The contemporary financial education movement proliferated in the mid- to late-1990s in response to a number of widespread changes. Financial products became more complex; technology played a growing role in the financial services sector; employers shifted away from traditional pension plans to defined contribution plans; and the wave of “baby boomers“ approaching retirement created apprehen- sion around the adequacy of safety nets such as Social Security and Medicare. The need for greater education in the area of personal fi- nancial management spurred the creation of a number of large, na- tionally representative organizations, such as the National Endowment for Financial Education, the American Savings Education Council
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