Today our nation honors the life and legacy of Dr. Martin Luther King Jr.
Dr. King once said: “Everyone can be great because everybody can serve.” Fittingly, today’s federal holiday is also recognized as a national day of service, when in the spirit of Dr. King, people come together to help their communities.
Helping our communities has never been more important than now.
The tragic death of George Floyd last year triggered a re-examination of longstanding racial and socioeconomic inequities in communities throughout our nation.
There are many causes of economic inequality including a discrepancy in financial literacy. Researchers at the Wharton School found that more than one-third of financial inequality in the United States could be accounted for by the differences in financial literacy.
Financial literacy can open doors and close the racial wealth gap. All Americans – no matter who they are or where they live – should have access to tools and resources that will enable them to become financially literate. A sustained long-term commitment to improving financial literacy will help millions of Americans and their families.
To that end, the life insurance industry applauds many initiatives to increase financial literacy across the nation, including:
The life insurance industry applauds the work by these groups and others to help under resourced communities. Our industry is committed to supporting important financial literacy initiatives like these that will make a vital impact for so many Americans.
Susan K. Neely was President and CEO of the American Council of Life Insurers (ACLI), the nation’s leading trade association determined to help families live better lives by achieving financial security and certainty. As president and CEO, Neely drove public policy and advocacy on behalf of ACLI’s member companies that represent 93 percent of industry assets and serve 90 million families. She is CEO Emeritus through December, 2024.
