A new state website is designed to help improve financial literacy in North Dakota.
It’s called SmartWithMyMoney.nd.gov. And it’s being rolled out as a kickoff to Financial Literacy Month.
In his January “State of the State” address, Gov. Doug Burgum said he had a goal to make North Dakota the most financially literate state by 2027. At a Capitol news conference, Burgum said the website has a number of tools to help people manage their money. Burgum said that can have far-reaching impacts.
"When we reduce financial stress, it improves mental health," Burgum said. "Good financial decisions reduce the number of people with excessive credit card debt, which we know can be a burden."
Burgum said when people have a handle on their finances, they're more able to do the things that improve and strengthen their families.
"Such as, purchasing homes, expanding businesses, having increased expendable income, or as we said earlier, to have that rainy day fund built up, to help you get through a downturn," Burgum said.
"In today's online world, it really allows people access to financial information," said Bank of North Dakota senior vice-president Kelvin Hullet. "We hope that's always accurate, but sometimes it's not accurate. That's why we're working towards where we are with this website, so that we have good information that can easily be accessed by the residents of our state."
A 2021 study by the Financial Industry Regulatory Authority found only 37 percent of North Dakota adults were confident of their knowledge about finances.
