NATIONAL FINANCIAL LITERACY STRATEGY -- NATIONAL FINANCIAL LITERACY STRATEGY -- CONTENTS -- PREFACE -- Chapter 1 TAKING OWNERSHIP OF THE FUTURE: THE NATIONAL STRATEGY FOR FINANCIAL LITERACY -- INTRODUCTION -- NEW CALLS TO ACTION -- Retirement Saving -- Tactic Employed: Public Awareness, Partnerships -- Consumer Protection -- Tactic Employed: Public Awareness -- Coordination Efforts -- Tactic Employed: Partnerships -- End Notes -- Chapter 2 FINANCIAL LITERACY AND EDUCATION COMMISSION: PROGRESS MADE IN FOSTERING PARTNERSHIPS, BUT NATIONAL STRATEGY REMAINS LARGELY DESCRIPTIVE RATHER THAN STRATEGIC -- WHY GAO DID THIS STUDY -- WHAT GAO FOUND -- BACKGROUND -- NATIONAL STRATEGY IS STILL LARGELY DESCRIPTIVE, ALTHOUGH THE COMMISSION HAS ADDRESSED SOME OTHER GAO RECOMMENDATIONS -- National Strategy Remains Largely Descriptive Rather Than Strategic -- Progress Has Been Made in Fostering Partnerships -- National Financial Education Network -- President's Advisory Council on Financial Literacy -- Commission Partially Initiated Our Recommendations for Independent Reviews of Federal Activities and Materials -- Commission Measured Customer Satisfaction with Web Site, but Has Not Yet Tested Its Usability -- Other Communications Initiatives Are In Place -- COMMISSION FACES CHALLENGES IN ACHIEVING ITS MISSION -- Commission and OFE Have Limited Resources and Staff -- Financial Literacy and Education Commission -- Office of Financial Education -- Commission's Governance Structure Has Benefits but Also Creates Challenges -- End Notes -- Chapter 3 TAKING OWNERSHIP OF THE FUTURE -- FOREWORD PART I: TAKING OWNERSHIP OF THE FUTURE -- 1. Building Public Awareness of Available Resources -- 2. Developing Tailored, Targeted Materials and Dissemination Strategies -- 3. Tapping into Public-Private and Private-Private Partnerships.

4. Research and Evaluation of Financial Education Programs -- CONCLUSION -- FOREWORD PART II: ILLUSTRATIVE PROGRAMS -- Programs Discussed in this Report -- 1. GENERAL SAVING -- Overview -- Challenges -- Issues in General Saving -- 1. Shifting Public Discussion from Consumption to Saving through Public Awareness Campaigns -- National PSA Multi-Media Campaign -- Local/National PSA Campaign and Saving Program -- Public Awareness Week on Importance of Insurance -- Summary -- 2. Using Existing Tax Incentives to Make Saving More Convenient and Affordable -- Health Savings Accounts -- Coverdell Education Savings Accounts -- Summary -- 3. Tailoring Communications to Make Saving Relevant to Everyone -- United States Department of Agriculture Cooperative State Research, Education, and Extension Service -- Military Saves -- Summary -- 2. HOMEOWNERSHIP -- Overview -- Challenges -- Issues in Homeownership -- 1. Using Grassroots Approaches to Deliver Counseling and Training Programs -- NeighborWorks America® uses Grassroots Network to Provide Counseling -- Local Credit Union offers First Time Homebuyer Program -- Armed Services Credit Union Serves Military Families -- Native American Housing Partnership Offers Assistance On or Near Reservation -- HUD Local Homeownership Centers -- Summary -- 2. Highlighting Success through Quality Education and Public Awareness -- Housing Partnership in Ohio -- U.S. Department of Housing and Urban Development -- National Standard for Pre-purchase Homeownership Education and Certification for Counselors and Trainers -- National Homeownership Month -- Summary -- 3. Community Collaboration Can Be Invaluable in Developing and Distributing Programs -- Lenders and Government Agencies in Partnership in Montana Provide Counseling and Find Financing for Potential Homebuyers.

Nonprofits and Government Agencies in Partnership in a City in California Provide Housing and Savings Match Program -- Housing Counseling Agency Teams with Faith-Based Organization in Michigan to Reach New Clients -- Summary -- 3. RETIREMENT SAVING -- Overview -- Challenges -- Issues in Retirement Saving -- 1. Educating Workers on All Retirement Savings Opportunities -- Social Security Statement -- U.S. Department of Labor - National Summit on Retirement Savings -- Legislative and Administrative Changes -- Summary -- 2. Encouraging Retirement Saving for Employees of Large Firms -- Retirement Education Efforts - Private-Sector Employers -- Retirement Education Efforts - Federal Government as an Employer -- Retirement Education Efforts - Assistance from Non-profit Organizations -- Retirement Plan Feature Options - Automatic Enrollment Plans -- Summary -- 3. Retirement Saving Options for Employees of Small Businesses -- Retirement Plan Options and Management -- Summary -- 4. Taking Advantage of Tax-Preferred Individual Retirement Savings Products -- Individual Retirement Accounts (IRA) and Roth IRAs -- Summary -- 4. CREDIT -- Overview -- Challenges -- Issues in Credit -- 1. Increasing Public Understanding of Credit, Credit Reports, and Credit Scores -- Fair Credit Reporting Act and the New Free Credit Report Rule -- Federal Trade Commission Publication - Your Access to Free Credit Reports -- Credit Union Offers Public Seminar on Credit Scoring -- Large Bank Provides Classes and Materials on Credit Management -- Summary -- 2. Using Reputable Credit Counseling Services -- Reputable Credit Counseling Services -- Non-profit Organization Offers Credit Counseling in Community Centers -- Credit Counseling and Financial Education for Bankruptcy Filers -- Summary -- 5. CONSUMER PROTECTION -- Overview -- Challenges -- Issues in Consumer Protection.

1. Educating Consumers about Reducing their Risk of Identity Theft -- Federal Trade Commission -- U.S. Department of the Treasury -- U.S. Postal Inspection Service -- U.S. Department of the Treasury DVD -- National Consumer Protection Week -- Summary -- 2. Guarding against Fraudulent Business Opportunities -- Project Biz Opp Flop -- Summary -- 3. Safeguarding Senior Citizens from Targeted Consumer Threats -- Attorney General's Office of Florida -- Attorney General's Office of Kentucky -- Summary -- 6. TAXPAYER RIGHTS -- Overview -- Challenges -- Issues in Taxpayer Rights -- 1. Helping Individuals to Identify and Utilize Available Programs and Services -- Tax Credits -- National Volunteer Tax Preparation Programs -- Local Social Services Organization Offers Free Tax Filing to Low-Income Taxpayers in Florida -- Taxpayer Advocate Service -- Summary -- 2. Education and Outreach to Individuals and Employers -- National Campaign for Individuals with Disabilities and their Caretakers and Employers -- Cooperative Extension Conducts Rural Outreach Project for Georgia Tax Filers -- Social Services Agency in Kansas Helps Disabled Claim Tax Benefits -- Department of Labor Helps Businesses Employ Disabled Workers -- Summary -- 3. Reducing Taxpayer Risks and Costs by Encouraging Direct Deposit -- Go Direct Campaign Increases the Safety and Convenience of Receiving Federal Benefits -- Summary -- 4. Taking Advantage of Important, New Benefits to Realize Financial Saving -- Medicare Prescription Drug Coverage Public Awareness Campaign -- Summary -- 7. INVESTOR PROTECTION -- Overview -- Challenges -- Issues in Investor Protection -- 1. Equipping Consumers with Unbiased, Neutral Investment Information -- Securities and Exchange Commission Provides Investor Education Resources -- Commodity Futures Trading Commission Provides Online Primer.

North American Securities Administrators Association -- Investor Education Funds from Court Settlements -- State Securities Regulators Conduct Outreach and Education Programs -- Investment Education Programs Targeted toward African Americans and Hispanics -- Trade Association Sponsors Web Site for Investors -- Summary -- 2. Encouraging Greater Understanding of Investment Characteristics, Particularly Fees -- SEC's Mutual Fund Cost Calculator -- National Association of Securities Dealers -- U.S. Department of Labor Offers Resources to Explain 401(k)s -- Summary -- 3. Protecting Investors from Fraud through Increased Education Efforts -- SEC Uses Interactive Tool to Teach Investors about Fraud -- Commodity Futures Trading Commission Provides Fraud Avoidance Tips -- Summary -- 8. THE UNBANKED -- Overview -- Challenges -- Issues for the Unbanked -- 1. Using Banking Industry-Driven Products and Services to Increase Understanding and Utilization -- Credit Unions Reaching Out to the Unbanked through Access Across America -- First Home Club Savings Program -- Saving Accounts with Matching Funds -- Summary -- 2. Encouraging Collaboration and Use of Existing Relationships to Increase Familiarity with Financial System -- Money Smart Financial Education Program -- Americans Enter the Financial Mainstream through U.S. Department of Health and Human Services Program -- Summary -- 9. MULTILINGUAL AND MULTICULTURAL POPULATIONS -- Overview -- Challenges -- Issues for Multilingual and Multicultural Populations -- 1. Promoting Participation in the Financial Services Process through Increased Understanding of the System -- FDIC's New Alliance Task Force Helps Hispanics Access Financial Services -- U.S. Department of Labor's Las Mujeres y el Dinero Brings Financial Education to Hispanic Women -- Minnesota Counseling Agency Assists Muslims with Financial Issues.

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