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Fin Lit Education Commission intros national strategy
WASHINGTON (12/7/10)--The Financial Literacy and Education Commission (FLEC) last week introduced its 2011 National Strategy for Financial Literacy, a framework that the group hopes will “provide the foundation for an overarching financial literacy strategy.” The FLEC is comprised of representatives from the National Credit Union Administration, the U.S. Treasury, the U.S. Department of Education, the White House, and 18 other governmental groups. The 2011 strategy focuses on the need for increased financial literacy and effective financial decisionmaking and the educational efforts needed to reach these objectives. The strategy cites policy, education, practice, research and coordination as “action areas” that the FLEC stakeholders can address to reach the stated objectives. The FLEC cites increasing awareness of and access to effective financial education, determining and integrating core financial competencies, improving financial education infrastructure, and identifying, enhancing, and sharing effective practices as ways that FLEC stakeholders can also reach those objectives. The Credit Union National Association (CUNA) earlier this year came out in support of these objectives, and thanked the FLEC for avoiding references to any specific type of financial institution in its developed financial education core competencies. CUNA also recommended that the commission enhance the list of core concepts by adding information on debt reduction, credit scores, financial planning, and credit rating establishment, among other issues. For the full FLEC release, use the resource link.
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