The Financial Literacy and Education Commission (FLEC)'s financial literacy education website, www.MyMoney.gov has enhanced interactive features and utility to provide more resources to Americans seeking information that can inform their personal financial decisions. This enhanced online offering is just one of the many steps the Administration is taking to expand financial education and access.
The new MyMoney.gov creates an online point of access to financial information from the 22 Federal entities that comprise the FLEC. Young people will be able to find a great deal of information related to planning for their financial future. The many resources on the website offer guidance on important decisions including budgeting, setting up a savings account, and paying for college. Money management tools include a financial savings calculator, worksheets for establishing a weekly budget and a college preparation checklist, among others. In addition to resources related to financial planning, the website also provides young adults with the opportunity to improve basic financial competency and understanding. Items including interactive lessons on treasury securities and access to the National Financial Capability Challenge will help young people in achieving this goal of financial literacy. Furthermore, the site is available in Spanish, and efforts to make the website as helpful and useful to youth will be ongoing, with improvements expected to continue.
The website was made possible by the FLEC, which was established under the Fair and Accurate Credit Transactions Act of 2003. The Commission was tasked with developing a national financial education website along with a hotline (1-888-My Money) and a national strategy (PDF, 16 pages) on financial education. Those resources are up and running, and the Commission continues to update and improve these important tools.
The Commission is chaired by the Secretary of the Treasury and made up of the heads of 21 additional federal agencies and is coordinated by the Treasury’s Office of Financial Education and Financial Access. The members are:
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