It is the ability of individuals to make appropriate decisions in managing their personal finances (Wikipedia, 2008)

History of the financial literacy movement:

2003	The US Treasury established an Office of Financial Education.
2004	The US Congress established the Financial Literacy and Education Commission.
2006	The Commission published the National Strategy on Financial Literacy. The strategy, titled Taking Ownership of the Future, is available at: http://www.mymoney.gov/pdfs/ownership.pdf

Taking Ownership of the Future includes these sections: General Saving, Homeownership, Retirement Savings, Credit, Consumer Protection, Taxpayer Rights, Investor Protection, and the Unbanked.

Information about many of these topics is already on this web site. Here are some additional resources:

Debt

CNN Money.com has 23 lessons called Money 101. Lesson 9 is about Debt. You might like these features in Lesson 9: Debt Reduction Planner, Glossary, and Take the Test http://money.cnn.com/magazines/moneymag/money101/lesson9/index3.htm

Visa has a set of lessons called Practical Money Skills written by Jean Chatzky at http://www.practicalmoneyskills.com/english/index.php The lessons are short and easy to read. Also, there is a calculator that will help you calculate the true cost of credit card purchases. You will need to enter the amount charged, the annual percentage rate, and the amount you intend to pay each month. http://www.practicalmoneyskills.com/english/wizards/credit/index.php

If you have a high school or college student in your family, he or she might enjoy the series Get Financially Fit. There are 3 lessons: The Warm-Up, The Work Out, and Big Weigh-In. The links for the lessons are located at the bottom of the page and are available at http://www.newyorkfed.org/regional/commdev.html

Taxes

Lesson 18 in the CNN Money series, Money 101, is about taxes. You can review several lessons about taxes or Take the Test or use the Glossary. http://money.cnn.com/magazines/moneymag/money101/lesson18/

The Internal Revenue Service (IRS) provides access to forms and has a section for Frequently Asked Questions. http://www.irs.gov/

On the H and R Block site, you will find Tax Tips and Calculators. Go to http://www.hrblock.com/

Investor Protection

The Securities and Exchange Commission (SEC) has developed a special section on Investing for Seniors (older adults). http://www.sec.gov/investor/seniors.shtml

The topics developed especially for seniors are Affinity Fraud, Ask Questions, Asset Allocation and Rebalancing, Internet Fraud, Cold Calling, Lump Sum Payouts, and Senior Specialists and Advisors.

• For more information on how to invest wisely, request these publications from the SEC: Invest Wisely: Advice From Your Securities Industry Regulators,

• Protect Your Money: Check Out Brokers and Investment Advisers, and

• Invest Wisely: An Introduction to Mutual Funds.

You can also get other SEC publications online or by calling the toll-free publications line at (800) SEC-0330 (800-732-0330).

Also, on the SEC web site there is a link to a Mutual Fund Cost Calculator that lets you compare the costs of different mutual funds.

Checklist for improving your financial literacy:

ü      Keep good financial records.

ü      Get information from more than one source.

ü      Ask questions.

ü      If it sounds too good to be true, it probably isn't true.

ü      Check on the qualifications of professionals.

ü      Ask for recommendations.

ü      Don't make snap decisions about your money.