Treasury Secretary Bessent Launches G20 Financial Literacy Competition as US Scores Hit 10-Year Low

Treasury Secretary Scott Bessent announced a G20-sponsored "Financial Literacy Solutions Sprint" on September 1, 2026, seeking technology-driven solutions to improve financial knowledge globally.

The competition, pitched to G20 nations at the Finance Ministerial in Asheville, North Carolina, will recognize finalists at the World Bank and International Monetary Fund annual meetings in Bangkok in October. Bessent cited "Trump Accounts," a program providing 1,000-dollar investment accounts for children born during President Trump's second term, as a model for other nations to consider.

The announcement came as new data showed U.S. financial literacy has fallen to its lowest level in the survey's 10-year history. The TIAA Institute-GFLEC Personal Finance Index, released in June 2026, found that Americans answered only 47 percent of the index's 28 questions correctly, a statistically significant decline from the previous year.

The decline is broad-based, affecting five of the eight functional knowledge areas measured by the index: consuming, borrowing, earning, insuring, and comprehending risk. Gen Z showed the most pronounced gaps, scoring 38 percent on average. Overall, 25 percent of adults now exhibit very low financial literacy, and research links low literacy to increased financial fragility and difficulty making ends meet.

The National Endowment for Financial Education also announced in September 2026 that it has assumed leadership of the National Report Card on High School Financial Literacy, previously managed by Champlain College. The 2026 edition of the report card is scheduled for release this month.

Critics of the government's approach argue that the core problem is not a lack of knowledge but a lack of disposable income. Representatives from the Century Foundation have characterized the focus on individual financial education as a way to shift blame for systemic economic struggles onto ordinary citizens.