ICBA Encourages Financial Literacy at Every Age and Life Stage

Washington, D.C. (April 26, 2023) — In recognition of Financial Literacy Month in April, the Independent Community Bankers of America (ICBA) and the nation's community banks are encouraging Americans to take control of their financial future by learning fiscally responsible habits and applying these lessons in practice.

Twenty-two percent of Americans report that “just getting by financially or finding it hard to get by” describes them completely or very well and nearly 40 percent of Americans say they don't have anyone they can ask for trusted financial guidance.

“A strong financial literacy foundation can help support various life goals, such as saving for education or retirement, using debt responsibly, and running a business,” ICBA President and CEO Rebeca Romero Rainey said. “Community banks offer important savings vehicles and are trusted advisors you can count on to help you reach your savings and investment goals and set you on a path to financial freedom.”

Often referred to as America’s favorite lenders, community banks are financial experts with a wealth of knowledge and local expertise to help consumers with:

• Budgeting to help track income and expenses and build a plan to manage your finances, reach your financial goals, and create a nest egg.

• Saving and investing to help you assess savings and investment goals and vehicles.

• Using credit to establish and maintain good credit so you can reap the benefits from this convenient and flexible form of payment without the consequences of mismanagement.

• Understanding debt load and available options like debt consolidation for improved financial health.

ICBA also offers financial literacy programs through community bank partners including Visa’s Practical Money Skills, the FDIC’s Money Smart initiatives and the Jump$tart Coalition for Personal Financial Literacy. To find a community bank in your area visit banklocally.org.

About ICBA

The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.

With nearly 50,000 locations nationwide, community banks employ nearly 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding $5.8 trillion in assets, $4.8 trillion in deposits, and $3.8 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers' dreams in communities throughout America. For more information, visit ICBA's website at www.icba.org.

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