Dan Iannicola Jr., deputy assistant secretary for financial education at the U.S. Department of the Treasury, is visiting Rhode Island this week to take part in a series of events – all of them part of an effort to raise the awareness of state policy-makers about alarming trends in the personal financial marketplace and about the many personal financial education programs available to Rhode Islanders.
Iannicola’s message is simple.
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“Unquestionably, people need to pay more attention to their personal finances than they do,” he said.
April has been designated Financial Literacy Month.
State and federal officials hope that that distinction, along with a more keen interest on the part of the general public with regard to the condition of Social Security, should help to foster important financial discussions.
“The Social Security office has long said that no one should rely on Social Security benefits alone,” said Iannicola. “All this talk is underscoring for people the urgency of this issue.”
Iannicola points out that the need for financial education is paramount for all individuals – including those who are running successful businesses.
“High income does not guarantee financial soundness,” he said. “You can fall pretty far from a tall height. Because your business is doing well doesn’t necessarily mean your personal finances are in order.”
Iannicola adds that employers should see financial education opportunities as an important benefit for their workers – one that has the potential to help with productivity in the workplace. If a worker’s personal finances are sound, he said, they are likely be more productive than those burdened with financial difficulties.
“They become better employees because they can focus on their jobs,” said Iannicola.
As for practical suggestions, Iannicola suggested that while employers might be good about such things as explaining to their employees how to fill out an application for a 401k program, perhaps they don’t take the time necessary to explain why taking part in such a program makes so much sense.
The Rhode Island Jumpstart Coalition for Personal Financial Literacy has organized activities for throughout this month.
“It is our hope that the people of Rhode Island will be motivated to take action in their personal lives, increasing their knowledge of personal financial issues and making informed choices,” said Jim Hedemark, executive director of the Rhode Island Jumpstart Coalition. “It is also our hope that those with the means take action in the lives of others as mentors, volunteers and supporters of trusted programs throughout and beyond Financial Literacy Month.”
For more information about personal finance, visit the federal government Web site at mymoney.gov.
