Hispanic State Legislators Support Expanded Tools for Financial Literacy and Empowerment

WASHINGTON, Oct. 12, 2012 /PRNewswire/ -- The National Hispanic Caucus of State Legislators announced they passed a resolution by Representative Juan Candelaria of Connecticut that supports expanded financial literacy and empowerment for all Americans, especially young adults and Latino households.

The NHCSL staff and legislators will work with other organizations to promote financial literacy, support activities related to the Financial Literacy Month, and urge policy makers to publicize solutions and recommendations for those seeking financial help. In addition, the NHCSL will continue to support ways to improve on the Credit Repair Organization Act, which prevents deceptive practices and fraudulent activities. This will ensure consumers have access to better credit information that will help individuals take personal charge of improving their credit. The NHCSL will advocate for those changes in the law that will empower consumers to have access to additional and improved information from their credit profile.

The rapidly increasing Hispanic population in the U.S. generates nearly a trillion dollars every year through the consumption of goods, services, and financial products. Today, most businesses actively market their products and services to Hispanic households. The Hispanic community is being increasingly recognized for our contributions and the important role we play in the national economy.  Although the majority of Hispanic households with incomes of at least $45,000 believe they are financially successfully, one-third of them say they still need help making financial decisions. Smart financial decisions are the result of financial education and access to financial management tools, but because these are hard to acquire, it is easy for many individuals to make poor financial choices and become financially unstable.

"Financial stability is not only extremely important for the success of our nation's economy, but it also allows individuals to take control of their circumstances, make smarter financial decisions, plan for their financial future, and improve their quality of life," said Representative Juan Candelaria.  "As civil servants, I believe it is our duty to provide the necessary resources that can help improve the livelihood of all members in the community."

"The NHCSL and its legislators strongly believe that improved financial literacy will empower young adults and members of the Hispanic community to become successful consumers and business leaders," said Representative Minnie Gonzalez, President of NHCSL. "For that reason, NHCSL will partner with other organizations and Congressman Ruben Hinojosa, to promote the goal of financial literacy at our state capitols."

SOURCE National Hispanic Caucus of State Legislators