Young Americans Financial Literacy Act

Young Americans Financial Literacy Act

This bill requires the Consumer Financial Protection Bureau to award competitive grants to eligible institutions for the establishment of financial literacy education programs for young people and families. An eligible institution is a partnership among two or more of the following

• an institution of higher education;
• a state or local government agency specializing in financial education;
• a nonprofit agency, organization, or association;
• a financial institution; or
• another small organization.

Authorized grant funded activities shall include

• developing and implementing comprehensive, research based, financial-literacy education programs for young people;
• designing instructional materials;
• developing and supporting the delivery of professional development programs in financial literacy education;
• improving access to, and dissemination of, financial literacy information for young people and families;
• developing educational programs to reduce student loan default rates;
• conducting ongoing research and evaluation of financial literacy education programs; and
• measuring the effectiveness of authorized activities.

The grant program shall terminate after FY2025.