Financial literacy programs

Local governments can invest in this strategy using State and Local Fiscal Recovery Funds (SLFRF) from the American Rescue Plan Act (ARPA).

  • This strategy can help address educational disparities. The U.S. Department of Treasury has indicated that strategies that help achieve this outcome are eligible for the use of Fiscal Recovery Funds.
  • Investments in this strategy are SLFRF-eligible as long as they are made in qualified census tracts or are designed to assist populations or communities disproportionately impacted by COVID-19.

Program basics

  • Teaches program participants key concepts and skills for financial literacy
  • Topics covered by these programs include budgeting, managing debt, understanding insurance and healthcare, and setting and achieving financial goals

Strength of evidence

Evidence level: Promising (Third-highest tier)


Target population

Low- and moderate-income adults

Program cost

Implementation locations

Dates active

Outcomes and impact

  • Increased knowledge of important financial concepts and skills
  • Improved financial outcomes
  • Reduced racial and socio-economic disparities

Keys to successful implementation

  • Note: This content is under review
  • Local financial institutions and business leaders can make for strong partners, leading discussions on financial topics, providing educational materials, and offering guidance and mentorship to participants.
  • Financial literacy programs designed for youth can help high school students increase their financial knowledge and improve financial behavior.
  • Activity-based learning like simulations and gameified learning can help make program content more engaging.
  • Program content should be tailored to the norms, attitudes, and experiences of participant populations.
Resources