"This survey summarizes current research on financial literacy efforts. Because most financial literacy programs are relatively new, much of the literature reviewed here is also new and part of a field that is still developing as a program of research. However, we can conclude that financial education is necessary and that many existing approaches are effective. Among the findings are that some households make mistakes with personal finance decisions; mistakes are more common for low income and less educated households; there is a causal connection between increases in financial knowledge and financial behavior; and the benefits of financial education appear to span a number of areas including retirement planning, savings, homeownership, and credit use."--Federal Reserve Bank of Richmond web site.