FROM THE OFFICE OF PUBLIC AFFAIRS October 20, 2004 Deputy Assistant Secretary Iannicola teaches Cleveland Deputy Assistant Secretary for Financial Education Dan Iannicola, Jr. today participated in the 2nd Annual "Roll Your Change Week" at the Boys and Girls Club in Cleveland, Ohio. Today's event was one of many weeklong events sponsored by Cleveland Saves to increase awareness about saving money among Greater Clevelanders. "Coins are how most children are introduced to the concept of money," Iannicola said. "Therefore coins are a great vehicle for teaching early lessons on saving. Today we showed kids how regularly setting aside something as insignificant as pocket change can add up to real money and can help form good savings habits." It is estimated that there is over $10 billion in loose change sitting unproductively in homes across America not earning interest. During last year's "Roll Your Change Week," over 1,798 people deposited $152,355 into their savings accounts, which averaged out to $84 per person in new deposits. Every person who makes a deposit of rolled change at one of the 17 participating financial institutions during this special week will be eligible to win a $1,000 Series I Savings Bond. Cleveland Saves is a nonprofit, community-based coalition consisting of over 200 Greater Cleveland banks, colleges, community development corporations, companies, credit unions, faith-based organizations, government and nonprofit agencies and trade unions. The Cleveland Saves program was developed to help Clevelanders build wealth by saving money. Individuals enrolled in the program are required to set a financial goal for themselves and design a simple plan to reach their savings goal.
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