DORA promotes the importance of financial capability and literacy

The Colorado Department of Regulatory Agencies (DORA) recognizes the importance of Financial Literacy Month, a nationwide annual awareness initiative in April that promotes education and financial capability by inviting people to improve their understanding of financial principles and best practices.

“Our mission is consumer protection — the more empowered Colorado consumers are with tools to make sound financial decisions, the better they can advocate for themselves and their financial futures,” said DORA Executive Director Patty Salazar.

The Division of Securities is spearheading opportunities to help educate consumers and investors about important issues regarding money management. Other DORA divisions are also doing a number of activities, including presenting on financial-related topics to local Spanish speaking and business communities.

A recent survey by the North American Securities Administrators Association found that 76 percent of Millennials do not have a brokerage account to hold investments such as stock, bonds, mutual funds or retirement assets. Among those who do invest, nearly half (46 percent) said they were not concerned about their financial security in retirement. That is why this year the Division of Securities is focusing on raising awareness among Millennials regarding the importance of investing and protecting those investments from financial predators.

“Financial literacy is important for the financial future of Colorado. We cannot afford to let the next generation embark on these critical early investing years without providing them opportunities to gain the financial awareness they will need for their futures,” noted Colorado Securities Commissioner Chris Myklebust. “I encourage my fellow regulators to help us close this knowledge gap by developing investor awareness initiatives that specifically reach this generation.”

As part of these efforts, the Division is participating in the following:

• Raising awareness about the importance of starting to save and invest early during National Retirement Planning Week (April 8-April 12)
• Participating in a Twitter #ScamChat, the topic of which is “Saving and Investing” on April 11 at 1 p.m. MST
• Commissioner Myklebust is speaking on “Credit, Debt, and Budgeting” at the University of Denver’s MoneySmart Week on April 18
• The Division is hosting the 4^th Annual Colorado Securities Industry Symposium on April 23, where securities professionals in the state will gather information on priority topics for the industry, including how to reach and educate the millennial generation

The Division of Securities encourages investors, or those thinking about investing, to visit DORA’s website, which offers a variety of investor awareness and protection resources. Investors also are encouraged to contact the Division before making an investment decision to learn more about the investment product and the person offering it for sale. Investors can visit the Division of Securities at dora.colorado.gov/dos.

In addition, DORA divisions will participate in the Adam’s County Aging Network Annual Conference on April 25, and the Rocky Mountain Conference on Dementia hosted by the Alzheimer’s Association on April 29 in order to continue the mission of protecting vulnerable adults and seniors from financial exploitation.

For more information, consumers can visit DORA’s money pages on askDORA.colorado.gov.

The Department of Regulatory Agencies (DORA) is dedicated to preserving the integrity of the marketplace and is committed to promoting a fair and competitive business environment in Colorado. Consumer protection is our mission. Visit www.dora.colorado.gov for more information or call 303-894-7855/toll free 1-800-886-7675.