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U.S.financial Literacy - US Dept of the Treasury FLEC - Core Competencies - FRN

U.S.financial Literacy - US Dept of the Treasury FLEC - Core Competencies - FRN

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Published by Carla Muss-Jacobs

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Published by: Carla Muss-Jacobs on Aug 28, 2010
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11/01/2012

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52596
Federal Register
/Vol. 75, No. 165/Thursday, August 26, 2010/Notices
DEPARTMENT OF THE TREASURYFinancial Education CoreCompetencies; Comment Request
AGENCY
:
Department of the Treasury.
ACTION
:
Notice and request for comment.
SUMMARY
:
The Department of theTreasury, in its capacity as Chairpersonof the Financial Literacy and EducationCommission (
‘‘
Commission
’’
), invites thepublic to comment on a proposed set of financial education core competencies(
‘‘
Core Competencies
’’
). Comments arerequested specifically on whether thelist of Core Competencies referenced inthe Supplementary Section is completeand whether there are portions thatshould be deleted, revised, or expanded.
DATES
:
Comments should be received onor before September 12, 2010, to beconsidered.
ADDRESSES
:
Written comments should be sent via e-mail to
or by mail tothe Department of the Treasury, Officeof Financial Education and FinancialAccess, 1500 Pennsylvania Avenue,NW., Washington, DC 20220.In general, the Department will makeall comments available in their originalformat, including any business orpersonal information provided such asnames, addresses, e-mail addresses, ortelephone numbers, for publicinspection and photocopying in theDepartment’s library, Room 1428, MainDepartment Building, 1500Pennsylvania Avenue, NW.,Washington, DC 20220, on official business days between the hours of 10a.m. and 5 p.m. You can make anappointment to inspect comments bycalling (202) 622–0990. All commentsreceived, including attachments andother supporting materials, are part of the public record and subject to publicdisclosure. You should only submitinformation that you wish to makepublicly available.
FOR FURTHER INFORMATION CONTACT
:
Foradditional information, contact DubisCorreal by e-mail at
or by telephone at (202) 622–5770 (not atoll free number). Additionalinformation regarding the Commissionand the Department of the Treasury’sOffice of Financial Education andFinancial Access may be obtainedthrough its Web site,
. 
SUPPLEMENTARY INFORMATION
:
TheDepartment of the Treasury, in itscapacity as Chairperson of theCommission, invites the public tocomment on a proposed set of financialeducation core competencies CoreCompetencies. The request is underauthority of Title V of the Fair andAccurate Credit Transactions Act of 2003 (Pub. L. 108–159), which directsthe Commission to review, not less thanannually, the National Strategy topromote basic financial literacy andeducation. As part of the developmentof the new National Strategy, theCommission determined that it isnecessary to develop core competenciesfor consumers and financial educationproviders. The financial education fieldlacks a common understanding of whatwe collectively are trying to achieve,and there is no agreement on theappropriate basic content for financialliteracy and education. Thedevelopment of core competencies is afundamental step in establishing a clearunderstanding about what individualsshould know and the basic conceptsprogram providers should cover.Furthermore, the Core Competencies areparticularly important in establishing a baseline of knowledge, which is crucialfor both individuals and providers of financial education to address thecurrent lack of consistency in variousfinancial literacy programs inidentifying their goals and objectives,how program success is measured, andwhat financial information andproblem-solving skills participants can be expected to acquire.The Department of the Treasury, inconjunction with the Commission’sCore Competencies Subcommittee,identified five core concept areas: (1)Earning, (2) spending, (3) saving, (4) borrowing, and (5) protecting againstrisk, as well as specific corecompetencies for each area. The goal of the Core Competencies is to define whatconsumers should know and be able todo to successfully understand and makeinformed decisions about their personalfinances.This request for comments is one of several steps in the validation phase of the development of the CoreCompetencies. Ultimately, the goal is toput the Core Competencies into a formatand language that are both easilyaccessible and easily remembered—analogous to the
‘‘
food pyramid.
’’
Thisstep will be undertaken once we havereceived public comment. Commentsare requested specifically on whetherthe list of Core Competencies iscomplete and whether there are portionsthat should be deleted, revised, orexpanded.
Core concept Knowledge Action/behaviorEarning.................................Gross versus net pay......................................................Understand your paycheck.Benefits and taxes..........................................................Learn about potential benefits and taxes.Education is important....................................................Invest in your future.Spending..............................The difference between needs and wants......................Develop a spending plan.Track spending habits.Live within your means.Understand the social and environmental impacts ofyour spending decisions.Saving..................................Saved money grows.......................................................Start saving early.Pay yourself first.Know about transactional accounts (checking)..............Understand and establish a relationship with the finan-cial system.Know about financial assets (savings accounts, bonds,stocks, mutual funds).Comparison shop.Balance risk and return.How to meet long-term goals and grow your wealth......Save for retirement, child’s education, and other needs.Plan for long-term goals.Track savings and monitor what you own.Borrowing.............................If you borrow now, you pay back more later. The costof borrowing is based on how risky the lender thinksyou are (credit score).Avoid high cost borrowing, plan, understand, and shoparound.Understand how information in your credit score affectsborrowing.Plan and meet your payment obligations.Track borrowing habits.Analyze renting versus owning a home.
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