Lawmakers and experts pushed for financial literacy education programs as mechanisms to promote wealth building in underserved communities at a POLITICO event Thursday.

The event, “Building Toward Financial Literacy for All,” featured Reps. Young Kim (R-Calif.) and Joyce Beatty (D-Ohio), who lead a Congressional Financial Literacy and Wealth Creation Caucus. In addition to the lawmakers, experts from the private sector, nonprofits and academia discussed financial literacy policy solutions with POLITICO’s Brakkton Booker, Eleanor Mueller and Heidi Sommer.

“It transcends any politics,” Kim said. “All Americans should be aware of finances, so they can take better control of their future and live the American dream.”

Here are five takeaways from the event.

Expanding education programs

Kim and Beatty, who sit on the House Financial Services Committee, touted solutions that will bolster financial literacy education in schools.

“It starts with redirecting and making people think about how they can learn more about, become educated on financial literacy,” Beatty said. “It is more than just saying save dollars or make an investment.”

Experts also talked up the benefits of K-12 personal education programs, which are required in some form in 35 states.

“There is a lot going on at the state level right now,” said Chris Caltabiano, chief program officer at the Council for Economic Education. “There has been a deepened and broader body of research that shows that personal finance education at the K-12 level works — it actually results in positive outcomes down the road.”

State legislatures “are paying attention,” he said.

Digital financial literacy differs widely by age

To promote financial literacy, policymakers will need to overcome stark age disparities.

Research from Capital One shows that older Americans have higher digital financial literacy than young people.

Shena Ashley, Capital One’s vice president for impact and investment, said the 18-24 age group has “lagging financial literacy,” underscoring the need for youth financial education.

“Older Americans have much more financial experience, and with that have been able to gain a lot more financial literacy,” she said.

Lawmakers see a `fresh start’ after the election

Beatty said she expects Congress’s efforts to boost financial literacy to improve following the 2024 elections.

“We will be in a good position to continue to do what we do,” she said. “Our commitment to this is serious — it’s personal for both of us. I am going to say the caucus will grow.”

She added that the effort “will be in a stronger position because the election will be over.”

“When we start fresh, nobody’s dealing with the politics of who’s going to get elected,” she said. “We all will have been elected and we will start with a fresh start.”

Financial literacy can be a tool for crime prevention

Experts highlighted how financial literacy is associated with a wide range of unrelated positive outcomes, including crime prevention.

One of the biggest reasons that abuse victims don’t leave their relationships is concern about a lack of resources, said Renee Williams, executive director of the National Center for Victims of Crime.

“When you begin by educating — especially young children — and they can stand on their own, they tend to not become victims quite as easily,” she said.

A boon for Biden?

Beatty said she thinks a more financially literate electorate would help President Joe Biden make the case that he has presided over a strong economic comeback.