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THE NEED FOR A COMMISSION

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Entire Task Force Recommendation

Background: 
All Vermonters should have access to content and training that will help them increase their personal finance knowledge. Like other states that excel at promoting financial literacy, we believe that Vermont should have a group of diverse citizens who are appointed at the state level, who meet on a regular basis to discuss ways of increasing the financial literacy of Vermonters and make formal recommendations on how to achieve these goals. Historically, the Governor and the Legislature in Vermont have created a variety of standing committees or commissions focused on topics of critical importance to Vermonters: women’s rights, the environment, aging, substance abuse, health care, criminal justice, disabilities, housing and economic development. Financial literacy is a topic worthy of similar focus by the state of Vermont.

Recommendation: 
To ensure that the issues of financial literacy and financial capability continue to receive the attention that they deserve, now and in the future, we recommend:

Establish a Vermont Financial Literacy Commission. We recommend that the Governor, Treasurer and Legislature investigate the feasibility of creating a financial literacy commission with representation from business, education, government and nonprofit entities. The mission of this commission will be to identify ways to equip Vermonters with the training, information, skills and tools they need to make sound financial decisions throughout their lives. The commission should be tasked with making periodic policy recommendations to achieve its goal of increasing the financial capability of all Vermonters and would issue regular progress reports. Finally, the commission would raise awareness about the importance of financial literacy as well as trusted training and counseling options that will benefit our citizens. 

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