Social Security: add07strategy

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Taking Ownership of the Future: The National Strategy for Financial Literacy April 2007 Introduction To ensure that the National Strategy for Financial Literacy serves its goal of improving the nation’s financial literacy for all Americans, the Commission will be guided with the following definition of “financial literacy” and “financial education” based on a distillation of views derived from several sources. Financial literacy is the ability to use knowledge and skills to manage financial reso
    Taking Ownership of the Future:The National Strategy for Financial Literacy  April 2007  Introduction To ensure that the  National Strategy for Financial Literacy serves its goal of improving thenation’s financial literacy for all Americans, the Commission will be guided with the followingdefinition of “financial literacy” and “financial education” based on a distillation of viewsderived from several sources. Financial literacy is the ability to use knowledge and skills to manage financialresources effectively for a lifetime of financial well-being. 1   Financial education is the process by which people improve their understandingof financial products, services and concepts, so they are empowered to makeinformed choices, avoid pitfalls, know where to go for help and take other actionsto improve their present and long-term financial well-being. 2   New Calls to Action In addition to the existing 26 Calls to Action published in the Strategy of April 2006, theCommission developed six new Calls to Action for the 2007 Strategy . These Calls to Action area product of the statutorily mandated review of the Strategy and they highlight additional areaswhere the Commission wishes to concentrate its efforts. Commission members will work witheach other and other entities to fulfill these objectives.Retirement Saving Tactic Employed: Public Awareness, Partnerships 3-3. In 2007, the Department of Labor, in partnership with a national nonprofitorganization and the Internal Revenue Service, will implement a multi-facetedcampaign to educate small businesses and their accountants about options for employeeretirement plans. This campaign will include an interactive Web site, publications and aseries of seminars.   Consumer Protection Tactic Employed: Public Awareness 5-3.   By the third quarter of 2008, the Commission will host a roundtable discussion on theinclusion of insurance issues in financial education. The Commission will publishfindings from this discussion. 1 Jump$tart Coalition. 2007.  National Standards in K-12 Personal Finance Education .   2 Organization for Economic Co-operation and Development. 2005.  Improving Financial Literacy: Analysis of  Issues and Policies . OECD Publishing. Paris, France.   Coordination Efforts Tactic Employed: Partnerships  12-2.1.   The Commission will identify an independent party to conduct two assessments of Federal financial education programs and resources. The first assessment will focus onavailability, use, impact and overall effectiveness of Federal programs and materials; thesecond will identify duplication and overlap of efforts as well as gaps. The first series of independent assessments will be completed in 2009.12-3. By the second quarter of 2009, the Commission will conduct usability testing of, andmeasure customer satisfaction with, MyMoney.gov. Findings will be used to improve theWeb site.12-4. In 2007, the Commission will use MyMoney.gov to highlight existing partnerships andencourage new partnerships among public, nonprofit and private organizations.12-5. The Office of Personnel Management and the Treasury Department will partner toestablish a network of state and local government officials to improve collaboration onfinancial education efforts among federal, state and local levels. The first meeting of thenetwork will be held by the third quarter of 2007.
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