SYRACUSE, N.Y., Sept. 27, 2023 /PRNewswire/ — CCMR3, a leading provider of accounts receivable and collections services, announced the launch of a new financial literacy initiative aimed at educating students on the importance of financial education. Last month, CEO, Jacob Corlyon launched the initiative by speaking at four high schools in the Syracuse city school district. Through these visits, he taught valuable lessons on the significance of saving, responsible spending, and cultivating effective spending habits to nurture success in the future.
According to a recent study conducted by the FINRA Investor Education Foundation, only 34% of Americans were able to answer at least four out of five basic financial literacy questions correctly, suggesting that most adults in the United Stateslack the necessary financial knowledge to make informed decisions about their money.
“Financial literacy is critical for the long-term financial well-being of individuals and families,” said Jacob Corlyon, CEO of CCMR3. “Without a solid foundation of financial knowledge, it’s difficult to make informed decisions about things like saving, investing, and managing debt. Our financial literacy initiative is designed to help bridge the gap and provide individuals with the knowledge and tools they need to make informed financial decisions.”
“We believe that everyone should have access to financial education and resources, regardless of gender or income level,” Corlyon said. “By providing individuals with the tools they need to make informed financial decisions, we can help bridge the gap and create a more financially literate society.”
Financial literacy levels tend to vary by age, with older adults typically having a higher level of financial knowledge. However, this knowledge tends to decline as individuals reach retirement age, which could lead to poor financial decision-making during a critical period of life.
“Retirement planning is an important aspect of financial literacy, and it’s something that many individuals struggle with,” Corlyon said. “Our financial literacy initiative provides individuals with the knowledge and resources they need to make informed decisions about retirement planning and ensure that they’re able to retire with confidence.”
The lack of financial literacy among adults has significant implications for the overall economy, as individuals with poor financial knowledge are more likely to make poor financial decisions, leading to increased levels of debt and reduced savings and investment. The initiative provides individuals with access to financial education programs and resources designed to improve their financial literacy and equip them with the tools they need to make informed decisions about their finances.
“To improve financial literacy in the United States, it is essential to provide access to financial education and resources,” Corlyon said. “This involves offering financial literacy courses in schools, providing financial education programs for adults, and making financial resources more accessible to individuals. By improving financial literacy, individuals can be better equipped to manage their personal finances, reduce debt, and contribute to a more stable and prosperous economy.”
CCMR3 provides modern, technology-driven revenue recovery solutions, debt purchasing, and litigation services for enterprises that need engagement with empathy, experience with compliance, and excellence in revenue recovery. Leveraging state-of-the-art analytics and machine learning combined with a service-focused approach, CCMR3 helps organizations from a variety of industries protect their brands and improve their bottom lines. To learn more, visit www.ccmr3.com and follow us on LinkedIn.