While pundits hold forth on the global implications of the credit crisis, New Hampshire State Treasurer Catherine (Laffin) Provencher ’85 is using her office to build a better financial future – one saver at a time.
The ardent advocate of financial literacy helps adults and high school students across the state become more adept at handling their money. As she puts it: “We want to raise awareness of the importance of getting a financial education.”
Specifically, Provencher works with the state legislature to find ways to promote financial responsibility. Though she was originally drawn to the topic by an interest in encouraging retirement savings, the issue has taken on greater urgency with ongoing turmoil in mortgage and credit markets.
One highlight of her education campaign has been a trip to Gillette Stadium in Foxborough, Mass., for the launch of Financial Football: an interactive, NFL-themed money management video game sponsored by Visa. New England’s six state treasurers attended the event, accompanied by student teams that competed against one another, with coaching from several Patriots players.
“The message is about being smart when it comes to finances,” Provencher explains. “Your credit score is going to follow you longer than your GPA.”
The high schoolers who participated were impressively knowledgeable on credit and debit cards, compound interest rates, and apartment lease terms, according to Provencher.
“These are students who are already very tuned in,” she says. “Obviously, our challenge is how to reach the students who aren’t tuned in. That’s where we’re focusing our efforts.”
Right Place, Right Time
Provencher’s work on financial literacy is the latest chapter in a public service career that began as soon as she earned her BS in Accountancy.
“I was recruited right off the Bentley campus to the New Hampshire Office of Legislative Budget,” says Provencher, a resident of Merrimack who has lived in the Granite State most of her life. “It wasn’t my long-term plan to be in public service, but after a few years I knew this was where I wanted to be.”
By 1997, the alumna had advanced to become the state’s director of audits, a position she held for nine years before assuming her current post. Along the way, her volunteer efforts have benefited local schools, libraries, and town committees, with special focus on the schools that her two children attended.
These contributions earned Provencher the prestigious Caroline Gross Fellowship for 2006. The annual award, which recognizes outstanding public service in New Hampshire, enabled her to attend a three-week program for state and local government executives at Harvard’s Kennedy School of Government.
Ambitious Plans
Sworn in as state treasurer in January 2007, Provencher assumed responsibility for a 26-member staff and more than $300 million daily in cash management and investment. She has wide-ranging plans for her initial two-year term.
“I have a lot I want to accomplish,” she says. “As we seek to add services without burdening the taxpayer, there are areas to add efficiencies.”
Historical precedent suggests positive prospects for her re-election, as long as Provencher continues to do a good job.
“I’ve found where I belong,” she says. “I’ll probably be doing some kind of public service for my entire career.”