TOPEKA, KS – Governor Sam Brownback has signed a proclamation declaring the month of April as Financial Literacy Month in the state of Kansas, noting that financial literacy is essential to ensuring that Kansans are well prepared to manage money, credit, investments and debt.
The governor also noted in his proclamation that “Personal financial literacy among today’s youth will contribute to the financial stability of tomorrow’s workforce and to the growth, success, and prosperity of the Kansas economy.” In attendance at the proclamation signing were Kansas Securities Commissioner Josh Ney and members of Money Smart Kansas, an annual community outreach initiative that promotes and encourages financial awareness for all ages.
According to a study cited by Money Smart Month Kansas, 59% of Kansans do not have a rainy day fund, and the Federal Reserve Bank of Kansas City reports that the average non-mortgage consumer debt in Kansas has risen from $11,000 to $15,000 in the last decade. “These kinds of evidences support our belief that financial literacy is a critical life skill,” said Shannon Stone, Director of Investor Education for the Office of the Kansas Securities Commissioner. “Oftentimes, we do not learn about the importance of budgeting and establishing good credit, or the importance of understanding the risks associated with an investment until after we’ve suffered loss. The lack of financial education can be very costly. Commissioner Ney actively supports initiatives such as Money Smart Month that empower Kansans with knowledge so they will be able to make wise decisions when it comes to their personal finances.”
Money Smart Kansas will be promoting a series of classes and workshops designed to help consumers make positive financial decisions throughout April. The Kansas Securities Commissioner’s office is participating in the Money Smart Day kick-off event, which takes place April 5 from 9:00 a.m. to 12:00 p.m. at the Topeka and Shawnee County Public Library. For a limited time, Vault, an online financial literacy learning tool for elementary-aged children, will be available for free to parents who sign up at the Commissioner’s booth at this Money Smart Kansas event.
To learn more or find out about Financial Literacy events near you, visit: www.moneysmartkansas.org.
The mission of the Office of the Kansas Securities Commissioner (KSC) is to protect and inform Kansas investors; to promote integrity, fairness, and full disclosure in financial services; and to foster capital formation.
Note to media: The attached photo includes representatives from the following organizations: Office of the Kansas Securities Commissioner, Kansas State Treasurer’s Office, Federal Reserve Bank of Kansas City, KSU Research & Extension, Kansas Dept. of Education, The Minerva Foundation for Financial Literacy, Capitol Federal Savings Bank, and Capital City Bank.
The text of the proclamation is as follows:
TO THE PEOPLE OF KANSAS, GREETINGS:
WHEREAS, Financial literacy is essential to ensure that Kansans are well prepared to manage money, credit, investments, and debt; and
WHEREAS, Many citizens struggle to manage their money due to lack of financial literacy; and
WHEREAS, The average non-mortgage consumer debt in Kansas has risen from $11,000 to $15,000 in the last decade; 59% of Kansans lack a rainy day fund; 12.4% of Kansans have experienced difficulty keeping up with their mortgage payments; student loan debt now exceeds credit card debt in America; 51% of Americans are not financially prepared to retire at age 65; and
WHEREAS, Kansans need to be equipped to make personal financial decisions such as maintain a budget, understanding loans, credit, investment and savings plans, banking, and retirement plans in order to make informed choices concerning the different financial institutions available; and
WHEREAS, Financial education empowers Kansans to make wise financial decisions, reduces the confusion of an increasingly complex economy, and enables citizens to plan for and establish multi-generational wealth; and
WHEREAS, Personal financial literacy among today’s youth will contribute to the financial stability of tomorrow’s workforce and to the growth, success, and prosperity of the Kansas economy; and
WHEREAS, During the month of April, the financial industry, consumer groups, non-profits, state and federal agencies, and the media will join together to conduct educational events in schools, places of worship, and communities to illustrate the importance of personal financial ownership; and
WHEREAS, The advocates for and suppliers of such educational efforts include the offices of Kansas Treasurer Ron Estes and the Office of the Kansas Securities Commissioner, Capitol Federal Savings Bank, Capital City Bank, Federal Deposit Insurance Corporation, Federal Reserve Bank of Kansas City, Kansas State Department of Education, Kansas State University Research and Extension, Mazuma Credit Union, Quest Credit Union, Stan T Webb of The Minerva Foundation for Financial Literacy, and the numerous other partners in the Kansas Jump$tart Coalition for Personal Financial Literacy as well as the partners in the Federal Reserve Bank of Kansas City’s April Money Smart Month in Kansas:
NOW, THEREFORE, I, Sam Brownback, GOVERNOR OF THE STATE OF KANSAS, do hereby proclaim April of 2014, as
Financial Literacy Month
in Kansas and encourage all citizens to join me in this worthy observance.
DONE: At the Capitol in Topekaunder the Great Seal of theState this 20th day of March, A.D. 2014
BY THE GOVERNOR: ______________________________