The Kansas Insurance Department is investing in participants in the Jobs for America’s Graduates-Kansas (JAG-K) program in hopes of promoting financial literacy in the workforce of the future.
Kansas Insurance Commissioner Vickie Schmidt met with staff of JAG-K recently to discuss the importance of teaching financial literacy to JAG-K participants. At that event, Schmidt donated $20,000 from the Securities Fraud Division, which she oversees, to help support JAG-K’s efforts to teach important financial concepts to the students in the program.
Schmidt said the Kansas Insurance Department will also provide $10,000 in scholarships to students who demonstrate financial literacy through an essay contest. JAG-K students from across the state will be encouraged to submit essays describing the importance of financial literacy. The top three essays, to be selected in the spring, will earn scholarships to be used for post-secondary needs. The top submission from a JAG-K student will then compete against the winners from two other student organizations.
The Insurance Department works to protect Kansas citizens by creating awareness of fraudulent activity, and by assisting the Kansas Attorney General in prosecution of purveyors of fraud. Some funds collected in restitution can be utilized by the Insurance Commissioner for the purpose of education.
“Student-targeted financial empowerment efforts are an investment worth making,” said Commissioner Schmidt. “From understanding the power of compound interest to recognizing a potential investment scam, early financial literacy efforts can have a lifelong impact on an individual’s financial well-being. I’m thankful for the educational efforts of JAG-K and excited about our partnership.”
Participants in the JAG-K program must meet specific criteria, including various barriers to success. JAG-K Career Specialists help students overcome challenges, further develop their talents, and equip them for success through a nationally-accredited model.
One of the responsibilities of JAG-K is the instruction of sound financial management to its participants, many of whom come from low-income families.
“We appreciate Commissioner Schmidt’s support of our efforts to teach our students the importance of financial literacy,” said JAG-K President/CEO Chuck Knapp. “The essay contest and scholarships will help raise awareness of this JAG-model competency while encouraging students to hone their abilities in being good stewards of their finances by making sound financial decisions.”