Federal Financial and Economic Literacy Education Programs, 2009

by Angela A. Hung, Kata Mihaly, Joanne K. Yoong

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Abstract

Financial literacy — the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being — is becoming more and more important as individuals and families become increasingly responsible for their own long-term financial well-being. Financial and economic literacy education programs have been shown to increase financial literacy and capability. Many federal agencies and departments have long-standing financial education programs, and, in recent years, steps have been taken to increase coordination of such efforts. In late 2009, a survey was conducted of 21 federal agencies, who reported offering a total of 56 financial and economic literacy education programs. In this report, the authors analyze the survey data, describing each program's purpose, content, delivery formats, target audience, and evaluation goals and method. The authors conclude with recommendations for future evaluations, emphasizing the need for a standardized definition of what constitutes a financial and economic literacy education program and for a standardized method of evaluating such programs across agencies.

Table of Contents

  • Chapter One

    Background and Motivation

  • Chapter Two

    Methodology

  • Chapter Three

    Survey Results

  • Chapter Four

    Conclusions and Recommendations

  • Appendix A1

    Individual Program Assessments

  • Appendix A2

    Individual Program Descriptions

  • Appendix B

    Survey Instrument

This research was prepared for PowerTrain, Inc. and was undertaken within RAND Labor and Population, a unit of the RAND Corporation.

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