MI Financial Literacy Summit begins statewide coordination conversation

Teaching Michigan youth the basic principles of managing their money will make the state a "home for opportunity," according to experts.

At the inaugural MI Financial Literacy Summit at Henry Ford College on Monday, Sept. 16, State Treasurer Rachael Eubanks facilitated a panel discussion with experts from across the state about the role financial literacy has in shaping Michigan's future through all phases of life.

Much of the conversation focused on the need to educate the state's youth. For young adults, financial literacy often comes abruptly in life with limited access to resources and consistent education.

"The summit was an incredible start of a dialog with so many experts who want to create a more successful Michigan," Eubanks said. "We must continue our discussions on how we can best financially empower individuals and families through statewide coordination. I look forward to continuing this discussion across the state in the coming year."

Financial literacy means having the skills and knowledge to make informed and effective decisions with available financial resources. This includes creating a budget, saving money and paying bills.

After the panel discussion, the state treasurer met with state agencies, community partners and key stakeholders to identify the key concepts needed to be financially literate through a lifetime.

"We had a very productive series of conversations throughout the day," said Russ Kavalhuna, president of Henry Ford College. "The Henry Ford College team and I look forward to working with Treasurer Eubanks and many other partners across the state to provide the tools and education that will allow Michigan citizens to be financially successful throughout their lifetimes."

The MI Financial Literacy panel members included Brian Rakovitis of the Community Economic Development Association of Michigan, Derek D'Angelo of the Michigan Council on Economic Education, Chelsea Neblett of the city of Detroit, and Linda Cena of the Michigan Department of Licensing and Regulatory Affairs.

To learn more about the MI Financial Literacy initiative, go to www.michigan.gov/finlit or follow the state Treasury Department at @MITreasury on Twitter.

Published: Thu, Sep 19, 2019