Every person deserves high-quality, affordable housing, and the dream of homeownership should be within anyone’s reach. Planning for a dream like this takes time, and it begins with a solid foundation of financial literacy. Here in Connecticut, State Treasurer Denise L. Nappier has been a catalyst for financial literacy for youth and adults across the state, working with the private sector and community organizations to expand financial education programs and opportunities.

Treasurer Nappier says, “Financial education is important during all stages of life, and especially for our young people, because economic opportunity establishes the groundwork for enduring success.”
In the area of homeownership, the treasurer has championed several programs that increase access and opportunities for prospective home buyers. One notable program promoted under her leadership is the Individual Development Account (IDA) Initiative.

Individual Development Accounts*
Stemming from recommendations of a taskforce appointed by State Treasurer Denise L. Nappier, the Connecticut General Assembly passed a law in 2000 creating the Connecticut Individual Development Account Initiative. IDAs are matched savings accounts that enable low- and moderate-income families to save for home purchase down payment, rental security deposits, and other asset-building goals through financial education. IDAs have a mandatory financial education component and require bank account deposits over the program savings period.

The Connecticut IDA Initiative is administered by the Connecticut Department of Labor in collaboration with community-based nonprofit agencies. State supported and other independent programs are offered in the Greater Hartford area through Co-Opportunity, Village for Families and Children, Urban League of Greater Hartford, Mutual Housing Association of Greater Hartford, the Community Renewal Team, Human Resources Agency of New Britain, and ACCESS Agency in Willimantic.
While individuals across the country are filling out tax forms and reviewing their past and future financial plans, April also is a significant “money month” for young people, because April is Youth Financial Literacy Month.

The Treasurer’s Office encourages a wide variety of programs and materials to help Connecticut’s youth start off on solid financial footing with all the tools and knowledge necessary to achieve financial goals throughout life. Below are a series of programs and initiatives related to the treasurer’s efforts in the area of youth financial education.

“Scruples” Youth Financial Education Animation Videos*
In partnership with the Hartford Animation Institution, animated cartoons segments will be shown on television and in schools promoting responsible money habits. 

Newspapers in Education*
A four-part The Hartford Courant newspaper series for kids featuring games and challenging exercises will be made available to area elementary and middle schools. 

Connecticut Youth Financial Education Conference*
The Treasurer’s Office partners with Junior Achievement of Southwest New England, the Connecticut Department of Education, and Connecticut Jump$tart Coalition for Youth Financial Literacy to offer a financial education conference on budgeting, credit management, auto finance, college savings, and investing for Connecticut high school students from around the state. The next Connecticut Youth Financial Education Conference will by held May 30, 2007, at Quinnipiac University in Hamden, Connecticut. 

ABC’s of Credit Card Finance
The Treasurer’s Office collaborated with the Center for Student Credit Card Education and the Connecticut Department of Education to publish a free credit education guide and training modules for high school students. The topics include budgeting, hidden costs of credit cards, choosing the best card, credit card do’s and don’ts, credit scores and reports, consequences of irresponsible use, and other credit-related subjects. 

Youth IDAs)*
Similar to IDA programs for adults, several agencies provide matched savings accounts for low-and moderate-income young people and teach them about banking relationships and how to develop action plans to achieve financial goals. You may contact the Connecticut IDA Clearinghouse for information on community-based programs in your area. 

MoneyWi$e Personal Finance Brochures and Training Guides
The Treasurer’s Office collaborated with Consumer Action to provide free brochures and training materials on a variety of personal finance topics, including saving and wealth building, credit establishment and repair, banking, managing money, bankruptcy, scams, and talking to youth about money. The brochures are designed for parents and/or educators of teenagers and are available in English, Spanish, Chinese, Vietnamese, and Korean.     

“Young Money” Magazines
The Treasurer’s Office makes available quarterly young adult magazines produced by the InCharge Foundation that focus on personal finance tips and advice, career planning, and feature stories on national teen and young adult celebrities.

For more information about these and other financial education initiatives, visit the Treasury Web site at www.ct.gov/ott or call 800-618-3404.

*Generous funding support for these initiatives has been provided by Bank of America and other financial institutions.