HARRISBURG, Pa., Aug. 1, 2012 (GLOBE NEWSWIRE) -- State Treasurer Rob McCord today announced a free five-part series of Web-based lessons from the Pennsylvania Treasury and its partners in the public and private sectors that are intended to help citizens overcome an all-too-common obstacle to economic security: financial literacy.
According to the 2009 National Financial Literacy Survey, Pennsylvanians ranked 44th out of 50 states and the District of Columbia in the percentage of correct answers to five questions about basic financial understanding.
Aside from this troubling statistic, Treasurer McCord said study after study shows young adults do not feel sufficiently educated on financial matters or are burdened by debt and money management issues. Older Americans are also worried; a Gallup poll earlier this year found 62% of workers are not confident they will have enough money to live in retirement.
"When it comes to improving our economic security, knowledge is power, but too many citizens lack the knowledge to make informed decisions about their financial future," Treasurer McCord said. "We live in a society with numerous and complex financial options. We need to do a better job of making sure everyone is able to understand those options and the best course of action for them and their family.
"Poor financial literacy creates real risk for the economic well-being of our families and our communities," he added.
In order to help Pennsylvanians better understand personal finance matters and manage their money more responsibly, Treasury will launch the "MoneyWise 101: Lessons for Financial Freedom" webinar series on Tuesday, August 7.
Each lesson – presented by an experienced financial professional from the public or private sector – will offer guidance on common financial challenges such as how to budget, save, manage debt, and plan for retirement. Other topics will include housing affordability, teaching children the basics of managing money, and how to understand and manage your credit score. The webinar schedule, along with the presenter of each lesson, is as follows:
- Week 1: Introduction to money management presented by Tiffany Thurman, Urban Affairs Coalition
- Week 2: Thinking about retirement: Fine-tuning your savings and investment strategy presented by Gary Gamma of Vanguard
- Week 3: Raising money-smart kids by Erica Jackson, Penn State Behrend Center for Financial and Consumer Outreach
- Week 4: Homeownership: The American Dream or is it? by Holly Chase, Pennsylvania Housing Finance Agency
- Week 5: Understanding your credit report by Stephanie Bittner, Clarifi, formerly CCCS of Delaware Valley
Treasury will offer each webinar twice for participants' convenience – first during lunchtime on the Tuesday of that week, then during the evening of the following Thursday.
"One of my goals as Treasurer has been to improve the economic security of the Commonwealth and its citizens," said Treasurer McCord. "Many people are never exposed to financial education lessons, so research has found just a few hours of teaching can positively impact spending and saving habits.
"To encourage more people to participate, we're offering a prize that will help someone pursue even more education – a $529 PA 529 Guaranteed Savings Plan account," added Treasurer McCord. A person will earn a chance to win the Pennsylvania 529 College Savings Program account each time they participate in a lesson.
"The benefits of higher education are clear: higher earning potential, greater employment prospects, and a healthier, more enriching life. Those considerations all play a part in economic security, so we hope this online series of lessons will encourage positive wealth-building behaviors, and we hope the PA 529 scholarship will help someone earn a post-secondary degree, which may then pay dividends for them throughout their entire life," the Treasurer said.
To register for the webinar series, see a complete schedule, or learn more about the Pennsylvania Treasury, visit www.patreasury.gov.