Money Smart News - Winter 2018
News and Information about Working Together with Money Smart
In This Issue
- Message from the FDIC
- Money Smart News Success Story: How Educators in Ohio Are Helping New Fathers Learn to Manage Family Finances
- New FDIC Resources to Support School-Based Savings Initiatives
- FDIC, CFPB Webinar Provides Resources for the Disability Community
- The Money Smart Alliance Continues to Grow
- FDIC Advisory Committee Discusses Research and Initiatives to Promote Economic Inclusion
- FLEC Meeting Reviews 2017 and Takes a Look Ahead
- FDIC Consumer News Offers Tips on Dealing with Debt and Other Updates
In several counties in central Ohio, Money Smart is the cornerstone of a program to help new fathers learn money management strategies in the context of other services, like job training. Does that sound like a good idea for your community? If so, look for the Money Smart News Success Story in this edition, along with other information that we hope can help your financial education efforts.
For example, America Saves Week 2018 takes place from February 26 to March 3. It’s an opportunity for banks, nonprofits, schools and others to collaborate to encourage consumers to assess their savings goals and get closer to achieving those goals. The week will feature daily savings topics:
- Monday, February 26: Save with a plan,
- Tuesday, February 27: Save the easy way…automatically,
- Wednesday, February 28: Save for rainy days,
- Thursday, March 1: Save to retire,
- Friday, March 2: Save the extra, and
- Saturday, March 3: Save as a family.
Consider visiting our Savings-Related Resources webpage to learn more about FDIC resources that can support savings initiatives during America Saves Week or any other time of the year.
Also remember that we are eager to hear from you about opportunities, 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 email@example.com.
Deputy Director, Consumer and Community Affairs
FDIC Division of Depositor and Consumer Protection
Money Smart News Success Story: How Educators in Ohio Are Helping New Fathers Learn to Manage Family Finances
In this edition, we share the story of a Money Smart Alliance member in Ohio that collaborates with a state commission and nonprofits in five counties using Money Smart to educate new fathers and fathers-to-be on how to make sound financial decisions. Also, learn about tips the organizers have for financial educators considering similar programs. (Read the story.)
The FDIC’s Youth Banking Resource Center website has been updated with new tools and a refreshed list of Youth Banking Network members that can be used to encourage collaborative efforts between banks and schools to improve the financial skills and experiences of young people. These resources include a template to use the FDIC’s Youth Savings “roadmap” (a checklist for planning a new program) and facts that can help organizers of new initiatives build interest in a coming event. Also, a sample “parent engagement” resource that banks can use to help inform families about a local program is available by contacting firstname.lastname@example.org.
The FDIC and CFPB co-hosted a webinar, “Providing Resources for the Disability Community: Money Smart and Your Money, Your Goals,” on November 15, 2017. A webcast of the meeting is available. This session overviewed three new tools to further promote economic inclusion for people with disabilities:
- A Guide to Presenting Money Smart for Adults from the FDIC, with updated and practical information on supporting participants with disabilities.
- Scenarios for Financial Inclusion, an instructor supplement from the FDIC that features individuals with disabilities thinking about financial decisions.
- Focus on People with Disabilities from the CFPB, containing 11 tools and skill-building resources for people with disabilities.
More than 600 organizations have joined or renewed their membership in the FDIC Money Smart Alliance Program since the program was relaunched in late 2016. The alliance consists of a network of financial institutions, nonprofits, educational and governmental organizations that use the Money Smart financial education curriculum to provide training to consumers of all ages and small businesses. To submit your request to join, learn more about the program or view the list of members, visit our Money Smart Alliance page. Note: At their request, some member organizations are not listed on the site.
The latest meeting of the FDIC Advisory Committee on Economic Inclusion (ComE-IN), held on October 18, 2017, featured updates on issues including efforts to expand access to “safe” transaction accounts, research related to neighborhood access to bank branches, the results of a 2016 FDIC survey of entry-level checking and savings accounts, and financial inclusion for persons with disabilities. To see the agenda or watch a video of this meeting, start here.
The interagency Financial Literacy and Education Commission (FLEC), of which FDIC is a member, held its December 2017 public meeting to review its activities in 2017 and plan for 2018. The meeting also included an update on economic trends related to the work of the FLEC. To learn more about the meeting, view meeting handouts or watch a video of the meeting, visit Treasury's website.
The Fall 2017 issue of FDIC Consumer News suggests ways to handle different kinds of debt, including what to do if you're struggling to pay your loans, credit cards or other bills, and what to know about consumer protections against abusive, deceptive and unfair debt collection practices. Additional topics include recent enhancements to BankFind, the FDIC's online database of individual insured banks, and an update on a tax-free savings account program for individuals with disabilities. See this issue and get subscription information for this free newsletter.
Find current and previous issues of Money Smart News here.