In This Issue
- February Monthly Message from the FDIC
- America Saves Week
- Success Story: Ameris Bank Uses Money Smart for Young People to Bring Financial Education to Local Youth
- Don’t Get Locked Out!
- Starting the New Year: Resolve to File a Tax Return in 2022
- FDIC Expands #GetBanked Campaign in Los Angeles, Dallas, and Detroit
- Latest FDIC Consumer News Edition
- In case you missed it, recent news on Money Smart -- https://www.businessinsider.com/personal-finance/financial-literacy-for-kids
February Monthly Message from the FDIC
This month, we want to focus on America Saves Week. America Saves Week is an annual celebration that has been held every February since 2007. It focuses on getting people to commit to saving successfully. It is also a great time for your organizations to hold a savings themed workshop. This year America Saves Week is February 21 – February 25.
We have plenty of Money Smart materials to assist you with your savings workshops and classes. If you are working with K-12 students, our Money Smart for Young People has multiple lesson plans on savings for all ages. If your participants are adults, check out our Money Smart for Adults modules 4 (Your Spending and Saving Plan) and 5 (Your Savings). Each come with instructor guides, participants guides, PowerPoint slides and more. If you are looking for a more interactive approach, check out our new How Money Smart Are You? game where we offer three different games about savings!
We are eager to hear about your promising approaches or successful strategies involving Money Smart. Please share your story or tips about Money Smart at email@example.com. Join us on social media using the #FDICMoneySmart and show us any of the Money Smart products in action!
America Saves Week
America Saves Week starts Monday, February 21st, and concludes on Friday, February 25. Each day focuses on a different theme:
- Monday, February 21, 2022 | Save “Automatically” with routine or scheduled transfers to a designated account
- Tuesday, February 22, 2022 | Save for the Unexpected Emergency
- Wednesday, February 23, 2022 | Save to Retire
- Thursday, February 24, 2022 | Save by Reducing Debt
- Friday, February 25, 2022 | Save as a Family
Check out their website (americasavesweek.org) for more information.
Success Story: Ameris Bank Uses Money Smart for Young People to Bring Financial Education to Local Youth
In this edition, read about a Bank that partners with a local non-profit to bring financial education to local students. Read More at Success Story: Ameris Bank Uses Money Smart for Young People to Bring Financial Education to Local Youth.
Don’t Get Locked Out – How Money Smart Are You? Is in Place:
FDIC released How Money Smart Are You? in 2021. 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.
The new tool will replace the Money Smart Computer-Based Instruction (CBI) option on our website by March 31, 2022, when we also plan to have a Spanish version of the games in place. Please know that your account will not automatically transfer from the CBI platform to How Money Smart Are You? We encourage organizations and individual consumers to make the switch to How Money Smart Are You? before the deadline.
Organizations may also consider using How Money Smart Are You? in conjunction with webinars or workshops held using other Money Smart products. They can request an “organization account” for the product by emailing us at firstname.lastname@example.org. Once their account is active, they can ask individuals to link their accounts to the organization account. By doing so, individuals can view their progress and certificates of completion, which will help them in their journey.
CFPB Offers Tips on Filing a Tax Return:
Starting the New Year: Resolve to File a Tax Return in 2022
People who do not normally file a tax return, and are not required to file because their income is below the tax filing threshold, may want 2022 to be the year they file. There are several tax credits for which they may be eligible:
- First, if they did not already receive it, they may be able to receive a stimulus payment that was issued to tax filers in 2021.
- Second, if they have children, they may be eligible for an expanded child tax credit.
- Third, if they pay for childcare so that they can work, they may be eligible for the child and dependent care credit.
- Finally, if they have a low income, they may also be eligible for the earned income tax credit. See the IRS EITC page (irs.gov) for conditions of eligibility.
All of these credits combined could provide a substantial tax refund that could help people pay their bills, pay down debt, and even save for the future. Read the Guide to filing your taxes in 2022 (consumerfinance.gov) to learn:
- More about the tax credits and who is eligible;
- How to file a tax return for free; and
- Ways to make the best use of a tax refund so as to increase financial security.
FDIC Expands #GetBanked Campaign in Los Angeles, Dallas, and Detroit
As part of its ongoing work to expand financial inclusion to unbanked individuals and families, the Federal Deposit Insurance Corporation (FDIC) announced it will expand its #GetBanked public awareness campaign into the Los Angeles, Dallas, and Detroit metropolitan areas.
The FDIC’s GetBanked campaign is focused on areas where research finds that a significant number of Black and Hispanic households are unbanked. The goal of this targeted campaign is to encourage unbanked consumers to consider opening a checking account. Many banks offer a variety of accounts, including low-cost accounts. Last year, the FDIC launched this campaign in Atlanta and Houston.
Through a series of English- and Spanish-language digital, audio, and video advertisements, the FDIC hopes to reach unbanked consumers, particularly during the tax filing season, when they can benefit from early and direct deposit of their refund. The FDIC offers consumers a wealth of resources to help them choose the best account to meet their needs, including guidance on how they can find low-cost bank accounts.
Latest FDIC Consumer News Edition
The February 2022 edition of the FDIC Consumer News focuses on how to save, organize and streamline your finances. Read it here.