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This study reports the results of the Federal Trade Commission’s second statistical survey of fraud in the United States. The survey found that 30.2 million adults – 13.5 percent of the adult population – were victims of one or more of the frauds included in the survey during the year studied. More people – an estimated 4.8 million U.S. consumers – were victims of fraudulent weight-loss products than any of the other frauds covered by the survey.

This study examines the effect of credit-based insurance scores on the price and availability of automobile insurance and the impact of such scores on racial and ethnic minority groups and on low-income groups. Using a large database of insurance policies, the study shows that scores are effective predictors of risk under automobile policies. At the same time, scores are observed to be distributed differently among racial and ethnic groups, and this difference is likely to have an effect on the insurance premiums that these groups pay, on average.

We compare wealth holdings across two cohorts of the Health and Retirement Study: the early Baby Boomers in 2004, and individuals in the same age group in 1992. Levels and patterns of total net worth have changed relatively little over time, though Boomers rely more on housing equity than their predecessors. Most important, planners in both cohorts arrive close to retirement with much higher wealth levels and display higher financial literacy than non-planners.

This presentation reviews the state of federal spending and discusses the role of improved financial literacy as part of a three-pronged strategy (1) Improve Financial Reporting, Public Education, and Performance Metrics (2) Strengthen Budget and Legislative Processes and Controls (3) Fundamental Reexamination & Transformation for the 21stCentury (i.e., entitlement programs, other spending, and tax policy). The slides describe GAO's work on advancing financial literacy, including a review of the Financial Literacy and Education Commission, and participation the Fiscal Wake Up Tour.

The Financial Literacy and Education Improvement Act created, in December 2003, the Financial Literacy and Education Commission. Responding to the act’s mandate that GAO assess the Commission’s effectiveness, this report reviews its progress in (1) developing a national strategy; (2) developing a Web site and hotline; and (3) coordinating federal efforts and promoting partnerships among the federal, state, local, nonprofit, and private sectors.

In July 28, 2004, GAO hosted a forum on the role of the federal government in improving financial literacy. Forum participants included experts in financial literacy and education from federal and state agencies, the financial industry, nonprofit organizations, and academic institutions. This report summarizes highlights of participants' discussion on the topics federal efforts should cover, populations that should be targeted, methods of delivering information, and the role of program evaluation.