Thursday, May 27, 2010

RAND Report on Financial Literacy Programs

Source: RAND

Federal Financial and Economic Literacy Education Programs, 2009

By: Angela A. Hung, Kata Mihaly, Joanne K. Yoong

Financial literacy — the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being — is becoming more and more important as individuals and families become increasingly responsible for their own long-term financial well-being. Financial and economic literacy education programs have been shown to increase financial literacy and capability. Many federal agencies and departments have long-standing financial education programs, and, in recent years, steps have been taken to increase coordination of such efforts. In late 2009, a survey was conducted of 21 federal agencies, who reported offering a total of 56 financial and economic literacy education programs. In this report, the authors analyze the survey data, describing each program's purpose, content, delivery formats, target audience, and evaluation goals and method. The authors conclude with recommendations for future evaluations, emphasizing the need for a standardized definition of what constitutes a financial and economic literacy education program and for a standardized method of evaluating such programs across agencies.

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1 comment:

  1. If there are over 50 different types of programs and all of them have failed or need some evaluation/feedback, then the issue is most likely related to the end-user. The only realistic options for solving this problem is at the ground floor, either using a program like this which acknowledges the fact that the process needs to be commercialized, or in a mandatory classroom setting.