Money Smart News - Spring 2015
News and Information about Financial Education from the FDIC
In This Issue
- Message from the FDIC
- New Tools for Educators Working With Young People
- FDIC Youth Savings Program Prepares for Phase II
- Federal Agencies Encourage Institutions to Offer Youth Savings Programs
- FDIC Newsletter for Consumers Also a Resource for Financial Educators
- Financial Literacy Commission Discusses Education in Schools
- Money Smart Success Stories: School and Bank Partnerships Create Lifetime Skills for Students
- Saving for Retirement Is Now More Convenient for More Workers
Message from the FDIC
In this edition of Money Smart News we are highlighting two related initiatives. The first, Money Smart for Young People, is a new set of educational materials for teachers, parents, and caregivers that can be used to educate children on how to manage their money. The second, our Youth Savings Pilot Program, promotes access to financial services for young people by connecting financial education in schools with the opportunity to open bank accounts and begin saving money. By engaging young people and their parents in discussions about key financial concepts and choices, we hope to enhance their financial capability and improve the likelihood that children and families will participate in the mainstream financial system. In addition to the benefits of safety and security, the FDIC believes that an account with an insured depository institution can be a stepping stone to economic opportunity.
We developed these new educational tools as part of our ongoing work with the Consumer Financial Protection Bureau (CFPB) to improve financial decision-making skills among youth. As FDIC Chairman Martin J. Gruenberg remarked in announcing their availability, these tools are “an extraordinary step” forward for financial literacy.
The potential impact of these tools is enhanced by guidance that the FDIC and other regulators recently issued. This guidance encourages financial institutions to consider linking financial education initiatives, such as Money Smart classes, with programs that enable students to access a savings account. The guidance also addresses frequently asked questions that may arise as banks collaborate on youth savings programs with schools and other organizations. Keep reading for more details about these and other initiatives that can help promote economic inclusion, such as the U.S. Department of Treasury’s new “myIRA” retirement savings program (myra.treasury.gov).
Finally, we hope that you — and perhaps some of your colleagues — will find the FDIC a valuable resource and that you’ll check out current and back issues of Money Smart News to review the tips and resources we share. We also want to hear from you. Tell us which new tools you like the most and how we can make other ones better. Also let us know about promising approaches or successful strategies you use that involve Money Smart and you’d be willing to share with other educators in a future edition of our newsletter.
Whether you are asking for assistance or offering ideas, send us an e-mail at firstname.lastname@example.org.
FDIC Division of Depositor and Consumer Protection