Michigan’s treasury department is launching what it’s calling the largest financial literacy campaign in the Detroit area.
The Mi Money Matters Financial Empowerment Initiative kicks off April 1, in line with National Financial Literacy Month. The state’s Department of Treasury is partnering with the philanthropic Ballmer Group and civic and social leaders across Wayne, Oakland and Macomb counties.
“Through this initiative, we’re bringing meaningful financial tools directly to metro Detroit,” Treasurer Rachael Eubanks said in a release. “By focusing on budgeting, saving, credit and planning for the future, we’re working to ensure individuals and families have the resources they need to build longterm financial stability.”
According to the treasury department, nearly 80 percent of metro Detroiters earning below $125,000 report never receiving formal education in personal finance. Five of Michigan’s 10 most “unbanked” cities —Detroit, Highland Park, Pontiac, Ecorse and Inkster — are in the tri-county area, with Detroit itself reporting that roughly a quarter of residents are unbanked or underbanked. Unbanked refers to adults who do not use or do not have access to any traditional financial services, including savings accounts, credit cards, or personal checks.
Not having access to financial resources and tools costs unbanked and underbanked Michiganders an average of $3,000 a year in fees for check cashing, money orders, bill pay services, third-party debit cards and more.
The state’s education department has recently mandated all high school students to complete a personal finance course to graduate, beginning with the Class of 2028. Within the Detroit Metro Prosperity Region, 280 of 422 high schools report teaching assignments eligible for personal finance instruction, according to the Michigan Department of Education.
The initiative includes MiMoneyMatters.org, a new online hub featuring free videos, interactive tools and articles covering topics such as credit, banking, student loan repayment, financial planning and longtermcare.
The Treasury Department also announced a new partnership with Michiganbased Headstream Technologies, developer of the MILearner Wallet educational tool. The platform will serve as the initiative’s official credential issuer, providing students with verified, portable records of completed financial education modules.
The campaign is being amplified with help from a broad network of trusted community messengers as well as promotional placements across print, radio, digital media and local retail outlets. The Library of Michigan and more than 80 public libraries across Wayne, Oakland and Macomb counties are also participating, and the Ballmer Group is supporting the campaign with a $1.5 million grant.
Local elected officials and faith leaders from Detroit and surrounding communities joining the event and committing to serve as Mi Money Matters ambassadors included Highland Park Mayor Glenda McDonald, Ecorse Mayor Lamar Tidwell, Pontiac Mayor Mike McGuinness, Inkster Mayor Byron H. Nolen Pastor Edgar Vann, Second Ebeneezer Church, Detroit; Pastor Lance Pittman, First Praise Pentecostal Church, Detroit; Pastor Alonzo Bell, Redeem Detroit Martin Evers MBC; Rev. Joelynn T. Stokes, Esq., Isaiah 58, Detroit; Dr. Willie A. Gholston II, Count Historic Ebenezer AME Church, Detroit; The Rev. Cindy Rudolph, Oak Grove AMEC, Detroit; Pastor Lance Pittman, First Praise Pentecostal, Detroit; The Rev. Sharinese Jackson, Vernon Chapel AME Church, Detroit; The Rev. Sharinese Jackson, Conant Gardens Neighborhood Development Corp., Detroit; The Rev. Jacquelynne Burge, Vinson Chapel AMEC, Clinton Township; the Macomb County Ministerial Alliance; and, the Council of Baptist Pastors of Detroit and Vicinity, Inc.
“We want Michiganders to have the financial knowledge they need to avoid common pitfalls such as taking on highinterest loans, accumulating credit card debt and failing to save for emergencies,” Eubanks said. “These issues trap people in cycles of debt that could have been avoided. Mi Money Matters is designed to help change that.”
