State treasurer advises calm amid tariff, stock market uncertainty
- Carolina Journal
- 8 hours ago
- 4 min read
Theresa Opeka
Carolina Journal
With markets rattled by a week of financial uncertainty following President Donald Trump’s announcement of sweeping tariffs, North Carolina State Treasurer Brad Briner sought to reassure retirees Friday that the state pension plan remains strong and stable—despite economic turbulence.
In exclusive comments to Carolina Journal, Briner said the state’s pension fund, buoyed by a significant share of fixed income assets, has weathered the recent volatility well.
The comments came as Briner launched his Financial Literacy Initiative at Wake Technical Community College’s Scott Northern campus, timed to coincide with Financial Literacy Month and mounting public concern about tariffs, taxes, and investment portfolios.
“Timing is everything,” he told those in attendance at the event. “We’re doing this because it’s Financial Literacy Month, but the idea of understanding finances is bombarding us this week. There’s a famous quote that goes there are decades where nothing happens, and there are weeks when decades happen. We are in one of those weeks, financially and politically. Everywhere you turn, you’re hearing about tariffs, taxes, stocks, and bonds.”
Still, Briner told Carolina Journal that it is hard to know where we, as a country, are going from here.
“I think if nothing changes from what’s already been announced, the market reactions have frankly been inadequate,” he said. “They will be bigger. I don’t know that people or I believe that things will evolve, and if they evolve, it’s really hard to know how and hard to guess.”
Stay the course and in tune with financial goals
Briner also said people should stay the course and not panic about things like the stock market and 401ks.
“I think the last thing I’d say is overreacting is almost always the wrong answer,” he told CJ. “Be patient, be conscious of your time horizon. It’s kind of goes back to financial literacy 101. Why are you doing what you’re doing, and if you have a good reason for it keep doing it. If you’re saving for retirement and retirement is a long way away, keep investing in the stock market deliberately, and slowly.”
State pension plan in good shape despite tariffs
“I have really good news for you, the state pension plan is in great shape,” Briner said. “We own a lot of fixed income, which has gone up in value in the last several days, so on that, we’ve lost a little bit of money, but not much, and the truth is that only kind of matters to you as a retiree or as a state employee. Not only does the state pension guarantee your pension, but the entire state guarantees your pension, too.”
He added that they were just reaffirmed by S&P this morning at AAA that retirees will be getting pension payments reliably and timely.
Tariffs could mean lower mortgage rates
There is a bit of good news, however, when it comes to the tariff situation. Briner said there will be some lower inflation as a result, and interest rates are coming down materially. This will be seen in the mortgage lending industry for everyone, but it is unclear whether house prices will go up or down.
He told CJ that his Financial Literacy Initiative, which will include a series of events and visits to schools throughout the state this month, was launched at the Wake Tech campus because of the fantastic job they do with financial literacy.
During the 2024-25 academic year, 7,856 Wake Tech students received training and support from the school’s Student Money Management program through coaching sessions, classroom presentations, events on campus, and one-on-one interactions with the program’s staff and Student Peer leaders.
Two of the students helped by the program, Noor Ul-aien and Ken Vreeland, also spoke at the event.
In addition, State Sen. Amy Galey, R-Alamance, also spoke on the concept of Opportunity Cost.
Briner also said he is proud to serve on the board of the state community college system.
Briner’s personal story with financial literacy
He told the crowd that this initiative was very personal to him. As a young boy growing up in Dallas, Texas, Briner saw his father lose his job not once but twice.
“I learned the lesson of the importance of finances and the family unit and the importance of understanding how they affect the importance of being sure that you’re financially literate to everything that you want to achieve in life.”
The youngest of four boys, Briner said not surprisingly, as a result of their experiences, all four now work in financial services.
He pointed out some sobering figures when it comes to debt, including the $1.75 trillion in outstanding student debt in the US, with each borrower on average having $29,000 in student loans, and that those in their 30s,40s, and even 50s still have outstanding student debt.
Credit card debt is also hurting families, with an average of $6,000 per family. And 25% of Americans have no retirement savings.
That’s why Briner said it is so important to start financial literacy so early and noted that North Carolina is on the right track as schools mandate some financial literacy instruction.
But, it is never too late for people to get a good handle on their finances.
Financial Fridays newsletter
Which is why the Treasurer started his monthly “Financial Fridays” newsletter, which also kicked off on Friday.
“We’re trying to get at the kind of middle level of financial literacy, so for those who are super sophisticated, it may seem a little remedial,” Briner told CJ. “For those who just beginning, I think it’ll be accessible, and so we’re trying to be as broad an audience as we can because it’s such an important topic for so many people. I’m excited to do it, and our team has been amazing in putting this together, and we can’t wait to see where it goes.”
The newsletter will feature a column from the Treasurer, a guest column, a talk on subjects that people may wrestle with, like credit cards, mortgages, and taxes, book recommendations, plus quizzes, games, and a video with Briner giving tips for teens.
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