Financial Literacy Should be a Common Goal for All
The Kentucky Financial Empowerment Commission is excited to have Treasurer Allison Ball write our first newsletter. This newsletter will the best place to stay up to date with Kentucky related financial education resources and information for each of our focus groups. Thank you for following our journey!
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Partners,
Financial literacy is essential to the financial wellbeing of every Kentuckian. There has never been a greater need for it than right now because of the economic impacts of the last year. The impact of COVID-19 on our families, businesses, and economy is still being felt. I am committed to expanding financial literacy in Kentucky and doing what I can to remobilize our state economically.
Financial literacy is directly linked to issues like hunger, depression, opioid and substance abuse, poverty, and more. A recent study from the National Foundation for Credit Counseling found 78% of adults live paycheck to paycheck. Three in five adults don’t keep a budget. These statistics are startling but there is a remedy.
In my work as Treasurer and as a former bankruptcy attorney, I have seen first-hand how simple measures like creating a personalized budget and learning how to stretch a dollar can be life changing.
Finances are intimidating. Over 53% of adults say thinking about their financial situation makes them anxious. That number rises with our youth, as 63% of those between 18 and 34 years old are financially stressed. And that was before the pandemic.
We know that fear of finances causes some people to avoid the discussion and instead hope for the best. That’s not what I want for the Commonwealth, and that’s exactly what the Kentucky Financial Empowerment Commission is tasked with resolving. By targeting communities like veterans, aging Kentuckians, students and young adults, to name a few, the Commission can equip these groups with specific financial tools.
I believe it’s never too early to do that, and I am proud to have championed a high school financial literacy requirement for graduation. A recent FINRA study found that 4 in 5 youth failed a financial literacy quiz. We have an obligation to our youth to prepare them for financial success.
I am always focused on training the youth of Kentucky on financial literacy. This year, I’m also focused on empowering women of Kentucky with financial tools and opportunities.
Women have been disproportionately impacted by the pandemic as 2.3 million left the workforce to care for children out of school. Decades of progress were wiped clean as the percentage of females in the workforce dropped to 1988 levels. COVID didn’t just impact women’s current jobs and daily pay. Women must now address how these gaps in employment affected retirement, savings, and long-term planning.
This is also why I’m thrilled to bring the Smart Women Smart Money conference to Kentucky on June 4th. This free virtual conference is for women of all ages and walks of life to engage and learn about their finances. This conference couldn’t have come at a better time for women.
On June 4th, women will have a fun-filled day with discussions on basic budgeting, defeating debt, homebuying, starting a business, long-term financial planning, and much more. Because of the virtual platform, you can join in for the full day or whenever works for your schedule. I hope you will join me on June 4th for this free conference and help spread the word for women to sign up at www.SWSMKentucky.com.
-Treasurer Allison Ball
