Financial Literacy Bill Heads to Kentucky Senate

The Kentucky House of Representatives voted on Friday to establish a commission to help develop, implement and oversee financial education programs throughout the state.  The commission would consist of eleven members and would supervise the funding, execution and awareness campaigns relating to financial literacy programs designed to assist all Kentucky residents, from school-age kids to retirement age seniors.

Under the bill, the commission also would be charged with creating a web-based clearinghouse that would provide individuals and families with information, tools and resources relating to financial education.  All funding generated by the commission would go into a fund to underwrite and support financial literacy activities throughout Kentucky.

The bill now moves to the Kentucky Senate, which will review the topic and evaluate how best to raise the levels of financial literacy in the state in a move that is similar to actions taking place in other U.S. states to increase financial education and empower individuals to make better informed decisions with respect to their financial lives.  Industry watchers will be keeping a close eye on these developments in Kentucky amid this rise among states and local jurisdictions to institutionalize financial literacy in the months ahead.