WASHINGTON — Federal Reserve Board Chairman Alan Greenspan on Friday called for increased efforts to promote financial literacy, arguing that financially astute consumers are more likely to take advantage of new and innovative financial services products.

Mr. Greenspan called on bankers and other financial services providers to help “build bridges” to schools and community groups, which he said, “will be an essential aspect of our efforts to increase familiarity with new technological and financial tools that are fundamental to improving individual economic well-being.”

He also said that better knowledge about financial matters could help protect victims of abusive lending practices. “Financial literacy education may help to prevent vulnerable consumers from becoming entangled in some types of financially devastating credit arrangements.”

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