DETROIT NEWS: ‘Hardcore Pawn’ shop to host financial literacy workshop

By October 21, 2016Featured, News

From Detroit News:

Famed Detroit pawnshop American Jewelry and Loan is partnering with local organizations to hold a financial literacy workshop on Tuesday.

The workshop will teach attendees “good habits that build good lives,” said Margaret Trimer-Hartley, president and CEO of Junior Achievement of Michigan, which is one of the groups hosting the workshop.

“We’re trying to just raise awareness,” she said, and “we’re doing it at an earlier age.”

Trimer-Hartley said financial literacy can be taught through explaining investment strategies as simple as opening a savings or checking account.

According to surveys released Thursday from the Federal Deposit Insurance Corp., 7 percent of Americans did not have a bank account as of June 2015.

Without a bank account, households have to turn to check-cashing services and other non-traditional methods to make transactions most Americans see as routine, said Seth Gold, vice president of American Jewelry and Loan. Others often take loans that dive-bomb their credit scores because the terms of the loans aren’t often clear or easy to understand.

Read the full story at DetroitNews.com.