Bessent pitches US-backed financial literacy competition to world’s largest economies
Summary
Treasury Secretary Scott Bessent introduced a financial literacy competition called the “Financial Literacy Solutions Sprint” at the G20 meeting. The contest aims to find new technology-based ideas from G20 countries to improve financial knowledge, using a U.S. baby investment account program started under President Donald Trump as a model.Key Facts
- The competition is sponsored by the U.S. and targets G20 nations’ financial literacy challenges.
- It looks for innovative solutions that use data and technology to help people understand money better.
- Four finalists will compete, with winners announced at World Bank and IMF meetings in October in Bangkok.
- The U.S. program called Trump Accounts gives $1,000 investment accounts to babies born during Trump’s second term.
- About 7 million children are enrolled in Trump Accounts; 86% come from families earning less than $200,000 per year.
- Bessent’s personal background includes growing up in poverty and working jobs from a young age.
- The Treasury Department also observes Financial Literacy Month to teach budgeting, saving, and protecting against fraud.
- Some critics say people’s money problems are more about low income than lack of financial knowledge.
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