WASHINGTON (8/30/10)--The U.S. government is working to develop a list of financial education core competencies to further efforts to increase the financial literacy of the country’s population. The Treasury Department, as lead agency of the Financial Literacy and Education Commission (FLEC), is seeking public comment on the list. The department is proposing the development of core competencies for financial education because of its perception that the financial education field lacks a common understanding of what the administration is trying to achieve through its national strategy to promote basic financial literacy and education. Treasury has identified five core concept areas:
* Earning; * Spending; * Saving; * Borrowing; and * Protecting against risk.
In the Treasury proposal, each concept area is broken down into specific things consumers should be taught in each category. Treasury specifically seeks comment on whether the list of core competencies “is complete and whether there are portions that should be deleted, revised, or expanded.” Comments are due on Sept. 12. The National Credit Union Administration (NCUA) is part of a 20-agency make-up of FLEC. NCUA Chairman Debbie Matz, at the 2010 Congressional Financial Literacy Day last April, noted credit unions' dedication to, and efforts to strengthen, consumer financial education programs and outreach. "If there's one clear and obvious bright spot in the recent economic turmoil, it's the rededication of NCUA and the credit union industry to financial education," Matz said, adding that "credit unions demonstrate a natural affinity for making real-world, practical and useful financial literacy tools available to their members.”