Getting Smart About Financial Literacy: April is Financial Literacy Month

ALBANY, NY (04/02/2009)(readMedia)-- What's your credit score? Do you know the difference between secured and unsecured credit? How do you protect yourself from identity theft?

Governor David A. Paterson has proclaimed April Financial Literacy Month in New York State, and New Yorkers may want to take this opportunity to improve their financial literacy if they don't know the answer to important financial questions like these.

In issuing the proclamation, Governor Paterson said: "Financial literacy helps people make solid financial decisions in their personal lives which then can have a positive affect on the overall economy. In addition, consumers can protect themselves from falling victim to identity theft and other financial harm that can destroy their credit ratings by improving their knowledge of money matters. Through this declaration, I encourage all New Yorkers to take advantage of the many opportunities offered by New York State to educate themselves about financial issues - from budgeting to credit card management to smart borrowing to identity protection."

New York State Higher Education Services Corporation (HESC), the state's student financial aid agency, promotes financial literacy throughout April by highlighting financial education tools and services available through HESC.org to students, parents, schools and all New Yorkers to help them better understand money issues.

"Financial literacy is the key to making solid financial decisions in all areas of life," said James C. Ross, HESC President. "It is especially important for students and families to understand financial matters when deciding how to fund a college education. Promoting financial literacy is a strong component of our broad mission to help people pay for college."

"Educating students about budgeting, credit cards and managing debt helps them become smart borrowers," Ross continued. "It's astonishing that one-third of recent college graduates have as many as four credit cards, and more than half have $5,000 or more in high-interest credit card debt. These students need to know financial basics in order to make informed decisions and use credit wisely."

HESC's financial literacy initiatives highlighted in April include:

• Audio Podcasts - HESC's growing library of video and audio podcasts address a variety of financial aid and money management issues important to students. Throughout April, new audio podcasts on topics including understanding credit reports, preventing identity theft, and how to be a smart borrower, will be featured.

• Financial Awareness and Consumer Training for Students (FACTS) - HESC offers FACTS, a financial literacy curriculum recently updated with current information and a student-friendly look, for high school and college-age students. FACTS helps increase student awareness of the dangers of accumulating too much debt and of the benefits of saving more of the money they do have. The series of four modules, FACTS is rich in content yet easy to understand, covering practical personal financial management topics. The FACTS presentations, complete with detailed speaker notes, are available at HESC.org for schools or individuals to use freely. HESC representatives are also available to conduct FACTS presentations at high schools and colleges.

• Financial Literacy "Tip of the Week" - Each week in April, a key money-savvy tip will be featured on the homepage of HESC.org. Visit each Wednesday in April for the latest Financial Literacy "Tip of the Week."

More information about these initiatives and other assistance for students and parents on financial issues is available on HESC.org.

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