Financial literacy programs making grade?

US - If financial literacy programs are to succeed, more research is needed on their success rate, Federal Reserve Governor Edward M. Gramlich said Thursday.

Speaking at the University of Illinois at Chicago, Mr. Gramlich reiterated the Fed's position that an increase in consumer financial literacy would be good not just for individuals, but for the economy as a whole. Surveys show that knowledgeable consumers "are more likely to behave in financially responsible ways," he said.

"These results

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