Mike Rothman is making good on his promise to focus on the financial capability of Minnesotans as commissioner of the state's Commerce Department.
Way back in April, he convened a group of government officials, nonprofit leaders and bankers to discuss what needs to be done to improve the financial fitness of Minnesotans of all ages.
On Tuesday morning, his office released a financial literacy action plan designed using input from that meeting in April.
The same morning, Rothman spoke at an event sponsored by the Northwest Area Foundation that focused on asset poverty in the Twin Cities. The Corporation for Enterprise Development released new data today that showed 35 percent of Minneaoplis residents live in asset poverty, which is defined as not having enough assets to live at the poverty level ($22,314 for a family of four) for three months if they lose their job. The study found a sobering 121 percent gap in the asset poverty rate between Minneapolis's white and minority households. Check startribune.com later for a full story on the results.
Here are the 12 financial literacy initiatives. What do you think? Anything missing?
- Continuing an aggressive commitment to timely, relevant consumer alerts and improving public awareness of the department's enforcement actions.
- Begin the construction of an online financial literacy clearinghouse. This will be housed at the newly redesigned Commerce Department website.
- Improve consumer outreach to senior citizens.
- Engage in discussions with financial institutions and professional associations about how to partner public and private interests to advance the cause of financial literacy in Minnesota.
- Explore Hopkins economics teacher David Braaten's idea to incentivize youth participation in personal finance courses. One idea floated? Student certificates redeemable at banks and credit unions upon the completion of personal finance courses. I recently wrote about the Hopkins school district's decision to make a financial literacy course a graduation requirement.
- More actively participate in financial literacy organizations and events. Commissioner Rothman himself has committed to attend more events.
- Meet with DEED, the Minnesota Department of Education, the Department of Human Services' Office of Economic Opportunity, and the Minnesota Department of Higher Education to explore new ways to partner on financial literacy efforts.
- Improve outreach to communities of color and immigrant populations.
- Explore legislative initiatives that could advance the cause of financial literacy in Minnesota.
- Continue the Minnesota Department of Commerce's involvement in Slice of Spring and other state employee education opportunities This annual event helps state employers better understand their 401(k)s, pensions and other benefits.
- Continue hosting financial literacy roundtable discussions.
- Improve state-federal partnerships on financial literacy efforts.
