Quantitative literacy has been recognized as an important skill in the higher education and workforce communities, focusing on problem solving, reasoning, and real-world application. As a result, there is a need by various stakeholders in higher education and workforce communities to evaluate whether college students receive sufficient training on quantitative skills throughout their postsecondary education. To determine the key aspects of quantitative literacy, the first part of this report provides a comprehensive review of the existing frameworks and definitions by national and international organizations, higher education institutions, and other key stakeholders. It also examines existing assessments and discusses challenges in assessing quantitative literacy. The second part of this report proposes an approach for developing a next-generation quantitative literacy assessment in higher education with an operational definition and key assessment considerations. This report has important implications for higher education institutions currently using or planning to develop or adopt assessments of quantitative literacy.