The National Association of Insurance and Financial Advisors (NAIFA) submitted comments from President Christopher L. Gandy to the U.S. Department of the Treasury on Apr. 8 in response to the Financial Literacy and Education Commission’s update to the National Strategy for Financial Literacy.
The submission addresses how financial literacy is more than just understanding money; it is a foundation for long-term financial security. NAIFA’s recommendations call for a broader approach that goes beyond traditional savings and investment education, emphasizing protection through life insurance, disability insurance, and long-term care planning as essential components of true financial security.
“If we want to meaningfully improve financial outcomes for American families, we must rethink what financial literacy truly means and how it is delivered,” Gandy said in his comments.
NAIFA also recommended that Life Happens, an organization known for its consumer-focused educational campaigns about insurance, be added to the federal government’s directory of trusted resources. According to NAIFA, integrating such resources would ensure Americans have access to practical guidance rather than just theoretical information.
The association highlighted new savings vehicles like Trump Accounts (530As) as opportunities for expanding financial literacy among younger families but noted these tools are most effective when families work with knowledgeable professionals who can help them navigate rules and build strategies over time.
Gandy said trusted relationships between advisors and clients are critical: “Financial advisors provide information, and they help families apply it.” He also pointed out that advisors act as a first line of defense against fraud and scams while helping clients protect their assets.
Other recommendations include supporting state-level requirements for teaching financial literacy in schools and encouraging partnerships between government agencies and industry associations such as NAIFA. The association urged policymakers to collaborate with organizations already embedded in communities nationwide through initiatives like Financial Literacy Month.
Gandy concluded by saying that improving national financial literacy will require recognizing both the full scope of security needs facing Americans today and “the critical role of those who help deliver it.”
