FROM THE OFFICE OF PUBLIC AFFAIRS
April 22, 2004
JS-1452
U.S. Treasury Department Teams up
with the American Bankers Association Education Foundation
to Teach Kids the Financial ABC’s
on National Teach Children to Save Day
Treasury Secretary John Snow Leads Nationwide Effort in New York’s East Harlem
The Department of the Treasury and the American Bankers Association Education Foundation will be teaming up on Thursday, April 22, for the eighth annual National Teach Children to Save Day. Treasury officials and local bankers will be team teaching financial education lessons in classrooms across the country.
Secretary of the Treasury John W. Snow will lead the effort by teaching a lesson to fifth graders at P.S. 50 Vito Marcantonio in New York’s East Harlem School District. Secretary Snow will be joined by Dara Dugay, Director of Citbank’s Office of Financial Education, to talk to students about the value of saving. John Bryant, Founder and CEO of Operation HOPE will then speak about the importance of financial literacy and how it can help them achieve their goals.
“The value of personal savings and budgeting is an important lesson for every generation. By reaching out to children, we can help establish smart money management habits early. National Teach Children to Save Day is a great opportunity to help kids realize that beginning to plan and save today, can mean great things tomorrow,” said Secretary Snow.
A total of 15 Treasury officials will be in classrooms around the country on Thursday. Lessons will include games and activities that teach the value of saving, budgeting and how interest makes money grow. A complete list of Treasury officials participating in today’s event is attached. For more information on National Teach Children to Save Day, please visit http://www.aba.com/Consumer+Connection/teachchildrentosave.htm .
Financial education is critical for young people. For example, 64% of credit card holders ages 18 to 24 do not know the interest rates they pay on their credit
cards[1]. According to a 2002 Nellie Mae survey, undergraduate students carry an average of three credit cards and graduate with an average of $20,402 in
combined education loans and credit cards balances[2]. In 2001 more people filed for bankruptcy than graduated from college[3].
The positive effects of financial education carry into adulthood. Studies show that students who received personal financial education have higher savings rates when compared to those who didn’t receive financial education, and individuals who have received financial education tend to participate in employer 401(k) plans at a higher rate and with larger contributions than others.
The Department of the Treasury is a leader in promoting financial education. Treasury’s Office of Financial Education (OFE) was established in May 2002. The OFE focuses the Department’s financial education policymaking, and ensures coordination on financial education within the Department and all of its bureaus. The OFE provides the Department of the Treasury with expertise on the many complex and interdisciplinary issues involved in financial education, and taps into the Department’s wide base of expertise on finance. The OFE also supports 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.
[1] Margaret Webb Pressler, “Now They’ll Have to Repay the Piper…,” The Washington Post,
[2] Tami Luhby, “For Students, A New Math / High School Program Shows Youth that Fiscal Responsibility is More Than Adding and Subtracting,” Newsday, May 18, 2003
[3] Patricia Wolff, “ Area Lawmaker Wants Students to Learn More about Personal Finance,”
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