Treasury chief proposes global financial-literacy contest at G20 meeting

At the G20 Finance Ministerial in Asheville, Treasury Secretary Scott Bessent introduced the “Financial Literacy Solutions Sprint,” a competition funded by the United States to identify innovative, data-enabled approaches for boosting financial literacy across G20 members. The contest will narrow down to four finalists, then award one or two winning teams during the World Bank and IMF gatherings in Bangkok. Bessent pointed to the Trump Accounts initiative—$1,000 accounts for babies born during Donald Trump’s second term, now covering about 7 million children, most from families earning under $200,000—as a template.

He also highlighted his own modest upbringing and the launch of Financial Literacy Month as part of the effort. Detractors, including Century Foundation CEO Julie Morgan, contend that many people simply lack spare income to invest, making education alone insufficient. The competition aims to surface technology-based solutions that could be adopted globally.