Highlights of a Forum: Financial Literacy: Strengthening Partnerships in Challenge Times

摘要

Giving Americans the information they need to make effective financial decisions can be key to their well-being, and to the country's economic health. The recent financial crisis--during which many borrowers did not fully understand the risks associated with alternative mortgage products--underscored the need to improve individual's financial literacy. Further, economic, demographic, and technological trends that have affected the need for financial literacy continue, including the retirement of the baby boomers; the emergence of new financial products; and increasing costs for health care, higher education, and retirement. GAO convened a forum on October 20, 2011, to discuss (1) needs and priorities in improving financial literacy; (2) roles and responsibilities of, and collaboration among, the government, nonprofit, and private sectors; (3) lessons learned from federal public health and nutrition literacy initiatives; and (4) GAO's potential role in addressing financial literacy issues.