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Department Offers Free Financial Health Assessment and More for Financial Capability Month

Thursday, April 3, 2014

Department Offers Free Financial Health Assessment and More for Financial Capability Month

The Department is participating in month-long campaign encouraging D.C. residents to enhance their personal financial capabilities.

In recognition of National Financial Capability Month, the D.C. Department of Insurance, Securities and Banking is offering free financial health assessments and personal finance resources to improve the financial capabilities of the city’s residents.  

In 2013, the National Foundation for Credit Counseling reported that 40 percent of adults gave themselves a grade of C, D or F on their knowledge of personal finance. This is a 25 percent decrease from 2010 when 65 percent of adults gave themselves an A or B.

In D.C. alone, 11 percent of households have no banking relationship and on average spend $800 a year on check-cashing fees. “Working to enhance the financial capabilities of District residents is one of the most important things we do as an agency,” said Chester A. McPherson, interim commissioner of the D.C. Department of Insurance, Securities and Banking. “We hope that between the city and the many dedicated private organizations offering financial education, we can help residents make the best financial choices for themselves and their families.”

As a step in this direction, the department and its Bank on DC program are offering a free personal financial health assessment to any D.C. resident or District Government employee through an online platform called LifeCents. The program is a comprehensive personal financial wellness program designed to help evaluate, understand and improve financial health. It also connects participants to resources specific to their financial needs and goals. The program can be accessed here on the department’s Financial Capability Month webpage.

Also in recognition of National Financial Capability Month, the department joined 25 other states to participate in the National Retirement Planning Week, April 7-11, to share resources on planning for retirement. The goal is to encourage District residents and employees to think about planning for retirement and to create comprehensive retirement plans. You can read more about the week and access resources at www.retireonyourterms.org.

April is also the U.S. Conference of Mayors’ DollarWise Month, a national effort across U.S. cities to support financial education. On behalf of the District, the department will engage in various activities that promote the campaign’s theme “DollarWise: Planning for the Future” to teach youth and young adults in the District about the importance of using money wisely to prepare for a financially stable future.

To learn more about our financial capability month activities, events and available resources, visit disb.dc.gov/finlitmonth. Also, like us on Facebook or follow us on Twitter @DCDISB and @BankonDC for financial resources and tips and throughout the month.

About the Department of Insurance, Securities and Banking

The District of Columbia Department of Insurance, Securities and Banking has two missions: to fairly and efficiently regulate financial services in order to protect the people of the District of Columbia; and to attract and retain insurance, securities, banking and other financial-services businesses to the District. For more information, visit disb.dc.gov.

About Bank on DC

Bank on DC, a D.C. Department of Insurance, Securities and Banking program, is a collaborative effort between District Government, financial institutions and non-profits whose mission is to provide mainstream access to financial services, products and financial education to unbanked and under-banked households in the D.C. Metro Area. For more information about Bank on DC, visit www.bankondc.org.