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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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