MARYLAND DEPARTMENT OF LABOR AND MARYLAND LIBRARIES LAUNCH ONLINE FINANCIAL LITERACY CLEARINGHOUSE

WHAT: Online Financial Literacy Clearinghouse
WHO: available for everyone
WHEN: now
WHERE: www.MyMoneyMatters-md.org

SALISBURY, MD (February 8, 2012) – MAPLA 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 patrons," said Carla D. Hayden, Chief Executive Officer of the Enoch Pratt Free Library. "Everyday library staff across the state are on the front lines as they talk to Marylanders in need of help. The resources they provide and the free programming offered by libraries can hopefully help patrons 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. Co-chaired by Senator Anthony Muse and Delegate Dana Stein, 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 Wicomico Public Library’s Internet Links page via www.wicomicolibrary.org.