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2011 National Strategy for Financial Literacy. Family and Consumer Economics Division of Family and Consumer Sciences USDA-NIFA Response. Division of Family and Consumer Sciences. Strengthening Families, Farms, Communities and the Economy. Changing the Consumer Mindset.

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2011 national strategy for financial literacy

2011 National Strategy for Financial Literacy

Family and Consumer Economics

Division of Family and Consumer Sciences

USDA-NIFA Response

division of family and consumer sciences

Division of Family and Consumer Sciences

Strengthening Families, Farms, Communities and the Economy

statement of need national strategy for financial literacy 2011 introduction
Statement of NeedNational Strategy for Financial Literacy 2011 Introduction

“The recent economic crisis has

highlighted how essential it is that

Individuals and families have the

information, education and tools

they need to make good financial

decisions in an increasingly

complex U.S. and global financial

system.”

financial literacy and education commission flec
Financial Literacy and Education Commission (FLEC)

USDA – NIFA is one of the 22 Government Agencies serving on the FLEC Commission

slide6
Financial Literacy and Education Commission (FLEC) & President’s Advisory Council on Financial Capability

FLEC Commission

  • FLEC Commission members represent the public sector

(Government Agencies)

President’s Advisory Council

  • Advisory Council members are from the private sector

(Business Owners and CEOs)

  • The President's Advisory Council members are appointed and serve as advisors to United States President Barack Obama.

Together

  • The FLEC Commission and President’s Advisory Council work together on sub-committees.
bulletin national strategy for financial literacy 2011
Bulletin - National Strategy for Financial Literacy 2011
  • http://www.mymoney.gov
  • http://www.mymoney.gov/sites/default/files/downloads/NationalStrategyBook_12310.pdf
promoting financial success in the united states
Promoting Financial Success in the United States
  • Vision: Sustained financial well-being for U.S. individuals and families
  • Mission: Set strategic direction for policy, education, practice, research, and coordination so that U.S. individuals and families make informed financial decisions.
promoting financial success in the united states9
Promoting Financial Success in the United States

Goals:

  • Increase Awareness of and Access to Effective Financial Education
  • Determine and Integrate Core Financial Competencies
  • Improve Financial Education Infrastructure
  • Identify, Enhance, and Share Effective Practices
financial capability framework
Financial Capability Framework
  • Financial knowledge & understanding

2) Financial skills & competence

3) Financial responsibility

five core competencies
Five Core Competencies
  • Earning income,
  • Spending,
  • Saving and Investing,
  • Borrowing and
  • Protecting your finances.
message from family and consumer economics national program leader susan shockey
Message from Family and Consumer Economics National Program LeaderSusan Shockey

“These five areas are critical to the nation’s financial stability as individuals and families can dramatically affect the financial health of their local communities and regional markets.”

implementation action areas
Implementation: Action Areas
  • Policy
  • Education
  • Practice
  • Research
  • Coordination

2011 National Strategy for Financial Literacy suggests

that each partner find its own action plan.

nifa usda impact measures
NIFA-USDA Impact Measures
  • Short-term: Quantitative and qualitative measures of Financial Knowledge, Attitude, and Behavior
  • Long-term: Assess how education affected financial skills and competences using established scales
nifa usda research efforts
NIFA-USDA Research Efforts
  • Health and financial well-being
  • Behavioral economics of saving
  • Psychology of money
  • Cultural perspectives on money
  • Factors affecting retirement planning
  • Costs of elder care
nifa usda research efforts20
NIFA-USDA Research Efforts
  • Youth money management
  • 4-H Youth development
  • Comparing financial capabilities of college students from states with varying financial education policies
resources
Resources
  • www.nifa.usda.gov/financialsecurity
  • http://www.nifa.usda.gov/directories/economics/list.cfm#WA
  • www.extension.org/personal_finance
message from nifa director roger beachy
Message from NIFA DirectorRoger Beachy

“The Cooperative Extension System (CES) helps

families to learn from our consumer economic programs, which were designed specifically to help people living in rural and urban America manage their money. In an increasingly complex financial system, programs like this help equip Americans with the information, education and tools to make smart financial choices.”

message from family and consumer sciences division director caroline crocoll
Message from Family and Consumer Sciences Division Director Caroline Crocoll

“The nation’s financial attitude, behavior,

and knowledge starts with the family unit.

Individuals and families communicate and make informed economic decisions based on their own values. Children learn these values, attitudes, behaviors, and money management practices from their parents.”

identify state program of pride
Identify State Program of Pride
  • Ask each state to submit one or two Family and Consumer Economics programs
  • Programs should be peer-reviewed, include education and research
  • Document program efficiency and visibility
end results
End Results
  • Visibility
  • Program Efficiency
  • Program Accountability
to do identify programs of pride
To Do: Identify Programs of Pride
  • Each State submit one or two programs
  • Programs should be peer-reviewed, evidenced-based, and include education and research
  • Encourage program efficiency and visibility
five core competencies27
FiveCore Competencies
  • Earning income,
  • Spending,
  • Saving and Investing,
  • Borrowing and
  • Protecting your finances.
division of family and consumer sciences28

Division of Family and Consumer Sciences

Strengthening Families, Farms, Communities and the Economy

contact information

Contact Information

Susan S. Shockey, Ph.D., CFCS

USDA – NIFA National Program Leader

Family and Consumer Economics

sshockey@nifa.usda.gov

202-690-2674

discussion
Discussion

What does the National Strategy for Financial Literacy mean for me at the state and local level?