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Researchers : Financial Literacy: A Federal Certification Process for Providers Would Pose Challenges
Complete Description:In response to a mandate in the Dodd-Frank Wall Street Reform and Consumer Protection Act, this report addresses (1) what is known about which methods and strategies are effective for improving financial literacy, and (2) the feasibility of a process for certifying financial literacy providers. GAO's review of 29 evidence-based studies evaluating specific programs or approaches indicates that several have been effective in changing consumer knowledge or behavior. However, the diversity of these programs and their evaluation methods makes drawing generalizable conclusions difficult. While a federal process for certifying financial literacy providers appears to be feasible, doing so would pose significant challenges.
Date Published:Wednesday, June 1, 2011
Funding Agency: US General Accountability Office
Type: Report;
Source: Literature review;
Language: English
Audience: Researcher