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April is Financial Literacy for Youth Month


 

APRIL IS FINANCIAL LITERACY FOR YOUTH MONTH

In my job as the state’s Chief Financial Officer, I understand more than ever the importance of teaching financial literacy and accountability to young adults.  

Consider these daunting statistics:

• One of three teenagers carry credit cards and even more have ATM cards.
• More young people drop out of college due to credit card debt than bad grades.
• By graduation, students double their average credit card debt and triple the number of credit cards in their possession.

Along with preparing young people to go out and earn a living, it is equally critical to prepare them to manage what they earn.  We would never just hand our child the keys to a car just because they’ve turned 16.  So it is not realistic to expect a young person to instinctively know how to handle a credit card or manage their money.

April is Financial Literacy for Youth Month.  It is an excellent opportunity to draw attention to the need to teach our young people how to save, manage their money and handle credit.  

The Department of Financial Services is currently embarking on a far-reaching public awareness campaign to help teach financial literacy to Floridians of all ages and economic levels.  A key component of the campaign will be to promote financial education in the classroom, including teaching them the importance of saving money, the wise use of credit, how to balance a checkbook, and how to apply for a loan.  They will also learn about the basics of insurance, including how to purchase insurance, how the claims process works, and how choices can impact the rates they pay.

Our goal is to help equip young people with the tools and information they need to make better decisions about their money and financial future.

Financial education can help steer our children’s economic futures – and I believe the road to financial literacy begins in our schools.

Chief Financial Officer Tom Gallagher with Senator Mike Fasano, left,  and Representative David Rivera, right.

GALLAGHER JOINS LEGISLATIVE LEADERS TO PUSH FOR CONSUMERS’ BILL OF RIGHTS

“Thousands of consumers have called us in the last year saying they feel powerless to protect themselves from their insurance companies,” Gallagher said.  “It is fundamentally unfair for consumers to be non-renewed, canceled or to surrender their legal rights with no explanation, or for an insurance company to use incorrect information at the expense of consumers.” 
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CFO Gallagher speaks at the Ambasadors for Aging Day rally on the Old Capitol steps.

CFO ADDRESSES ELDER ISSUES AT AMBASSADORS FOR AGING RALLY

Chief Financial Officer Tom Gallagher was invited to speak Wednesday to hundreds of senior citizens who turned out for Ambassadors for Aging Day.

“Senior citizens contribute substantially to Florida’s economy and prosperity,” Gallagher said.  “My mother is 84, so I am also personally engaged in these issues.  I promise to do all I can to keep their golden years golden.”

Gallagher discussed several bills that would directly enhance their financial rights, including one that would require insurance agents selling annuities to seniors to take steps to ensure those investments are appropriate.  He also spoke of the proposed “Consumer Bill of Rights” that would guarantee all Floridians are treated fairly by their insurance companies, and another to require the state’s older nursing homes to install fire sprinkler systems. 

BROWARD COUNTY CELEBRATION HOSTS CFO GALLAGHER 

In the shadow of Florida’s Old Capitol last week, a crowd of concerned citizens and local leaders hailing from Broward County welcomed Chief Financial Officer Tom Gallagher as part of Broward County Days. Broward Days is an annual effort to promote the area’s local interests in Tallahassee. Gallagher was recognized as a special guest speaker and encouraged those attending by praising Broward County’s vibrant and growing economy.

"With more than 800 people per day making their homes in the Sunshine State, state leaders should continue to support economic development and job growth," Gallagher said. "All Floridians deserve a chance at prosperity and a government supportive of a job-friendly economic climate." CONTINUED

INSURANCE AGENT’S LICENSE REVOKED

A Boca Raton man has lost his license to sell insurance after being charged with compromising the health insurance of four children.

On March 12, the Department of Financial Services filed an administrative complaint against Giovanni Abayan Ouano, age 39, of 2724 NW 26^th Street.  The department alleged that Ouano canceled the health insurance plan of an area family’s four children to enroll them into a new plan without the knowledge or consent of the children’s parents. Ouano also changed their family physician without their consent. Ouano’s misconduct was intended to generate commissions for himself.

Ouano elected not to dispute the above allegations, and the department subsequently revoked his insurance license.  Ouano had been licensed as a life, health, and variable annuities agent since May 1998.

The Department of Financial Services investigates allegations of improper conduct by licensed agents and those posing as agents. Questions about agents or insurance policies may be directed to the department’s toll-free helpline at 1-800-342-2762.