WASHINGTON—The Treasury Department has released the 2020 National Strategy for Financial Literacy aimed at highlighting best practices to ensure Americans have the skills, knowledge, and tools needed to make informed financial decisions and improve their financial well-being.
Treasury Secretary Steven Mnuchin, in the report's release, noted the critical role financial education plays in "helping Americans successfully navigate challenges, capitalize on opportunities, build resilience, and recover from economic setbacks."
The report was released on behalf of the Financial Literacy and Education Commission (FLEC) in collaboration with federal, state, local, and tribal governmental agencies – including the NCUA and CFPB – and the private sector, addresses several topics:
- Definition of financial literacy and education
- How financial education can help Americans manage financial setbacks related to the coronavirus pandemic
- Best practices to improve financial literacy and education
- Federal activities designed to promote financial literacy and education and improve coordination
- Structure and function of the FLEC and priority areas of federal activity and investment
- Participation by state and local governments, private, nonprofit, and public institutions in support of financial education efforts
- The role of technology in the field