I have heard the hype that April is financial literacy month, but I don't know what that means other than it is a slogan and a headline.  It has a hashtag (#FLM2016), but no consensus definition other than merely understanding how money works.   PBS, the President, the National Council of Financial Educators, Wikipedi and even someone self-titled "RichDad" all weigh in on the definition. This is unhelpful even by law school standards where we teach vague definitions like reasonable and negligent.

A basic internet search also reveals that there aren't widely adopted standards to demonstrate that a person has achieved financial literacy, and perhaps most strikingly there aren't comprehensive, free resources from a government agency or reputable third parties (i.e., companies not selling credit management services) to assist interested folks in acquiring the requisite financial information.  There are resources available for children like this learning module hosted by the Federal Reserve Bank: Ella Saves!  These introductory materials serve the goal of educating the next generation of financial consumers against the perils of credit and the need for saving.  But what resources are available for the current generation of financial consumers– those faced with student debt, who had access to large home mortgage loans, who have access to multiple credit cards with large balances and high fees, who are likely tasked with not only saving but investing their savings for retirement through a defined contribution plan? There are a variety of individual tools, articles and books available but if you are a novice and don't yet know what you need to know, this is both an overwhelming and an inefficient approach to acquiring the knowledge you need.  

For example, through further research I found the Institute for Financial Literacy, a 2002 501(c)(3) focusing on adult financial education. Thank you Financial Literacy!  They publish five standards (note that there is no consensus that these are the right benchmarks for financial literacy) and benchmarks, as well as provide some supporting materials for each one. A main resource they offer though is a listing of other state, federal and nonprofit websites where you can go and research what you don't know.  Brilliant if you know where to start and what you need to find, unhelpful if not.

My frustration  stems from the belief/observation that this information matters; individual and national financial stability depend upon it.  Why is it so hard to know gauge whether or not I have it and what I need to do to gain it? 

-Anne Tucker