Governor Josh Shapiro has declared April as Financial Literacy Month. The Pennsylvania Insurance Department, Pennsylvania Department of Banking and Securities, and Pennsylvania Department of Education want to remind people in Pennsylvania that having knowledge about finances is very important for their future and to achieve economic success.
“Financial literacy aims to help people make good financial decisions throughout their lives, including being informed insurance consumers,” said Michael Humphreys, the Insurance Commissioner of Pennsylvania. “We encourage people in Pennsylvania to take some time this month to review their insurance needs and consider their plans for the future, ensuring that their financial portfolio is in order.”
PID wants Pennsylvanians to get the most out of their insurance money. They can do this by telling their insurance agent or company representative about important events in their life, like getting married, getting divorced, or having a baby.
Furthermore, PID would like to remind Pennsylvanians to:
- Perform research: Learn about the various kinds of insurance and their related terms and definitions. Then, compare different insurance options to find the one that meets all of your needs. PID’s website provides educational resources such as insurance tip sheets, guides, and information.
- Understand your rights and ask for assistance: In Pennsylvania, you have the right to file a complaint or appeal if you disagree with a decision made by your insurance company regarding your coverage, claim, or healthcare service. Furthermore, residents of Pennsylvania can find out if they are the recipient of a life insurance policy that has been lost or misplaced. PID wants consumers to know that they are available to assist with any questions about different types of insurance, such as automobile, homeowners, life, and health insurance. If you have any concerns or want to file a complaint, you can contact PID’s Consumer Services Bureau at 1-877-881-6388.
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“Education is very important for opening up opportunities in life. Financial literacy is also important because it can help you buy a house, save for retirement, or start a business,” said Secretary of Education Dr. Khalid N. Mumin. “During Financial Literacy Month, I urge our educational communities to establish a strong base so that every student in Pennsylvania can thrive in school and in their future.”
The DoBS Investor Education and Consumer Outreach staff collaborates with various organizations and government agencies at the state and local level, including service providers, community and trade organizations, the General Assembly, the military community, schools, and other partners. Their goal is to provide Pennsylvanians with valuable information about the financial marketplace.
“Financial literacy is a very important skill for everyone,” said Secretary Wendy Spicher of the Department of Banking and Securities (DoBS). “Unfortunately, not understanding personal finances can have serious consequences. That’s why it’s important to highlight its importance during Financial Literacy Month. This can help increase public awareness and improve financial outcomes for consumers.”
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