Financial Education Services: An Overview

Financial education is a cornerstone of individual and national economic stability. Equipping individuals with the knowledge and skills to manage their finances effectively is crucial in today's complex financial landscape. This article explores the landscape of financial education services, highlighting key players, resources, and strategies for promoting financial literacy.

The Role of the Financial Literacy and Education Commission (FLEC)

The Financial Literacy and Education Commission (FLEC) plays a pivotal role in shaping the national strategy for financial education in the United States. Established under the Fair and Accurate Credit Transactions Act of 2003, the Commission is tasked with developing a national financial education website (MyMoney.gov) and a comprehensive national strategy. Chaired by the Secretary of the Treasury and with the Director of the Bureau of Consumer Financial Protection as its vice-chair, the FLEC sets the strategic direction for policy, education, research, and coordination to empower all Americans to make informed financial decisions.

The Commission comprises the heads of 24 federal agencies, reflecting a coordinated effort across various sectors of the government. These agencies include:

Department of the Treasury (Chair)
Consumer Financial Protection Bureau (Vice-Chair)
Commodity Futures Trading Commission
Department of Agriculture
Department of Defense
Department of Education
Department of Health and Human Services
Department of Housing and Urban Development
Department of Interior
Department of Labor
Department of Veterans Affairs
Federal Deposit Insurance Corporation
Federal Emergency Management Agency
Federal Housing Finance Agency
Federal Reserve Board
Federal Trade Commission
General Services Administration
National Credit Union Administration
Office of the Comptroller of the Currency
Office of Personnel Management
Small Business Administration
Securities and Exchange Commission
Social Security Administration
White House Domestic Policy Council

The FLEC holds public meetings to discuss and advance its mission. For example, a public meeting of the FLEC was held on September 24, 2025, chaired by the Secretary of the Treasury Scott Bessent. These meetings are often webcast to ensure public access and transparency.

The FLEC also publishes annual reports to Congress, such as the Strategy for Assuring Financial Empowerment (SAFE) Report, highlighting the activities of its member agencies in advancing financial literacy and education. These reports provide valuable insights into the FLEC's priorities and initiatives.

Key Initiatives and Resources from FLEC

The FLEC undertakes several initiatives to promote financial literacy across different demographics and sectors. These include:

Higher Education Financial Education Resources: Compiling resources for program leaders, educators, financial aid professionals, and students in higher education.
National Strategy for Financial Literacy: Developing and updating a national strategy with goals for various sectors to improve individual financial well-being. The National Strategy for Financial Literacy 2016 Updated is the FLEC’s latest addition to the 2011 National Strategy which established several goals for the various sectors of our economy which are seeking to improve individual financial well-being and financial literacy.
Special Issue on “Starting Early for Financial Success”: Partnering with the Journal of Consumer Affairs to dedicate a special issue to financial literacy research focused on young people.
Resource Guides for Youth Employment Programs and Financial Institutions: Creating guides to help financial institutions and youth employment programs enhance youth financial capability through partnerships. The FLEC’s Resource Guide for Financial Institutions Incorporating Financial Capability into Youth Employment Programs is aimed at financial institutions interested in enhancing youth financial capability by partnering with youth employment programs. It maps how and why financial institutions can engage in helping young people achieve greater financial well-being and employment success. The FLEC's Resource Guide for Youth Employment Programs Incorporating Financial Capability and Partnering with Financial Institutions is aimed at youth employment programs interested in enhancing youth financial capability by partnering with financial institutions. It maps how and why youth employment programs can partner with financial institutions to engage in helping young people achieve greater financial well-being and employment success. This is a companion to the Resource Guide for Financial Institutions noted above.
Youth Savings Programs: Providing information on Youth Savings Programs, such as in-school bank and credit union branches, which can expand the financial capability of youth.
College Savings and Financing Resources: Offering resources for students and families to make informed decisions about saving, paying, or financing higher education.
Research Priorities: Identifying research priorities to inform the financial literacy and education field.

Financial Education in Higher Education

Recognizing the importance of financial literacy for postsecondary students, the FLEC has prepared reports and recommendations for higher education institutions. These resources aim to enhance students' understanding of financial aid and financial education topics.

The report, Opportunities to Improve the Financial Capability and Financial Well-being of Post Secondary Students describes the state of financial education among postsecondary students. The report describes current efforts to enhance financial education in a number of institutions with regards to student understanding of financial aid and financial education topics. The body of the report describes issues facing postsecondary students regarding financial education and federal government policies and resources to address them. Further, this report identifies programs that promote or enhance financial literacy for students, including those that involve partnerships between nonprofit organizations. The report concludes with a series of recommendations for how institutions of higher education can better equip students to make critical financial decisions.

The Best Practices for Financial Literacy and Education at Institutions of Higher Education report provides recommendations for higher education institutions to deliver effective financial literacy education and resources to help students make informed decisions and avoid pitfalls associated with financing education.

Financial Education Services in the Workplace

Financial wellness programs are increasingly offered in the workplace to help employees manage their finances and reduce financial stress. These programs can lead to increased productivity and retention. Various companies and organizations provide these services, including:

LearnLux: Offers an award-winning program to equip employees with financial knowledge. LearnLux's award-winning program equips employees…
Candidly: Provides an AI-driven platform for student debt and savings optimization. Candidly is an AI-driven student debt and savings optimization platform that addresses the full lifecycle of education expenses and empowers people to make simultaneous progress on paying down student debt and building wealth.
Financial Knowledge: Has been providing financial education since 1989, with a curriculum of over 50 course topics. Financial Knowledge has been in business since 1989. We have created a curriculum of over 50 course topics to educate employees in the areas financial management, investing, retirement planning, estate planning, real estate,…
Addition Wealth: Delivers personalized financial education services tailored to each company’s benefits and compensation structures. Addition Wealth delivers personalized financial education services that are tailored to each company’s unique benefits, compensation structures, and total rewards strategy-and to each employee’s individual financial goals. We integrate your organization’s specific offerings,…
MSA (My Secure Advantage): Focuses on eradicating financial stress in the workplace through expert money coaching. MSA (My Secure Advantage) is passionately committed to eradicating financial stress in the workplace. For 40 years, we’ve helped over a million people at all income levels gain financial confidence through expert Money…
BrightDime: Offers a comprehensive financial wellness solution with personalized engagement and unlimited financial coaching. BrightDime is a top-to-bottom financial wellness solution for companies of all sizes and industries. We provide the best user experience in the market by focusing on personalized engagement and unlimited financial coaching. We take a long term approach to financial wellness; prioritizing user engagement and trust as keys to our success. We are a trusted resource, a comprehensive and personalized digital tool, and a team of unbiased financial coaches with no hidden agenda. In 2023, we introduced Essentials - BrightDime’s new low-cost and complete financial wellness program. BrightDime envisions a world where financial wellness is an…
FlexWage: Combines early wage access with a mobile financial well-being decision support tool. FlexWage, the leading provider of financial wellness solutions, created and patented early wage access (OnDemand Pay) in 2010. Through its acquisition of Sum180 in 2019, it now combines early wage access with an engaging mobile financial well-being decision support tool that starts where people are, engages through gamified personalization, and delivers actionable next steps and solutions addressing key pain financial points through partner providers. The service includes unlimited access to coaching from advisers and an online community and mobile tips and notifications to support behavior change. We help employers increase productivity and retention by addressing financial…
Best Money Moves: Uses machine learning and AI to recommend content and tools for financial well-being. Designed to help employees lower financial stress Best Money Moves uses machine learning and AI to recommend award winning content and tools in an easy to use format. Deep in content and covering…
SoFi at Work: Offers a holistic platform for employees to understand, evaluate, and improve their financial well-being. Getting financially skilled takes guidance and time. SoFi at Work is designed to offer employees a comprehensive, holistic platform to better understand, evaluate, and improve their financial well-being. Employees have access to expert…
Northstar: Provides an all-in-one financial wellness benefit with fintech tools and in-house financial advisors. Northstar is an all-in-one, holistic financial wellness benefit that guides employees through key financial and life decisions, and helps them make the most of their compensation, equity, and benefits. With innovative fintech tools and a team of in-house financial advisors, Northstar supports the entire employee experience as an extension of the HR team, from onboarding through offboarding. With a highly personalized experience, Northstar educates and drives engagement with employees regardless of their income, career experience, or life stage, on all of the rewards an employer offers.
Ernst & Young (EY) Personal Finance: Designs and implements financial wellness programs for diverse organizations and employee groups. LLP, the “Firm”) is a private limited liability partnership. Ernst & Young LLPs EY Personal Finance practice has significant experience in designing and implementing financial wellness programs for diverse organizations and employee groups. Since 1978, we have provided these services for approximately 5 million employees in more…
Goldman Sachs Ayco Personal Financial Management: Provides company-sponsored financial planning to employees across Corporate America. Goldman Sachs Ayco Personal Financial Management provides company-sponsored financial planning to employees across Corporate America. Our advisors educate and guide implementation across a broad range of financial topics, including employee benefits. We believe companies best serve their stakeholders and the greater economy when their employees’ financial lives are clear, understood and in their control. Learn more at ayco.com. The Ayco Company, L.P. d/b/a Goldman Sachs Ayco Personal Financial Management.
Financial Finesse: Offers unbiased workplace financial wellness programs. Financial Finesse was started to answer the question, “What if financial education could be provided free of any conflicts of interest, by an entirely independent firm with no financial products or services to sell? How much better off would employees be if they had access to expert financial coaching to help them improve all aspects of their finances as an additional employee benefit?” As the nation’s leading provider of unbiased workplace financial wellness programs, we have changed the lives of over 2.4 million employees by partnering with strategic organizations like Nestle, Viacom, Aetna and the NFL PA…
FinFit: Features a financial educational portal with engaging lessons focused on key elements of financial well-being. FinFit’s premier financial educational portal, Ready University, features a variety of short, engaging lessons focused on key elements of financial well-being that guide employees down the path to financial stability. The interactive courses…
LifeCents: Provides a B2B financial wellness platform designed to help people live happier and healthier financial lives. LifeCents is an award winning B2B financial wellness platform designed to help people live happier and healthier financial lives. We know that when consumers are financially secure, businesses and communities thrive. LifeCents’ unique approach engages people to transform information into action and leads to lasting improvements in users’ financial IQ, Habits, and Mindset. Our proprietary AI engine connects people to products, services and partners relevant to their personal financial needs, and the integration of gamification features sustains engagement, helping users take steps-both large and small-towards achieving their financial goals. Our clients and partners benefit…
MoneyWellth: Offers personalized financial literacy, trackers, tools, lessons, and resources. MoneyWellth provides personalized financial literacy, trackers, tools, lessons, and resources to help participants confidently navigate their household finances and gain control over their financial future. Participants can browse through recommendations, track their progress budgeting, paying down debt, building savings, and saving for retirement. Participants engage in topics and view lessons that fit their needs at their own pace. From budgeting basics to building an investment portfolio, MoneyWellth provides resources and guidance for each step of the way. Core platform features include: Financial assessment - our four-part survey provides customized content and resources. Step-by-step plan - participants…
WellRight: Provides digital education around various wellbeing topics, including budgeting and financial optimization. WellRight provides digital education around a variety of wellbeing topics. Specific courses related to finance include: Budgeting Fundamentals: Learn the basics for creating an effective budget Optimizing Your Budget:…
Canopy (formerly Cascade Centers): Offers employee assistance programs with free unlimited financial coaching. Canopy is a next generation EAP: heart-felt human connection powered by amazing people and innovate technology. Founded in 1975, Canopy's (formerly Cascade Centers) mission is to support organizational success and improve quality of lives. We provide comprehensive and leading edge services nationwide, such as: • Employee Assistance Programs (EAP) • Work/Life Balance Programs • Wellness Programs and Coaching • Free Legal Consultations • Behavioral Health Risk Assessment • Organizational Training and Development • Student Assistance Programs • Free Unlimited Financial Coaching • Executive…

Core Components of Financial Education

Financial education involves learning about managing money effectively, including budgeting, investing, saving, and understanding credit and debt to make informed financial decisions. Financial literacy equips employees with the knowledge and skills needed to achieve financial stability, make wise financial choices, and navigate the complexities of the financial world, ultimately contributing to less stress and better economic well-being.

Financial literacy courses and workshops are designed to teach individuals the fundamentals of financial management. These courses typically cover topics such as budgeting, saving, investing, and managing debt. Personal finance coaching and counseling are other types of financial education services. This service involves working with a financial coach or counselor who provides guidance on managing personal finances. Online financial education resources are also available for individuals seeking to improve their financial literacy. These resources may include blogs, podcasts, and online courses. Investment education and services are designed to help individuals make informed decisions about investing. These services may include investment advice, portfolio management, and retirement planning.

Choosing the Right Financial Education Service

To choose the right financial education service, individuals must first identify their financial goals and needs. For example, if an individual is struggling with debt, they may benefit from personal finance coaching and counseling. It is also essential to assess the credibility and quality of financial education services. This involves researching the provider, reading reviews, and checking for any certifications or credentials they may have. When evaluating financial education services, it’s important to consider the cost and value of these services. While some financial education services may be free, others may come at a cost. It’s important to evaluate the cost of the service and determine whether the value received justifies the expense.

Setting Clear Financial Goals: Before starting any financial education program, it’s important to set clear financial goals.
Active Participation In Financial Education Programs: Actively participate in financial education programs, ask questions, and engage with your educator or advisor.
Applying Financial Education Knowledge To Personal Finances: Applying the knowledge gained from financial education to your personal finances is crucial.
Seeking Ongoing Financial Education And Support: Financial education is an ongoing process.

Combating Financial Fraud and Scams

Financial education also plays a crucial role in preventing financial scams and fraud. Understanding financial concepts and products can help individuals identify potential scams and fraud schemes. However, some organizations may falsely promise that they can remove negative information from credit reports and increase credit scores. The FTC’s investigation found that the company’s scheme combines charging consumers for these worthless credit repair services with a hard sell to join a pyramid scheme that consists of selling the worthless services to more consumers. The complaint alleges that the company’s practices violate the FTC Act, the Credit Repair Organizations Act, and the Telemarketing Sales Rule.

The OCC’s Project REACh (Roundtable for Economic Access and Change) brings together leaders from the banking industry, community organizations, business, and technology to promote financial inclusion through greater access to credit and capital. People can now report fraud, scams, and bad business practices to the Federal Trade Commission in their preferred language. This campaign promotes the value of building savings and reducing debt using research-based methods. Sponsored by the Bipartisan Policy Center, the Council comprises more than 100 partner organizations.

Resources for Specific Demographics

Several resources are tailored to specific demographics, including:

People with Disabilities: The Department of Labor offers resources designed to help people with disabilities achieve financial stability. Also, the National Disability Institute and Association for Financial Counseling & Planning Education provide a self-paced, online course designed for financial counselors, financial coaches, disability service providers, and others who want to learn more about building the financial well-being of people with disabilities and their families.
Military Community: The Department of Defense’s Office of Financial Readiness provides resources for service members, their families, and financial service providers. The Veterans Benefits Banking Program, developed by the Department of Veterans Affairs, provides veterans with a safe, reliable, and low-cost way to receive and manage benefits by depositing funds directly into new or existing bank accounts offered by participating banks.
Native American Communities: This page on MyMoney.gov provides financial literacy and educational resources to support the financial capability of tribal families and communities.

Financial Education in Schools

Findings from CFPB's research suggest that the knowledge, skills, and behaviors associated with adult financial capability stem from three interconnected building blocks developed in youth. Several organizations offer financial education programs for students:

The American Bankers Association Foundation’s Teach Children to Save program provides lesson plans for grades K-2, interactive activities for each grade band (K-2, 3-5, 6-8), and a Teach Children to Save Banker resource page.
The American Financial Services Association Education Foundation provides this free, online personal finance curriculum. It offers courses in English and Spanish that are designed for middle and high school students and other audiences.
The Federal Deposit Insurance Corporation provides free curriculums designed to promote financial understanding in young people in kindergarten through 12th grade.
The Securities Industry and Financial Markets Association Foundation sponsors this online simulation of the global capital markets.

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