Diploma

&

Strategy for Assuring 

Financial Empowerment 

(SAFE) Report

Submitted by

The Financial Literacy and Education Commission

2016

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 the Interior (DOI)

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 ................................. 2

Vision: Sustained Financial Well-Being for All Individuals and Families in the U.S. .......3

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

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

Families Make Informed Financial Decisions .................................................................3

II. Strategic Focus on “Starting Early for Financial Success”......................................... 3

Financial Capability, College and Career Readiness for Young People .............................4

Youth Financial Capability............................................................................................4

Career Readiness for Young People..................................................................................6

III. Starting Early for Financial Stability and Long-Term Savings and Investing........... 9

Retirement and Long-Term Savings.............................................................................10

IV. Research and Evaluation......................................................................................... 13

V. Other Recent Activities .......................................................................................... 15

FLEC Public Meetings................................................................................................15

Program Changes ........................................................................................................16

Other Related FLEC Agency Activities .......................................................................16

Older Americans..........................................................................................................17

Notable Partnerships and Tools ....................................................................................17

VII. Activities for the Year Ahead.................................................................................. 20

Appendix......................................................................................................................... 21
Strategy for Assuring Financial Empowerment (SAFE)

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I. Executive Summary

Since its establishment in 2003, the Financial Literacy 

and Education Commission (FLEC) has coordinated 

the federal government’s efforts in promoting financial literacy, education and capability. Composed of 

government agencies and the White House Domestic 

Policy Council (DPC), the FLEC manages its activities collaboratively, focusing on direct education and 

outreach, supporting practitioners, and promoting 

research and evaluation. Together, the FLEC builds 

on and enhances the diverse priorities and expertise of 

its member agencies. Through these efforts the FLEC 

works toward its vision of sustained financial wellbeing for all individuals and families in the United 

States.

The Strategy for Assuring Financial Empowerment 

(SAFE) Report 2016 highlights the actions taken by 

FLEC in the past year. Continuing its strategic focus 

of “Starting Early for Financial Success,” the FLEC 

has concentrated on reaching children, youth and 

young adults at the early stages of life to help them 

prepare for their financial futures. Developing financial knowledge and positive behavior early is important 

for young people’s long-term personal financial wellbeing and contributes to the overall economic health of 

the nation. This work and this 2016 Report have been 

organized into three broad categories: financial capability and college and career readiness for young people; starting early for financial stability and long-term 

savings and investing; and research and evaluation. 

In each of these sections, recent federal financial education materials and actions are described. Where 

applicable, their availability, use, impact and success 

are detailed. Special attention is focused on historically 

underserved communities that have lacked access to 

financial literacy materials and education. 

Following these sections, this report provides other 

updates on FLEC’s work for the last year and the plan 

for the year ahead. Additional information about the 

FLEC, including www.mymoney.gov, meetings and 

hearings, can be found in the Appendix.

Background on the Financial Literacy 

and Education Commission

The Financial Literacy and Education Commission 

(FLEC, or the Commission) was established under the 

Fair and Accurate Credit Transactions Act of 2003. 

As of this report, the FLEC is comprised of 22 federal agencies and the White House Domestic Policy 

Council. FLEC was tasked with developing a national 

financial education website (www.mymoney.gov) and a 

national strategy on financial education. In 2011, the 

FLEC issued Promoting Financial Success in the U.S.: 

The National Strategy for Financial Literacy. That document laid out the vision, mission and goals which have 

guided the FLEC. In November 2016, the FLEC 

issued the National Strategy for Financial Literacy 

Update1to highlight the state of financial education and 

describe the changes to the field since 2011, and discuss the actions the Commission has taken to advance 

the National Strategy’s goals.

In 2016 the Department of the Interior (DOI) was 

added to FLEC, notably due to the work of the Office 

of the Special Trustee for American Indians (OST), 

which has the primary fiduciary responsibility to manage both tribal trust funds and Individual Indian 

Money accounts. As part of this responsibility, the 

DOI and OST promotes financial education among 

Native families, including young people. 

1 https://www.treasury.gov/resource-center/financialeducation/Documents/National%20Strategy%20for%20

Financial%20Literacy%202016%20Update.pdf
Strategy for Assuring Financial Empowerment (SAFE)

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Vision: Sustained Financial Well-Being for 

All Individuals and Families in the U.S.

The National Strategy established a long-term vision of 

financial well-being, financial stability, and financial 

security for the diverse U.S. population. Individuals 

have financial well-being when they can meet current 

and ongoing obligations, feel secure in their financial 

future, and are able to make choices that allow enjoyment of life.2

 The National Strategy seeks to foster a culture in which people take action to secure their financial well-being. Some of these actions can include: taking periodic stock of their financial situations; seeking information and asking questions before entering into financial transactions; and universal access 

to use tools and information needed to help manage 

debt, saving to meet financial goals, and planning 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 achieving the 

FLEC’s vision. These action areas—policy, education, 

practice, research, and coordination—are influenced 

by all participants in the field of financial education. 

These encompass federal government and national 

organizations; state and regional organizations; communities; and schools, all of which help to 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.

2 Consumer Financial Protection Bureau, Financial Well-Being: 

The Goal of Financial Education, (January 2015), http://www.

consumerfinance.gov/f/201501_cfpb_report_financial-wellbeing.pdf. 

The National Strategy identifies four 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 goals serve not only as a course of action for 

the federal government, but also for financial education 

field as a whole. These goals are to:

• 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.

In 2016, the FLEC released a National Strategy Update3

This document summarizes the learning and achievements of recent years, as well as highlights areas where 

our efforts can continue to evolve toward attaining our 

shared vision. 

II. Strategic Focus on “Starting 

Early for Financial Success”

Since 2012, FLEC has a strategic focus on reaching 

young people at the early stages of life to help them 

prepare for their financial futures. Building financial knowledge and behaviors early is important for 

young people’s long-term personal financial well-being 

and contributes to the overall economic health of the 

nation. This work has generally been organized in three 

3 The 2016 National Strategy Update can be found here: https://

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

Documents/National%20Strategy%20for%20Financial%20

Literacy%202016%20Update.pdf
Strategy for Assuring Financial Empowerment (SAFE)

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areas, and this Report organizes the FLEC’s activities 

in these areas:

• Financial Capability, College and Career 

Readiness for Young People 

• Starting Early for Financial Stability and LongTerm Savings and Investing 

• Research and Evaluation

In each of these sections, recent federal financial education materials and actions are described, and where 

applicable, their availability, use, impact and success are 

detailed. Each section describes activities targeted to 

historically underserved communities that have lacked 

access to financial literacy materials and education.

Following these sections, this report provides other 

updates on FLEC’s work for the last year and the 

plan for the year ahead. Additional information about 

the FLEC, including mymoney.gov and meetings and 

hearings, can be found in the Appendix.

Financial Capability, College and 

Career Readiness for Young People 

The FLEC has explored ways to help young people 

prepare for a more financially capable adulthood, and 

has identified that the FLEC can be most effective by 

providing tools, information and guidance to parents, 

teachers, and others who work on how to talk to youth 

about managing money. The FLEC encourages the 

provision of hands-on learning opportunities, including establishing 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. 

This section describes some examples of FLEC members’ collaborative activities during the last year to help 

build financial capability among young people. Where 

available, data on use and impact are included, as well 

as a description of activities that serve communities 

that have historically lacked access to financial literacy 

materials and education and have been underserved by 

the mainstream financial systems. 

Youth Financial Capability

Money as You Grow4

The Consumer Financial Protection Bureau (CFPB) 

has created a web page for parents and caregivers 

focused on three stages of childhood development: 

early childhood, middle childhood, and teen years 

and young adulthood. For each stage, the CFPB offers 

practical activities and conversation starters that can 

contribute to specific, age-appropriate knowledge and 

behavior. These activities and conversation starters are 

based in large part on Money as You Grow, a web site 

initiative recommended by the President’s Advisory 

Council on Financial Capability. 

Advancing K-12 Financial Education: A Guide for 

Policymakers 5

This CFPB guide connects community leaders and 

education decision-makers with tools, information, 

and insights to enhance primary and secondary financial education efforts. The guide provides a framework, case studies, and resources for those interested in 

implementing primary and secondary financial education initiatives in their communities. 

4 www.consumerfinance.gov/MoneyAsYouGrow/

5 http://www.consumerfinance.gov/data-research/researchreports/advancing-k-12-financial-education-a-guide-forpolicymakers
Strategy for Assuring Financial Empowerment (SAFE)

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Youth Financial Education Curriculum Review Tool 6

This CFPB’s Youth Financial Education Curriculum 

Review Tool helps educators compare and review financial education curricula within four key areas: content, 

quality, utility, and efficacy. This resource can help educators and subject-matter experts review financial education materials and determine which curriculum best 

suits their students. This resource also supports curriculum developers who are creating or revising tomorrow’s financial education curricula by helping them 

identify strengths and areas for further development. 

Personal Finance Pedagogy7

The CFPB developed the Personal Finance Pedagogy

as a research-based framework for teaching personal 

finance skills to children. The Personal Finance Pedagogy

is designed to help teachers work with their students to 

improve executive functioning skills such as planning 

and problem-solving; to create and encourage positive 

financial habits and effective money management; to 

build financial research skills to compare and contrast 

options; and to help teachers to design safe opportunities for youth to practice financial decision-making. 

Money Smart for Young People8

The Federal Deposit Insurance Corporation (FDIC) 

worked with FLEC members to update its Money 

Smart for Young People (MSYP) in 2016. The update 

incorporates educational resources and programs from 

other FLEC agencies. Money Smart for Young People

was originally released in 2015 in collaboration with 

the CFPB.

6 http://www.consumerfinance.gov/data-research/researchreports/youth-financial-education-curriculum-review-tool/

7 http://files.consumerfinance.gov/f/documents/092016_cfpb_

YouthFinEdPedagogy.pdf

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

young.html

Money Smart for Young People is a curriculum designed 

to involve teachers, students, and parents/caregivers in 

the learning process that is aligned with the Jump$tart 

Financial Literacy Standards, National Standards in 

Economics by Council for Economic Education, and 

the Common Core. The Parent/Caregiver Guide offers 

exercises, activities, and conversation starters on key 

financial topics, such as prioritizing spending decisions and staying safe online. The Educator Guide suggests ways to incorporate financial education instruction into academic disciplines such as math. The guides 

are available in English and Spanish. Lesson plans for 

MSYP were downloaded more than 28,000 times during its first full year of production. Additionally, 189 

educators from 26 school districts received professional 

development training to assist them in using MSYP as 

part of a small pilot project. 

The Teacher Online Resource Center9

Educators can use this FDIC website to access curriculum and other resources from across FLEC agencies, 

including the CFPB, which support financial literacy 

instruction. The Teacher Online Resource Center will 

soon be enhanced by five new videos that showcase 

the key features of the Money Smart for Young People

curriculum. 

Youth Savings Pilot Program10

The FDIC’s Youth Savings Pilot Program is designed to 

better understand how financial education efforts can 

be enhanced through hands-on learning opportunities. 

The Youth Savings Pilot Program is aimed at identifying 

promising approaches to financial education tied to the 

opening of safe, low-cost savings accounts for schoolaged children. The FDIC promoted knowledge-sharing 

9 https://www.fdic.gov/teachers

10 https://www.fdic.gov/consumers/assistance/protection/

depaccounts/youthsavings/index.html
Strategy for Assuring Financial Empowerment (SAFE)

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among the 21 banks in the pilot, asking questions and 

sharing information about the program design and 

structure with peers. Approaches to program evaluation, offering incentives, and opening accounts are all 

critical success factors that are being studied as part 

of the pilot. A symposium brought together representatives from banks, non-profits and school partners in the pilot to discuss lessons learned and inform 

the development of the summary report to be released 

in early 2017. The report will communicate lessons 

learned and offer promising practices for banks to work 

with schools and other organizations to emphasize the 

importance of savings accounts when providing financial education. 

Your Mission in Action: Developing Youth Financial 

Literacy and Savings Programs11

As part of National Financial Capability Month, 

the National Credit Union Administration (NCUA) 

hosted its annual financial literacy webinar. The webinar informed credit unions about youth financial literacy initiatives, resources, and opportunities available 

from credit unions, NCUA, other federal government 

agencies, and non-profit groups.

World of Cents and MyCreditUnion.gov12

NCUA released “World of Cents,”13 a new online 

interactive financial learning tool. The “World of 

Cents” learning experience touches on the important building blocks for making smart financial decisions, such as math skills, good savings habits and 

the concepts of earning, saving and spending money.

“World of Cents” is found on NCUA’s consumer 

website, MyCreditUnion.gov, and its financial literacy 

11 https://www.youtube.com/watch?v=BLMI7iZ6wGk

12 https://www.mycreditunion.gov/Pages/default.aspx

13 https://www.mycreditunion.gov/Pages/world-of-cents-game.

aspx

microsite, Pocket Cents. NCUA’s consumer website 

MyCreditUnion.gov had 742,613 visits in 2015, an 

increase of more than 31 percent from 564,970 visits in 

2014; the Spanish version of the site had 47,547 visits.

A Financial Empowerment Toolkit for Youth and 

Young Adults in Foster Care14

This toolkit from the Department of Health and 

Human Services (HHS) provides resources that youth 

service organizations can use to help vulnerable young 

adults achieve greater financial capability. These complement the online resources and tools developed by 

the CFPB15 that foster care caseworkers can use to protect foster youth from identity theft.

Make a New Year’s Resolution to Save in 2016: 

Financial Literacy for a Brighter Future! 

The Department of Labor’s Employment and Training 

Administration (DOL/ETA) partnered with America 

Saves to offer tips and share resources on savings and 

to promote America Saves Week. The webinar offered 

as part of this partnership also presented highlights 

of the agency’s work on financial literacy under the 

Workforce Innovation and Opportunity Act (WIOA) 

and on the technical assistance to the workforce system that offers financial education to out-of-school 

youth. The Office of Disability Employment Policy 

discussed financial literacy issues that were specific to 

the differently-abled.

14 http://www.acf.hhs.gov/programs/cb/resource/financialempowerment-toolkit

15 http://www.consumerfinance.gov/about-us/blog/how-toprotect-vulnerable-children-from-identity-theft/#dispute
Strategy for Assuring Financial Empowerment (SAFE)

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Career Readiness for Young People

Resource Guide for Financial Institutions: 

Incorporating Financial Capability into Youth 

Employment Programs16

FLEC continues its effort to include high-quality 

financial education and access to banking products 

in youth employment programs. In fall 2016, FLEC 

released a guide for financial institutions interested in 

enhancing financial capability through partnerships 

with youth employment programs. The guide maps out 

how and why financial institutions can help young people, especially low- and moderate-income young people, achieve greater financial well-being and employment success. The document highlights youth employment programs funded under the WIOA and locally 

funded programs that have formed strong and effective 

partnerships with financial institutions. It is intended 

to help more financial institutions build on these successful approaches.

Youth Employment Success (YES) Pilot Program

In 2015, the CFPB and DOL/ETA launched a technical assistance pilot to support the integration of 

financial capability in municipal youth employment 

programs, with assistance from other FLEC agencies. Youth Employment Success Pilot Program (YES) 

worked with 24 city youth employment programs to 

provide assistance in curriculum development and systems-level integration, and to create a learning cohort 

for programs to share their experiences. The FDIC 

also shared a crosswalk to map its Money Smart financial education resources to the WIOA financial literacy education program element. DOL/ETA, CFPB, 

16 https://www.treasury.gov/resource-center/financialeducation/SiteAssets/Pages/flec11032016/Resource%20

Guide%20for%20Financial%20Institutions_FLEC%20

D11%202%2016.pdf

and the National League of Cities offered a webinar on 

lessons learned infusing financial capability into summer youth programs and strategies for building financial capability in communities. 17 In early 2017 the 

YES will convene program managers, stakeholders, 

and partners for a roundtable to discuss opportunities 

for further collaboration.

How to Leverage Financial Education to Improve the 

Impact of WIOA Conference18

The Federal Reserve Banks of Boston and New York, 

along with DOL/ETA’s Region 1, hosted this event, 

which included Treasury and other FLEC agencies. 

Presenters highlighted financial literacy initiatives and 

program models, delivery strategies, and tools and 

resources for building successful workforce programs. 

It also focused on developing partnerships that result 

in financially capable youth and positive program outcomes. Subject matter experts offered technical assistance to workforce practitioners on options for delivering financial services. 

Social Security Administration’s Youth Employment 

Resources

The SSA created four new resources that can be used by 

other agencies, non-profit organizations, educators and 

youth employment programs to educate youth about 

Social Security benefits and the Federal Insurance 

Contributions Act (FICA). The documents and infographics can be incorporated into financial education 

curriculum or as stand-alone educational materials. 

These resources are being included in the curriculum of 

17 https://www.workforcegps.org/events/2015/04/01/12/02/

Financial_Capability_Youth_Employment_Programs_Steps_

Get_Started

18 https://www.bostonfed.org/news-and-events/events/2015/

leveraging-financial-education-wioa-event.aspx
Strategy for Assuring Financial Empowerment (SAFE)

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the America Saves for Young Workers 2017 Summer 

Employment Program in 27 cities.

Get Financially Fit Early In Your Career19

The Department of Labor’s Employee Benefits Security 

Administration (DOL/EBSA), the Department of 

Education (ED) and the Federal Trade Commission 

(FTC) held webinars for new workers to help them 

make informed financial decisions and get a good 

financial start. The webinars discussing setting goals 

and saving, options for student loans and managing 

credit and debt. 

Save That Money – Money Skills for College Seniors, 

New Workers, and Their Parents20

DOL/EBSA, CFPB and ED produced a webinar 

that provided information to help prepare college seniors and new workers to make solid financial decisions. 

Topics included planning, budgeting,saving, and 

managing debt, including student loans. The agencies 

invited parents to share their knowledge and skills to 

prepare their children to manage their financial lives, 

especially as they reach important milestones.

DOL and USDA Rural Youth Briefing Roundtable

DOL/EBSA worked with the U.S. Department of 

Agriculture (USDA) to host a financial literacy briefing with youth attending the 2016 USDA National 

4-H Conference. The youth briefed DOL staff on how 

DOL could encourage youth ages 16 to 24 earning a 

paycheck for the first time to gain financial capability 

and save and plan for their financial future. The youth 

also discussed the challenges of using social media for 

outreach.

19 https://studentaid.ed.gov/sa/es/node/663

20 https://studentaid.ed.gov/sa/events/money-skillswebinar-2016-04

Youth.gov21

FLEC members use this federal government website, 

which helps people create, maintain, and strengthen 

effective youth programs, to introduce resources on 

financial capability and literacy from across the FLEC 

agencies.

College Readiness for Young People

Federal Financial Aid

Making beneficial financial decisions about post-secondary education before selecting an institution of 

higher learning can contribute to financial well-being 

before and after higher education. The FLEC is working to make more students and their families aware 

of federal financial aid resources that can help them 

make sound decisions about their post-secondary 

options. Besides the Free Application for Federal Student 

Aid (FAFSA22), the CFPB’s Paying for College23 which 

includes resources on student loan repayment options, 

and the Financial Aid Toolkit,24 College Scorecard, and 

Financial Aid Shopping Sheet are all tools that can be 

used to help optimize the college decision-making process toward improved college outcomes.

Opportunities to Improve the Financial Capability and 

Financial Well-being of Post-Secondary Students25

The FLEC released this report, which: identifies the 

state of financial education among post-secondary students; underscores current efforts to enhance financial 

education in a number of institutions; and identifies 

21 http://youth.gov/

22 https://fafsa.ed.gov/

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

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

25 https://www.treasury.gov/resource-center/financial 

education/Documents/Opportunities%20to%20Improve%20

the%20Financial%20Capability%20and%20Financial%20

Wellbeing%20of%20Postsecondary%20Students.pdf
Strategy for Assuring Financial Empowerment (SAFE)

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issues regarding students’ understanding of financial 

aid and financial education topics. The report includes 

federal government policies and resources that can be 

used to improve personal and financial outcomes for 

students. The report concludes with recommendations for how institutions of higher education can better equip students to make critical financial decisions 

throughout their lives.

The role of colleges and universities was also highlighted 

at the February 2016 FLEC meeting through a panel 

on “Leading Practices in Post-secondary Education.” 

This panel included representatives from the Texas 

Guaranteed Student Loan Corporation, The Ohio 

State University, and Prince George’s Community 

College. ED has also encouraged best practices by 

sponsoring a Community College Financial Capability 

roundtable and presenting on financial education and 

research opportunities at a meeting of Historically 

Black Colleges and Universities (HBCUs).

ED’s Federal Student Aid (FSA) issues the Financial 

Literacy Guidance26 to all colleges and universities that 

process student aid. To help colleges and universities develop partnerships to provide on-campus or cobranded banking products that are more consumerfriendly, the CFPB released the Safe Student Account 

Toolkit.

27 It provides specific provisions and criteria 

that institutions can use to compare different product 

features and evaluate which might better serve their 

students. 

Once students enter college, they frequently benefit 

from receiving financial education as part of their education. ED mandates entrance and exit counseling for 

students who borrow using federal loans. FLEC is also 

26 https://financialaidtoolkit.ed.gov/resources/fin-lit-guidance.

pdf

27 http://files.consumerfinance.gov/f/201512_cfpb_safestudent-account-toolkit.pdf

promoting better communication to make borrowers 

aware of payment plans available on federal student 

loans, including income-based repayment plans that 

cap loan payments. 

FLEC members also have promoted a number of 

resources to prospective and current students, as well 

as those who have completed their education who need 

assistance with student debt. Many of these outreach 

activities are targeted to or are likely to reach underserved populations. These include integrating information on federal student aid in key resources, such as 

USDA’s eXtension, FDIC’s Money Smart curriculum 

and blogs cross-posted by ED and General Services 

Administration (GSA). Outreach conducted included 

a 4-H webinar about financial aid resources; CFPB and 

FSA co-hosted Twitter Office Hours; ED-presented 

student loan repayment webinar for 400 Department 

of Veterans Affairs (VA) employees; and training sessions to ED’s TRIO grantees. 

III.Starting Early for Financial 

Stability and Long-Term 

Savings and Investing

Improving financial capability throughout life begins 

with starting early for financial stability and longterm savings and investing. Transforming hard-earned 

income into a secure and dignified retirement is critical for the sustained financial success of Americans 

and their families. Robust levels of retirement savings 

also have substantial macroeconomic effects far beyond 

the individual household. Nonetheless, too many 

Americans are not planning for retirement. The Federal 

Reserve Board’s 2013 Survey of Consumer Finances 28

shows that fewer than half of households had retirement savings accounts, and even for those that do have 

28 https://www.federalreserve.gov/pubs/bulletin/2014/pdf/

scf14.pdf
Strategy for Assuring Financial Empowerment (SAFE)

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them, balances are far from adequate to cover retirement needs. According to a 2016 survey, more than 

half of workers report that they have less than $25,000 

in savings.29 This may be because they are focused on 

managing debts. It may also be due to a lack of availability and accessibility of long-term savings products. 

Troublingly, more than half of Americans are worried 

about running out of money in retirement.30 

This section describes some examples of FLEC members’ collaborative activities in the last year to help build 

financial capability, stability, and positive long-term 

savings and investing behaviors. Examples include 

activities that serve communities that lack access to 

financial literacy materials and education and historically have been underserved by mainstream financial systems. Where data are available, the descriptions identify the impact of the information on people’s financial knowledge and behavior.

For many Americans, the best opportunity to save and 

invest is through a workplace retirement plan such as 

a 401(k). But many Americans lack any access to a 

workplace retirement savings or pension plans. Ideally, 

all employers would provide opportunities for workers to save and invest. However, due to the fact that 

many employers do not, and that many people are 

self-employed, President Obama has proposed—in 

every budget request since he took office—automatically enrolling workers without access to a workplace 

retirement plan into an Individual Retirement Account 

(IRA). This would provide an additional 30 million 

Americans with access to a retirement plan.

29 https://www.ebri.org/pdf/surveys/rcs/2016/EBRI_IB_422.

Mar16.RCS.pdf

30 http://www.usfinancialcapability.org/downloads/

NFCS_2015_Report_Natl_Findings.pdf

Retirement and Long-Term Savings

myRA31

Treasury’s myRA was launched to provide a safe, simple and affordable option to start to save for retirement, 

especially designed for those who don’t have access to 

other retirement savings options. It is free; there are no 

minimum balances and no fees. There is no risk of losing money because it is a Treasury security and savings are invested in risk-free U.S. Treasury retirement 

savings bonds. Signing up is easy on myRA.gov and 

includes simple on-line enrollment. In short, myRA 

removes the barriers that make it hard to save for millions of Americans. Treasury worked and continues to 

work with FLEC partners to spread the word to consumers and others about this new way to help people 

start to save.

Envisioning a Secure Financial Future

The Social Security Administration (SSA) released a 

letter to more than 10,000 partners announcing their 

partnership with the Treasury in a joint campaign to 

encourage financial readiness. Through this effort, 

Treasury and SSA have been cross-promoting the 

myRA and my Social Security account32 to help people 

prepare for their retirement. Other SSA efforts include 

presentations by staff and senior officials in speaking engagements, blog posts, social media, and other 

efforts. From March 2015 through May 2016, these 

efforts are estimated to have reached more than 23,500 

people in 320 activities and close to 180,000 people 

through 45 social media messages. In February 2016, 

information on myRA began running on TV monitors 

in over 1,200 SSA field office waiting rooms nationwide and in SSA’s headquarters in Baltimore.

31 http://www.myRA.gov

32 https://www.ssa.gov/myaccount/
Strategy for Assuring Financial Empowerment (SAFE)

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Choosing a Retirement Solution for Your Small 

Business33

The DOL/EBSA, in coordination with the Consumer 

Federation of America, sponsored a webinar to encourage small business owners and their employees to save 

for retirement. The webinar provided information on 

retirement savings options for employers with no retirement plan and included a presentation by Treasury on 

myRA. 

Financial Planning Video Series34

For workers in workplace retirement plans, DOL/

EBSA developed and released a video series. The four 

videos cover setting goals, developing and tracking a 

budget, determining a target retirement saving rate, 

and managing debt. The videos are coordinated with 

DOL/EBSA’s online worksheets on each of the key 

financial planning steps, and help users to complete the 

steps and save their work, making it easily available for 

future monitoring and updates. 

Taking the Mystery Out of Retirement Planning35

For workers nearing retirement, the DOL/EBSA, 

SSA, and HHS sponsored the “Taking the Mystery 

Out of Retirement Planning” webinar. SSA, HHS’s 

Centers for Medicare and Medicaid Services and 

Administration on Community Living spotlighted life 

after work including decisions that need to be made 

and when for a financially secure retirement. Topics 

included making the most of an employer-provided 

retirement plan and checking if retirement savings 

are on track, Social Security and Medicare benefits 

33 https://www.dol.gov/sites/default/files/ebsa/about-ebsa/ouractivities/resource-center/publications/choosing.pdf

34 https://www.youtube.com/watch?v=t5okKFThquw&list=P

L6F71CF53337F836B&index=41

35 https://www.dol.gov/sites/default/files/ebsa/about-ebsa/ouractivities/resource-center/publications/taking-the-mysteryout-of-retirement-planning.pdf

including factors to consider in deciding when to sign 

up for benefits and what they cover, and elder rights 

and how to avoid abuse and scams. This four-agency 

webinar is popular and has become an annual event.

The Department of Veterans Affairs’ Benefits Assistance 

Service

The Department of Veterans Affairs (VA) has been 

working to ensure that service members, veterans, 

and their families use the benefits they’ve earned to 

achieve long-term economic success. The VA’s Benefits 

Assistance Service, in particular, has been successful 

in helping service members, veterans and their families receive important information and resources to 

help them along the way. The VA also improved their 

outreach by launching a YouTube channel, Facebook,36

and Twitter benefits page, and questions and answers 

about debts to the VA.37

Workforce and Financial Empowerment: City of 

Louisville, KY38

DOL’s Office of Disability Employment Policy and 

the Leadership for the Employment and Economic 

Advancement of People with Disabilities (LEAD) 

Center brought together representatives from DOL’s 

EBSA and ETA, the FDIC, and the City of Louisville’s 

Metro Community Services’ Workforce and Financial 

Empowerment workgroup. The agencies participated 

in a webinar training that discussed financial literacy 

tools and resources, along with workforce development 

implementation strategies. The webinar addressed the 

importance of financial literacy and financial capability, 

increased awareness of the new requirements of WIOA 

to integrate financial literacy as part of youth and adult 

36 https://www.facebook.com/VeteransAffairs

37 http://www.va.gov/debtman/

38 https://louisvilleky.gov/government/community-services/

financial-ladder
Strategy for Assuring Financial Empowerment (SAFE)

12

services, provided information about resources available to support financial literacy activities, and increased 

understanding of strategies that build public and private sector engagement. 

Planning for Retirement39

This online educational tool helps consumers approaching retirement make an informed decision about when 

to claim Social Security. The tool, developed collaboratively between CFPB and SSA, helps consumers 

understand how their claiming age affects their benefits and provides tips relevant to their situation. This 

can be used as a starter to help consumers think about 

their retirement needs and goals. The tool is optimized 

for mobile use and is also available in Spanish.40 The 

tool was launched at an event on “Helping America 

Plan for Retirement” at the Brookings Institution. 

Money Smart for Small Business41

Money Smart Alliance Members contributed to significant improvements in Money Smart for Small Business, 

developed by the FDIC and the Small Business 

Administration (SBA). Three new modules were added 

to the curriculum: the first helps aspiring entrepreneurs learn about business ownership and distinguishes between the myths and realities of small business ownership; the second gives a realistic perspective on costs of starting a business and time required 

to launch; and the third helps identify some ways to 

manage cash flow. Other modules were enhanced by 

adding additional information for small businesses on 

how to establish and maintain a banking relationship. 

New training resources were released to encourage the 

39 http://www.consumerfinance.gov/retirement/before-youclaim/

40 http://www.consumerfinance.gov/retirement/before-youclaim/es/

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

business.html

expanded use of Money Smart for Small Business. For the 

first time, the entire small business curriculum is now 

available in Spanish. The agencies worked together 

to promote these resources through regional activities, including events at community banks, Women’s 

Business Centers, and Small Business Development 

Centers . A success story in the Summer 2016 edition 

of Money Smart News also illustrated ways that the 

curriculum is being used to support entrepreneurship. 

Engagement of Spanish Speaking Consumers

The FDIC released new Spanish language resources as 

part of their consumer protection initiatives. Its new 

website, “Recursos para Consumidores en español,” features links to webinars and video presentations that 

cover topics such as deposit insurance, consumer protection, and the FDIC’s Money Smart education program. 42

The NCUA hosted a panel discussion titled “Unique 

Challenges and Opportunities Serving Hispanic 

Credit Union Members” to promote Hispanic financial inclusion. 43

Building Financial Capability: A Planning Guide 

for Integrated Services44 and Building Financial 

Capability in Workforce Programs45

Published by HHS, Building Financial Capability: A 

Planning Guide for Integrated Services is an interactive 

resource for community-based organizations that can 

42 https://www.fdic.gov/consumers/education/seminarios_web.

html

43 https://www.ncua.gov/newsroom/Pages/news-2015-novpanel-discussion.aspx

44 http://www.acf.hhs.gov/ocs/resource/afi-resource-guidebuilding-financial-capability

45 https://www.workforcegps.org/resources/2016/04/06/10/44/

Building_Financial_Capability_in_Workforce_Programs_5_

Part_Webcast_Series_January_2016
Strategy for Assuring Financial Empowerment (SAFE)

13

be used to integrate financial capability services into 

existing programs. HHS enhanced the guide with the 

release of five short training videos that provided an 

overview of the integrated service guide.

In late fall 2015, DOL’s Employment and Training 

Administration (ETA) collaborated with HHS to 

develop a five-part webcast series. The series uses 

Building Financial Capability: A Planning Guide for 

Integrating Services to provide guidance on how to integrate financial capability services into workforce programs. It also helps to promote and raise awareness 

of financial literacy and make the case for improved 

employment and retention outcomes resulting from 

integration of financial services in employment programs. This series of “breeze presentations” was posted 

as a resource on ETA’s WorkforceGPS, an on-line 

communication and technical assistance learning platform. The WIOA youth program serves primarily 

out-of-school youth who often need remedial education and other career pathways opportunities including 

work experiences.

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. This section describes some examples of FLEC’s collaborative activities to enhance and share research and evaluation across FLEC members, other federal agencies, 

and outside partners, as described in its 2012 Research 

Priorities46 . The FLEC’s National Strategy Update also 

provides a summary of recent research from FLEC 

members and others regarding the state of financial 

46 https://www.treasury.gov/resource-center/financialeducation/Documents/2012%20Research%20Priorities%20

-%20May%2012.pdf

education and effective approaches to building financial capability. 

Through the Financial Empowerment Innovation Fund 

(FEIF), 47 Treasury is investing in research projects that 

are developing, testing, and evaluating new ways public, private, and non-profit entities can assist Americans 

with making financial decisions and obtaining safe and 

affordable financial services. The 11 research projects 

will develop, test, and evaluate new ways to empower 

Americans with their finances and help them access 

safe and affordable financial products and services. 

These research projects focus on several areas, including promoting more informed decision-making in 

higher education, promoting innovations in payments 

and savings, and bringing dynamic financial education 

to more classrooms.

For example, through the Treasury’s FEIF, the 

University of Wisconsin-Madison’s Center for 

Financial Security recently completed an evaluation of My Classroom Economy (MCE48), an innovative approach to financial education. In contrast to 

more traditional financial education programs based 

around lesson plans, MCE is experiential. Teachers 

establish a classroom-based economy that integrates 

into the school day as a classroom management system. Research suggests that this type of experiential 

approach is a promising teaching strategy, with the 

added benefit of minimizing time away from other 

classroom activities. During the 2015-2016 school 

year, 24 elementary schools in the School District of 

Palm Beach County, FL participated in the evaluation. Students in MCE classrooms showed consistent gains in financial knowledge, budgeting, financial 

socialization, and economic experience after 10 weeks. 

These effects ranged in size but were all statistically 

47 https://www.treasury.gov/resource-center/financialeducation/Pages/Finemp.aspx

48 https://cfs.wisc.edu/2016/09/15/mce/
Strategy for Assuring Financial Empowerment (SAFE)

14

significant and positive. Overall, the results of this 

study are encouraging and highlight the promise of 

experiential learning programs like MCE for elementary school–age students.

The CFPB is working to measure and better understand 

what influences financial well-being – the end goal of 

financial education – in order to ultimately increase the 

effectiveness of financial education. This goal is consistent with the guiding vision of FLEC’s National 

Strategy of achieving “[s]ustained financial well-being 

for all individuals and families in the United States.”49

The CFPB released a set of 10 questions – a “scale” – to 

measure adult financial well-being. 50 In the next phase 

of this research, which began in 2016, the CFPB is 

using the financial well-being scale in a nationally representative survey to measure the financial well-being 

of adults in America and test hypotheses about the factors that help people achieve higher levels of financial 

well-being.

Tthe CFPB released a report entitled, “Building Blocks 

to Help Youth Achieve Financial Capability: a New Model 

and Recommendations,”51 which describes a researchbased developmental framework for financial capability 

and identifies promising strategies for supporting their 

development throughout childhood and youth. This 

research project leveraged the findings of the CFPB’s 

adult financial well-being research to gain insights 

into the abilities, attitudes, and other characteristics 

in children and youth that support financial capability 

49 See Financial Literacy & Education Commission, 

Promoting Financial Success in the United States: National 

Strategy for Financial Literacy 2011 at 7, available at treasury.

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

NationalStrategyBook_12310%20(2).pdf.

50 The scale questionnaire and scoring worksheet are available 

at consumerfinance.gov/data-research/research-reports/

financial-well-being-scale/.

51 http://www.consumerfinance.gov/data-research/researchreports/building-blocks-help-youth-achieve-financialcapability/

and financial well-being in adulthood. To help program leaders, financial educators, and others apply the 

developmental model in their work, the report includes 

four key strategies that help youth acquire the building 

blocks of financial capability. 

The brief entitled Single Email Prompts Individuals to 

Increase Retirement Savings52 was released by the DOL 

Behavioral Interventions Project. The research shows 

ways to better encourage employees to focus on saving and investing for retirement. Similarly, Promoting 

Retirement Security in the 2015 Annual Report of the 

White House’s Behavioral and Social Sciences Team53 outlines a demonstration project to help servicemembers 

interested in saving for the future participate in the 

Thrift Savings Plan (TSP) through an email campaign 

and other strategies. 

The FLEC Research and Evaluation Committee 

worked with the American Council on Consumer 

Interests (ACCI) to provide agency staff research 

briefings and discuss implications with members of 

ACCI. Presentations provided FLEC members with 

overviews of the state of knowledge on several topics related to consumer financial decision-making and 

outcomes, and served as a jumping-off point for a discussion of underlying mechanisms or factors driving 

consumer behavior and outcomes, as well as potential 

policy and program interventions, and priority areas 

for new research.

In September 2016, SSA and Treasury co-hosted a 

Financial Security Research Symposium,54 which 

highlighted research from FLEC member agencies 

52 https://www.dol.gov/asp/evaluation/BIStudy/files/Single_

Email_Prompts_Individuals_to_Increase_Retirement_

Savings.pdf

53 https://www.whitehouse.gov/sites/default/files/microsites/

ostp/sbst_2015_annual_report_final_9_14_15.pdf

54 http://www.yorkcast.com/treasury/events/2016/09/07/

financialsecurity/
Strategy for Assuring Financial Empowerment (SAFE)

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and other institutions and identified policy implications on a range of issues relating to Americans’ financial security and retirement readiness, including understanding of Social Security and workplace savings and 

other assets. The Symposium also identified areas and 

approaches for future research.

The USDA has led a variety of research, education, 

and outreach programs for ensuring financial empowerment of individuals (youth and adults), families, and 

businesses. These include personal finance research. 

Below are links to detailed information about USDA’s 

public-facing financial education activities. These 

include personal finance,55 financial capability,56 and 

youth financial education.57 

In 2016, SSA collaborated with ED to support the 

Minorities and Retirement Security Program (MRS)58 to 

provide funding to graduate students and their mentors at eligible Hispanic-Serving Institutions (HSIs) 

and Historically Black-Serving Institutions (HBSIs) to 

support training, education, collaborative research, and 

dissemination in the areas of retirement security and 

financial literacy. Research fellows and their faculty 

mentors from the four grantee institutions (Chicago 

State University, Florida Agricultural and Mechanical 

University, Hampton University, and the University 

of Houston-Downtown) conducted and published 

research in these areas.

In order for SSA to evaluate the public’s knowledge 

of Social Security programs and their preferences 

for receiving information about these programs, SSA 

collaborated with HHS’ National Institute on Aging 

to support the Understanding America Study (UAS)59

55 http://articles.extension.org/personal_finance

56 https://nifa.usda.gov/program/financial-capability

57 https://nifa.usda.gov/youth-financial-education

58 http://www2.ed.gov/programs/mrs/index.html

59 https://uasdata.usc.edu/

Internet panel. SSA funding allowed the University 

of Southern California to create a nationally representative panel of approximately 6,000 individuals 

that will grow in the future. Every year, panel members will be administered surveys that will ascertain 

their knowledge of SSA programs and their preferred 

method to receive information from SSA; every other 

year panel members will complete the Core Health 

and Retirement Study (HRS), Financial Management, 

and cognitive abilities surveys. On an ongoing basis, 

all panel members will take a personality trait instrument 60 and a financial literacy instrument. Other 

agencies and outside entities can use the panel to 

administer their own surveys. Some of these other 

survey instruments include the Consumer Financial 

Protection Bureau Financial Well-Being Scale,61 Federal 

Reserve Board’s Boston Survey of Consumer Payment 

Choice,62 and the Discover Financial Health Check63.

Researchers across FLEC agencies, working internally 

on an interagency basis and with external partners, 

issued research on a range of relevant topics in the last 

year. These include journal articles and agency-issued 

reports on higher education and lifetime earnings, 

retirement preparation, understanding SSA and benefit claiming, financial behaviors and relationship abuse, 

and access to credit and capital in Native communities.

60 McCrae, R. R & John, O. (1992). An introduction to the 

five-factor model and its applications. Journal of Personality, 

60(2), 174-2142104214214

61 http://www.consumerfinance.gov/data-research/researchreports/financial-well-being-scale/

62 https://www.bostonfed.org/publications/survey-of-consumerpayment-choice.aspx

63 https://www.discover.com/credit-cards/resources/

financial-fitness-quiz?gcmpgn=0809_ZZ_srch_

gsan_txt_4&srchQ=financial%20health%20

check&srchS=internet_cm_corp&srchC=internet_cm_

fe&srchP=1
Strategy for Assuring Financial Empowerment (SAFE)

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V. Other Recent Activities

In 2016, as in prior years, President Obama proclaimed 

April to be National Financial Capability Month. In 

the most recent proclamation, President Obama noted: 

“When every American has the tools they need to get 

ahead and contribute to our country’s success, we are all 

better off. Since the recession, we have built our economy to be better and stronger than before, but we still 

have work to do to make hardworking families’ paychecks go further. Ensuring people have the resources 

to make informed decisions about their finances is 

critical in this effort, and during National Financial 

Capability Month, we recommit to equipping individuals with the knowledge and protections necessary to 

secure a stable financial future for themselves and their 

families.” Many activities described in this report took 

place during National Financial Capability Month.64 

FLEC Public Meetings

In the past year, FLEC Public Meetings have highlighted important research and advances in a number 

of areas of interest to members of the FLEC and the 

broader financial education field. Minutes and other 

materials from the FLEC public meetings can be 

found at Treasury’s Resource Center.65

These include:

• financial education and investment advice, in 

light of DOL’s s new rule on conflicts of reflecting the activities of a number of FLEC members 

64 https://www.whitehouse.gov/the-press-office/2016/03/31/

presidential-proclamation-national-financial-capabilitymonth-2016

65 https://www.treasury.gov/resource-center/financialeducation/Pages/meetings.aspx

that are also part of the White House Legal Aid 

Interagency Roundtable; 

• leading practices in post-secondary education; 

• next steps on financial inclusion; and 

• preparing for financial security through saving 

and investing. 

Program Changes

We note that the following programs have been reduced 

in scope since the last SAFE report. 

• HUD Housing Counseling has reduced funding from nearly $10 million in 2010, to $4.5 million in 2016. 

• The National Foreclosure Counseling Program 

declined from its peak of $360 million in 2008 

to $40 million in 2016.

Other Related FLEC Agency Activities 

Protecting Americans from Fraud

Identity Theft.gov66

Hosted by the Federal Trade Commission (FTC), this 

is the federal government’s one-stop resource for identity theft victims. The site provides streamlined checklists and sample letters to guide consumers through the 

recovery process. 

SmartCheck67

The U.S. Commodity Futures Trading Commission’s 

(CFTC) Office of Customer Education and Outreach 

(OCEO) launched CFTC SmartCheck, an anti-fraud 

66 http://www.identitytheft.gov

67 http://www.smartcheck.gov/
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17

initiative based on social marketing principles. Investors 

can access tools to help them research the registration 

and disciplinary histories of financial professionals and 

stay ahead of scam artists with news and alerts. To draw 

investors to the website, CFTC employed targeted 

media and event-based outreach. CFTC SmartCheck 

Social Media Launch included printed materials such 

as Joint CFTC/State Brochure, Infographics, Google 

Hangout with the GSA, website resources and videos.

NCUA’s Fraud Prevention Center68

The NCUA also launched a new web-based tool to 

help consumers learn about a variety of consumer protection issues, including: frauds and scams, identity 

theft, online security, and fraud prevention resources. 

It also makes available NCUA Consumer Report videos on its YouTube Channel and MyCreditUnion.gov

69to educate consumers and credit unions about important financial protection issues such as understanding 

payday loans and fraud detection. The NCUA video 

series has had more than 21,500 views since its launch 

in 2013. 

Before You Invest, Investor.gov70 Public Awareness 

Campaign

In March 2016, the Securities and Exchange 

Commission’s Office of Investor Education and 

Advocacy initiated a pilot public service campaign with 

the theme “Before You Invest, Investor.gov,” reminding investors of the importance of checking the background and registration status of investment professionals, through the website, www.Investor.gov. The 

website provides a wide range of assistance on investorrelated topics, including alerts and bulletins designed 

68 http://www.mycreditunion.gov/fraud/Pages/default.aspx

69 http://www.mycreditunion.gov

70 https://www.investor.gov/

to help educate the public about investing and avoiding 

investment fraud. Additionally, OIEA and the SEC’s 

eleven regional offices have conducted in-person presentations to investors, including programs targeted to 

seniors, service members, students, and other affinity 

groups. SEC outreach has focused on the importance 

of saving and investing, researching investment professionals and investments, understanding fees, and the 

common red flags of investment fraud. Some examples from the past year: SEC Chair Mary Jo White led 

a multi-agency event to support Military Consumer 

Protection Day at Fort Dix in New Jersey; programs 

with other FLEC agencies, state securities regulators, 

self-regulatory organizations, and non-profit organizations, including a program with the Thrift Savings 

Board for federal employees and members of the uniformed services considering retirement or leaving federal service; participation in the FTC’s webinar, Free 

Resources to Help Your Constituents Fight Scams and 

Fraud, for Congressional staff; and coordination of a 

program focused on older Americans with the CFPB 

and SSA held at the New York Public Library. 

Older Americans

Money Smart for Older Adults (MSOA)71

The CFPB and the FDIC collaborated to update their 

financial education tool, Money Smart for Older Adults 

(MSOA), for release in early 2017. MSOA provides 

information for older adults and their caregivers on preventing and responding to financial exploitation. These 

issues can include avoiding scams and identity theft, 

charity giving, debt collection and grandchild imposter 

scams. The resource also incorporates other, newer federal resources that can be helpful on topics such as how 

to research an investment advisor. MSOA is offered 

by community organizations around the country that 

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

OlderAdult.html
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interact with older adults, family members, or caregivers, in Spanish as well as English. 

Many members of the FLEC also serve as members of 

the Elder Justice Coordinating Council and support its 

activities. 

Notable Partnerships and Tools

Library Initiative72

The FLEC promotes consumer access to reliable, 

unbiased financial education and resources through 

public libraries across the country. As of September 

2016, CFPB and FLEC members have worked with 

library staff in more than 1,200 communities and 

2,700 library branches across 50 states and Puerto 

Rico. The CFPB works with national organizations 

that have relationships with libraries and local communities and can make additional resources available, 

including the FINRA Investor Education Foundation, 

the American Library Association, the Association 

of Rural and Small Libraries, the Chief Officers of 

State Library Agencies, the Institute of Museum and 

Library Services, the National Foundation for Credit 

Counseling, the Foundation for Financial Planning, 

United Way, and the National Endowment for 

Financial Education. The CFPB and other partners 

host training sessions for libraries. 

Training sessions for the Los Angeles County Library 

were conducted in partnership with the FDIC. FDIC’s 

Community Affairs staff discussed how the Los 

Angeles Alliance for Economic Inclusion is promoting 

savings through its LA Saves campaign. Several local 

libraries are engaged in the campaign. Staff also promoted how Money Smart can be used as a resource to 

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

train new immigrants. Twenty-five librarians signedup for follow-up information for LA Saves.

Assisting Americans at Tax Time: Internal Revenue 

Service (IRS) Stakeholder Partnership Education & 

Communication (SPEC)73 and Volunteer Income Tax 

Assistance Program74

In an effort to assist taxpayers, the Volunteer Income Tax 

Assistance (VITA) and Tax Counseling for the Elderly 

(TCE) programs work to ensure that individuals and 

families receive all the benefits to which they are entitled, such as the Low-Income Heating and Energy 

Assistance Program (LIHEAP) and Supplemental 

Nutrition Assistance Program (SNAP). These efforts 

include free tax return preparation and outreach to 

taxpayers. Many SPEC partners have incorporated 

financial education and asset-building programs and 

services (such as income support, debt and credit counseling, financial education training, banking education, home ownership and small business management) into their free tax return preparation activities. SPEC works with several organizations to promote the importance of financial education and asset 

building. SPEC has promoted the following initiatives and/or strategies by sharing information about 

these programs with national and local partners: Real 

Economic Impact Tour, Money Smart, America Saves 

Week, www.Healthcare.gov, and myRA. SPEC is also 

known for overseeing the Taxpayer education programs. including the delivery of key messages that 

educate or inform individual taxpayers about meeting 

their tax obligations. SPEC has supported outreach to 

taxpayers primarily in the areas of tax law compliance, 

financial education, and asset building.

73 https://www.irs.gov/businesses/small-businesses-selfemployed/partners-and-stakeholders

74 https://www.irs.gov/individuals/free-tax-return-preparationfor-you-by-volunteers
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Forty-one VITA programs around the country participated with the CFPB to offer webinars on incorporating financial education in the tax preparation process to 

VITA site managers and their volunteer tax preparers. 

The CFPB offered an array of educational materials75, 

which are available in English and Spanish. Resources 

for VITA efforts included information sheets, posters, 

flyers and social media-ready content. These materials highlighted the benefits of saving at tax time and 

explained available savings options while filing a return, 

such as direct deposit into a savings account, splitting 

the refund into multiple accounts, purchase of a Series 

I savings bond, or deposit into myRA. These participating VITA sites served more than 350,000 tax customers 

across the country during the 2016 tax season.

Direct Express for Android76 and iPhone77

The Treasury launched these mobile apps, which allow 

the 5.5 million federal benefit recipients using the 

Direct Express® Debit MasterCard® 78to check card balances, view transaction history, find nearby ATMs or 

cash bank locations, and learn how to manage their 

prepaid card.

Financial Inclusion Forum79

In late 2015 and 2016, Treasury and the U.S. Agency 

for International Development (USAID) brought 

together leaders across the U.S., representatives 

from international governments, and the private and 

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

76 https://play.google.com/store/apps/details?id=com.

mastercard.directexpress&hl=en%20let

77 https://itunes.apple.com/us/app/direct-express/

id996543802?mt=8

78 https://www.treasury.gov/connect/blog/Pages/DirectExpress-Mobile-App-Delivers-Financial-Capability-toThose-Most-in-Need.aspx

79 https://www.usaid.gov/news-information/press-releases/nov28-2016-usaid-and-treasury-host-second-financial-inclusionforum

non-profit sectors to Financial Inclusion Forums. These 

forums sought to foster and expand financial inclusion domestically and internationally and bring more 

under-served populations into the financial mainstream. Participants identified several opportunities for enhancements in this area, including leveraging human-centered design to build consumer confidence and deliver more effective products and services, 

additional partnering with the private sector, and better use of technology. Panelists discussed the important roles of agencies in providing data and research to 

enable market participants to understand what gaps to 

fill, and innovative new approaches to build financial 

capability and provide access to the financial system for 

urban and rural youth, and other populations, including recent immigrants and Native populations.

Your Money, Your Goals80

The CFPB designed and promoted this tool to help 

direct service organizations, like social service agencies 

and other community-based groups, to help the people 

they serve become financially empowered. The toolkit 

is a collection of financial empowerment information 

and tools that organizations can choose based on the 

current needs and goals of the people they serve. Since 

its inception the CFPB’s trainings have reached more 

than 12,000 staff and volunteers serving over 150,000 

people. In the coming months, the CFPB will provide 

Your Money, Your Goals toolkits, training, and technical assistance to thirty more organizations and coalitions across the country. Through this initiative, they 

are expecting to train 5,000 more front-line staff and 

volunteers this year. 

80 http://www.consumerfinance.gov/your-money-your-goals/
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20

CFPB Financial Education Exchange (CFPB FinEx)81

CFPB FinEx is an online and in-person information 

exchange designed to provide financial education practitioners with centralized access to CFPB tools and 

other financial education resources. CFPB FinEx 

also facilitates discussion among financial educators 

and allows the CFPB to gather feedback on financial education tools and approaches. As of September 

2016, over 2,000 financial educators have signed up 

for CFBP FinEx. As part of CFPB FinEx, the CFPB 

also has convened in-person regional meetings. In 

these sessions, the CFPB has shared research findings, 

gathered input, and encouraged peer learning among 

local financial educators. To date, CPFB FinEx has 

held meetings in Fort Worth, TX; Baltimore, MD; 

Philadelphia, PA; and Denver, CO. In addition, CFPB 

has worked with the regional Federal Reserve Banks to 

plan meetings in Dallas, TX and Atlanta, GA.

Financial Literacy Update82

The Office of the Comptroller of the Currency (OCC) 

releases a bi-monthly e-newsletter that includes information about upcoming financial literacy events, new 

initiatives of the OCC and other FLEC agencies at the 

state, tribal and/or local governments, and activities 

in the nonprofit sector. Each edition of the Financial 

Literacy Update is sent to about 30,000 community 

development and financial literacy contacts.

National Credit Union Administration: Consumer

Assistance Center and Twitter Chats83

NCUA’s Consumer Assistance Center provides 

answers to a number of consumer financial protection 

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

82 https://occ.gov/topics/community-affairs/resourcedirectories/financial-literacy/index-financial-literacy.html

83 http://www.mycreditunion.gov/consumer-assistance-center/

Pages/default.aspx

and financial literacy questions. NCUA’s Twitter 

Chats (#NCUAChat) featuring organizations such as 

the Consumer Federation of America and the Federal 

Trade Commission reached nearly 1.4 million viewers through social media impressions. Also, through 

an existing financial literacy collaboration, NCUA and 

AARP together hosted Twitter chats on topics such 

as fraud prevention, and provided education informing 

older adults about credit unions including the cooperative structure, membership eligibility, and NCUA 

share insurance coverage. In 2016, NCUA also released 

a new interactive information graphic for consumers to 

help them understand what it means to save and borrow at a federally insured credit union.

VII. Activities for the Year Ahead

Over the year ahead the FLEC will continue its work 

consistent with the goals defined in the 2011 National 

Strategy for Financial Literacy and 2016 Strategy Update. 

These activities include: expanding outreach and awareness 

on existing materials and increasing awareness among targeted populations; integrating financial education where 

appropriate; supporting financial education infrastructure; 

and coordinating on research and evaluating and sharing lessons learned. These activities will draw on findings of recent 

research and assessments to continue to enhance our efforts. 

The FLEC expects to review its strategic plan and 

work plan in 2017 in light of a new Administration. As 

part of this plan, we will consider whether additional 

resources are needed to support coordination, or otherwise enhance our financial education effort consistent 

with current knowledge and understanding of financial 

capability. The FLEC will also consider whether other 

actions are needed to streamline, improve, or augment 

the financial literacy and education programs, grants, 

and materials of the Federal Government. Finally, the 

FLEC may consider whether there are areas of overlap 

and duplication among Federal financial literacy and 
Strategy for Assuring Financial Empowerment (SAFE)

21

education activities and propose means of eliminating 

any such overlap and duplication.

The FLEC will continue to coordinate sharing 

resources online for the public through MyMoney.gov

and other channels, to help people make sound financial choices and be better prepared to undertake 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. 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. 

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 useful resources. The FLEC also encourages others to use 

MyMoney Five to organize their own financial education materials. 

The FLEC will continue to pursue activities that 

improve the financial education infrastructure in 

numerous ways, including improving financial 

education components in programs that serve vulnerable youth and their families; preparings students for 

post-secondary education and to make sound financial decisions during their education; and promoting 

financial education that helps people prepare for longterm financial security and retirement;. 

• FLEC members will continue to coordinate on 

research and share information about research in 

progress. The FLEC members will continue to 

support and directly conduct research on topics 

related to financial education and evaluation of 

financial education approaches. 

The FLEC will continue to find ways to coordinate 

to avoid duplication and overlap, and work together to 

enhance delivery of information, resources, and services. In addition, the FLEC will look for ways to simplify content and processes to make financial information more useful to Americans and enhance communications, including through social media, to help 

more Americans find the resources that can help them 

attain their financial goals. The FLEC will seek to 

identify existing resources within agencies to support 

this work, and consider where resources could be better coordinated and/or pooled, and where coordination with other entities in and outside of government 

is appropriate.
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Appendix

FLEC Public Meetings and Hearings and Use of www.mymoney.gov and 800 phone number

Summaries of FLEC Public Meetings and Hearings

Minutes, webcasts and other information can be found at: https://www.treasury.gov/resource-center/financialeducation/Pages/meetings.aspx

Use of www.mymoney.gov and 800 phone number

Mymoney.gov, including the new Spanish-language version, www.mymoney.gov/es (launched April 2016) 

• Total Visits for last 6 months (May-Oct): 385,000

• Average # of Visits Per Month: 64,167

• Average # of Visits per Day: 2,139

1-800-FED-INFO is the phone number the FLEC uses for information about federal agencies, programs, benefits or services related to financial literacy and education. Information is available in English and Spanish.

For FY 2016 GSA reports the following call volume:

English 

• Consumer Issues - 98,253

• Taxes - 37,023

Spanish

• Consumer Issues – 6,241

• Taxes-2,057

Financial Literacy and Education Commission

www.mymoney.gov

Diploma

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