Financial Education Legislation is Key to Success

ARLINGTON, Va.-NAFCU recently sent a letter to Senator Debbie Stabenow (D-Mich.) supporting her efforts to streamline any overlap in financial education efforts by the government. The Financial Literacy Community Outreach Act (S. 1532) would help coordinate federal agency efforts in financial education in order to gain more value for the resources. NAFCU President and CEO Fred Becker said the bill is a “step in the right direction” and would “more accurately target financial literacy programs to those individuals who need them most.” “As Americans are faced with an ever widening array of financial services, NAFCU believes it is important to arm consumers with a sound understanding of the basics of personal finance,” he wrote. “Financially literate individuals are more likely to spend prudently and put money in savings, retirement funds and other wealth building accounts.”