The Need For Financial Literacy

Government officials, educators and broadly diverse civic organizations agree on the need to increase the financial literacy of the American public.  Ranging from our school children to those who have recently retired, Americans need to learn the basics of personal financial planning and management, especially in the areas of budgeting, investing, and managing debt.    The current financial and economic environment is only exacerbating the inability of our citizens to manage their personal finances.

Why the Insurance Industry?

Life insurance agents help Americans of all socioeconomic statuses to better understand the basic principles of risk management, insurance and investments every day.  As a result, agents are usually the first and only financial advisor that many people know and trust personally.  Life insurance agents are keenly aware of this fact and recognize that they are uniquely positioned to educate Americans about money management.. 

Studies have shown that while most people admit to liking their own life insurance agent, many are somewhat leery about the insurance industry as a whole. This fact opens opportunities on several levels. First, insurance agents themselves, who take pride in being helpful to their clients, can play a valuable role in partnering with the industry to strengthen financial literacy in their local communities; and second, a commitment from the industry to help Americans navigate the current financial crisis through personal financial management would position the industry as a resource that is part of the solution.