Gov. Doug Burgum kicked off Financial Literacy Month in April 2024 and shared a new challenge to North Dakota: to become the most financially literate state by 2027. The foundation for the effort is the website, SmartWithMyMoney.nd.gov, which is funded by Bank of North Dakota.
This free website allows residents to create an account, take a research-based financial personality assessment, and learn how their personality affects their money decisions. That information, when paired with financial knowledge level of key topics, identifies personalized learning resources on the site to improve financial literacy. Completing challenges on the site enters people in a pool for a chance to win cash prizes. Data gathered by the Financial Industry Regulatory Authority (FINRA) will be used to assess progress.
The state has set the following benchmarks to meet by 2027 as measured by the FINRA study. The study is completed every three years, and the last set of data was calculated in 2021.
- 66% of residents will have emergency funds that last three months compared to 52% in 2021
- The percentage of residents who experience financial anxiety will decrease from 56% to 33%
- 66% of residents will have a retirement plan through their employer compared to 57% today
- Residents who find it difficult to cover expenses and pay all their bills in a typical month will decrease to 33% from 45%
- 66% of residents will receive the higher overall financial knowledge score compared to 37% in the last set of released data
Bank of North Dakota continues to expand its networking with state agencies, along with the business and banking communities, to deliver the program through multiple channels. By year end, there were 12 state agencies, nine banks and credit unions, and several businesses participating in the effort.
BND 101 continued