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The President's Advisory Council on Financial Capability for Young Americans made several recommendations for government and individual efforts to improve financial capability in a report submitted to President Barack Obama and Treasury Secretary Jack Lew Tuesday.

Among the recommendations are to simplify student aid, increase financial education and youth employment opportunities and address identity theft risks.

Lew said, "We must ensure that young people, especially those in underserved populations, learn early about life's financial choices."

NAFCU Vice President of Legislative Affairs Brad Thaler responded, "NAFCU welcomes the recommendations from the president's council. Credit unions have a strong history of offering members the tools and information they need to make sound financial choices at all ages. NAFCU will continue to advocate for legislation promoting data security reform to help keep sensitive data secure."

In April, the NAFCU Economic & CU Monitor reported that credit unions spend an average of 86 hours per month on matters relating to financial literacy. In the survey, 84.6 percent of respondents said they offer financial literacy training to members, and 61.9 percent had seen an increase in the number of members taking advantage of training.