April is Financial Literacy month

Gov. Sam Brownback declared the month of April 2013 as Financial Literacy Month, knowing that many citizens struggle in this area.

“Kansans need to be equipped to make personal financial decisions such as maintain a budget, understanding loans, credit, investment and savings plans, banking and retirement plans in order to make informed choices concerning the different financial institutions available,” he said.

The average non-mortgage consumer debt in Kansas has risen from $11,000 to $15,000 in the last decade and 12.4 percent of Kansans have experienced difficulty keeping up with their mortgage payments; student loan debt now exceeds credit card debt in America and 51 percent of Americans are not financially prepared to retire at age 65.

In the opinion of the governor, Financial education empowers Kansans to make wise financial decisions, reduces the confusion of an increasingly complex economy, and enables citizens to plan for and establish multi-generational wealth. Personal financial literacy among today’s youth will contribute to the financial stability of tomorrow’s work force and to the growth, success, and prosperity of the Kansas economy.