FROM THE OFFICE OF PUBLIC AFFAIRS

U.S. Treasurer Rosario Marin today formally recognized the Ohio Credit Union League’s Latino Financial Literacy Program with an honorary certificate of recognition from the Treasury Department for the program’s efforts in teaching financial education to Columbus’ Hispanic community.

“The Ohio Credit Union League’s Latino Financial Literacy Program is doing an outstanding job of educating Columbus-area Hispanics about the basic building blocks of personal finance,” said Treasurer Marin. “A strong foundation of financial literacy is key to helping these families succeed in their pursuit of the American Dream.”

Following the presentation of the certificate, Treasurer Marin assisted in teaching a Spanish-language financial education class where students are learning about saving, managing money and handling credit. Representing the fastest growing ethnic population in the United States, Hispanics have a combined purchasing power of more than $450 billion. Yet research and surveys reveal that 43 percent of Hispanics in the United States report knowing little about retirement planning, and as many as 25 percent do not have a bank account.

The Latino Financial Literacy Program, now in its second year, is a four-session course providing instruction on financial goals and spending; developing a budget; establishing and maintaining a good credit history; and managing a bank account and other financial instruments. In its first year, 225 people attended the course and received a certificate of graduation. The program is sponsored by the Ohio Credit Union League in partnership with the Ohio State University Extension Office.

The Treasury Department in 2002 established the Office of Financial Education to strengthen the financial literacy of all Americans, and to provide guidance to organizations providing financial education programs. The Office works to ensure that people can gain the practical knowledge and skills that they need to make informed financial choices throughout various life stages. It focuses on four key areas: basic savings, credit management, homeownership and retirement planning. More information can be found at www.treasury.gov.