North Dakota Introduces Financial Literacy Program to Promote Financial Education

North Dakota has unveiled a new online financial education platform in a bid to become the most financially savvy state in the U.S. by 2027.

The initiative is led by Superintendent of Public Instruction Kirsten Baesler, Treasurer Thomas Beadle, the Bank of North Dakota, Governor Doug Burgum’s Office, and several other state agencies.

Residents of North Dakota can register for free on SmartWithMyMoney.nd.gov to access educational modules on budgeting, debt reduction, and more, as highlighted by Kelvin Hullet, chief business development officer for the Bank of North Dakota, during a press conference on Tuesday introducing the website. The platform also offers a research-based financial personality assessment to aid residents in evaluating their financial habits.

“This website stands out,” remarked Hullet. “It delves into topics more comprehensively than what is typically found in other educational resources or websites.”

Participants who fulfill tasks on SmartWithMyMoney.nd.gov stand a chance to win monetary prizes.

“Enhancing residents’ financial well-being yields widespread positive impacts on their personal welfare and the state’s economy,” stated Burgum in an announcement. “Alleviating financial strain enhances mental health. Sound financial choices reduce the prevalence of individuals burdened with excessive credit card debt. More individuals can afford homes, initiate or expand businesses, and enjoy increased disposable income.”

In a 2021 survey conducted by the Financial Industry Regulatory Authority, Americans nationwide were assessed on a seven-question financial literacy quiz. In North Dakota, a mere 37% of respondents outperformed the median. The equivalent figures in Minnesota and South Dakota were 41% and 38%, respectively, as per the Tuesday announcement from the governor’s office.

The state aims for approximately two-thirds of North Dakotans to exceed the median score by 2027.

North Dakota’s additional objectives for the 2027 survey include:

– Having around two-thirds of surveyed residents confirm possessing at least three months’ worth of emergency funds. In 2021, only 52% of respondents from North Dakota met this benchmark.

– Having merely one-third of respondents indicate facing financial worries. This percentage stood at 56% in 2021.

– Engaging approximately two-thirds of surveyed residents in employer-based retirement schemes, in contrast to the 57% figure reported in 2021.