The need for financial education has always existed but has never seemed to be a national priority. The absence of financial education has become more apparent during this time of economic turmoil. In fact, many attribute the pervasiveness of the financial hardship across America to the lack of financial education that has persisted through time. However, the landscape is changing quickly.

Financial education is finally getting the spotlight and attention it deserves. It has become a pressing agenda item for the current Administration as the demand for progress in this area is accelerating. 

While there is a long road ahead until financial education is a fundamental part of every American's education, there is a growing commitment from a variety of sources that are dedicated to fixing the problem. Schools, community organizations, government agencies, non-profits, corporations, banks, among others are diving in to provide much needed support. 

It is hard to argue with the commitment and purpose which is driving each of these organizations to provide much needed help. However, it is imperative to ensure that financial education programs - new and existing -are designed to be outcome-based and goal specific. Otherwise, there is a risk that resources will be consumed by financial education initiatives that are not effective and do not improve the financial literacy of its participants.

Financial education is, at its root, education. Therefore, the elements that characterize effective education in schools apply to financial education as well. As a result, regardless of who is developing a financial education program or where it is being delivered, there are several key characteristics of effective, outcome based financial education programs, including:

• Quality Not Quantity. It is not the number of people who participate in a financial education program that makes it successful. Instead, the measures of success are the stated outcomes and goals that are achieved. As importantly, the impact on each individual who participates is what really matters as well.

• Assessments and Evaluations. Even if specific goals and outcomes are established ahead of time, it is impossible to determine if a financial education program is effective unless the participants' knowledge is assessed before and after participating in the program. Only with that starting point or benchmark, can one truly understand what they have learned and how far they have 'traveled'.

• Outcomes vs. Attitudes. Too often participants will leave a financial education seminar and 'feel better' about their understanding of money or their personal financial situation. However, feelings do not balance check books, pay the bills, or prevent people from signing up for risky loans. While monitoring people's attitudes about money is helpful, the real measures of success are the skills that are acquired and the financial behaviors that are improved.

• Long-Term Perspective. Financial education is not about creating a seminar or workshop. It is about creating a comprehensive, lasting program that meets the needs of individuals over time. There is no single event, workshop, or class that will help people develop the understanding, skills, and perspective to be savvy stewards of their finances. It may be cliche`, but (financial( education is a journey, not a destination.

• Audience Specific. There is no 'one-size-fits-all' model that works for financial education, let alone education in general. One of the objectives of assessing the target audience (see above), is to determine levels of proficiency and areas of deficiency in various subjects among a program's participants. Financial education initiatives need to be customized to the needs of the participants. There is no short cut to this.

• Educationally Sound. Financial education programs should adhere to fundamental educational requirements - including the curriculum certification, instructor certification, standards of learning, teaching methodologies, and the like. 

Effective design, development, and implementation of financial education programs are critical to their success. And the real measure of success is not the number of people who sit through a seminar but the lasting impact a comprehensive program has on the participants' lives. The increased focus and commitment to financial education will benefit the American public greatly. Such progress will help individuals to build a foundation of knowledge that will help them make smart financial decisions everyday, develop personal financial responsibility, and help them to achieve financial independence.