Life insurers are committed to helping all Coloradans obtain the financial tools and knowledge that will help them achieve financial certainty.
In today’s complicated world, financial education is an essential building block for long-term financial security. Studies show that Americans with lower financial literacy are much less likely to have planned for their retirement savings needs (29% vs. 52%) or to have opened a retirement account (43% vs. 70%).
Education is critical and life insurers have invested more than $1.3 billion in bonds supporting Colorado school districts and universities. These bonds build safer buildings, provide enhanced technology for students and staff, and ensure students have the modern tools and facilities they need to excel.
Life insurers’ investments for education are just part of our industry’s commitment to families and businesses in the Centennial State. Life insurers invest more than $132 billion into Colorado’s economy that help finance business development and job creation with loans for infrastructure, commercial mortgages and more.
Another essential way life insurers support financial education is through our partnership with Junior Achievement USA (JA). JA provides valuable financial lessons to more than 3.5 million students at more than 100 local chapters from coast-to-coast. Life insurers donate funds to JA’s national headquarters in Colorado Springs. We also support JA’s financial education programs through the ACLI Capital Challenge, an annual road race in Washington D.C., benefitting JA and featuring participants from the three branches of the federal government and the media.
We also provide support to local JA chapters across the nation, including the chapters in Colorado. Life insurers are helping these Colorado chapters thrive.
We provide funding to the local offices, and life insurance company employees serve in leadership roles on chapter boards and provide volunteer hours for JA programs. Research shows that JA Alumni are more likely to earn a college degree, have confidence managing money, obtain career success, and have started a business as an adult.
It’s important for people to learn at a young age the importance of saving and planning for the future. Through our partnership with JA and our investments throughout the state, life insurers are helping to make certain Colorado families and businesses succeed.
Melissa Young is Regional Vice President, State Relations at the American Council of Life Insurers (ACLI). She is responsible for state legislative and regulatory affairs in Colorado, Missouri, New Mexico, North Dakota, Oklahoma, and Texas. Melissa leads ACLI’s advocacy team on issues related to consumer disclosures, corporate division/insurance business transfers, and market conduct.
