Title
Honoring Financial Literacy Month 2012
Body
WHEREAS, many Saint Paul households lack a relationship with a mainstream financial institution and are therefore unbanked; and,
WHEREAS, lacking a bank account, the unbanked must use alternative financial service establishments and their expensive fringe financial products; and,
WHEREAS, the average full-time worker without a bank account can spend $40k over the course of their lifetime to cash paychecks; and,
WHEREAS, an unbanked individual is unable to establish credit and will therefore never qualify for traditional loans, thus making them easy prey for unscrupulous lending practitioners; and,
WHEREAS, without a bank account, the many of the unbanked only carry cash, increasing their likelihood to be targeted victims of theft; and,
WHEREAS, financial security strengthens individuals, families and communities -- and by connecting the unbanked with low-cost checking and savings accounts they have a safe place to store their money, grow assets, securely access money in the event of an emergency; and,
WHEREAS, it is important to remove barriers that prevent and impede access to mainstream financial institutions and quality financial education;
NOW, THEREFORE, BE IT RESOLVED that the Saint Paul City Council declares the month of April, 2012 to be Financial Literacy Month, and,
BE IT FURTHER RESOLVED, that the Saint Paul City Council encourages financial partners in the Twin Cities to work together for a regional solution to financial literacy for the benefit of unbanked residents in Saint Paul and the Twin Cities.