Financial Literacy and Education Commission: Coordinating Federal Efforts
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•
Financial capability is the capacity,
based on knowledge, skills, and
access, to manage financial resources
effectively.
•
In order to develop this capacity,
individuals must have appropriate
access to and understanding of
financial products, services, and
concepts.
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Financial capability empowers
individuals to make informed choices,
avoid pitfalls, know where to go for
help, and take other actions to
improve their present and long-term
financial well-being.
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•
FLEC is currently comprised of 22
federal entities and is chaired by the
Secretary of the Treasury, with the
Director of the Consumer Financial
Protection Bureau as Vice Chair.
•
A full list of the Commission member
entities and more information about the
work on the Commission can be found
in the “About Us” section of
www.mymoney.gov.
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Improve the financial literacy and education
of persons in the United States
Coordinate and enhance financial literacy
and education programs, grants, and
materials of the Federal Government
for all Americans
Maintain MyMoney.gov as a clearinghouse
of information about Federal financial
literacy and education programs
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Promote financial literacy and
education efforts among Federal,
State, and local governments, nonprofit
organizations, and private enterprises
Develop a National Strategy for
Financial Literacy
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Sets the framework for financial education and literacy
activities in policy, education, practice, research, and
coordination through its vision and goals
Vision
̶ S
ustain the financial well-being of U.S.
individuals and families
Mission
̶ S
et strategic direction for policy, education,
practice, research, and coordination so that U.S.
individuals and families make informed financial
decisions
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Goals:
Increase awareness of and access to
effective financial education
Determine and integrate core
competencies
Improve financial education
infrastructure
Identify, enhance, and share effective
practices
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MyMoney.gov is the one-stop source for
online financial education information
from more than 20 federal entities
MyMoney.gov is organized by the five
financial competencies and major life
events
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Policy office working to ensure that every
American has access to safe and
affordable financial products and services,
and clear information that enables
individuals to make sound financial
decisions.
•
Leadership for the FLEC, and coordinates
the President’s Advisory Council on
Financial Capability for Young Americans
•
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U.S. Department of the Treasury’s new
program for people looking for a simple,
safe, and affordable way to start saving for
their retirement. Accounts are designed for:
•
Workers without access to OR who are
ineligible for an employer-sponsored
retirement savings plan.
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No fees
•
No cost to open an account
•
No minimum contribution OR balance requirements
•
Contributions automatic from every paycheck
•
Balances will never go down in value (backed by U.S.
Treasury)
•
Employees keep
my
RA accounts when changing jobs
•
Roth IRA rules apply
•
Initial phase in late 2014, with a full launch in 2015.
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There are many resources to help
you help the families you serve
Thank you Sandy.
I’m pleased to be here to provide you with an overview of federal financial education activities and resources.
Then you hear from 3 agencies about specific tools and programs they have that you can use.
Financial capability empowers individuals to manage financial resources effectively, make informed choices, avoid pitfalls, and improve their financial well-being. The Financial Literacy and Education Commission (FLEC) works to improve the financial literacy of individuals in the United States through coordination, education programs, and the development of a National Strategy for Financial Literacy. This Commission, composed of 22 federal entities and chaired by the Secretary of the Treasury, plays a key role in promoting financial education efforts among various organizations and maintaining MyMoney.gov as a resource hub for financial literacy information.
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Presentation Transcript
Financial Literacy and Education Commission: Coordinating Diverse Federal Efforts
What is Financial Literacy or Financial Capability? Financial capability is the capacity, based on knowledge, skills, and access, to manage financial resources effectively. In order to develop this capacity, individuals must have appropriate access to and understanding of financial products, services, and concepts.
What is Financial Literacy or Financial Capability? Financial capability empowers individuals to make informed choices, avoid pitfalls, know where to go for help, and take other actions to improve their present and long-term financial well-being.
FINANCIAL LITERACY AND EDUCATION COMMISSION FLEC is currently comprised of 22 federal entities and is chaired by the Secretary of the Treasury, with the Director of the Consumer Financial Protection Bureau as Vice Chair. A full list of the Commission member entities and more information about the work on the Commission can be found in the About Us section of www.mymoney.gov.
FINANCIAL LITERACY AND EDUCATION COMMISSION: Key Functions Improve the financial literacy and education of persons in the United States Coordinate and enhance financial literacy and education programs, grants, and materials of the Federal Government for all Americans Maintain MyMoney.gov as a clearinghouse of information about Federal financial literacy and education programs
FINANCIAL LITERACY AND EDUCATION COMMISSION: Key Functions Promote financial literacy and education efforts among Federal, State, and local governments, nonprofit organizations, and private enterprises Develop a National Strategy for Financial Literacy
NATIONAL STRATEGY FOR FINANCIAL LITERACY 2011 Sets the framework for financial education and literacy activities in policy, education, practice, research, and coordination through its vision and goals Vision Sustain the financial well-being of U.S. individuals and families Mission Set strategic direction for policy, education, practice, research, and coordination so that U.S. individuals and families make informed financial decisions
FINANCIAL LITERACY AND EDUCATION COMMISSION: Key Functions Goals: Increase awareness of and access to effective financial education Determine and integrate core competencies Improve financial education infrastructure Identify, enhance, and share effective practices
MyMoney.gov MyMoney.gov is the one-stop source for online financial education information from more than 20 federal entities MyMoney.gov is organized by the five financial competencies and major life events
Treasurys Role in Financial Education and Capability Office of Consumer Policy Policy office working to ensure that every American has access to safe and affordable financial products and services, and clear information that enables individuals to make sound financial decisions. Leadership for the FLEC, and coordinates the President s Advisory Council on Financial Capability for Young Americans
myRA A Simple, Safe, Affordable Retirement Savings Account myRA SM (Retirement Account) U.S. Department of the Treasury s new program for people looking for a simple, safe, and affordable way to start saving for their retirement. Accounts are designed for: Workers without access to OR who are ineligible for an employer-sponsored retirement savings plan.
myRA A Simple, Safe, Affordable Retirement Savings Account Key features of the myRA program No fees No cost to open an account No minimum contribution OR balance requirements Contributions automatic from every paycheck Balances will never go down in value (backed by U.S. Treasury) Employees keep myRA accounts when changing jobs Roth IRA rules apply Initial phase in late 2014, with a full launch in 2015.
myRA A Simple, Safe, Affordable Retirement Savings Account For more information visit http://www.myRA.treasury.gov or email myRA@treasury.gov
Building Financial Capability is Collaborative There are many resources to help you help the families you serve
