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State Treasurer's Office creates resources for Financial Literacy Month

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April is Financial Literacy Month. And the First State’s treasurer is trying to teach residents about effective money management.

With federal and state tax filing deadlines looming, Financial Literacy Month is a timely opportunity for Delawareans to look at their financial picture.

And State Treasurer Colleen Davis says her office is offering a new tool to help, “We’ve got a great new website - DE.gov/finlit - for financial literacy. And its purpose is really to provide resources on how to save for unsuspected expenses, and how to build retirement security. And we got some information on some of the things we’re working on, including House Bill 205 - Delaware Earns.”   

Davis says the Delaware Expanding Access for Retirement and Necessary Saving or EARNS Act would create a state-facilitated retirement savings program available to middle and low-income workers who don’t have an employer-sponsored plan.

It would also be an option for small businesses that can’t provide that kind of benefit.

The bill has cleared a House committee and awaits a floor vote in Dover.

Davis went on to say that the COVID pandemic and rising inflation have increased the financial strain many Delawareans are feeling.

A recent Bank Rate Survey found only four of every 10 Americans can cover a surprise expense exceeding $1,000.

And Delaware State Treasurer Colleen Davis says in the First State - the emergency savings rate is even lower, with residents unable to cover a $4- or $500 expense.

During Financial Literacy Month in April, Davis says her office is trying to make people aware of how they better manage their finances, “Looking at just taking some baby steps, the first is - coming up with a household budget, developing a plan to reduce debt, maybe even devising a plan to save for retirement. But we do this in a variety of different ways from my office’s perspective.”

She also visits schools to reach out to students, parents and teachers about the variety of resources available to help kids get an early start on financial literacy.

Kelli Steele has over 30 years of experience covering news in Delaware, Baltimore, Winchester, Virginia, Phoenix, Arizona and San Diego, California.