LIMRA LOMA Secure Retirement Institute Hosts First Financial Literacy Roundtable

Executives from 15 financial services companies gathered at LIMRA headquarters in Windsor, Connecticut to discuss ways to improve American’s financial literacy. The two-day event featured presentations from Kent Callahan, president and CEO of Transamerica and chair-elect for the LIMRA LOMA Secure Retirement Institute Board of Directors, Jason Young, co-founder and CEO of Mindblown Labs, David Anderson, executive vice president of W!se, and Lisa Gillis, chief academic officer, Junior Achievement.

Improving Americans’ financial literacy is one of the Institute’s guiding principles adopted by the LIMRA LOMA Secure Retirement Institute board of directors. Aimee DeCamillo, head of Retirement Plan Services for T.Rowe Price, chairs the Financial Literacy committee.

“We believe improving Americans’ financial literacy is a critical component of any effort to help Americans achieve financial security, especially in retirement,” commented DeCamillo. “We invited leaders from companies across the financial services industry to share their organization’s financial literacy initiatives and outcomes and listen to financial literacy advocates talk about their programs and needs. We also asked for ideas on how the Institute can support a comprehensive industry-wide collaboration that will effectively teach the importance of budgeting, saving, investing and financial planning to Americans of all ages.”

Following the speakers, the group discussed how the Institute could engage relevant stakeholders, what research would help identify opportunities, and what tactics would be most effective to change consumer behaviors. Executives rallied around ideas to leverage social media, technology and gamification to engage and teach sound financial habits. They agreed to examine opportunities to partner with non-profit organizations already delivering financial literacy programs at the local and state level, and support programs to train teachers so they can incorporate financial literacy programs into schools.

“Creating a forum for executives focused on financial literacy was very important to the Institute’s Board of Directors,” said DeCamillo. “We see first-hand the negative impact a lack of knowledge can have on retirement preparedness. We believe instilling good financial habits starts with solid education and leads to greater retirement readiness for Americans.”

April is Financial Literacy Month. LIMRA LOMA Secure Retirement Institute thanks the dedication and support from our member companies to improve financial literacy and help Americans achieve financial security.