SPRINGFIELD – The Illinois Bankers Association (IBA) is celebrating Financial Literacy Month this April by highlighting initiatives that expand personal finance skills and empower Illinoisans to make the best choices for their financial situation.
In 2004, the U.S. Congress designated April as Financial Literacy Month. This nationally recognized campaign brings together financial institutions, government agencies, nonprofit organizations and other entities with the goal of expanding the personal finance skills of all Americans through accessible education. Financial literacy is crucial to building a foundation of skills to manage money effectively by saving, protecting and investing wisely. These skills are essential in reaching short- and long-term financial goals and achieving dreams, whether that be buying a vehicle, owning a home, starting a business, attending college or retiring comfortably.
“Financial education is a high priority of Illinois banks year-round, as knowing how to properly manage money is key to unlocking life’s dreams,” said Randy Hultgren, president and CEO of the Illinois Bankers Association. “Now more than ever, it’s vital to raise awareness of these opportunities—especially in underserved communities where expanded access to these resources is most needed.”
According to a study by the Financial Industry Regulatory Authority, financial literacy is steadily declining in the United States. In 2018, over 53% of adults reported that thinking about their financial situation makes them anxious. Forty-four percent said discussing their finances is stressful. These issues have been severely exasperated by the financial devastation of the COVID-19 pandemic.
While financial illiteracy impacts those of all ages and socioeconomic statuses, minority communities are particularly impacted, driving the racial wealth gap. Financial Literacy Month targets the most vulnerable populations including low-income communities, young adults and the elderly.
IBA will be highlighting programs and opportunities across the state that will help equip Illinoisans to thrive through fiscal education to achieve greater financial well-being. This includes the Stock Market Game, which partners banks across Illinois with schools to introduce young people to saving and investing through a simulation of the stock and bond markets. Students can trade and manage their own virtual $100,000 investment portfolio, with the top teams receiving recognition for their accomplishments with medals and certificates. The IBA also administers Banzai, a web-based financial literacy program for all ages and groups, including K-12 schools, community programs, employee onboarding and families that teaches skills like budgeting, saving, understanding debt, using the internet safely and more with experience-based online games.
Additional programs include the FDIC’s Money Smart initiative for people of all ages, the Teach Children to Save program, a free national program sponsored by the American Bankers Association Foundation that organizes banker volunteers throughout the year to help young people develop a savings habit early in life.
“The economic impact of COVID-19 has been felt by every community,” said IBA Chair Michelle Gross, who serves as the Executive Vice President, Chief Operating Officer, and Information Systems Officer with State Bank of Bement. “But financial literacy eases that stress by providing the confidence of improving personal and household financial stability one step at a time. It’s never too late to start.”
About the Illinois Bankers Association
The Illinois Bankers Association is the voice of Illinois’ banking industry, dedicated to creating a positive business climate that benefits the entire banking industry and the communities they serve. Founded in 1891, the IBA brings together state and national banks and savings banks employing more than 105,000 people in nearly 4,500 offices across the state. The IBA is proud of its diverse membership, serving all sizes of financial institutions from the smallest community bank in the state to the largest national bank in the country.