Amidst the state’s ranking as the third least financially literate state, financial education nonprofit provides resources and tips to create a more financially literate community.
Boston, MA – February 13, 2015
In an effort to help address low financial literacy in the state of Nevada, national nonprofit American Consumer Credit Counseling has released an educational guide to help teach children about money. According to a recent survey from WalletHub, Nevada ranked third among the worst financially literate states in the country, behind only Mississippi and Arkansas.
“There is a growing financial literacy epidemic in this state that is creating generations of consumers who are uneducated when it comes to making important decisions about money,” said Steve Trumble, President and CEO of American Consumer Credit Counseling. “By not educating consumers, especially children, about the importance of topics such as credit, spending and money management, we are not only positioning them to make poor money choices, but also potentially damaging the local economy.”
Among the alarming statistics, Nevada ranked 50th for people spending more than they make, 49th for people borrowing from payday loan stores, car title places and pawnshops rather than banks, and 48th for people paying only the minimum on their credit cards. Furthermore, the state ranked 51st for underbanked households, 49th for rate of bankruptcies and 50th for delinquent mortgages.
“We need to do a better job introducing financial literacy resources and education, especially at a much earlier age in order to change the future mindset of consumers,” added Trumble. “Educating children on the value of money and the differences between needs, wants and wishes will help the next generation make informative financial decisions now and in the future.”
The best way to provide children with financial education is to include them in everyday financial transactions. Adults should explain how credit affects their lifestyle and is the basis of the car they drive or the house they live in. Encourage children to save by taking them to the bank to open their own accounts. Providing an allowance the ability to make their own spending decisions is an extremely effective teaching tool for children.
ACCC’s Five Steps to Teach Children about Money and additional resources for parents can be found online at ACCC’s Youth and Money section. The online resource provides parents with interactive workbooks and guides to help their children develop healthy financial habits. The program identifies five critical money management steps for each age group including – the value of a dollar, knowing the difference between needs and wants, budgeting, saving, and understanding credit cards. Each stage of the program is accompanied by an interactive workbook that provides parents with important tools and resources to engage their child.
By visiting https://www.consumercredit.com/debt-resources-tools/youth-money/ parents can access all of the age-appropriate guides for free so that they can start talking to their kids today about topics such as saving, budgeting, and many others.
American Consumer Credit Counseling’s certified and experienced counselors offer a variety of financial education, counseling, and debt management services to help consumers achieve long-term financial health and stability. To learn more about these resources or to speak with a representative about what steps consumers need to take before signing up for a credit card, please visit ACCC’s Financial Education Center at www.consumercredit.com
ACCC is a 501(c)3 organization that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management.
For more information, contact ACCC:
• For credit counseling, call 800-769-3571
• For bankruptcy counseling, call 866-826-6924
• For housing counseling, call 866-826-7180
• Or visit us online at ConsumerCredit.com
About American Consumer Credit Counseling
American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management and debt relief through education, credit counseling, and debt management solutions. In order to help consumers reach their goal of debt relief, ACCC provides a range of free consumer personal finance resources on a variety of topics including budgeting, credit and debt management, student loans, homeownership, identity theft, senior living and retirement. Consumers can use ACCC’s worksheets, videos, calculators, and blog articles to make the best possible decisions regarding their financial future. ACCC holds an A+ rating with the Better Business Bureau and is a member of the Association of Independent Consumer Credit Counseling Agencies. For more information or to access free financial education resources, log on to ConsumerCredit.com or visit TalkingCentsBlog.com.