Efforts to Improve | Literacy Ledger

Efforts to Improve Financial Literacy

There are many efforts — government, nonprofit, and private — to close the financial literacy gap. Some have shown success, but overall progress remains slow.

Government Initiatives

FLEC (Financial Literacy & Education Commission)

Created in 2003 to coordinate across 20+ federal agencies. Publishes the National Strategy for Financial Literacy and runs MyMoney.gov, a one-stop portal with guides on budgeting, saving, and avoiding fraud.

CFPB (Consumer Financial Protection Bureau)

Launched in 2010 with dedicated offices for students, service members, and seniors. Offers toolkits like Your Money, Your Goals, with worksheets and conversation guides for social service providers. Runs Money Smart programs for different age groups and small businesses.

State Policies

Since 2022, states like Florida, Georgia, Michigan, and California have passed laws requiring personal finance courses in high schools. California’s 2024 mandate alone added nearly 2 million students to required financial education.

Nonprofits

Council for Economic Education (Nonprofit).jpg

Council for Economic Education (CEE)

Provides “Financial Fitness for Life” curriculum and trains teachers nationwide. Publishes the Survey of the States to track progress.

Operation HOPE

Founded in 1992, has reached 4 million people with credit counseling, budgeting, and first-time homebuyer programs. Recently launched the AI Literacy Pipeline Project with Georgia State University, bringing financial and AI education to underserved high schoolers.

Private Initiatives

Visa’s Practical Money Skills

Free tools, games, and lessons reaching millions worldwide for over 25 years.

Mastercard

Sponsors interactive programs like Financial Football and partners with nonprofits to expand money education.

Financial Literacy for All (FL4AL)

Effectiveness

A 2022 study found students in states with required personal finance courses had higher credit scores and were less likely to miss credit card payments. In Georgia, scores rose by up to 27 points across student cohorts.
Workplace financial education has increased retirement savings contributions.
Yet, national averages remain flat: only ~50% of adults answer basic finance questions correctly year after year. Many programs don’t reach those who need them most — especially low-income and rural households.

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