ICBA Promotes Financial Empowerment Through Financial Knowledge

Washington, D.C. (April 15, 2024) — 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 employ fiscally responsible habits and equip themselves with essential financial knowledge to seize control of their financial future.

Twenty-seven percent of Americans report that “just getting by financially or finding it hard to get by” describes them completely or very well. Meanwhile 59% want financial advice, but only a third (32 percent) turn to registered financial advisors for help, despite the fact that 68 percent indicated a personalized financial plan based on their goals is important.

“A strong understanding of financial matters can be a cornerstone to achieving your financial goals, whether financing an education, home or business or establishing credit and building financial independence," ICBA President and CEO Rebeca Romero Rainey said. "Community banks serve as pillars of support, offering valuable savings instruments and sage advice to help navigate the intricacies of personal finance and crate a pathway to financial independence."

As financial stewards, community banks apply financial knowledge and local expertise to help with:

• Budgeting to help you 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 before taking out a loan.

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® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation’s community banks through effective advocacy, education, and innovation.

As local and trusted sources of credit, America’s community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers’ financial goals and dreams. For more information, visit ICBA’s website at icba.org.