Department of Treasury Financial Education Core Competencies Proposal

On September 13, 2010, CFP Board sent a comment letter to the Department of the Treasury in support of Treasury’s efforts to develop financial education core competencies. Treasury’s proposal defines five core concept areas—earning, spending, saving, borrowing, and protect—and identifies a baseline knowledge and set of behaviors associated with each. In its letter, CFP Board stated its agreement that more needs to be done to create a baseline of knowledge on personal finance topics for consumers and financial education providers, and that the development of core competencies represents a fundamental step in achieving this goal and will serve as a foundation for financial education in America.