CCCS OF MARYLAND AND DELAWARE CELEBRATES NATIONAL FINANCIAL LITERACY MONTH 365 DAYS A YEAR

Did you know April is National Financial Literacy Month? Lori Jankalski, who serves as Executive Vice President at national nonprofit Consumer Credit Counseling Service of Maryland and Delaware (CCCS), believes this is one holiday we should observe all year long. She says, “Here at CCCS we place a very strong emphasis on financial literacy, because we recognize knowing how to manage money can spell the difference between success and failure in today’s world.  Before young adults ever leave home, they’re faced with serious financial choices. Like, how can I pay for college? Older adults have their own share of employment and retirement challenges. These realities make it more important than ever for consumers to become financially informed.”

Jankalski, who worked for several years at Equifax before joining CCCS in 2008, learned her first financial lessons at home.  She says, “I was really lucky, because my parents taught us well.  When my dad paid our family bills, he showed me how the family budget worked, including how much was going toward our mortgage and our utilities. So I had a pretty good idea what to expect once I was on my own. I think it’s harder for parents to teach these lessons now. Things move so much faster. It’s difficult to find the time to sit down for a discussion, and adults who haven’t been taught these skills themselves, may have trouble teaching their children.”

Just how financially informed are Americans? Based on results from the 2014 National Foundation for Credit Counseling (NFCC) Consumer Financial Literacy Survey, many of us still have financial lessons to learn. Sixty-one percent of the adults surveyed by the NFCC say they don’t have a personal budget; 65% haven’t reviewed their credit report within the past 12 months; and 32% don’t put away any portion of their annual income toward retirement. 

CCCS of Maryland and Delaware believes that knowledge is the key to increasing financial literacy. That’s why the agency provides one-on-one money management and housing advice to thousands of clients each year. It also maintains an active community outreach program.  In 2013, it offered more than 250 onsite educational workshops and participated in more than 40 outreach events which were attended by more than 30,000 local residents.   

Why does CCCS strive to make financial literacy a reality for all Americans? Jankalski says it all comes down to decision-making.  “When people are financially educated, they generally make better informed decisions. This brings them increased security and a better quality of life.  They become more productive workers, their children benefit from their example, and their economic success helps stabilize their communities.”

CCCS’s community outreach efforts are geared toward helping people gain basic personal finance skills. For example, the agency is an active member of Maryland CASH Campaign’s Financial Stability Pathways (FSP) network. The goal of this project is to link low-to-middle income families in Baltimore with service providers who can help them build long-term assets, establish and maintain emergency savings, obtain public benefits, and use affordable financial products to manage their money. Jankalski says, “When local residents are referred to CCCS, we show them how to budget and manage their money better and provide them with the information and resources they need to become more financially secure.” 

CCCS’s educational efforts also focus on understanding credit, credit reports, and credit scores.  At local outreach events like Money Power Day and B-More Healthy, CCCS counselors help participants pull and review their credit reports. The agency also provides educational workshops and counseling to low-income community members targeted by the Baltimore City Community Action Program (BCAP).  During BCAP sessions, local citizens learn how credit works, receive and review their credit reports, and are provided with a personalized financial plan for moving ahead. Jankalski says, “Our goal is to financially empower participants. It’s a win-win situation when these families become economically self sufficient. As they learn new skills and prosper, their neighborhoods are revitalized as well.” 

CCCS presents educational workshops at companies and government agencies throughout Maryland and Delaware. Jankalski says, “Studies have shown that financial problems affect workers’ productivity.  Worrying about money can be distracting, so it may even lead to work-related accidents. In the past couple of years, there’s been an increased need for financial education in the governmental sector. We have answered this need by providing workshops at agencies ranging from HUD and IRS to Bureau of Alcohol, Tobacco and Firearms and the Consumer Product Safety Commission.” 

Jankalski says CCCS targets its financial education efforts to specific populations in order to meet their service needs. For example, members of the military service face unique personal finance challenges. “At local installations like Dover Air Force Base and Fort Meade, we help service members and their families build better financial habits. Fundamental skills such as budgeting and saving help them avoid stress and prepare for the extra expenses that often result from deployment or relocation.”

One of CCCS’s primary goals is to help students grades K-12 become more financially aware. To further this effort, it works closely with the Maryland and Delaware Councils on Education and sponsors activities like the recent Maryland Personal Finance Challenge. Jankalski was pleased by the level of knowledge and enthusiasm students exhibited at this month’s event. “These young adults are our future,” she says. “When you see how excited they are, you know you’re having an impact. The financial lessons they’ve mastered will stick with them for years to come!”

As we celebrate National Financial Literacy Month, it’s important to recognize that financial learning never stops. Why not take this opportunity to find out more? Check out the free, self-paced courses and podcasts on CCCS’s website or come in for a free, confidential budget tune up. To schedule an appointment with one of CCCS’s certified counselors, simply call 1-800-642-2227.  And remember:  The more you learn, the more you grow!

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Consumer Credit Counseling Service of MD & DE, Inc. (CCCS) is an accredited 501(c)(3) nonprofit agency that helps stabilize communities by creating hope and promoting economic self-sufficiency to individuals and families through financial education and counseling.  CCCS MD State License #14-01.