Commitments to Promote Financial Empowerment Across the Country
The White House
Office of the Press Secretary
Today, Cecilia Muñoz, Director of the Domestic Policy Council, joined by businesses and community leaders from across the country at the White House Summit on Financial Capability and Empowerment, announced new private- and public-sector commitments to improve financial literacy and capability for all Americans. The Administration also unveiled a new resource guide for schools, colleges and universities, employers, and community leaders to help them create their own capability initiatives aimed at empowering Americans to better understand and address financial matters, from saving for retirement to managing credit.
“Across our country, millions of Americans work hard and play by the rules to protect the gains they have made and secure a brighter future for their loved ones” said Cecilia Muñoz, Director of the Domestic Policy Council. “The resilience and ingenuity of our people are driving our economic recovery, and as we lay the foundation for an America built to last, we must also promote the ability of all Americans to make financial decisions that help them gain a footing into the middle class, kinder their entrepreneurial spirit, and sustain our long-term economic stability.”
“After what we’ve learned from the Great Recession, now more than ever we know the importance of empowering more Americans with both financial literacy and clear, basic financial information to not only protect them from devastating personal outcomes but also to prevent dynamics that can harm the entire economy,” said Gene Sperling, Director of the National Economic Council.
In addition to the resource guide, a new, interactive tool for youth and parents to learn important financial lessons from ages 3 to 18+ was officially launched. Money as You Grow, created by the President’s Advisory Council on Financial Capability, uses easy-to-understand language and includes behavior-changing activities around 20 key money concepts.
Studies show young Americans, low-income households, Latinos and African-Americans present particular vulnerabilities in financial capability. Approximately one in three Latinos and African-Americans do not have a bank account and nearly a quarter approach retirement with less than $1,000 in total net worth, excluding pensions and Social Security. Young adults, ages 18-29, are
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