Yellen Explains Importance of Financial Literacy

Financial literacy plays a huge role in achieving economic stability, according to Secretary of the U.S. Treasury Department, Janet Yellen.

Speaking to the Financial Literacy and Education Commission, Yellen said that more financial literacy is needed but is not a magic solution, especially considering structural disadvantages, wealth gaps, and income inequality.

“Education, especially early education, about how to navigate personal finances can have a lasting, positive impact on people’s lives. It can be part of our strategy for building a more equitable economy,” she explained.