Rep Farrington observes Financial Literacy Month

first_img Categories: Diana Farrington News 31Mar Rep. Farrington observes Financial Literacy Month State Rep. Diana Farrington of Utica sponsored a resolution observing April 2017 as Financial Literacy Month in the state of Michigan. The resolution was introduced to bring awareness to the benefits of increased financial literacy for younger generations in Michigan.“Over the past decade we have seen a trend of less family income going to savings and more going to manage household debt,” Rep. Farrington said. “Teaching financial literacy skills young people is important to ensure they are prepared and understand credit and debt and become responsible homeowners, business leaders and productive citizens.”One in four households in Michigan have insufficient savings or no savings at all, according to the Federal Deposit Insurance Corporations. These households have missed opportunities for savings, lending and other basic financial services. Financial literacy skills encourage greater financial independence, higher levels of successful homeownership and enhanced retirement security among low and moderate income households.last_img read more

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