Treasury Secretary Scott Bessent is spearheading a new financial literacy campaign aimed at leaders from the world's largest economies. The initiative, announced during the G20 meeting, includes U.S. support for a competition called the “Financial Literacy Solutions Sprint.” This event seeks to identify innovative technological and data-driven solutions from Group of 20 countries to improve financial education. The competition will narrow down four finalists to one or two winning teams, which will be honored at the annual meetings of the World Bank and International Monetary Fund in Bangkok in October. Bessent’s push for financial literacy is partly inspired by his own experiences. He grew up in rural South Carolina, where he began working at age 9 as a busboy and later helped set up chairs and umbrellas on the beach. His father, a real estate developer, had drained the family’s wealth by overextending his financial commitments. As Treasury Secretary, Bessent has also launched Financial Literacy Month, which teaches basic budgeting, saving, and protection against scams. The initiative includes references to a program known as Trump Accounts, which provides $1,000 in investment accounts to babies born during President Donald Trump's second term. The Treasury Department reports that around 7 million children are enrolled in the program, with most coming from families earning less than $200,000 annually. However, critics argue that financial illiteracy is not the main issue; rather, many people lack the disposable income needed to invest. Recent surveys suggest that about seven in ten U.S. adults view the economy as “poor,” with rising living costs and high gas prices contributing to the dissatisfaction. Julie Morgan, CEO of the Century Foundation, criticized Bessent’s focus on financial education, stating it is “hypocritical” to blame ordinary Americans for their financial struggles when those struggles are the result of decisions made by Bessent himself. The debate highlights the broader challenge of balancing personal financial responsibility with systemic economic issues.