Featured photo: Director of Treasury’s Saving, Access, and Financial Empowerment Bureau Robin Lott
Michigan Department of Treasury encourages Michiganders to check out the new MiMoneyMatters.org website for free financial tools and tips
LANSING — The Michigan Department of Treasury is calling on Michiganders to check out the new MiMoneyMatters.org website for free financial tools and tips in April during National Financial Literacy Month.
Mi Money Matters has interactive tools, videos and articles covering budgeting, mortgages, health care, college savings, student loan repayment, banking, credit, financial planning, retirement, long-term care and more.
This is of great importance to many Flint residents as Flint is considered one of the most unbanked cities in Michigan, characterized by high rates of households without traditional bank accounts due to extreme poverty, lack of financial institutions and systemic economic disinvestment. As of 2023-2024, Flint frequently ranks among the highest unbanked metropolitan areas in the state alongside Detroit, with a high reliance on alternative financial services like check-cashing businesses, according to the Michigan Senate Fiscal Agency.
“Financial education is critical to the success of Michiganders through every stage of life,” Director of Treasury’s Saving, Access, and Financial Empowerment Bureau Robin Lott, said. “We invite all Michiganders to empower themselves with the free resources available through Mi Money Matters this April during National Financial Literacy Month. Financial wellness is an important lifelong habit.”
The state leaders’ appeal comes as a Michigan Department of Treasury statewide survey of Michigander households with annual incomes below $125,000 shows 4 of 5 say they have never received any formalized education or training in household finance.
That includes:
- 78% of metro Detroiters who have not
- 77% of West Michigan residents who have not
- 81% of residents in Central/East Michigan who have not
- 84% of Northern/Upper Peninsula residents who have not
The free tools available at MiMatters.org will help the:
- 40% of households under $125,000 who aren’t confident in their ability to create a debt paydown plan
- 35% who struggle to create a monthly budget
- 47% who find saving money difficult
Nearly 80% of the survey respondents would like to learn more about key financial topics such as investing, building an emergency fund, saving for retirement and creating a household budget.
Flint is one of the most unbanked cities in Michigan, frequently ranking among the poorest cities in the nation (often top 3 to 5).
Unbanked refers to adults who do not use or do not have access to any traditional financial services, including savings accounts, credit cards or personal checks. The aim of the Mi Money Matters Financial Empowerment Initiative is to help close these gaps. Not having access to financial resources and tools costs unbanked and underbanked Michiganders an average of $3,000 a year in fees for check cashing, money orders, bill pay services, third-party debit cards and more.
April is officially recognized as National Financial Literacy Month in the U.S., a time to promote understanding of personal finance through budgeting, saving, investing and credit management, with support from government agencies, nonprofits like the Ballmer Group and the Jump$tart Coalition, and financial institutions.
This observance, first highlighted by Congress in 2004, aims to equip people with the tools for sound financial decision-making, with resources available from various sources like the Federal Deposit Insurance Corp., Office of the Comptroller of the Currency and state treasuries.
