On June 25, 2013, President Obama signed Executive Order 13646 creating a new President’s Advisory Council on Financial Capability for Young Americans. The Council will advise the President and the Secretary of the Treasury on how to promote financial capability among young Americans and encourage building the financial capability of young people at an early stage in schools, families, communities, and the workplace and through use of technology. These recommendations will contribute to the nation’s future financial stability and increase upward economic mobility. Strengthening the financial capability of our young people is an investment in our nation’s economic prosperity. The Council will seek to identify ways to:
- build strong public-private partnerships between and among members of the Financial Literacy and Education Commission; other agencies; State, tribal, and local governments; and private entities to coordinate the use of high quality financial capability resources and practices in schools, families, communities, and elsewhere in order to build the financial capability of young Americans;
- support ongoing research and evaluation of financial education and capability activities aimed at young people to determine and disseminate effective approaches;
- effectively assess the financial capability, including both financial knowledge and financial behaviors, of young Americans;
- identify and develop strategies to pilot financial capability approaches in schools and among young people that are likely to have significant effects on young Americans’ financial capability, and determine ways to test and implement such innovations in a large-scale and sustainable manner;
- identify, develop, and measure the effectiveness of technology-driven approaches to promote financial capability among young people;
- identify and test promising and tested approaches for increasing planning, saving, and investing for retirement by young people; and
- promote the importance of starting to plan and act early for financial success broadly among Americans through public awareness campaigns or other means;
The Council is comprised of the Secretary of the Treasury, the Secretary of Education, the Director of the Consumer Financial Protection Bureau and up to 22 non-governmental members.
If you have ideas for the Council to consider, please email pacfcya@treasury.gov.
http://www.c-span.org/video/?318205-1/financial-education-young-people
