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|State Pushing "Illinois Saves" Financial Program
|(IRN)-A new program aims to help Illinois families save.
Secretary of Financial and Professional Regulation Brent Adams says the Illinois Saves financial literacy program provides people with access to consumer-friendly savings accounts at participating financial institutions. A person must first pass an approved financial literacy education course.
With the passage of an approved course, a person with a bad credit history can open an account and begin saving. If proved a successful saver, the account holder could eventually open a checking account. Adams says the goal is also to rely less on credit.
"Illinois Saves gives financial literacy graduated access to a savings account that is designed to increase consumers' reliance on savings while simultaneously reducing their reliance on credit," Adams said.
State Treasurer Dan Rutherford helped launch the program and his office will help with financial literacy.
"Financial security is important to each and every one of us, whether we're talking about government fiscal responsibility or personal financial safety," Rutherford said. Rutherford's office offers a similar program, Bank on Illinois, which helps people understand and tap into checking accounts.
"Illinois Saves" is being rolled out in Chicago but Adams says it will eventually go statewide.
- Almost 369,000 Illinois residents lack both a checking and a savings account.
- Less than 13 percent of low-income neighborhoods have access to a bank or credit union.
- The average worker without a bank account spends $574 a year to cash payroll checks.
(Source: Illinois Radio Network)
|04 06 11 by Newsroom
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