Guest column: Financial empowerment takes a village – Star Local Media

You have likely heard the statistics. Most Americans can't pass a basic financial literacy quiz, they aren't saving enough for retirement, and they consider money to be a top source of stress.

Perhaps more so than any other factor, our economy hinges on personal financial knowledge and informed decision-making. Without understanding the fundamentals, we can make financial mistakes that range from frustrating to life-altering.

For those living paycheck to paycheck or struggling to get by, the stakes are especially high. A recent study from Pew Charitable Trusts shows that low-income families have the equivalent of less than two weeks worth of income in checking and savings accounts and cash at home. Many young adults are in the same boat. Weve found in our own research that nearly four in ten have no savings at all. And, with one in three saddled with student debt, thats a scary thing.

We, as a community, need to ensure that our schools continue and grow their efforts to prioritize financial educationboth by advocating for required courses and properly equipping our teachers with the knowledge and resources that they need to succeed. But we know that schools cant go it alone, and thats where both public and private partnerships can work.

Here in North Texas, there are efforts afoot to address this challenge. The Dallas and Plano mayors summer intern programs are great examples of partnerships that, in addition to providing work and leadership experience to deserving students, prepare young people for life on their own. Through the online financial education initiative called Better Money Habits and collaborations with organizations and community leaders, we are enabling personal financial health and growth. High school students who are about to graduate are learning the basics of banking processes such as available account types and tips on how to manage bills, budget and save. Teaching these principles now can help them avoid living paycheck to paycheck, defaulting on student loans, falling further into debt, or making wrong decisions that can have a big impact on their financial lives.

In addition to equipping students, we need to make sure that local non-profits like the North Texas Food Bank or Legacy Grace Project serving women living with HIV/AIDs have the resources they need to operate. Sometimes that help is through financial support, but many times it is ensuring that non-profits and community partners are aware and taking advantage of the tools and resources local corporations already haveand actively talking to their constituents about them. This could be in the form of great financial education content that discusses what to do if youre in a financial bind. It could be telling them about a loan that might be available to them or an affordable housing option.

Now is a good time to step back, recognize the scope of this challenge and double down on our efforts as a community to improve financial well-being for North Texas residents. We should listen closely to those who need our support the most, identify the right resources and best channels to reach them, and make sure they are fully empowered to take control of their financial futures.

Richard Holt is Dallas market president of Bank of America

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Guest column: Financial empowerment takes a village - Star Local Media