One in Three Mainers Believe They Have Too Much Debt

Augusta – According to the 2021 National Financial Capability Study conducted by the FINRA Investor Education Foundation®, thirty percent of people in the United States are feeling financially fragile and one-third of Mainers believe they have too much debt. To help, the Finance Authority of Maine (FAME) has expanded its financial wellness efforts and outreach, including free online financial education resources and in-person events. These tools are designed to help individuals make better financial decisions, so they are more secure throughout their lives. Additionally, these resources can be used by Maine businesses and educators to teach and nurture students to understand and use good financial skills.

FAME has long been known as the trusted agency to help Maine businesses grow and for supporting Maine people in affording higher education. With more people than ever seeking financial stability since the onset of the pandemic, FAME continues to provide resources in support of Financial Literacy Month.

“If the pandemic era has taught us anything, it’s that we should be prepared financially,” says Mary Dyer, FAME’s Financial Education Programs Manager. “We have the resources to not only help people better afford higher education, but tools to help them build budgets, create a rainy-day fund, learn about careers, and so much more. Financial wellness plays a huge part in our overall health and well-being.”

Financial wellness refers to a person’s overall financial well-being and ability to meet both current and future financial obligations in order to achieve financial security and freedom of choice. Financial wellness is an important part of our health and well-being.

Three prominent features of FAME’s financial wellness offerings include:

Steps to Financial Wellness: For those who are ready to start on a path toward financial wellness but might be unsure where to begin.

Online Financial Wellness: for all Mainers, including a financial wellness check-up to assess your finances and recommend tools, content, and courses, including a money personality tool to help you understand what drives your financial decision-making.

Outreach Events: FAME is hosting Financial Wellness Industry Night at Après in Portland on April 10th from 4:30 – 7:30 p.m., as well as many Financial Aid Information Sessions and free events. FAME is also sponsoring, speaking and exhibiting at the upcoming Fostering Financial Education in Maine Schools Conference on April 27-28.

In addition, FAME provides:

• Financial Literacy Social Media Toolkit can be used by anyone interested in launching a social media campaign or including financial wellness topics in their social media platform.
• Financial Check-Ins with FAME webinar series to reach Maine people with the financial topics they care about through live interactive webinars on the first Friday of the month. The webinars are also recorded and available to all.
• Claim Your Future^®, an interactive game designed to encourage students to explore the return on investment of various career options and financial decisions. All Maine schools and non-profit organizations that work with youth can play Claim Your Future online or request a free game kit.
• Invest in ME Reads, a family financial education program.
• On-demand custom financial education programs for groups by FAME outreach staff.

“As State Treasurer and a FAME Board member, I want to encourage Maine families and students to focus on their financial wellness. Taking advantage of these free resources provided by FAME and others can help youth and adults develop lifelong financial wellness. This is especially helpful when it comes to saving and paying for higher education, and planning future careers and household budgets,” stated Maine State Treasurer Henry E.M. Beck.

About FAME:
The Finance Authority of Maine (FAME) is a quasi-independent state agency that provides innovative financial solutions to help Maine citizens pursue business and educational opportunities. FAME helps to lead the creation of good paying jobs for Maine citizens by working at the nexus between economic and workforce development. To learn more about FAME, please visit www.FAMEmaine.com

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