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When it comes to finances, Floridians need some remedial education, state Chief Financial Officer Tom Gallagher said Tuesday. With help from the financial industry, his office plans to step into the breach with an education initiative labeled "Your Money, Your Life."
"The top money concern of Floridians is having enough money to retire, yet most of them focus on it too late," he said.
A telephone survey conducted in June by Mason-Dixon Polling & Research found a fourth of the state's adults say they live paycheck to paycheck, a third have less than $10,000 in savings and half are not saving regularly for retirement.
"It's pretty clear that low-income Floridians are at particular risk," he said. Nearly half of those with incomes below $50,000 say they have more debt than savings and investments.
Young people are less likely to save and more likely to be in debt. It's the 35- to 49-year-olds who are most diligent about saving regularly for retirement or to send a child to college.
A new Web site (www.yourmoneyyourlife.org) is the centerpiece of the educational campaign. It offers information and tips on a wide range of subjects from credit and insurance to home ownership and savings plans. There also are calculators for figuring mortgage payments, debt repayment and meeting savings goals.
Web site visitors can choose English or Spanish versions, both of which include a video clip of Gallagher. His office says a staff member gave Gallagher an assist with his Spanish pronunciation.
Other initiatives will include seminars around the state, newspaper columns and a half-hour television program, which will be made available to television stations around the state and to schools as a DVD.
The campaign is being paid for with private funding from the Allstate Foundation with support from the Department of Financial Services, Florida Council on Economic Education, Florida Insurance Council, Florida Bankers Association and Florida Credit Union League.
Helen Huntley can be reached at huntley@sptimes.com or 727 893-8230.
BY THE NUMBERSA financial portrait of Floridians:
7 percent have declared bankruptcy
10 percent have six or more credit cards
16 percent refinanced a mortgage in the past year
17 percent have suffered a financial crisis because of unemployment
18 percent have no credit cards
Source: Mason-Dixon Polling & Research