WASHINGTON (7/23/14)--Financial literacy has been a core mission of the Consumer Financial Protection Bureau, and the bureau outlined several of its strategies to further this mission in its second annual financial literacy report to Congress.
According to a study conducted by the National Center for Education Statistics, called the Program for International Student Assessment, American 15-year-olds are in the middle of the pack when it comes to financial literacy. Students scored worse than seven countries, better than three countries and "not measurably different" from the other seven countries measures (
The CFPB report notes that credit unions have participated in financial literacy by helping combat elder financial exploitation. The National Association of Community Development Credit Unions presented a webinar on elder financial abuse which featured speakers from the Office of Financial Protection for Older Americans, New York County District Attorney's Office and a former director of the Kansas Department of Social and Rehabilitation Services.
The report also discusses how the CFPB has expanded financial literacy programs to schools, libraries, the workplace, social service organizations and the military.
Use the resource link to access the report.