Financial Education & Asset Building
The Financial Education & Asset Building Working Group concerns itself with the ways individuals and communities can build and retain wealth, and seeks to ensure all Coloradans have access to resources and education that will help them live a financially stable life.
With wages for nearly all Coloradans remaining flat since 2000, many families live paycheck to paycheck. They may not have access to typical banking, can't save for college or retirement, have no emergency funds set aside, and face overwhelming debt. In fact, around half of Americans have no retirement accounts at all, and only about 57% of American families are saving for college. The average class of 2016 college graduate had student loan debt of $37,172, while the vast majority of Americans have under $1,000 saved. Additionally, the current racial wealth gap is a stark reminder that inequities continue to exist for communities overcoming historical barriers to wealth building.
This working group is focused on educating Coloradans about financial systems and resources so families across the state can build and maintain assets that put all Coloradans on a trajectory toward financial resilience in the modern day economy.
Our committee works on:
- Developing a financial resource guide which will provide referrals to organizations providing financial education and asset building tools
- Providing information for consumers about their rights
- Looking for ways to help people with disabilities to increase their assets by evaluating policies that are impeding them
- Evaluating the Department of Education’s financial literacy standards for children and teens with a particular emphasis on ensuring student loans and student debt, as well as retirement savings, are covered
- Supporting the passing of a 529 Savings Plan Reform Bill for a more equitable taxation system which incentives lower-income families to save for college
- Assisting Coloradan employees to gain stake in their workplaces and build wealth through employee ownership models
- To pass legislation that would allow for individuals to build wealth by savings accounts that incentivize them to save
Additional reading on these issues: