U.S. Treasury Secretary Scott Bessent delivered remarks at the Financial Literacy and Education Commission, which he chairs, stating his desire “to improve financial literacy and education for all Americans in partnership with private and non-profit sector partners.”

“I have long believed that financial education is most powerful when it is lived, not just taught,” he continued, echoing sentiments recently expressed by NAIFA President Christopher Gandy. In an InsuranceNewsNet column, Gandy wrote:

“What most people refer to as financial literacy is often presented as knowledge: concepts, definitions and high-level explanations. While literacy is valuable, literacy alone is incomplete. Information without application rarely changes outcomes.

“That’s why I focus on financial education.

“Financial education is practical and foundational. It teaches the fundamentals and shows people how to apply them. It takes abstract ideas — such as interest, time and risk — and turns them into usable decisions people can make in their everyday lives. It answers the real questions: What comes first? What matters most? How do I apply this to my situation?

“Financial literacy introduces the language of money. Financial education teaches people how to use it.”

The Secretary went on to discuss the promise of so-called Trump Accounts, which will provide eligible American children with “a $1,000 federal seed contribution invested in the U.S. stock market.” In a separate InsuranceNewsNet column, Gandy explained how these accounts can be a gamechanger for American families, if they take advantage of them and if they receive guidance from financial professionals on how to use them wisely to achieve the most possible benefit. “Trump Accounts give families a seed,” he wrote. “Trusted Main Street advisors help them grow it.”

NAIFA strongly supports public policies that increase financial empowerment and bring opportunities for financial security and wealth creation to American families. Gandy has been speaking with members of Congress about efforts to boost practical and foundational financial education.

“We are encouraged by Secretary Bessent’s commitment to engaging with private and non-profit sector partners to improve financial education,” Gandy said. “NAIFA looks forward to working with the administration and continuing our work with Congress on initiatives that will benefit all Americans.”