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The Senate Special Committee on Aging held a hearing on September 24 to discuss the challenges women face in retirement and the release of a new report on this topic by the Government Accountability Office (GAO). Senator Susan Collins, the committee’s chair, highlighted the importance of financial education when planning for retirement and referenced information provided to her office by the Maine Credit Union League.
Following a briefing from Gene L. Dodaro, Comptroller General of the United States, Senator Collins remarked:
“I’m glad that you ended on the issue of financial literacy because that is a theme I noticed was repeated in your report. Also, the importance of starting financial education at an early age. It really isn’t very helpful if we learn when we are in our fifties or sixties what we should have done back then. The Maine Credit Union League has created financial fitness fairs to help students learn about budgeting, savings, and other aspects of financial literacy. Since the program’s inception in 2004, more than 65,000 Maine students have participated, and I think they will make far better choices and decisions than I did when I was leaving the congressional staff and unwisely withdrew my retirement savings.”
To watch the full hearing and briefing about the GAO report, visit: https://www.aging.senate.gov/hearings/women-and-retirement-unique-challenges-and-opportunities-to-pave-a-brighter-future. At the 1 hour 29-minute mark, Maine credit unions’ efforts to promote financial literacy through the high school financial fitness fair program is referenced.
“The League strives to be a valued resource for our congressional delegation, and we were pleased to provide Senator Collins’ office with information about our network’s financial education outreach efforts,” states Robert Caverly, League Vice President of Governmental Affairs. “Maine credit unions are deeply committed to financial literacy. Thousands of young Mainers have participated in our in-person or online financial fitness fairs. It’s an important offering we are proud to provide to students across our state.”
Maine credit unions have a dedicated Financial Literacy Outreach Coordinator to help Mainers of all ages with financial issues, education, and opportunities. Please email Jake Holmes at jholmes@mainecul.org for information or assistance.