Have Questions About Money? The Illinois State Treasurer’s Office Can Help

Illinois State Treasurer Michael Frerichs. Photo provided by the Illinois State Treasurer’s Office.
Illinois State Treasurer Michael Frerichs. Photo provided by the Illinois State Treasurer’s Office.

Have Questions About Money? The Illinois State Treasurer’s Office Can Help

By Tia Carol Jones

April is Financial Literacy Month, and the Illinois State Treasurer’s Office has tools and resources for people to receive information and answer questions they have about their money.

Illinois State Treasurer Michael Frerichs said with inflation, it is important that people are making good decisions with the money they have.

“We in the Treasurer’s Office try to put more money into people’s pockets, whether that be directly, through our unclaimed property, or indirectly, through our job creation investments through our Illinois Growth and Infrastructure Fund,” he said. He added that if the Illinois State’s Treasurer’s Office is going to put more money into people’s pockets, the office wants to ensure the people are making smart financial decisions with that money, so they can save for the future, invest in their family and build generational wealth.

The most common thing that the State Treasurer’s Office is hearing is that people are afraid of inflation and are afraid of losing money they have saved because of economic uncertainty due to the stock market. Frerichs said that the types of questions and concerns people have about their money and finances depends on where they are in life.

 He said young people are concerned about college savings and loans, recent graduates have questions about student loans, senior citizens are concerned about scams where they might be targeted, and people who are buying their first home have questions about mortgages. 

The Illinois State Treasurer’s Office has resources on its website, www.illinoistreasurer.gov, in the Financial Wellness Hub to help people navigate questions they might have about their finances.

The Illinois State Treasurer’s Office has civic engagement staff that go out to events and talk about financial education. The office has also created a curriculum for schools to teach financial literacy to students. Frerichs said people are lifelong learners and everyone can use continuing education, so he encourages people to visit the Financial Wellness Hub. There are videos and articles, as well as opportunities to schedule appointments with financial counselors. 

The Illinois State Treasurer’s Office is proud of its unclaimed property program. Since Frerichs took office, more than $2.2 Billion has been returned to people. The office grows good paying jobs in Illinois by investing in Illinois based technology companies. Through its Community Development Linked Deposit program and Illinois Growth Infrastructure Fund, the office makes targeted investments in parts of the state and city that have been underinvested. 

Frerichs said it is very important for parents to start teaching their children about financial literacy at a young age. There are resources on the Financial Wellness Hub for parents who are looking to give their children an advantage to get them started early. He said that for people who are navigating home purchases and have questions, they can also use the Financial Wellness Hub to study up on mortgages, so the meetings with the banker can be better informed.

Frerichs said that senior citizens have reached out to him about scams targeting them. The State Treasurer’s Office has resources for seniors to read, so they can protect themselves from scams. He said the scammers are using Artificial Intelligence and deep fake voices to fool people into thinking they are sending money to a family member or banking institution.

“We find that if people are aware of the type of scams out there and more aware of the technology used, they’re better able to defend themselves when these fraudsters strike,” Frerichs said.

For more information about the Illinois State Treasurer’s Office and the resources available, visit www.illinoistreasurer.gov.


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