(Archived Content)
FROM THE OFFICE OF PUBLIC AFFAIRS
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Deputy Assistant Secretary for Financial Education Dan Iannicola, Jr. today taught a personal finance lesson to a class of 35 students at the Minnesota Correctional Facility at Red Wing. The correctional facility is a state facility designed to provide program services for serious and chronic male juvenile offenders. The facility provides assessment, treatment, education and community transition services designed to equip residents with the skills, knowledge and abilities to become successful members of their communities.
During the lesson, Iannicola encouraged the students to take advantage of learning and developing good personal finance management skills. He also explained how doing so can help them succeed in establishing credit, creating financial security and saving money toward the purchase of a car, a home or obtaining a college degree. Iannicola also thanked the program director at the facility for recognizing the importance of improving the financial education skills of its students.
Through the Experiential Life Skills Program, Director John Handy and the dedicated staff of the Minnesota Correctional Facility at Red Wing are doing a commendable job of reaching out to the residents here to give them essential life skills, said Iannicola. John wisely recognized that financial literacy is one of those essential life skills and that's why I'm here. It is also inspiring to see the efforts of the residents as each tries to take advantage of this training to turn a troubled past into a promising future, and to turn a second chance into a better life, Iannicola continued.
The facility's program assists residents as they return to the community. Residents who achieve a GED or high school diploma may be assigned to the Experiential Life Skills Program. Activities focus on money management, independent living and employment retention skills. The program includes a work activity component, which allows residents to apply employment retention skills in work settings at the facility. Staff also coordinates transitional services for residents returning to community.
The Department of the Treasury is a leader in promoting financial education. Treasury established the Office of Financial Education in May of 2002. The Office works to promote access to the financial education tools that can help all Americans make wiser choices in all areas of personal financial management, with a special emphasis on saving, credit management, home ownership and retirement planning. The Office also coordinates the efforts of the Financial Literacy and Education Commission, a group chaired by the Secretary of Treasury and composed of representatives from 20 federal departments, agencies and commissions, which works to improve financial literacy and education for people throughout the United States. For more information about the Office of Financial Education visit: www.treas.gov/financialeducation.
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