Treasury Notes

 Treasury Highlights Importance of Financial Education, Saving for the Future

By: Dan Cruz

Treasury Deputy Assistant Secretary for Consumer Policy Melissa Koide participated in two events in Washington, D.C. this week that focused on the importance of financial education and saving for the future.

Speaking at the Council for Economic Education’s Financial Literacy and the Federal Government discussion panel and the Consumer Federation of America’s National Forum to Encourage Lower-Income Household Savings, Koide shared an update on the various ways Treasury is working to promote financial literacy and personal savings. 

Treasury has put forth public policies and programs to foster savings practices from youth to retirement. During her remarks, Koide cited the President’s instruction for the Treasury Department to create myRA (My Retirement Account) as an example of how government can encourage long-term savings. When the program launches later this year, myRA will offer a simple, safe, and affordable way to save for retirement.  For Americans without access to a retirement savings account through their employer, myRA can serve as a starter savings vehicle, and it may be especially useful for part-time or seasonal workers who may not qualify for an employer-sponsored retirement plan. 

The Treasury also encourages new ideas and innovations in financial capability and empowerment.  Toward that end, we are supporting a new Financial Empowerment Innovation Fund, which will support research and activities that can show us effective ways to build the financial capability of more Americans.  To learn more about this innovation fund, please click here

The Office of Consumer Policy is also continually engaged with issues of financial education and access through its involvement in the President’s Advisory Council on Financial Capability of Young Americans. The President’s Advisory Council convenes leaders from diverse sectors – including local government, public and higher education, philanthropy, and financial industry – to identify leading local and statewide initiatives in schools that are building the financial knowledge of children and youth, as well as preparing young people to make informed decisions about higher education. The group is encouraging the private sector to innovate in products, services, and tools that help young people better manage their money on a day-to-day basis, deal with debt, plan, save, and invest for their futures.  The Council is also engaging cities and communities to build the financial capability of their citizens.

Participating in these kinds of discussions enables the Department of the Treasury to help to shape a dialogue on financial education and saving for tomorrow, in which the public, private and non-profit sectors all play important parts. ​

Dan Cruz is a Media Specialist and Spokesperson for Domestic Finance at the United States Department of the Treasury. 

Posted in:  Consumer Policy
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