Research Report (from FLEC): U.S. National Strategy for Financial Literacy 2020
Last week, the U.S. Financial Literacy and Education Commission released their U.S. National Strategy for Financial Literacy 2020. We thought that of particular interest to many of our teachers would be their recommended Best Practices:
“Based on an extensive review of academic research, consultations with experts, and discussions with members of the FLEC, a number of themes regarding effective financial literacy and education have crystalized. The best practices are crosscutting, rather than subject-specific, and thus can be used to inform financial education policy and practice whether at home, in a community program, or when setting state or national policy.”
- Know the Individuals and Families to be Served. Financial education, information, and delivery methods must be tailored to individual circumstances and needs.
- Provide Actionable, Relevant, and Timely Information. Financial information that is delivered in an actionable, relevant, and timely manner results in a greater likelihood of retention and positive action.
- Improve Key Financial Skills. Financial literacy and education can be more effective when it helps develop skills, rather than merely transmit knowledge of particular facts about financial products and services.
- Build on Motivation. Effective financial literacy and education programs capitalize on people’s motivations.
- Make It Easy to Make Good Decisions and Follow Through. The environment or context can make it easier for people to carry out the steps required for a better outcome. As an example, changing options presented and making it easier to obtain helpful information and advice can help people bridge the gap between intention and action.
- Raise Standards for Financial Educators. Financial education providers should demonstrate mastery of financial content and effective delivery skills and methods.
- Provide Ongoing Support. Financial education should provide ongoing support, such as one-on-one financial counseling.
- Evaluate for Impact. Financial education providers should evaluate their programs for impact and develop a culture of continuous improvement by establishing methodologies, procedures, reporting, and metrics for measuring program effectiveness.”
You can read the full report here.
About the Author
Making a difference in the lives of students through financial capability is Brian’s greatest passion. He comes to NGPF after fifteen years of public school teaching where he was the ‘11 Ohio Department of Education recipient of a Milken National Educator Award, the CEE Forbes Award winner, and a Money Magazine/CNN "Money Hero". He served on the working group for President Obama's Advisory Council on Financial Capability. He has private school experience as a Trustee for the Cincinnati Country Day School and was a past Ohio Jump$tart President. Brian holds a BBA and M.Ed. When Brian isn’t working alongside his NGPF teammates he is likely spending time with his wife, three children, and dog; hiking, or watching Ohio State football.
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