April is Financial Literacy Month. And the First State 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 Delawares to take a look at their financial situation.
And State Treasurer Colleen Davis says her office has a new tool to help: “We have a great new website — DE.gov/finlit — for financial literacy. And its purpose is really to provide resources on how to save for unexpected expenses, and how to build retirement security. And we got 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 do not have an employer-sponsored plan.
It would also be an option for small businesses that cannot offer these kinds of benefits.
The bill cleared a House committee and is awaiting a floor vote in Dover.
Davis went on to say that the COVID pandemic and rising inflation have increased the financial strain many Delawares are feeling.
A recent survey of discount rates found that only four in 10 Americans can cover a surprise expense over $1,000.
And Delaware State Treasurer Colleen Davis said in the first state — the emergency savings rate is even lower as residents are unable to cover a $4 or $500 expense.
During Financial Literacy Month in April, Davis says her office tries to make people aware of how they manage their finances better: going into debt, maybe even designing a savings plan for retirement. But we do it in different ways from my office’s perspective.
She also visits schools to educate students, parents and teachers about the variety of resources available to help children get started early on financial literacy.