While financial illiteracy is a global problem, financial illiteracy in America is a larger and more pervasive problem than most would expect from a nation as highly regarded as the United States. Financial illiteracy in America extends to all portions of society, although some groups such as minorities and women have less financial knowledge than others. Both individuals nearing retirement and those just entering the workforce display inadequate amounts of financial knowledge that obstructs intelligent personal finance planning.
The benefits of financial literacy can only be fully realized when personal finance education is done properly. Poor financial curriculums that neglect industry-wide best practices and recent research are ineffective in imbuing learners with relevant knowledge needed to assess different financial options. Subsequently, it is imperative that we focus not only on the increased delivery of financial education, but the quality of the education being delivered. Quality curriculum constructed by national educators have been found to positively mold financial behavior.
The OECD endorses the governing structure being led by a credible coordinating body with responsibilities clearly defined and assigned to stakeholders. In order to maintain focus, reasonable and measurable objectives along with a corresponding timeframe should be defined (Organization for Economic Cooperation and Development). http://www.oecd.org/daf/fin/financial-education/OECD-INFE-Principles-National-Strategies-Financial-Education.pdf
The Canadian Task Force for Financial Literacy urges that measures must be taken to ensure that in-class learning translates into real world impact. When distributing financial knowledge, programs should make all information easy to access and especially easy to understand (Government of Canada). http://publications.gc.ca
Financial illiteracy in America continues to afflict a large portion of the population, enabling poverty and hampering prosperity. A lack of understanding of financial services and the basics of personal finance lead to a perpetual cycle of poor financial decisions that restrict the social mobility of Americans. Worse yet, financial illiteracy in one individual can lead to chronic poverty, where generations of a family are born in poverty. In order to tackle financial illiteracy in America, an integrated plan between various financial education providers must be put into place.
 National Financial Educators Council, “Financial Illiteracy“
 National Financial Educators Council, “Financial Illiteracy Definition“
 National Financial Educators Council, “History of Financial Illiteracy“
 National Financial Educators Council, “Financial Illiteracy in America“
 National Financial Educators Council, “Financial Literacy Programs for Youth“