July 21, 2005
JS-2650

Deputy Assistant Secretary Iannicola Discusses Social
Security Reform

Treasury's Deputy Assistant Secretary for Financial Education Dan Iannicola Jr. today spoke about the U.S. Treasury's work in financial literacy, the Financial Literacy Education Commission and the President's efforts on Social Security reform at the 2005 U.S.–UK Dialogue on Pensions in Washington, DC. Iannicola also shared ideas on how financial education can improve an individual's ability to strengthen retirement security.

"Awareness is a prerequisite to action. As Americans become more aware of their financial needs for retirement, they can take the actions to properly prepare for that time in their lives," Iannicola said. "This is also true for the nation. The President has made us all aware of the need to strengthen Social Security now to assure all Americans have the secure retirement they are working for."

Iannicola also spoke about the importance of international discussions on financial education topics, like pensions. "Conferences like this allow policymakers in both countries to learn from each other so we can better serve the people of our respective nations."

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.