Pick Your Community: | Hopkins | Muhlenberg | Daviess | Christian | Fayette | Henderson | Lakes | McCracken | Warren | Webster
Davis Motor Sales banner ad

Treasurer Hollenbach Cheers Financial Literacy Bill

ky dept treasuryFRANKFORT, Ky. (2/7/14) – This week House Bill 223, a bill to create a Kentucky Financial Literacy Commission passed out of committee and the House with unanimous bipartisan support.

“Advancing financial literacy has been an important focus of my administration and for Representative Jim Glenn and Representative Rita Smart,” said Treasurer Todd Hollenbach. “We have a real opportunity here to help educate Kentucky citizens in making sound financial decisions in the areas of planning, saving, investing, and knowledgeable decision making.”

Applauds Reps. Glenn and Smart for championing the cause

Sponsored by Representative Glenn and cosponsored by Representative Rita Smart, the bill would create a Kentucky Financial Literacy Commission that would make its focus to increase the college savings rate, increase financial understanding of our youth, increase the savings rates of low-income families, increase the rate of retirement savings, and inform and protect seniors.

“This commission would attempt to focus on the four biggest financial areas of concern for Kentucky, while uplifting the financial position of our citizens and therefore our Commonwealth as a whole,” said Treasurer Hollenbach.
 
The bill is rooted in statistics showing a gap in financial literacy among these groups. While 82 percent of parents surveyed in 2013 by the Kentucky Education Savings Plan stated that they have made saving for their child’s college education a priority, only 51 percent of parents familiar with Kentucky’s 529 savings plan were even aware of the tax benefits associated with utilizing the program.

Further, the fastest growing demographic in declaring bankruptcy is in the age group between 20 – 24, many of whom never budgeted or managed their money as a teen.

Another factor for the rise of bankruptcy in this demographic may come from the estimated 61 percent of college students who have said they misunderstood or were surprised by aspects of their student loans or the loan process in general, graduating with the highest college loan debt rate seen in our nation’s history.
 
It is estimated that 25 percent of families who fall into the low income demographic do not have a bank account of any kind. Many describe feeling lost in debt with no knowledge or resources to pull themselves out, and only realized that financial decisions they made where poor decisions after experiencing the effects.
 
Finally, 14 percent of our senior citizens are living in poverty.

In addition, seniors are at a high risk of falling prey to financial scams aimed at their misunderstanding of a 21st century financial system.

The Commission would be a resource to help them navigate the modern financial climate. It would work to educate, communicate with, and protect our elderly. “We need to safeguard Kentucky seniors in every way possible so that they do not fall prey to those dubious enough to take what little they have, as well as providing tips and tools for living on a fixed income in our changing economy,” stated Treasurer Hollenbach.
 
The bill is modeled after a similar bill which passed into Tennessee law in 2010. Since the commission was created in Tennessee, their state has risen to be a national leader in financial literacy, receiving the highest ranking given by The Center for Financial Literacy at Champlain College.
 
“Our neighbor to the south has made tremendous strides toward goals we also seek here in our Commonwealth,” stated Treasurer Hollenbach. “This bill and commission is modeled by their success, and I feel it is only prudent to use a model already proven to be effective in advancing our own state.”
 
Members of Treasury will be attending a financial literacy summit in April hosted by Tennessee Treasurer Lillard, and speaking with him concerning the most effective ways of implementing a similar Financial Literacy Commission in Kentucky.
 
“At the beginning of this year, I called on our legislature and citizens to put partisanship aside and join me in a United Kentucky,” said Treasurer Hollenbach. “I am still dedicated to that goal, and hope to see the Senate follow the exemplary leadership and foresight that Representatives Glenn and Smart have shown in presenting this bill for the financial health of our Commonwealth and our citizens.”

SurfKy News
Information provided by Commonweath of Kentucky Treasury

© Copyright 2014 SurfKY News Group, Inc. All rights reserved. This material may not be published, broadcast, or rewritten without permission. SurfKY News encourages you to share this story by using one of the social media links below.

Posted on 2/2/14
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
3/12 - 718 switched from reg 2 to hopkins only
Posted on 1/31/2014
2/6/2014 - posted
3/13 - 16
Started 11/8/2013
Started 11/8/2013

Stock Report

1 DOW 16,943.81
0.00 (0.00%)    
2 S&P 1,967.51
+2.83 (0.14%)    
3 NASDAQ 4,415.49
0.00 (0.00%)    
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
3/12 - 718 switched from reg 2 to hopkins only
Posted on 1/31/2014
2/6/2014 - posted
3/13 - 16
Started 11/8/2013
Started 11/8/2013
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
3/12 - 718 switched from reg 2 to hopkins only
Posted on 1/31/2014
2/6/2014 - posted
3/13 - 16
Started 11/8/2013
Started 11/8/2013
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
Genovese - http://www.mchky.org/staff/bio.php?doc_id=35646&sub= Lewis - http://www.mchky.org/getpage.php?name=bracken_lewis Holt - http://www.mchky.org/getpage.php?name=drholt Napier - http://www.mchky.org/getpage.php?name=dr.napier_page Newman - http://www.mchky.org/staff/bio.php?doc_id=50353
3/12 - 718 switched from reg 2 to hopkins only
Posted on 1/31/2014
2/6/2014 - posted
3/13 - 16
Started 11/8/2013
Started 11/8/2013

Most Read This Week (Site-Wide)

July 11, 2014 5806

Madisonville Kmart to Close in October

in Top Stories by Ami Clayton, SurfKY News
July 09, 2014 4004

Madisonville Woman Arrested for Alleged…

in Top Stories by Madisonville Police Department
July 11, 2014 3908

Hopkins County Health Department Food…

in News by Lisa Miller
July 09, 2014 3275

Crime Stoppers Top Most Wanted - July 9,…

in Top Stories by Crime Stoppers
July 11, 2014 2680

Local Man Dies After Bike Collides With…

in Top Stories by Robert D. Littlepage

Most Read Stories from Hopkins County

July 11, 2014 5806

Madisonville Kmart to Close in October

in Top Stories by Ami Clayton, SurfKY News
July 09, 2014 4004

Madisonville Woman Arrested for Alleged…

in Top Stories by Madisonville Police Department
July 09, 2014 3275

Crime Stoppers Top Most Wanted - July 9,…

in Top Stories by Crime Stoppers
July 11, 2014 2680

Local Man Dies After Bike Collides With…

in Top Stories by Robert D. Littlepage
July 10, 2014 1804

UPDATED: MFD Battles Blaze on South…

in Top Stories by Rita Dukes Smith, SurfKY News Director

Most Read Stories from Owensboro

July 09, 2014 1243

Passport Health Plan Announces Contract…

in News by Jill J Bell
July 11, 2014 981

Owensboro Police Department Reports…

in News by Dennis Beard, SurfKY News
July 09, 2014 951

Owensboro Police Department Reports…

in News by Dennis Beard, SurfKY News
July 10, 2014 907

Daviess County Traffic Advisory

in News by Keith Todd
July 09, 2014 906

Edge Ice Center Offering Summertime…

in News by Brittni Bunn

Most Read Stories from Muhlenberg County

July 11, 2014 1598

Muhlenberg District Court Fines Handed…

in Top Stories by Charles W. Riley II, SurfKY News
July 09, 2014 1558

Business Spotlight - My Sister's Stuff

in Top Stories by Charles W. Riley II, SurfKY News
July 12, 2014 961

July Chamber Meeting

in Top Stories by Charles W. Riley II, SurfKY News

SurfKY News Group, Inc. Central Office & Printing Division
1125 Nebo Rd.  •  Madisonville, KY 42431  •  270.452.2249 (fax)
Main Number: 270.452.2727 (phone)  •  Printing Division Direct Line: 270.821.8600 (phone)

SurfKY Owensboro News Bureau
920 Frederica St. / Suite 210  •  Owensboro, KY 42301  •  270.683-8060 (phone)


Contact a member of our staff: www.surfky.com/contact
Copyright © 2014 SurfKY News Group, Inc.  •  Terms of Use  •  Site Map

social 06social 21social 22social 04social 03