Financial education is crucial in order for an individual to use credit responsibly, to avoid predators and to sort through the complexity and confusion some financial decisions can present. Throughout our lives, we all will make crucial economic and financial decisions. Without an understanding of basic financial information, these decisions may have dire consequences. With understanding, financially savvy consumers are better able to evaluate and appreciate the new products and services that you will be offering them in the years ahead. This benefits both the lender and the borrower.
Lenders benefit when consumers have increased financial understanding and use credit wisely.
Educated borrowers are able to repay their loans. Working with federal banking agencies, the Banking Department has explored the barriers that may impede access to participation in the financial services mainstream and has undertaken many policy initiatives to lower those barriers. Through these initiatives the Department is seeking to encourage consumers who may have no or very limited banking relationships, to become part of and benefit from the financial mainstream. We believe this is a win-win situation for both the Banking industry and for the consumer. As part of these efforts, the Banking Department is hosting a financial education conference on January 12 th .