Independent Community Bankers of America (ICBA) officials said the organization is re-emphasizing consumers seize their financial future and embrace sound money management practices during April’s Financial Literacy Month.
“Whether it’s saving for college or planning for retirement, choosing a bank or applying for a credit, the more you understand about your options, the better equipped you’ll be to make good financial choices,” ICBA Chairman Brad Bolton, president, CEO, and senior lender at Spirit Community Bank, said. “It’s never too late or too early to get started on the road to financial independence and generational wealth that builds stronger communities.”
The ICBA maintains that almost two-thirds of Americans could not pass a five-question financial literacy test based on daily economic topics. It also noted that 78 percent of adults believe they could benefit from professional financial advice and answers to everyday financial questions.
Community banks can assist consumers with, among other actions – budgeting as a means of tracking income and expenses while building a financial management plan to address major purchases and reach financial goals; effectively using credit to reap the benefit without the consequences of mismanagement; and understanding debt load and available options such as debt consolidation to aid in rebuilding finances.
“Community banks are relationship lenders who work with their customers through life’s ups and downs,” ICBA President and CEO Rebeca Romero Rainey said. “ICBA encourages consumers to contact their trusted community banker, to learn about available resources to improve their financial competency and set them up for financial success.”