Financial Literacy Strategy

With the raising interest in financial education due to the economic recession felt across the world there has been an increase in financial awareness as well as Federal and State programs designed to help with providing education.

On the Federal level Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act also referred to Dodd-Frank Act. As a result of this Act the Consumer Financial Protection Bureau was set up as the watch dog organization overseeing the implementation of the Acts policies.

Part of the responsibility of the CFPB is to promote financial education through what's called Consumer Engagement & Education groups. The CFPB works with these groups all across the country spreading the good news of financial literacy.

Why Financial Literacy Strategy is important

The President's Advisory Council defines financial literacy as "the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being."

According to Ron Lewis; Financial literacy is an issue that should command our attention because many Americans are not adequately organizing finances for their education, healthcare and retirement.

Certainly if we examine the statistics with regard to the financial well-being of individuals in this country we see some very alarming numbers that seem to indicate a drastic need for educational strategy across all age groups and genders regarding finances.

For many years we have looked to our education system to help provide a financial literacy strategy for our youth. This system has not provided nor meets our expectations in this area and we must devise a plan to introduce this concept to all age groups in this country to help assure their financial future and well-being.

Community involvement in Financial Literacy Strategy

In order to educate people of the importance of this skill we must have at a local level educational groups and programs that are easily accessible by the public providing fundamental training that addresses the masses not just the wealthy.

Church's and local clubs are a great resource outreach to the community that can have a major impact. It is also necessary for small, medium and large business to support these organizations along with providing employee programs.

Financial literacy training can not only benefit the individual but as well the country as a whole. The hard cold truth is we have an economy that is fueled by consumer spending and debt. The key is to have a balance so that you have a chance at financial success. A financial literacy strategy is directly related to that success.

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