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Shapiro Administration Highlights the Importance of Financial Literacy

04/11/2024

Harrisburg, PA – Governor Josh Shapiro proclaimed April as Financial Literacy Month, and the Pennsylvania Insurance Department (PID), Pennsylvania Department of Banking and Securities (DoBS), and Pennsylvania Department of Education, remind Pennsylvanians that financial literacy is essential to build their futures to maintain economic success.
“Financial literacy is focused on empowering people to make sound financial decisions throughout their lives, and this includes becoming empowered insurance consumers," said Pennsylvania Insurance Commissioner Michael Humphreys. “We urge Pennsylvanians to take some time this month to examine their insurance needs and think about your plans for the future and how to ensure their financial portfolio is set."

PID encourages Pennsylvanians to make the most of their insurance dollars by letting their agent or insurance company representative know about major events in their life, such as a marriage, a divorce or the birth of a child.

Additionally, PID remind Pennsylvanians to:

  • Do research: Study the different types of insurance and their associated keywords and meanings, and shop around for the best insurance that covers all your needs. PID's website offers educational insurance tips sheets, guides, and information.
  • Know your rights and seek help: Pennsylvania law allows consumers to file a complaint or appeal a coverage, claim, and healthcare service decision made by your insurance company. Additionally, Pennsylvanians can learn if they are the beneficiary of a missing life insurance policy. PID reminds consumers that the Department is here to help, and anyone with questions about automobile, homeowners, life, health, and other insurance types, or anyone wishing to file a complaint, can contact PID's Consumer Services Bureau, or by calling 1-877-881-6388.

“Education is the key to unlocking life's opportunities, and financial literacy can lay the foundation for buying a house, saving for retirement, or even starting a business," said Secretary of Education Dr. Khalid N. Mumin. “This Financial Literacy Month, I encourage our learning communities to build a solid foundation so every student in Pennsylvania can succeed in the classroom and beyond."

DoBS Investor Education and Consumer Outreach staff works with state and local government agencies, service providers, community and trade organizations, the General Assembly, the military community, schools, and other partners to help Pennsylvanians across the commonwealth become well-informed about the financial marketplace. 
“Financial literacy is an essential skill for everyone," said DoBS Secretary Wendy Spicher. “Sadly, there are serious consequences associated with a lack of understanding about personal finances, so shining a spotlight on its importance during Financial Literacy Month is one way to raise public awareness and better financial outcomes for consumers."

Learn more about the free, non-commercial programs and presentations available, or contact us to request a program tailored to your specific needs

Visit the DoBS's calendar of events to find an event near you. Consumers and community groups can call 1-800-PA-BANKS or email informed@pa.gov for more information.  

Follow PID on X and like the department on Facebook.  

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