Financial Literacy, Public Policy, And Consumers' Self-Protection--More Questions, Fewer Answers‪.‬

WHAT IS THE GOAL OF FINANCIAL EDUCATION? When this special issue of the Journal of Consumer Affairs was first conceptualized, the subprime mortgage "crisis" was not yet front-page news. Even without the events that precipitated the crisis, there was, and is, a clear need for research in the area of financial literacy and consumer self-protection. As the scholars in this special issue suggest, the problems and opportunities associated with financial education are many and varied. The articles in this special issue examine a host of topics and issues that are linked by a common question: how can we educate consumers in the most effective manner to help them realize their financial goals? A worthwhile financial education program starts with having the participants set a goal--whether it is to be a homeowner, save for retirement, reduce debt, increase human capital through education, or start a business. Likewise, before consumer goals can be addressed, there is a need to clearly define the goals of financial education. The Cooperative Extension System has answered this question by stating that the goal is financial security. A 2005 Government Accountability Office (GAO) report places this goal of financial security within a macroeconomic context: