WASHINGTON (CBSDC) — D.C. Mayor Vincent Gray has declared April “Financial Literacy Awareness Month” in the District.
In his weekly Sunday morning radio address heard only on WNEW, Gray said nearly a quarter of all city residents are “unbanked or under-banked,” meaning they either don’t use or underuse banking services such as checking and savings accounts. As a result, they end up spending approximately $800 per year in fees paid for financial services such as check-cashing.
During financial literacy month, the D.C. Department of Insurance, Securities and Banking (DISB) is working with the Bank On D.C. program, the Financial Literacy Council and other partners to alert residents to the financial resources available to them.
Gray also wants to make sure that city residents are claiming all available tax benefits and refunds. He encourages District residents who earn less than $57,000 per year to take advantage of free tax prep services provided by the D.C. Earned Income Tax Credit Campaign.
Residents should visit DCEITC.org for more information on the available tax services.
“I want the District of Columbia to be the most banked, the most financially literate, and the most financially empowered city in the United States — and these programs will help us get there,” Gray said.
Listen to Gray’s weekly radio address in its entirety: