GAO Testimony: Financial Literacy: Overview of Federal Activities, Progress, and Challenges

Posted by Alexandra Kielty - On April 30, 2014 (EST)

The General Accountability Office (GAO) provided testimony on "Financial Literacy: Overview of Federal Activities, Progress, and Challenges, on April 30, 2014.to the Subcommittee on Financial Institutions and Consumer Credit, House Committee on Financial Services.

Giving Americans the information they need to make effective financial decisions is key to their financial well-being. The federal government plays a role in promoting financial literacy, which encompasses financial education—the process by which individuals improve their knowledge and understanding of financial products, services, and concepts. The federal role evolved with the creation of the Commission in 2003 and CFPB in 2010.

This testimony provides an (1) overview of federal financial literacy activities and agency roles, and (2) update on the progress made in addressing GAO’s recommendations in this area. GAO makes no new recommendations in this testimony, but reiterates its July 2012 recommendations for the Commission to identify options for consolidating federal financial literacy efforts and address the allocation of federal resources in its national strategy. The Commission agreed with these recommendations Highlights pf the testimony are available at: http://www.gao.gov/assets/670/662834.pdf



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