WASHINGTON-NAFCU thanked Senate Banking Committee Ranking Member Paul Sarbanes in an Aug. 7 letter for introducing S. 1470, the Financial Literacy and Education Coordinating Act. "As Americans are faced with an ever widening array of financial services, NAFCU believes it is important to arm consumers with a sound understanding of the basics of personal finance," the letter read. "Financially literate individuals are more likely to spend prudently and put money in savings, retirement funds and other wealth building accounts. Conversely, the same individuals are less likely to incur unnecessarily large, burdensome-and sometimes unaffordable-debt." NAFCU pointed out that credit unions have "long been on the forefront of financial education." Sarbanes' bill would help reduce duplication in government's financial education efforts.
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