NEW: Raimondo to Launch Financial Empowerment Initiative
Monday, October 15, 2012
General Treasurer Gina Raimondo will launch Empower RI, Treasury's new financial empowerment initiative, at the Comprehensive Community Action Program in Warwick on Tuesday October 16.
"Far too many Rhode Islanders face challenges that might have been avoided through a greater understanding of personal finance," Raimondo said. "If families are more financially stable at home, our entire state will benefit. Financial empowerment can play a role in our economic recovery."
Since coming into office, finding innovative ways to help Rhode Islanders better manage their finances has been a top priority for Raimondo. From introducing an online financial literacy tool for high school students, to working with financial lending institutions to learn how they educate consumers about safe and affordable options, she is committed to finding ways to strengthen Rhode Island's economy one person at a time through this initiative.
Financial empowerment is when a person is able to make more informed and disciplined choices in an effort to achieve their financial goals. Being empowered is setting financial goals through personal planning, understanding the risks of taking on too much debt and having access to the safest and most affordable financial services and products.
Research indicates Rhode Islanders may benefit from learning how to better manage their finances because of the following:
- 67 percent of Rhode Islanders say they have difficulty covering expenses and paying bills
- Only 36 percent have emergency funds
- Over 30 percent have no retirement plans and 62 percent have not even figured out their retirement needs
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