ICBA: Financial Literacy is Key to Establishing Fiscally Responsible Habits

Washington, D.C. (April 4, 2022) — The Independent Community Bankers of America® (ICBA) and the nation’s community banks are encouraging Americans to take control of their financial future and embrace sound money management practices during Financial Literacy Month this April.

Nearly two-thirds of all Americans could not pass a five-question financial literacy test on everyday economic topics. And 78 percent of U.S. adults believe that despite what they already know about personal finance, they could still benefit from financial advice and answers to everyday financial questions from a professional.

“Whether it’s saving for college or planning for retirement, choosing a bank or applying for a credit, the more you understand about your options, the better equipped you'll be to make good financial choices,” said ICBA Chairman Brad Bolton, president, CEO, and senior lender at Spirit Community Bank. "It’s never too late or too early to get started on the road to financial independence and generational wealth that builds stronger communities.”

Often referred to as America’s favorite lenders, community banks are financial experts that offer their customers knowledge and local expertise to help them establish strong financial footing by:

• Budgeting to help track income and expenses and build a financial management plan to pay for major purchases and reach financial goals.
• Saving to determine suitable savings vehicles based on how much, how accessible, and when you want to draw down funds to cover an emergency or prepare for retirement.
• Using credit effectively to establish and maintain good credit so you can reap the benefit from this convenient and flexible form of payment without the consequences from mismanagement.
• Understanding debt load and available options like debt consolidation to help you get out from under bills and rebuild your finances for improved financial health.

“Community banks are relationship lenders who work with their customers through life’s ups and downs,” ICBA President and CEO Rebeca Romero Rainey said. “ICBA encourages consumers to contact their trusted community banker, to learn about available resources to improve their financial competency and set them up for financial success.”

ICBA also offers financial literacy programs in partnership with community partners including Visa’s Practical Money Skills for Life, 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® (ICBA) is the nation’s voice for community banks with its mission to create and promote an environment where community banks flourish. We are dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and innovative products and services.

With nearly 50,000 locations nationwide, community banks constitute roughly 99 percent of all banks, employ nearly 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding nearly $5.9 trillion in assets, over $4.9 trillion in deposits, and more than $3.5 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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