Maryland DoL, Libraries Launch Online Financial Literacy Clearinghouse - Southern Maryland Headline News

Maryland DoL, Libraries Launch Online Financial Literacy Clearinghouse


BALTIMORE (February 8, 2012) - MAPLA (Maryland Association of Public Library Administrators) and the Maryland Department of Labor's (DLLR) Office of the Commissioner of Financial Regulation today announced the launch of an online Financial Literacy Clearinghouse. The clearinghouse provides Marylanders with access to information on personal finance topics ranging from budgeting and saving to foreclosure prevention. Hosted by the Library, the clearinghouse is located at www.MyMoneyMatters-md.org.

"Promoting strong financial literacy is critical to our state's economy and to all Marylanders," said Secretary of Labor Alex Sanchez. "We are pleased to partner with the Maryland library communities with this initiative as we continue to move Maryland forward both locally and competitively in a global economy."

The MAPLA and DLLR announced a partnership in October of 2011 in an effort to provide all Maryland residents with resources to empower and assist in making smart financial decisions, and to improve workforce development and adult education. Visitors to the Library seeking job training and advancement assistance have increased during this period of economic downturn. MyMoneyMatters provides another resource for Maryland residents.

"The financial and career information provided by librarians are invaluable to our customers," said Kathleen Reif, Director of St. Mary's County Library. "Everyday library staff in St. Mary's County are on the front lines as they talk to our customers in need of help. The resources they provide and the free programming offered can help customers develop skills to find jobs and pave the way to personal financial recovery."

In response to the financial crisis, the General Assembly created the Task Force to Study How to Improve Financial Literacy. The Task Force developed a list of recommendations which proposed, among other things, that the Commissioner of Financial Regulation create and maintain a website to provide financial education resources, services and programs for Maryland consumers.

"The current downturn has highlighted the importance of assisting our citizens with understanding financial products and making sound financial decisions," said Commissioner of Financial Regulation Mark Kaufman. "We are excited to be able to deliver this assistance online, and I can think of no better partner in connecting consumers with helpful information than the Enoch Pratt Free Library."

MyMoneyMatters contains content which pertains to all ages, at all stages of life and will be updated regularly to include new consumer alerts and materials related to financial literacy. A link can be found on St. Mary's County Library's website, www.stmalib.org, on the E-Government webpage under Online Services.

Source: St. Mary's County Library

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