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Money Smart News – Summer/ Fall 2019

News and Information About Working Together with Money Smart

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Money Smart News is the FDIC’s quarterly newsletter featuring tips, updates, and success stories for financial educators. We welcome submissions.

In This Issue

Message from the FDIC

Elizabeth Ortiz

Summertime offers plenty of teachable moments about money. For example, financial educators may suggest families explain to their children the concept of having a daily budget to navigate spending choices while on vacation, or they may find ways to inspire people to revisit or develop financial goals. And, teenagers starting their first job can be coached on how to open and effectively manage a bank account. Maybe you are a banker considering adapting Money Smart for your institution’s newsletter or social media, a teacher planning lessons for the coming school year, or an employee at a nonprofit organization helping struggling households plan how to reach their financial goals when there is “more month than money.” No matter what, consider how Money Smart can give you tools to make your vision a reality.

To further help you use Money Smart, see news below that you can potentially incorporate into your program. You can also find tips from an experienced trainer in this edition’s success story for teaching the 2018 Money Smart for Adults curriculum, which features new content, activities to engage participants, updated modules, plus other design improvements that are influenced by instructional best practices. If you would like more information on the updated curriculum, visit our website Money Smart for Adults.

As always, we are eager to hear from you about promising approaches or successful strategies involving Money Smart that we can share with other financial educators in future editions of our newsletter. Whether you are offering suggestions or looking for assistance from FDIC staff, e-mail us at moneysmartnews@fdic.gov.

Elizabeth Ortiz
Deputy Director, Consumer and Community Affairs
FDIC Division of Depositor and Consumer Protection

An Update on Webinars for Money Smart Alliance Members

Money Smart Alliance members participated in a webinar on June 27, 2019 that highlighted ways to improve your Money Smart trainings. A list of upcoming webinars is available on Training & Events.  If you are interested in joining the Money Smart Alliance, please visit the Money Smart Alliance page to submit your request.  Alliance members benefit from periodic webinars, opportunities to share ideas and collaborate with other Alliance members, and the option to be listed in an online searchable directory of Alliance members.

Spanish Version of the Money Smart Computer-Based Instruction for Young Adults Now Available

The FDIC recently launched a Spanish version of our Money Smart online learning game (enseñanza basada en computadora de Money Smart). Like the English version (Money Smart Computer-Based Instruction), the Spanish version offers a learning track for adults and one for young adults (ages 13 and older).  Developed in 2010, the Money Smart Computer-Based Instruction (CBI) features a game-based design. After successful completion of each module, participants earn a certificate.

FDIC Financial Technology Conference

In April, the FDIC and Duke University's Fuqua School of Business and Innovation and Entrepreneurship Initiative hosted the “Fintech and the Future of Banking” conference. The conference brought together leaders in academia, policy, and industry to discuss the impact that fintech and innovation can have on how banks conduct business and consumers interact with their financial institutions.  For example, prominent academics discussed research into technology’s impact on lending, financial advice for consumers, and competition in the financial industry. To watch videos or read presentations from the event, visit the conference website at FDIC-Duke Financial Technology Conference.

New Report Identifies Best Practices for Teaching Financial Literacy in Higher Education

A new report from the U.S. Financial Literacy and Education Commission identifies promising methods for teaching financial literacy at institutions of higher education. The report’s recommendations include: providing clear, timely and customized information to inform student borrowing; effectively engaging students in financial literacy and education; and preparing students to meet financial obligations upon graduation. Read the full list of recommendations in the report, “Best Practices for Financial Education at Institutions of Higher Education.”

Success Story: How a Community Bank Group Uses Money Smart to Teach Financial Education

In this edition of our Money Smart News success story, we highlight a Chicago-based group of community banks and their tried-and-true methods for spreading financial literacy in their community. See Money Smart News Success Stories – Summer/ Fall 2019.

CFPB Expands Reach of Financial Education Tool for Servicemembers

The Consumer Financial Protection Bureau’s (CFPB) recently expanded financial education tool “Misadventures in Money Management” is now available to all active-duty service members. The financial education tool was first introduced three years ago, and was only targeted to future service members.  “Misadventures in Money Management” covers a wide range of topics, such as choosing a financial institution, making financial decisions, understanding debt, and the Servicemembers Civil Relief Act. For more information, please visit the CFPB website, Consumer Financial Protection Bureau Launches Financial Education Tool for Active-Duty Servicemembers.

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FDIC staff is available to provide technical assistance and to help facilitate partnerships among interested parties. Contact us at communityaffairs@fdic.gov.