Philadelphia/ Politics & Govt
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Published on April 11, 2024
Pennsylvania Governor Josh Shapiro Declares April as Financial Literacy Month to Empower CitizensSource: Wikipedia/Maryland GovPics, CC BY 2.0, via Wikimedia Commons

April marks a heightened effort in Pennsylvania to boost the smarts when it comes to personal cash flow and future planning. Governor Josh Shapiro has officially declared the month as a time to hone in on financial literacy, underpinning its role as the cornerstone for economic progress and individual empowerment. According to a proclamation from Shapiro's office, the state tackles this crucial issue head-on through joint efforts by the Pennsylvania Insurance Department (PID), the Department of Banking and Securities (DoBS), and the Department of Education. Among these agencies, the message is clear: understanding money matters is the key to building a secure future.

Talking to the Pennsylvania media, Insurance Commissioner Michael Humphreys highlighted the importance of residents making savvy insurance decisions, encouraged, especially during significant life changes such as getting hitched, unhitching, or welcoming new life. Misplaced during their life events, Pennsylvanians should let their insurance agent or company representative know about these shifts to ensure their insurance game is strong.

The PID did not shy away from handing out valuable advice. They urge Pennsylvanians to do their homework, suggesting they research the plethora of insurance types and their associated jargon. Moreover, a treasure trove of tips, guides, and pertinent information awaits on their website. In the legal realm, the DOI reminds citizens of their rights to challenge their insurance company's decisions on coverage and claims or to hunt down a missing life insurance policy through the appropriate channels. As Humphreys echoed in a statement, "We urge Pennsylvanians to take some time this month to examine their insurance needs and think about your plans for the future and how to ensure their financial portfolio is set."

Dr. Khalid N. Mumin, Secretary of Education, took a moment to underscore the significance of financial wisdom for the state's youth, drawing a bold line connecting fiscal know-how to life's major purchases and the entrepreneurial spirit. Pennsylvanians were prompted to lend an ear to this advice while building a robust financial foundation that can propel students toward prosperity both in and out of the classroom.

The DoBS is taking the wheel on this, reaching out across Pennsylvania with Investor Education and Consumer Outreach staff. Secretary Wendy Spicher took a stance on the critical nature of financial literacy, pointing out the dire effects of ignorance in personal finance."Financial literacy is focused on empowering people to make sound financial decisions throughout their lives, and this includes becoming empowered insurance consumers," Spicher said.