promoting financial 

literacy and financial capability to help more 

Americans build sounder financial futures
Strategy for Assuring Financial Empowerment (SAFE)

16

Appendix I: MyMoney.gov 

Website and the MyMoney Five

FLEC’s website MyMoney.gov gives the public access,

through a single point of entry, to a diverse range of federal financial education material. More than 200,000

people visited the site at least once in the second half of 

2013, and nearly 500,000 visited in Fiscal Year 2014

Treasury staff maintains and regularly enhances this 

central clearinghouse, which collects content from 

FLEC members. The MyMoney.gov site provides link

to relevant financial literacy material on the websites of 

FLEC member agencies, thus driving traffic to those 

sites. FLEC members promote MyMoney.gov on thei

own websites and in their publications

In response to a visitor satisfaction survey, FLEC redesigned the website in 2013 and reorganized its content

Key features of the redesign consisted of introducing 

“the MyMoney Five” and reorganizing the website content according to the MyMoney Five categories, adding 

a substantial Research and Data Clearinghouse, and 

enhancing site navigation and search features. Users

can easily find information categorized for youth, educators, and researchers

MyMoney Five

The redesigned infographic introduced the MyMoney 

Five –earning, spending, saving and investing, protecting, and planning – and made these categories the 

organizing principle for all content on the site. The

MyMoney Five represent the fundamental topics of 

financial literacy: the indispensable areas of knowledge that Americans need to develop healthy financial 

habits, navigate the plethora of financial products successfully, and make sound decisions to plan and secure 

their financial future. By realigning all content into

these five areas, the website allows visitors easily and 

quickly to find the resources they need

The homepage presents an infographic that visually 

summarizes the MyMoney Five (see illustration). FLEC

selected this graphic after conducting focus groups to test 

this and several creative designs. The leaf design, with a

dollar sign in its center, depicts the MyMoney Five and 

The homepage of MyMoney.gov displays the MyMoney Fiv

The MyMoney Five Infographic
Strategy for Assuring Financial Empowerment (SAFE)

17

communicates a larger message about the importance of 

improving financial literacy and capability

The website explains each of the MyMoney Five categories with helpful, action-oriented precepts and succinct 

suggestions of “Actions You Can Take” and “Hints and 

Tips.” The “Save and Invest” landing page, for example, explains the importance of saving regularly, opening a bank or credit union account, and using savings

to be ready for unplanned or emergency needs

Since its introduction, the MyMoney Five has served 

as a model for individual FLEC agencies to enhance 

their own resources. The FDIC, for example, used the

MyMoney Five (formerly called Core Competencies) 

to update the audio version of Money Smart (known as 

the Money Smart Podcast Network)

USDA/NIFA’s Family and Consumer Economics 

Program featured the MyMoney Five in its conference with its Cooperative Extension network in 2012

Titled, “Engaging in Leadership: National Strategy for 

Financial Literacy,” the conference devoted sessions to 

each of the MyMoney Five building blocks

FLEC also encourages entities outside the federal government to use the MyMoney Five to enrich their 

financial education efforts. Some already have done s

The State of West Virginia, for example, has made the 

MyMoney Five a part of its “Money Matters” financial 

literacy program, which has been presented to more than 

38,000 students since 2000. The state has integrated the

MyMoney Five into a Money Matters Instructional 

Guides for middle school and high school teachers

The Instructional Guides show how to integrate Money 

Matters into the core curriculum for each grade

Research and Data Clearinghouse

In a second significant enhancement to content on 

MyMoney.gov, FLEC added a Research and Data

Clearinghouse (FLEC RDC) in 2012. The online

repository contains more than 300 reports and articles, 

plus a select number of datasets, from research published or sponsored by more than 20 Federal agencies

The material is organized according to the MyMoney 

Five. By offering easy access in a single place to federally supported research and data, the central clearinghouse will promote research, policy and practice in

financial education and literacy

Appendix II: MyMoney Tollfree Hotline: 1-888-MyMoney

The MyMoney Toll-free hotline, 1-888-MyMoney, has 

served as a toll-free telephone number made available 

to the public seeking information pertaining to financial literacy and education

Callers could use the line to request “MyMoney personal finance toolkits,” comprised the following publications from FLEC member agencies: 

• Your Insured Deposits (FDIC), 

• Saving and Investing: A Roadmap to Your 

Financial Security through Saving and 

Investing (SEC), 

• Ask Questions: Questions You Should Ask 

About Your Investments (SEC), 

• Social Security: Understanding the Benefits (SSA), 

• Consumer Action Handbook (GSA), and 

• Consumer Information Catalog (GSA)

The General Services Administration’s Federal Citizen 

Information Center (FCIC) reported handled the following calls and order requests in the previous two fiscal years:

• FY 2013: 1,488 calls; 363 English toolkit orders 

plus 10 Spanish toolkit orders
Strategy for Assuring Financial Empowerment (SAFE)

18

• FY 2012: 1,885 calls; 377 English toolkit orders 

plus 11 Spanish toolkit orders

In June 2014, the FLEC replaced 1-888-MyMoney 

with 1-800-FED-INFO, the GSA’s National Contact 

Center, which provides information about federal agencies, programs, benefits, and services, including topics 

related to financial literacy and education. The National

Contact Center provides trained specialists who can 

answer questions in English or Spanish, or refer callers 

to appropriate agencies, including FLEC member agencies. Callers requesting printed materials are referred to a

site where they may order financial literacy publications

In addition, the CFPB offers a toll free number and 

website where Americans can call with complaints 

about consumer financial products and services including student loans, vehicle loans, consumer loans, credit 

cards, mortgages, bank accounts, bank services, etc

The CFPB forwards the complaints to the appropriate companies and work to get responses from them

The number is (855) 411-CFPB (2372), and the TTY/

TDD is (855) 729-CFPB (2372). The website is http:/

www.consumerfinance.gov/complaint

The Federal Trade Commission (FTC) offers a toll-free 

number at 1-877-FTC-HELP (382-4357), and online 

complaint assistance in English and Spanish at FTC.gov

complaint. Consumers can file a complaint about fraud

and scams related to personal finance topics such as credit 

repair, debt collection, as well as investments and government grants. The FTC also has information for financial

educators at http://www.FTC.gov/moneymatters

Appendix III: Expanded Consumer 

Protections on Remittances

The Remittance Transfer Rule, adopted by CFPB in 

2013, provides important consumer protections for 

immigrants, guest workers and others who send remittances to their families abroad. According to CFPB,

about five percent of U.S. households send remittances, according to the U.S. Census Bureau. Mos

the remittances go to Mexico, Caribbean, China, India 

and the Philippines. Remarkably, though remittance

senders are generally low-income, they send about 

15 percent of income to their families abroad. CFPB

has launched a consumer education campaign on the 

new remittance rules, with information in English, 

Spanish, Chinese, Tagalog and French-Creole. FLEC

is supporting CFPB in its outreach campaign

42

Appendix IV: For Further Information

Following are links to sources cited in this report

FLEC 

FLEC’s website gives the public access to a diverse 

range of federal financial education material through a 

single point of entry. www.MyMoney.g

Information about FLEC, including minutes of 

meetings. http://www. treasury.gov/resourcecenter/financial-education/ Pages/commissionindex.a

Archived webcasts, presentations, and minutes of 

FLEC events

» Field hearing at the University of Wisconsin 

- Madison on “Starting Early: Youth and 

Post-Secondary Financial Education,” 

September 25, 2013 http://www.youtube.com/

watch?v=-jB2h0Z0Smk&noredirect=1

42. The legislation mandating the establishment of new consumer protections

for remittance users refers specifically to FLEC: “(2) ASSISTANCE 

TO FINANCIAL LITERACY COMMISSION.—As part of its

duties as members of the Financial Literacy and Education Commission, 

the Bureau, the Federal banking agencies, and the National Credit 

Union Administration shall assist the Financial Literacy and Education 

Commission in executing the Strategy for Assuring Financial 

Empowerment (or the ‘‘SAFE Strategy’’), as it relates to remittances.” 12

USC 5601 and SEC. 1073 of the Dodd-Frank Ac
Strategy for Assuring Financial Empowerment (SAFE)

19

» Public Meeting on “Higher Education 

Decision Making,” October 2013 http://www.

treasury.gov/resource-center/financial-education/

Pages/flec10-23-2013.aspx

FLEC’s Research Priorities and Research Questions, 

May 2012. http://www.treasury.gov/resourcecenter/financial-education/Documents/2012%2

Research%20Priorities%20-%20May%2012.pdf

FLEC’s Research Priorities applied to the 2013-2014 

Strategic Focus, May 2013. http://www.treasury

gov/resource-center/financial-education/Documents/

Starting%20Early%20Research%20Priorities%20

May%202013.pdf

Publications of FLEC Members

Consumer Financial Protection Bureau 

(CFPB) and Department of Health 

and Human Services (HHS): 

Building Financial Capability in Youth Employment 

Programs. http://www.acf.hhs.gov/programs/ocs

resource/building-financial-capability-in-youthemployment-programs

CFPB:

Transforming the financial lives of a generation of 

young Americans: Policy recommendations for 

advancing K-12 financial education (April 2013)

http://files.consumerfinance.gov/f/201304_cfpb_

OFE-Policy-White-Paper-Final.pdf

Financial wellness at work: A review of promising 

practices and policies (August 2014). http:/

files.consumerfinance.gov/f/201408_cfpb_report_

financial-wellness-at-work.pdf

HHS:

A Financial Empowerment Toolkit for Youth 

and Young Adults in Foster Care. http:/

www.acf.hhs.gov/programs/cb/resource/

financial-empowerment-toolkit

Tip Sheet Series: 

» Get Tax Savvy: What You Need to Know 

About Taxes. http://tinyurl.com/ll4fgl

» Creating a Credit Profile: How To Build Your 

Credit. http://tinyurl.com/ld6dr5

» Know Your Credit History: How to Interpret 

a Credit Report. http://tinyurl.com/oql79c

» Protect Yourself and Your Stuff: What You 

Need to Know About Insurance. http://tinyurl

com/p5bfbr8

Building Financial Capability: A Planning 

Guide for Integrated Services. http:/

www.acf.hhs.gov/programs/ocs/resource/

afi-resource-guide-building-financial-capability

Department of Education

Financial Aid Toolkit: an online “one-stop shop” 

toolkit aimed at guidance counselors and 

other advisers, such as mentors or volunteers 

at community-based organizations, who assist 

students through the process of selecting and 

financing their higher education. The Financial

Aid Toolkit consolidates financial aid resources 

into a searchable online database, making it easy 

for individuals to quickly access the information 

they need to support their students. http://www

financialaidtoolkit.ed.gov
Strategy for Assuring Financial Empowerment (SAFE)

20

Office of the Comptroller of the Currency:

Financial Literacy Update. An electronic newslette

http://www.occ.gov/topics/community-affairs/

resource-directories/financial-literacy/indexfinancial-literacy.html

Financial Literacy Resource Web Directory. http:/

www.occ.gov/topics/community-affairs/resourcedirectories/financial-literacy/index-financial-literacy.

html

2009 Insights Report: School-Based Bank Savings 

Programs: Bringing Financial Education to 

Students. http://www.occ.gov/topics/communityaffairs/publications/insights/insights-school-basedbank-savings-programs.pd

Department of Agriculture:

Research, Education, and Extension (REE) 2012 

Action Plan. http://www.ree.usda.gov/ree/news

USDA_REE_Action_Plan_02-2012_2.pdf

Research on Higher Education

Michael S. Gutter, Zeynep Copur, and Selen

Garrison, “Financial Capabilities of College 

Students from States with Varying Financial 

Education Policies,” National Endowment for 

Financial Education, 2010. http://www.nefe.org

Portals/0/WhatWeProvide/PrimaryResearch/PDF/

Gutter_FinCapofCollegeStudents_ExecSumm.pdf

The U.S. Department of the Treasury and the 

Department of Education, “The Economics of 

Higher Education,” December 2012. http://www

treasury.gov/connect/blog/Documents/20121212_

Economics%20of%20Higher%20Ed_vFINAL.pdf

The Project on Student Loan Debt, the Institute 

for College Access & Success. http:/

projectonstudentdebt.org/state_by_state-data.php

Elliott, William. “Creating A Financial Stake in

College” New America Foundation and Center 

for Social Development, January 2012:

» Report I of IV: “Why Policymakers Should 

Care about Children’s Savings” assets.http://

files.eric.ed.gov/fulltext/ED540300.pdf 

» Elliott, William. Report III of IV: We Save,

We Go to College” http://csd.wustl.edu/

Publications/Documents/RP12-04.pdf 

Research on Financial Education 

for Children and Young People

Grinstein-Weiss, Michal, Jonathan Spader, Yeong 

Eo, Elizabeth Books Freeze, and Andrea Taylor

(Working Paper, January 2011): “Parental 

Transfer of Financial Knowledge and Later 

Credit Outcomes Among Low and Moderate 

Income Homeowners.” Center for Community

Capital, The University of North Carolina at 

Chapel Hill. http://www.ccc.unc.edu/documents

ParentalTransferFinancialKnow.Jan.2011.pdf

Cole, Shawn, Anna Paulson, and Gauri Kartini 

Shastry. 2013. “High School and Financia

Outcomes: The Impact of Mandated Personal 

Finance and Mathematics Courses.” Harvard

Business School Working Paper 13-064. http:/

www.hbs.edu/faculty/Publication%20Files/13-

064_777c0127-531b-4273-97ab-f0c9954e757a.pdf

University of Arizona, “Financial Readiness 

for Youth: A Review of the Literature and 

Programs in the United States” February 2013

reachmilitaryfamilies.arizona.edu/sites/default/files/

rdoc/Financial%20Readiness%20for%20Youth.pdf
Strategy for Assuring Financial Empowerment (SAFE)

21

Wiedrich, Kasey, J. Michael Collins, Laura Rosen,

and Ida Rademacher, 2014. “Financial Education

and Account Access Among Elementary 

Students: Findings from the Assessing 

Financial Capability Outcomes (AFCO) Youth 

Pilot”http://www.treasury.gov/resource-center/

financial-education/Documents/Financial%20

Education%20%20Account%20Access%20Among%20

Elementary%20Students%20Findings%20from%20

the%20Assessing%20Financial%20Capability%20

Outcomes%20You....pdf » Research Brief. http://www.treasury.gov

resource-center/financial-education/Documents/

AFCO%20Youth%20Research%20Brief.pdf

» Lessons from the Field. http://www.tre-

sury.gov/resource-center/financial-education/

Documents/AFCO%20Youth%20Lessons%20

from%20the%20Field%20-%20Amarillo.pdf

Research on Financial Prospects 

for Young Americans

Eugene Steuerle, Signe-Mary McKernan, Caroline 

Ratcliffe, and Sisi Zhang, Lost Generations? 

Wealth Building among Young Americans, the 

Urban Institute

The authors presented their findings at the FLEC 

Public Meeting on May 14, 2013. Available a

http://www.urban.org/publications/412766.html

Meta Brown, Wilbert van der Klaauw, Jaya Wen, and 

Basit Zafar, “Financial Education and the Debt 

Behavior of the Young,” Federal Reserve Bank of 

New York Staff Report Number 634, 2013. http:/

www.newyorkfed.org/research/staff_reports/sr634.html
Financial Literacy and Education Commission

www.mymoney.gov

Diploma

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