The Financial Education Unit at the Federal Reserve Bank of Boston is in the process of refining a multi-year strategy for improving financial capabilities in New England. In order to better understand the scope and reach of current initiatives, avoid duplicating efforts, and begin to build relationships with organizations throughout our district, the Financial Education Unit gathered critical intelligence on the needs of financial education providers from the non-profit, public and private sectors. The data collected will be used to identify the resources used throughout New England, understand gaps, and make an informed decision on the role that the Bank can play in the future.
Data were gathered primarily from people who provide financial education and whose efforts help increase the financial literacy or asset-building capacity of adults in the six New England states. Three phases were used in order to obtain the data: interviews with stakeholders at state treasurers’ departments and other state offices, interviews with financial educators, and a survey of financial educators.
Some significant findings from this survey include: