Cambridge Savings Bank has launched a new financial literacy program intended to combat high levels of credit card debt, record low savings rates and increased bankruptcies and mortgage delinquencies, according to a statement.

The program, dubbed "CSBsmart Financial Literacy Program," will feature a series of workshops and classes to educate consumers in the areas of saving, budgeting and managing credit, the bank said. It was put together in response to the need for consumers to better understand their finances, build credit and qualify for loans.

"This latest economic downturn really illustrated the need to help consumers better understand their finances. We’ve all heard and read too many stories about people who were taken advantage of by unscrupulous lenders or who pay too much in fees to check cashing companies," Robert M. Wilson, chairman of the board and CEO of Cambridge Savings Bank, said in a statement. "Many people don’t understand even basic financial matters which can expose them to potential disaster. We plan to educate consumers about the fundamentals of budgeting, saving and building credit so they can make smarter decisions and gain access to traditional banking services."