Money Smart News - Fall 2016
News and Information about Working Together with Money Smart
In This Issue
- Message From the FDIC
- Money Smart for Small Business Now Includes Train-the-Trainer Materials
- Money Smart Success Stories: Delivery Approaches Responsive to Diverse Needs
- Join the FDIC’s Money Smart Alliance or Renew Your Membership Today
- FDIC Consumer News Offers Tips on Choosing and Using the Right Bank Account
- FDIC Advisory Committee Discusses Unbanked and Underbanked Survey
- CFPB Releases Report on “Building Blocks” for Youth Capability
- FLEC Explores Financial Education and Retirement Investment Advice
In this edition of Money Smart News, we feature news and resources that can help your financial education efforts. I am especially pleased to share updates about two Money Smart programs, which came about in large part because of feedback from Alliance members and other financial educators who use these resources.
First, Money Smart for Young People (MSYP) is now available to download on a lesson-by-lesson basis at https://catalog.fdic.gov/store/money-smart-teach. Previously, all lessons were combined into a single file for each of the four age-appropriate curriculums. Now, instructors can download one specific lesson at a time with supporting materials. We welcome feedback on your experiences using the revised MSYP at the email address below. And for examples of how our other youth materials (such as Money Smart for Young Adults) continue to be put to good use, please read the Success Stories in this edition.
Second, I encourage you to complete the Money Smart Alliance Member online form either to join the Alliance or to update your membership if you haven’t already done so. In early 2017, we will completely update and enhance the online display of our membership list, which will help consumers who want Money Smart training connect with organizations that are offering classes. You can use our simple electronic form to ensure that we are providing these consumers with the most accurate and up-to-date information about your organization.
And, as always, we want to hear from you about promising approaches or successful strategies involving Money Smart to share in this newsletter. We also welcome feedback on our Money Smart products because your input helps us make improvements that help you and many other financial educators. Please send your suggestions to firstname.lastname@example.org.
Deputy Director, Consumer and Community Affairs
FDIC Division of Depositor and Consumer Protection
Money Smart for Small Business, which provides a practical introduction to starting and managing a business, has been enhanced to include a train-the-trainer curriculum to help organizations prepare their instructors. Developed jointly by the FDIC and the U.S. Small Business Administration in 2012, this free 13-module resource can be downloaded in English or Spanish at https://catalog.fdic.gov/store/small-business.
In this edition of our Success Stories from Money Smart educators, we feature two banks that are using the curriculum to teach youths and adults within their communities. In the first story, a California bank uses Money Smart to provide financial education to high school students, adults and older adults. In the second story, a Nebraska bank adapts Money Smart to support an initiative to promote savings by elementary school students. Both stories offer lessons on using Money Smart material to meet the needs of a diverse audience. (Read the stories.)
If you missed the notice in the last edition of Money Smart News, it is not too late to join the Money Smart Alliance or renew your membership. The Alliance is for federally insured financial institutions, tax-exempt nonprofit organizations, schools and federal, state and local government agencies that contribute to the delivery of Money Smart. Among the benefits of membership is the opportunity to be listed on the FDIC website, where consumers can find information about the training you offer and other organizations can identify you as a potential collaborator. Existing Money Smart Alliance members must renew their membership as soon as possible to continue their membership for 2017, and to ensure that the FDIC website includes accurate, up-to-date information about how to contact you. To learn more or to submit your request for membership, go to our page for Money Smart Alliance members.
The Summer 2016 edition of FDIC Consumer News provides consumers with tips for getting more out of a checking or savings account. Other topics include guidance for depositing a check via a smartphone or tablet, being aware of small charges on your credit or debit cards that can be crime-related, and preparing financially for a flood, fire or other disaster. This issue of the newsletter can be read or printed here.
Among the topics discussed at a meeting of the FDIC Advisory Committee on Economic Inclusion (ComE-IN) on October 20, 2016, were the results of the 2015 FDIC National Survey of Unbanked and Underbanked Households. Other presentations focused on efforts to expand access to safe transaction accounts and initial lessons learned from the FDIC’s Youth Savings Pilot. To read the agenda or watch a video of the meeting, start here. To see survey results by state and for large metropolitan areas, start here.
In September 2016, the CFPB released a new report, “Building Blocks to Help Youth Achieve Financial Capability,” which describes how young people can develop the knowledge and skills to help them navigate the financial marketplace in adulthood. Based on the findings from the report, the CFPB also created a “Personal Finance Pedagogy,” a guide to help educators teach the development of youth personal finance skills.
On June 29, 2016, the interagency Financial Literacy and Education Committee (FLEC), of which the FDIC is a member, held a public meeting exploring issues related to financial education and retirement investment advice. The FLEC also discussed legal aid services, the role they can play in addressing many issues related to financial well-being, education, employment and housing, and low public awareness of these services. To learn more about the meeting, view meeting handouts or watch a video of the meeting, start here.
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