FROM THE OFFICE OF PUBLIC AFFAIRS

WASHINGTON, DC – Treasury Secretary Paul O’Neill and Education Secretary Rod Paige today met with leaders of key youth education groups to discuss ways in which the Departments of Treasury and Education can work with them to promote the integration of financial education concepts into core curriculum in U.S. schools.

“Ownership, independence and access to wealth should not be the privilege of a few. They should be the hope of every American,” said Secretary O’Neill. “Financial education is an essential tool to make that hope a reality.”

" Financial education should be one of the cornerstones of a well-rounded, high-quality education," said Secretary Paige. "The Education Department is working to help school systems across the country promote the basics principles of earning, spending, saving, and investing. That's why we are pleased to announce today that the department intends to make up to $250,000 available to a coalition of organizations working to promote financial literacy among our nation’s students."

The roundtable discussion among the agencies and 13 education groups was jointly moderated by U.S. Treasurer Rosario Marin, Education Deputy Secretary Bill Hansen, Treasury Assistant Secretary for Financial Institutions Sheila Bair and Treasury Deputy Assistant Secretary for Financial Education Judy Chapa. Topics discussed included the need for improved financial education programs; integrating financial education into specific age/grade levels/geographic areas; and opportunities and obstacles related to integrating financial education into core curriculum.

“As Americans, we need to be fully prepared to take advantage of the opportunities offered to us by our financial system,” said Treasurer Marin, who has been very focused on improving financial education in communities across the country. “With the proper education, there is greater opportunity for each of us to be master of our own fate and determine our own financial destiny.”

“Studies show that most young Americans’ financial skills fall short and the problem appears to be worsening. As young people become more financially active at an earlier age, it is imperative that they learn the skills to make sound financial decisions,” said Secretary O’Neill. “Today we hope to gain ideas and learn about effective methods for integrating financial education into schools’ core curriculum, and we see this as the beginning of an on-going dialogue with the education community to address this critical issue.”

Following the roundtable meeting, Treasury and Education Department officials plan to develop a white paper summarizing the effective methods and opportunities for integrating financial education into schools. They also will meet with representatives from states that have had success in integrating financial education into their core curriculum, and develop case studies and best practices for implementation nationwide. Other initiatives include the “Bank on Your Schools” partnership between schools and financial institutions in low- and moderate-income areas, and establishing an interagency working group within the Federal government to better coordinate financial education efforts.

“Financial education can be compared to a road map to the American Dream,” said Secretary O’Neill. “We are committed to trying to ensure that all Americans have the necessary tools to read that map.”