As the country continues to recover from the worst economic crisis in generations, one of the most important questions Americans face is how to manage and maximize their personal finances. To be good financial stewards, we must all have a solid understanding of how personal finance works, an ability to access safe financial products for short-term needs and long-term goals, and knowledge of where to turn if financial decisions are too complex.
Today, the White House and President’s Advisory Council on Financial Capability are hosting an afternoon of discussion about the importance of financial empowerment for all Americans. Experts from across the government, private, and nonprofit sectors will share innovative ideas for how to raise Americans’ financial capability, with a particular focus on younger Americans. The Administration will also announce a number of new public-private partnerships across schools and colleges, business, and local government that aim to improve financial literacy and capability for all Americans.
While celebrating model actors and new efforts to promote financial capability among American workers, youth, families, and communities, the Administration will also encourage other institutions to make tangible commitments to promote financial capability. In one of two panels, Melissa Koide, Deputy Assistant Secretary of the Treasury for Financial Access, Financial Education, and Consumer Protection, will moderate a conversation of business leaders to highlight best practices in providing financial capability education in the workplace. Another panel will hear from government and civic leaders on financial capability efforts in our communities.
The Summit attendees will also hear about information and important tools that Americans can use to manage their finances effectively from the director of the Consumer Financial Protection Bureau, Richard Cordray; the director of the National Economic Council, Gene Sperling; the director of the Domestic Policy Council, Cecilia Muñoz; and Secretary of Education, Arne Duncan. They will also play a little financial football with London Fletcher of the Washington Redskins and Matthew Stafford of the Detroit Lions.
Treasury is proud to coordinate many of the government’s efforts to promote financial capability to help Americans become better, more capable financial stewards. Our Office of Financial Access, Financial Education, and Consumer Protection organizes the President’s Advisory Council on Financial Capability and the Financial Literacy and Education Commission—two efforts that bring together government, private, and nonprofit expertise to address today’s financial capability challenges.
Treasury is excited to take part in today’s event. But we are more excited to see the effect we can have when all institutions leverage each other’s strengths and effective approaches to help strengthen Americans’ financial capability.
Louisa Quittman is Director of the Treasury’s Office of Financial Education.