SOURCE: National Foundation for Credit Counseling

National Foundation for Credit Counseling

January 25, 2012 15:34 ET

National Foundation for Credit Counseling Launches Innovative New Tool to Strengthen Financial Health in the New Year

MyMoneyCheckUp™ Is a Comprehensive Financial Self-Assessment Tool to Help Consumers Evaluate Their Financial Health and Make Positive Changes

WASHINGTON, DC--(Marketwire - Jan 25, 2012) - A new year means new resolutions, and for many those resolutions will include getting a better handle on managing their finances in 2012. The National Foundation for Credit Counseling (NFCC) has launched an innovative, new online financial resource tool for consumers called MyMoneyCheckUp™. This free tool, available on the NFCC website, www.DebtAdvice.org, or at www.MyMoneyCheckUp.org, is designed to provide an assessment of a consumer's overall financial health and behavior in four designated areas of personal finance including:

  • Budgeting and credit management;
  • Saving and investing;
  • Planning for retirement; and
  • Managing home equity.

How does it work? The tool provides customized feedback to users, allowing individuals and families to monitor and assess their financial lives, and consequently, adjust their behaviors in order to maximize their economic empowerment. After answering a series of topic-specific questions, a personalized assessment of the individual's overall financial health and associated behaviors is generated. With areas of concern identified, the analysis suggests changes that consumers are encouraged to implement in order to become more financially independent. Individuals can also complete an optional budget to further help them assess their financial health.

"The NFCC is proud to bring this new financial education resource to consumers," said Susan C. Keating, president and CEO of the NFCC. "People are eager to take control of their financial well-being, and the MyMoneyCheckUp tool is definitely the place to start."

This new tool was created to align with the U.S. Treasury's Financial Education Core Competencies, and is an example of a successful collaboration between community-based nonprofit organizations, academic institutions, and the public and private sectors. NFCC's implementation of this tool was made possible by a contribution from Citi Community Development.

The original version of this tool -- created for research purposes -- was developed through the support of the Social Security Administration's Financial Literacy Research Consortium as well as an Engagement Impact grant from The Ohio State University's Office of University Outreach and Engagement, in partnership with the following researchers: Stephanie Moulton & Cäzilia Loibl, The Ohio State University; J. Michael Collins, University of Wisconsin; and Anya Savikhin, University of Chicago.

For more information, please visit www.DebtAdvice.org. Also be sure to follow the NFCC on Facebook and Twitter.

The National Foundation for Credit Counseling (NFCC), founded in 1951, is the nation's largest and longest-serving national nonprofit credit counseling organization. The NFCC's mission is to promote the national agenda for financially responsible behavior, and build capacity for its members to deliver the highest-quality financial education and counseling services. NFCC Members annually help more than three million consumers through close to 800 community-based offices nationwide. For free and affordable confidential advice through a reputable NFCC Member, call (800) 388-2227, (en Español (800) 682-9832) or visit www.DebtAdvice.org. Visit us on Facebook: www.facebook.com/NFCCDebtAdvice, on Twitter: twitter.com/NFCCDebtAdvice, on YouTube: www.YouTube.com/NFCC09 and our blog: http://financialeducation.nfcc.org/.

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