FOR IMMEDIATE RELEASE
April 22. 2005
Contact OFIS Directly (toll-free): 877-999-6442
Media/Press calls: Andy Schor: 517-335-1700

Financial Literacy Month Promoted by Governor and OFIS

Financial education is tremendously important, particularly for those with little or no savings experience. To help adults outside the financial mainstream enhance their money skills and create positive relationships, the Federal Deposit Insurance Corporation (FDIC) created the training program Money $mart. Each year, one week is designated as Money $mart Week, and financial institutions throughout Michigan sponsor financial seminars and events for consumers.

Office of Financial and Insurance Services (OFIS) Commissioner Linda A. Watters will be participating in a Money $mart "Train the Trainer" seminar today at Financial Health Credit Union (FHCU) at 1:00 pm. This year Money $mart Week is April 18th through April 26th.

Individuals completing this training, these individuals will be ready to teach the Money $mart curriculum to residents of their communities, specifically to residents who are challenged by some type of physical disability. Commissioner Watters will be presenting certificates of completion to the graduates of this seminar. The training is sponsored by Financial Health Credit Union (FHCU), MSU Extension, United Cerebral Palsy Association and various disability and community organizations throughout Michigan.

“Financial education fosters financial stability for individuals and for entire communities,” said Watters. “The more people know about financial services, the more likely they are to increase savings, buy homes, and improve their fiscal health and well being. The Money $mart curriculum helps individuals build financial knowledge, develop financial confidence, and use financial institution services effectively. These seminars will translate that curriculum into essential assistance for those with physical disabilities.”

This is just one of the many events that took place for Money $mart week. The complete list of events from the week can be viewed at:

http://www.chicagofed.org/news_and_conferences/db_calendar/index_detail.cfm?month=4&year=2005&day=&container=Detroit%20MoneySmart

Governor Jennifer M. Granholm has also designated April as Financial Literacy Month. In her designation of the month, Granholm said, “Educational and financial institutions, government entities, and community-based organizations can work together to help consumers make informed choices about their finances.”

Commissioner Watters commented, “I wholly agree with the Governor that institutions need to assist consumers in making good financial decisions. Money $mart week is an action plan to accomplish this, and I am proud to participate on behalf of this administration.”

OFIS also provides financial education material on its web site located at www.michigan.gov/ofis, under the Consumer Services/Financial Direction link. For copies of materials provided on the OFIS web site, consumers can call OFIS toll-free at 877-999-6442.

OFIS also has a Consumer Outreach Coordinator who is available for presentations to schools and other community organizations on issues pertaining to financial literacy, insurance and financial institution topics. The Consumer Outreach Coordinator can be contacted by calling toll-free 877-999-6442.

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