4/8/21 – Financial Literacy Needs to be a Priority

Michigan Representative Rodney Wakeman proposing a bill to make April Financial Literacy Month. Photo courtesy of the Michigan House of Representatives, April 8, 2021.

State Rep. Rodney Wakeman recently led the House in adopting a measure to declare April as Financial Literacy Month in Michigan.

Wakeman, of Saginaw Township, introduced the resolution to bring awareness to the importance of financial literacy.

“As Vice Chair of Financial Services, I want to ensure that residents of Michigan possess the skills and knowledge that will allow them to make informed and effective financial decisions,” Wakeman said. “It’s incredibly important for all of us, especially young people, to learn healthy financial habits. A strong understanding of credit, debt and other financial management skills will build a strong foundation for future success in life.”

Only 57% of adults can be described as financially literate, according to a comprehensive 2014 study conducted by the Global Financial Literacy Excellence Center. A recent Gallup poll found just 1 in 3 Americans reported having a household budget.