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FDIC Releases New Tool to Build Financial Capability

Consumer and Community Affairs
October 14, 2021

Summary:

FDIC released How Money Smart Are You? on September 30 th . This suite of 14 self-paced games and related resources is the newest addition to FDIC’s Money Smart product family. This new educational tool provides practical knowledge to help consumers manage their finances with confidence. Users play games to learn more about borrowing money, managing debt, saving and investing. How Money Smart Are You? complements other Money Smart products that can be used in in conjunction with financial literacy activities, including webinars or workshops, in local communities. These products include resources to engage K-12 students, adults, older adults, and small businesses.

Statement of Applicability: This Financial Institution Letter (FIL) applies to all FDIC-insured institutions.

Highlights:

  • The FDIC has released How Money Smart Are You? This suite of 14 self-paced games and related resources is the newest addition to FDIC’s Money Smart. Users play games to learn more about borrowing money, managing debt, saving and investing.
  • Earlier this year, FDIC conducted a public awareness campaign—#GetBanked— to educate consumers about the benefits of a banking relationship. How Money Smart Are You? expands on FDIC’s financial inclusion efforts, providing a direct-to-consumer tool that teaches techniques for managing and protecting personal finances.
  • Institutions may consider sharing How Money Smart Are You? with customers and other community members by linking to the game on the bank’s website, including it in an e-newsletter, or otherwise referring people to it.
  • Institutions may also consider using How Money Smart Are You? in conjunction with webinars or workshops held using other Money Smart products. These include curricula to engage K-12 children, adults, older adults, and small businesses.
  • Institutions can contact communityaffairs@fdic.gov to create an account for their organization. Individual users can also create an account to save their progress. By linking accounts, certificates of completion will be accessible to the institutions and players.
  • How Money Smart Are You? will eventually replace the Money Smart Computer-Based Instruction (CBI) . A Spanish version will be available in early 2022.
  • Institutions that use or promote Money Smart are welcome to join the FDIC’s Money Smart Alliance . Becoming an Alliance member is easy and helps members gain access to dedicated trainings, knowledge-sharing webinars and early access to new tools. Learn more about joining the Money Smart Alliance .
  • Under the Community Reinvestment Act (CRA) regulations, financial institutions may receive favorable CRA consideration for financial education-related activities under the investment test or service test, depending on the specifics of the activity.
  • Learn more at http://www.fdic.gov/moneysmart .

Suggested Distribution:

FDIC-Insured Institutions

Suggested Routing:

Chief Executive Officer
CRA Officer
Chief Retail Officer

Last Updated: October 14, 2021