What is financial literacy? Financial literacy is the ability of individuals to make appropriate decisions in managing their personal finances.

Durham’s Mechanics and Farmers Bank has been the first to take the initiative to teach and educate our future business leaders of tomorrow on the importance of financial solidity and financial literacy. M&F Bank has implemented this financial awareness concept with the help of BNz, and many Historically Black Colleges and Universities (HBCU’s) across the state, considering the average level of education debt is about $21,000.

M&F has 2008 plans to financial change throughout the state of North Carolina through its Financial Literacy College Tour, in hopes of helping young people prevent overall debt and avoid financial headaches. Discussions will surround basic principles of saving, preparing a financial plan, the cost and impact of credit, understanding different bank accounts, homebuyer preparation, basic money management skills such as a budget and managing of credit, and the importance of setting financial priorities especially when it comes to incurring debt burden of repaying student debt. More students are taking out private loans now than ever before 10 years ago, students made up 5% of education loan dollars, now it’s at a stagnating 20%.

Studies conducted by the Jump$tart Coalition for Personal Financial Literacy found that states with high numbers of adults declaring personal bankruptcy also have high numbers of 12 th graders who are financially illiterate. In addition, a national survey commissioned by the Consumer Federation of America (CFA) and Financial Planning Association (FPA) indicates that less than one-half of Americans have developed a financial plan, while the number of people who worry about their personal finances has increased. M&F has committed itself and its experts to the concept of reshaping college professional student by providing this financial education and financial stability programs for individuals and for entire communities. M&F Bank’s overall financial literacy program is designed for the students and faculty of public schools, colleges and universities, as well as numerous nonprofit organizations and church congregations.

Financial stability has a direct correlation to increased savings increasing, home purchasing, and overall financial well being. M&F Bank’s is determined to help increase the level of financial literacy on HBCU campuses through panel discussions, informal workshop style presentations and financial building seminars that are tailored to the specific needs of the audience, at no cost.
Students will learn the rhyme and reason concerning saving for retirement, and the knowledge needed to make sound financial decisions, whether they are starting a personal business venture, or next in line to run a family business.

Mechanics and Farmers Bank was founded in 1907 in Durham, North Carolina. The organization is a state chartered commercial bank originally incorporated by a group of nine prominent businessmen and powered by their parent company Bancorp, Inc. M&F Bank is a full-service commercial bank offering an array of business and consumer loans, checking accounts, certificates of deposit, money market investment and savings accounts, Internet banking and other products and services. M&F operates in (9) nine branches covering Durham, Raleigh, Charlotte and Winston-Salem, North Carolina.?

Mechanics and Farmers Bank continues to reach out to the community by providing Sponsorship contributions support in the following areas Education, Financial Literacy and Community Development for more logon to www.mbfonline.com.

How can one obtain the authority and skill to manage and build others assets if they only specialize in increasing their own liabilities?