Removing Barriers Blog

CUNA Attends Financial Literacy and Education Commission Meeting

Earlier today, CUNA and the National Credit Union Foundation attended the Treasury’s Financial Literacy and Education Commission’s public meeting. The Commission was established in 2003 under the Fair and Accurate Credit Transactions Act and is comprised of 19 federal agencies, including the NCUA. They were tasked with developing a national financial education website and a national strategy on financial education. 

Treasury Secretary Steven Mnuchin and the Consumer Financial Protection Bureau Director Richard Cordray opened the meeting with words encouraging financial education for the youth of America.  During the meeting a number of panelists presented on the current state of our nation’s financial education. 

Peggy G. Carr, Acting Commissioner for the National Center for Education Statistics, U.S. Department of Education and Andreas Schleicher, Director for Education and Skills, Organisation for Economic Co-operation and Development discussed the financial literacy results and implications from the 2015 Program for International Student Assessment.  Unfortunately, there was not a measurable difference between the results in 2012 and 2015, 22% of 15-year-olds in the United States do not reach the baseline level for financial proficiency.   

Another panel discussed how states are improving financial education at a local level.  Dr. Carly Urban showed how to measure and prove that state-mandated financial education programs work and Richard Woods and David Mancl both explained how their states of Georgia and Wisconsin are handling financial literacy in the classroom. 

Many of today’s panelists also reiterated the need for financial education to start at home. Today’s meeting and others like it continue to solidify the importance of financial education both in and outside of the classroom. CUNA will continue to work hand-in-hand with the Foundation to teach and encourage financial literacy for all Americans—truly living the credit union difference!