North Dakota wants its residents to be smarter with their money
North Dakota on Tuesday launched a free new tool, called Smart With My Money, to improve financial literacy among its residents.
The Bank of North Dakota is funding the project and will work with the Gov. Doug Burgum’s office, the Securities Department, Department of Financial Institutions and other state agencies to deliver the program to North Dakotans.
Through the tool, residents can take a personality assessment to learn how their personalities affect their spending habits. The website can directs users to personalized learning resources, such as advice based on their level of financial knowledge. The tool also gamifies its content through a series of challenges which, when completed, enter users in a lottery to win cash prizes.
In his State of the State address in January, Burgum said he wanted to make North Dakota the most financially literate state by 2027.
“When residents are financially healthy, there are far-reaching positive impacts on their personal well-being and the state’s economy,” Burgum said in a press release. “We’re grateful for the agencies that have committed to making North Dakota the most financially literate state and improving the quality of life for our citizens.”
Thirty-seven percent of adults in North Dakota felt confident with their knowledge of finances, compared with 41% in South Dakota and 38% in Montana, according to a 2022 report by the Financial Industry Regulatory Authority, a self-regulatory organization for brokerage firms and exchange markets, which conducts a study of financial literacy every three years.
North Dakota officials said they aim to increase the financial knowledge score of state residents, reduce financial anxiety, increase the number of residents with emergency funds and a retirement plan by 2027.
