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Need to Know: April 19, 2013: Mississippi Savings

To mark financial literacy month, “Need to Know” correspondent Stacey Tisdale travels to Mississippi to examine a program designed to help low-income, mostly African-American children save for college – and teach them about banking and money along the way.

Also this week, anchor Ray Suarez interviews Richard Cordray, the head of the Consumer Financial Protection Bureau.

Explore:

Head start on savings

Find out more about the how the Mississippi College Savings Account Program is working to help the youngest learn to save and to plan for college.

Interview: Richard Cordray, Consumer Financial Protection Bureau

Ray Suarez interviews Richard Cordray, the head of the Consumer Financial Protection Bureau. Find out about the genesis of the new bureau — and what it can do for you as a consumer.

Savings and loans

William Brangham reports on companies that are helping their workers make it through tough times with “income advance loans.” Once the loan is paid off, many workers keep the automatic deduction and start saving as a habit.

Save USA

Save USA is a program created by New York City Mayor Michael Bloomberg and funded by federal, state, and private dollars. It’s designed to get low-income New Yorkers to put their tax refunds in a savings account instead of spending them right away.

Earning potential

Stacey Tisdale travels to Memphis to examine if the city’s experimental “Family Rewards” program, which offers cash incentives to motivate high school students and their families, is helping to combat poverty.

Watch more full episodes of Need to Know.

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