IMPROVING FINANCIAL LITERACY: THE U.S EXPERIENCE
Assist. Prof. Dr. Huseyin Yilmaz

Abstract
Financial literacy is defined as “an individual’s ability to obtain, understand and evaluate the relevant information necessary to make decisions with an awareness of the likely financial consequences. In October 2002, the Treasury department’s office of financial education released a white paper. In May 2002, Departments of the the Treasury and Education held a panel discussion in which standards, testing,textbooks, financial education materials, and educators were determined as access points. In 2003, Financial Literacy and Education Act established a commission to be known as the Financial Literacy and Education Commission. In 2007, Jumpstart Coalition determined standards classificating financial literacy subjects into 6 chapters. In 2008, The President’s Advisory Council on Financial Literacy was formed.

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