Money Smart News - Spring 2014
News and Information about Financial Education from the FDIC
In This Issue
- Message from the FDIC
- FDIC Advisory Committee Discusses Strategies for Youth Education
- Our Latest Success Stories: Empowering Women, Young People and Families
- FDIC Consumer Newsletter Highlights Tips on Choosing and Using Credit Cards
- Five Key Tips for National Consumer Protection Week
- Financial Literacy and Education Commission Reviews Initiatives for Children and Youths
- President’s Advisory Council on Financial Capability for Young Americans Holds First Meeting
- CFPB Issues Report on Evaluating Financial Education Strategies
- Wanted: Your Practical Tips for Teaching Others About Money Management
Message from the FDIC
The most recent meeting of the FDIC’s Advisory Committee on Economic Inclusion (ComE-IN) featured a discussion of a new collaboration between the FDIC and the Consumer Financial Protection Bureau (CFPB) to help young people learn about money. The CFPB-FDIC partnership is focused on three strategic areas. First, the agencies will develop additional resources to help financial educators teach with confidence. Second, the agencies will conduct outreach designed to support parents and caregivers when they discuss financial topics with their children. For example, the FDIC will replace the existing Money Smart resources for young people with new age-appropriate materials that cover key age ranges from pre-K through 20 and include, for the first time, guides for parents and caregivers. Third, the agencies will identify and support innovative school-based financial education activities that provide hands-on opportunities for students to gain proficiency with financial decision making.
Similarly, last year the FDIC and the CFPB partnered to develop and distribute a new curriculum called Money Smart for Older Adults (MSOA), intended to help older adults protect against financial abuse and prepare financially for life events such as an unexpected illness. We recently celebrated the one-year anniversary of the program, and the interest in this curriculum has far exceeded our expectations. Over the past year, we've seen state agencies adopting MSOA for their training and outreach efforts, nonprofit organizations that work with older adults helping their volunteers learn how to use the curriculum, and financial institutions delivering it in their communities. It's clear that there is a tremendous need for -- and an interest in -- useful information to help older Americans avoid financial exploitation.
Our collaborative approach is not limited to partnerships with the CFPB. The FDIC is also an active member of the interagency Financial Literacy and Education Commission (FLEC), which is working hard to help Americans better manage their money and use banking services to reach their goals. The FDIC encourages consumers of all ages to use "MyMoney Five," the key building blocks for sound money management, as a foundation to improve their financial health. To learn more, visit www.mymoney.gov.
Are there other opportunities to work together to promote financial education and capability? We are eager to hear from you about opportunities you see, or about promising approaches or successful strategies involving Money Smart that we can share with other financial educators in a future edition of our newsletter. Whether you are offering suggestions or looking for assistance, send us an e-mail at firstname.lastname@example.org.
FDIC Division of Depositor and Consumer Protection