The American Bankers Association Foundation today offered its perspective on updating the U.S. national strategy for financial literacy by underscoring the critical role banks play in advancing financial capability.
The Treasury Department recently kicked off Financial Literacy Month in April by announcing that federal agencies will use the month to spotlight events, initiatives and public engagement opportunities designed to strengthen financial knowledge and financial security. In its letter to the department, the ABA Foundation highlighted banks’ unique position as trusted, community-based partners that deliver financial education at scale through schools, workplaces, community organizations and digital platforms.
“We appreciate Secretary [Scott] Bessent and the Treasury Department’s focus on this critical challenge and the opportunity to share our perspective on national strategies for financial literacy,” said Lindsay Torrico, executive director of the ABA Foundation. “As Financial Literacy Month reminds us, helping people build financial skills, resilience and confidence is important to the economy. Banks are deeply embedded in their communities and are uniquely positioned to support a modern, coordinated national strategy that meets people where they are.”
The ABA Foundation’s recommendations to the Treasury Department and the Financial Literacy and Education Commission emphasized the need to:
- Strengthen public-private partnerships to deliver consistent, high-quality financial education at scale;
- Modernize financial literacy to address today’s economic realities;
- Support financial counseling as a critical lever for financial stability;
- Promote youth investment accounts and early wealth-building tools;
- Elevate scam and fraud prevention as a core pillar of consumer protection; and
- Educate consumers on emerging financial products, services and technologies.
The ABA Foundation also provides financial education programs and resources for bankers to strengthen the financial well-being of their communities, including Get Smart About Credit and Teach Children to Save.
