Financial Literacy Needed for Prosperity

U.S. Senator Tim Scott of South Carolina this week introduced a resolution declaring April as Financial Literacy Month. Senator Scott is co-chair of the Financial Literacy Caucus.

According to the 2019 Survey of Household Use of Banking and Financial Services report by the Federal Deposit Insurance Corporation (FDIC), approximately 5.4 percent of households in the United States are unbanked and, therefore, have limited or no access to savings, lending, and other basic financial services.

Senator Scott said, “For far too long, we’ve seen the chasm between the working class and the rest of America grow deeper and wider. As we celebrate National Financial Literacy Month, we recognize the incredible impact financial literacy has in bridging that gap and uplifting every American. When families are prosperous, our economy is stronger and our future is more secure.”