Financial Literacy: Consensus On The Problem, Differences On The Solution

Abstract

Most agree that the lack of financial knowledge in this country is alarming, but addressing those issues can be a point of contention. Who should be responsible for financial literacy? Should it be mandated by the government? And who should ensure that when it happens, that it is done effectively? These and other difficult questions were the subject of two events this week: the Government Accountability Office’s (GAO) report to Congress on the National Strategy for Financial Literacy, and the Financial Literacy and Education Summit held by the Federal Reserve Bank of Chicago and Visa.

Originally published in NASFAA’s Today’s News on 05/03/07.