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With Citi Foundation support, PBS spotlights financial inclusion

May 18, 2012
Daria Sheehan, Citi Foundation Program Officer

A special financial inclusion series underwritten by the Citi Foundation will debut this evening on the PBS weekly public affairs news program "Need to Know". The five-part series, "Your Money and Your Life", illustrates the Citi Foundation's commitment to educate, empower and transform low-income communities by supporting efforts to build financial capability among consumers. "Your Money and Your Life" will cover the financial lives and needs of low-income Americans to provide a unique view into their communities, profile model programs, and detail public policy recommendations.

Tonight, the first story in the series will focus on the issue of payday lending. The report will examine this national topic through a Missouri initiative on the ballot this fall that seeks to limit annual loan percentage rates to 36%. Supporters of the initiative point out that the average payday loan carries an annual percentage rate of 444% (with some running as high as 1,900%) and say the initiative is needed to stop lenders from trapping the working poor in a cycle of debt. Industry advocates say capping the rate would limit access to credit for low-income Americans. It's a compelling topic sure to provoke much debate.

The Citi Foundation believes that helping people understand how to manage money wisely and use financial services to plan and save for the future is critically important to achieve financial stability and inclusion. "Your Money and Your Life" takes an unvarnished view at the real-world challenges and the potential pathways forward.

"Need to Know" airs Fridays at 8:30 PM EDT. Check local listings for exact air times nationally. You can also view the first episode of Your Money and Your Life later tonight at https://www.pbs.org/wnet/need-to-know/

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