MyMoney.Gov: Expanding Financial Education and Access
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 money quizzes to test their knowledge, will help young people in achieving this goal of financial literacy.
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:
- Commodity Futures Trading Commission
- Consumer Financial Protection Bureau (newest member)
- Department of Agriculture
- Department of Defense
- Department of Health and Human Services
- Department of Housing and Urban Development
- Department of Labor
- Department of Veterans Affairs
- Departments of Education
- Federal Deposit Insurance Corporation
- Federal Reserve Board
- Federal Trade Commission
- General Services Administration
- National Credit Union Administration
- Office of Personnel Management
- Office of the Comptroller of the Currency
- Office of Thrift Supervision
- Securities and Exchange Commission
- Small Business Administration
- Social Security Administration
- The White House Office of Public Engagement