More than 20 federal agencies and more than 50 federal programs and initiatives are trying to promote financial literacy, according to officials at the U.S. Government Accountability Office (GAO).
Gene Dodaro, comptroller general of the United States and the head of the GAO, talked about what the GAO sees as fragmentation of federal financial literacy efforts Tuesday at hearing organized by the government management subcommittee at the Senate Homeland Security and Governmental Affairs Committee.
GAO officials say they looked at government financial literacy efforts in part because of surveys indicating that many U.S. consumers have difficulty with basic financial concepts and fail to budget.
A multiagency Financial Literacy and Education Commission is supposed to coordinate the federal outreach efforts, Dodaro said, according to a written version of his testimony provided by the GAO.
The commission came up an initial strategy several years ago and in December 2010 released a new strategy for 2011.