Vermont Financial Literacy Commission and State Treasurer Beth Pearce Call for New Strategies to Improve the Financial Capability of Vermonters
State Treasurer
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Commission members noted that many Vermonters struggle with personal finance concepts and lack financial capability at all income levels and stages of life. The Commission called on the
* Promote expanded financial literacy education at the primary, secondary, and postsecondary levels;
* Increase access to available state resources by appointing an interagency task force to evaluate current programs and to coordinate and improve the effectiveness of existing outreach efforts to our schools, colleges, and with citizens; and
* Launch a financial health campaign to educate our citizens about the importance of basic financial education, credit worthiness, saving, investing, and to direct them to existing reputable personal finance resources.
"Too many Vermonters struggle with debt, poor credit, and costly emergencies with little to no savings, sending them in to a dangerous debt spiral," noted House Speaker
To date, several of the Commission's recommendations have been enacted, or are moving through the legislative process, including the development of a public retirement plan option for Vermonters who do not currently have access to employer-sponsored plans (proposed in S.135), changes to state policy to address benefit cliffs and asset tests (proposed by H.326), and the State Treasurer's Office's successful launch of VermontABLE accounts, which allow individuals with disabilities the opportunity to save and invest up to
Commission members shared data that individuals often do not fully understand debit and credit cards, mortgages, banking, investment and insurance products and services, retirement planning, and an array of other financial topics. A lack of financial capability can limit an individual's access to credit and saving options, leading to a higher cost of living.
"We believe that by prioritizing how we provide Vermonters with the tools to manage their money, we can help improve our state's economy and stretch our dollars to ensure maximum benefit for taxpayers," said Pearce.
Members of the Commission include diverse thought leaders and advocates representing the financial literacy community:
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The enabling legislation creating the Commission defines financial literacy as, "the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being." Financial capability is defined in the law as having "financial literacy and access to appropriate financial products; and the ability to act--including knowledge, skills, confidence and motivation; and the opportunity to act--through access to beneficial financial products and institutions."
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