President's Advisory Council on Financial Literacy Issues Annual Report

Council Presents Recommendations for Improving Financial Literacy of All Americans

Date: January 7, 2009

Contact: Paul Golden 303-224-3514, [email protected]

WASHINGTON, D.C.—The bipartisan U.S. President’s Advisory Council on Financial Literacy has announced the publication of its first Annual Report to the President, which contains 15 recommendations for steps that should be taken to improve the financial literacy of Americans of all ages. The 16-member Council unanimously approved the report during its meeting on January 6, 2009.

President George W. Bush stands with Secretary of the Treasury Henry Paulson, Jr. and the bipartisan Advisory Council on Financial Literacy January 6, 2009, in the Oval Office.

“The current financial crisis has only escalated the enthusiasm for increased financial literacy,” says Ted Beck, NEFE president and CEO and member of the Council. “This is one of the greatest teachable moments that's ever happened,” Beck says.

Among the report’s recommendations are calls for mandating financial education in schools for students in grades K-12; exploring tax incentives to encourage employers to provide financial education in the workplace; increasing access to bank accounts for the tens of millions of unbanked and underserved Americans; conducting research on the state of financial literacy in America and on the most effective ways to improve financial knowledge among Americans; and creating a self-administered “National Financial Literacy Check-Up” that would allow Americans to assess their own financial knowledge and providing links to trustworthy sources of information to help fill in the gaps.

“Financial literacy has never been more important than it is today,” said Council Chairman Charles R. Schwab. “There is no question that the lack of personal financial literacy has been a major contributing factor to the economic and financial crisis in the United States. We believe that this report contains recommendations that will help Americans at all stages of life learn the financial basics so that they can manage their own money wisely, save for the future and navigate our complex economy effectively.”

Council Chairman Charles Schwab presents the Executive Summary of the Council's Annual Report to the President to Secretary of the Treasury Henry Paulson Jr.

The Council, which is scheduled to remain in place through January 2010, plans to work with Members of Congress, the executive branch, the private sector and faith-based and nonprofit organizations in the coming year to implement the recommendations.

View the complete Annual Report to the President.

About the President’s Advisory Council on Financial Literacy

The President’s Advisory Council on Financial Literacy was created by President George W. Bush in January 2008, to advise the President and the Secretary of the Treasury on ways to improve financial literacy among all Americans. The 16-member Council includes representatives of nonprofits, private sector companies, academia, state government and other organizations dedicated to the delivery of financial education. Read more about the President's Advisory Council on Financial Literacy.



  • Paul Golden

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