(HARTFORD, CT) – Today, Lt. Governor Susan Bysiewicz and the Governor’s Council on Women and Girls recognized the month of April as National Financial Literacy Month. With the tax deadline quickly approaching (April 18th), Lt. Governor Bysiewicz encouraged Connecticut residents to take the time to educate themselves and learn the basic financial pillars necessary to navigate throughout their adult lives.
Financial literacy is the ability to understand and use various financial skills, including personal financial management, budgeting, and investing. Those skills come together to create a foundation of financial understanding and basic fiscal principles. Educating oneself on financial literacy allows individuals to be self-sufficient, leading to financial stability in the future.
“At a time where our country is experiencing high inflation and many individuals are struggling to save for retirement, it is more important than ever to educate teens and adults alike on financial literacy,” said Lt. Governor Susan Bysiewicz. “The sooner we start exposing our youth to these terms so that they can have a general understanding of fiscal principles, the less overwhelming financial planning and decision-making will become in their futures.
As co-chair on the Governor’s Council on Women and Girls, Lt. Governor Bysiewicz works with other leading women throughout the state to provide a coordinated state response to issues that impact the lives of women, girls, their families, and the State of Connecticut. One of the Council’s subcommittees focuses on economic opportunity and workforce equity, identifying financial barriers that disproportionately hinder women and girls, including (but not limited to) pay and work environment disparities that inhibit fair performance evaluation and advancement in the workplace.
After the Great Recession of 2008, it became clear that more people needed to learn financial literacy. The housing-market collapse and following financial crisis reminded Americans of the dangers of quick access to finances for under-informed consumers. The importance for people to be smart about their finances has become even more pronounced during the COVID-19 pandemic, which has impacted many Americans' wallets and caused huge shifts in the job market.
“As young people enter an increasingly complex financial world, providing access to financial literacy education, starting at a young age and continuing through secondary education should be a priority, but the need for this critical education is not limited to young people,” said Catherine Blinder, member of the Governor's Council on Women and Girls: Subcommittee on Economic Opportunity and Workforce Equity.
“Understanding student loan debt, mortgage and credit card debt, and simple things like checking your credit score are important for everyone to understand. Those who are impacted by poverty, geographic and technological isolation, language and cultural barriers, and disabilities are often limited in their access to financial literacy programs. The financial literacy working group on the Governor’s Council on Women and Girls has created a list of national and statewide resources for those seeking further education and information. The list includes nonprofits, state agencies, financial institutions, and state and federal and resources.”
Today, Connecticut consumers can learn more about financial literacy on the state’s Financial Literacy Portal. The portal provides access to information and resources to better improve one’s understanding of financial principles and responsibility.
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For Immediate Release: Thursday, April 14, 2022
Contact: Chelsea Neelon