Highlights of a GAO Forum: The Federal Government's Role in Improving Financial Literacy

In July 28, 2004, GAO hosted a forum on the role of the federal government in improving financial literacy. Forum participants included experts in financial literacy and education from federal and state agencies, the financial industry, nonprofit organizations, and academic institutions. This report summarizes highlights of participants' discussion on the topics federal efforts should cover, populations that should be targeted, methods of delivering information, and the role of program evaluation. Forum participants offered a number of suggestions regarding the federal government’s role in improving Americans’ financial literacy, including (1) The federal government should serve as a leader (2) Increased public-private partnerships and interagency coordination are needed. (3) Consumers need financial information on a broad range of topics and at "teachable moments" liver financial education effectively. (5) Financial literacy programs need to be evaluated