September 26, 2005
JS-2952

Iannicola Commends Jacksonville Financial
Education Program

Treasury today formally recognized the FreshMinistries' Financial Education Program, the Jacksonville Individual Development Account (IDA) Partnership, with the John Sherman Award for Excellence in Financial Education. Deputy Assistant Secretary Dan Iannicola, Jr. presented the award at a ceremony hosted by Mayor John Peyton at City Hall to honor the work of FreshMinistries in providing financial education to the community of Jacksonville, Florida.

In addition to providing financial literacy, the IDA's goal is to help low-income individuals reach financial independence. Through the IDA program, participants put money into a special account which is matched two-to-one by FreshMinistries. The account may be used to buy a home, pay for a college education or to start a business.

"You can give a person just about anything. Anything, that is, except self-esteem - that must be earned. For people to feel the pride of accomplishment they have to know they put something in, before they get something out. Otherwise it is just a gift," Iannicola said. "The FreshMinsitries program helps low-income clients earn that self-esteem by offering them a hand up instead of a hand out."

Following the ceremony, Iannicola conducted a financial literacy roundtable with financial education providers and other representatives of the Jacksonville business community. Iannicola commended the participants for their commitment to financial literacy while participants discussed the issues they are confronting in the area of financial education. In addition, Iannicola shared best practices from other programs across the country with the roundtable participants.

FreshMinistries is a faith-based non-profit active for the last ten years in incubating interfaith initiatives for community restoration. FreshMinistries organized more than 20 community partners into the Jacksonville IDA Partnership which has been expanding financial literacy training across the community and enrolling participants into the matched savings accounts.

Using the FDIC approved Money Smarts curriculum and similar financial literacy programs, the Jacksonville IDA Partnership has been helping lower income residents in the area learn to better manage their money. Training has occurred at public housing sites and other locations convenient for the participants. FreshMinistries has also partnered with the Real Sense Prosperity Campaign to expand the use of the earned income tax credit and provide recipients with the opportunity for financial literacy training.

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.