April is National Financial Literacy Month, a time every year to highlight the importance of teaching money management and encouraging financial stability for all Americans.
Did you know that the Financial Educators Council reports…
- More than 77 million Americans do not pay their bills on time
- 39% carry credit card debt from month to month
- 41% of Americans do not have a savings account
Statistics suggest that the child support program serves many of these Americans. According to the National Council of State Legislators, the child support program serves one-third Visit disclaimer page of all U.S. children living in poverty. Child support is among the top income support programs, and state and tribal child support programs provide services that not only help improve the economic outlook for families, but also demonstrate the benefits of financial stability to families.
One recent effort in this area is our Families Forward Demonstration, a four-year project testing how smaller programs can help noncustodial parents find better jobs through skills training. One of the core components of this program is capacity-building services to help parents better manage their money. We know these crucial financial literacy skills can help lift families out of poverty and set them up for success.
Financial literacy resources
Throughout April, nationwide financial literacy events will promote good financial habits among Americans, including how to manage a budget, make good spending and saving decisions, and grow wealth. These skills aren’t the only answer to combat poverty, but they can help parents become good stewards over their personal finances and help improve poor financial habits. For information and events about how to improve financial well-being, visit the Consumer Protection Financial Bureau Visit disclaimer page and the Office of the Comptroller of the Currency Visit disclaimer page (PDF).
Linda Boyer, Acting Commissioner
This blog gives the commissioner a forum to communicate directly with child support professionals and other stakeholders about relevant topics. The Commissioner’s Voice is reprinted from the April 2021 Child Support Report newsletter.