Information for Consumers

Despite the financial pessimism in today’s economy, there is optimism on the horizon.  One way that parents can ensure their children are prepared to navigate through the ups and downs of the economy is to make sure they understand the financial facts of life.  A recent news report said that children are some of the major victims of the recession.

One of the best gifts you can give your child is to sit down with him or her and explain the financial facts of life.  Begin by teaching them the most important fact—savings.  If children learn at an early age to save, they will be better equipped to manage their finances and debts conservatively.  Teaching them to keep an emergency fund will help them weather any financial storm.  If your child does not already have a savings account, take him or her to the bank to open an account.  Whenever they receive a birthday check from Grandma, encourage your children to put at least half in a savings account to save up for a large ticket item they may want in the future.  As children get older and earn money from babysitting, lawn mowing or other part-time jobs, go with them to open a checking account.  Encourage them to put some of every paycheck in their savings account and the rest in their checking account to help them with their entertainment expenses.
 
Sit down as a family and review some of the recent headlines in order to teach your child the difference in “safe” investments and “risky” investments.  Keeping money in a bank is a “safe” investment since deposits are insured by the federal government up to $250,000 per account.  Stocks and bonds are what we call “risky” investments; however, they can yield a higher return on investment.  It is also important to help your children understand their net worth.  Total Assets:  What is owned (home, retirement plan, stocks). Total Liabilities: What is owed (mortgage, credit card balances, car loan, student loans). Subtract Liabilities from assets to determine Net Worth.
 
Parents differ on the pros and cons of giving their child an allowance.  However, an allowance provides an opportunity for your child to learn money management skills and to experiment without losing too much in the process.  They can learn to start saving for long-term goals. Let your children help you with simple financial tasks such as preparing deposits or balancing the checkbook.  Let them observe as you pay bills, teaching them that debts must be repaid in order to maintain a good credit report.  This exercise also will allow you to teach your children the benefits of budgeting and help them understand where their parents’ money goes and the importance of avoiding overspending.
 
It is important that teenagers learn the importance of recording every deposit and withdrawal, paying careful attention to ATM withdrawals and debit card transactions.  This will provide a good foundation to help them when they go off to college.  Gone are the days when your local banker would call and say “Mary is overdrawn…again.  How much money do you want to put into her account?”  Mom or Dad would tell him the correct amount to transfer from their account to Mary’s account and that was the end of it, at least until Mom or Dad talked to Mary about her spending habits.  Today, there are bounced check fees, insufficient funds fees and overdraft fees, all of which can be a very expensive lesson for Mary—or her parents!
 
Today’s young people are very savvy when it comes to using the Internet.  However, it is important for them to understand the importance of protecting themselves from crooks who target teens.  Stress to your children to never give out social security numbers, bank card information or passwords to any request via e-mail, no matter how legitimate it may seem.  These same types of fraudulent requests can also come through phone text messages or in the mail.

Good Credit is Critical to Securing a Sound Financial Future

Good credit is essential to a secure and sound financial future and plays a major role in qualifying for various loans.

Having solid credit can help customers achieve their financial goals—it’s paramount to any financial plan—especially in this challenging economic environment. Our state’s community banks are an excellent resource and often offer programs within their communities to help customers understand how to establish credit and manage their finances. 
In addition to talking with a local community bank, IBC offers the following tips to help consumers protect their credit standing during these tough economic times:

Always pay all of your bills on time. A late payment on a credit card, loan or even your telephone bill can be enough to put you in an at-risk category and possibly trigger adverse actions.

Whenever possible, pay more than the minimum payment owed.  For example, 150 percent of the minimum, to pay off the balance faster and save on finance charges. If you pay just the minimum every month on high-interest loans and credit cards, it can be interpreted as a sign of financial distress.  If you are having trouble making payments on your loans or credit card accounts, contact your community banker to let him or her know about your current financial situation.  Your community banker may be able to help.

Avoid excessive credit inquiries by selectively applying for credit. Recent credit inquiries show up on your credit report and can be red flags that you may be strapped for cash. So only allow your credit report to be pulled when it’s absolutely necessary.

Avoid maxing out and requesting credit limit increases on credit cards for extended periods. A third of your credit score is based on how close you are to your credit card limits. Try not to use more than 30 percent of available credit on credit cards. Also, be mindful that card issuers might interpret asking for an increase on your credit limit as a sign that you are struggling to make ends meet.

Customers should take advantage of the programs offered at their local community banks to help manage their funds appropriately.  Community banking is a relationship business. Your local bank works with its customers every day and throughout their lifetimes to provide financial services. They make sure you have the tools necessary to achieve long-term financial security.

To learn more, and to find a list of community banks in your area, visit www.ibcbanks.org.

Financial Education

OCC Promotes Consumer Information Site

The Office of the Comptroller’s consumer information web site, HelpWithMyBank.gov, answers more than 250 commonly asked consumer questions, such as credit cards, bank accounts, mortgages, insurance, identity theft leasing, and safe deposit boxes.

___________________________________________

Good Credit is Key
 to a Solid Financial Future

Tips to Help Consumers Maintain
a Good Credit Record

Practice smart saving and spending habits to help establish good credit and serve as the foundation for a more secure financial future. Having good credit is essential to qualify for a mortgage to buy your first home, to obtain financing to help pay for large purchases or to finance the purchase of a car.

Having credit can help you achieve your financial goals and a good credit history is key to any financial plan. Establishing good credit involves demonstrating stability: staying in a job for a while, living at the same address, having your name on utility bills and paying them and all your bills on time. All are important to establishing good credit history.

Tips on how to establish and maintain a good credit history:

• Develop and follow a budget.
• Open a savings account and contribute to it regularly.
• Open a checking account.
•  Put your name on utility bills and pay them on time.
• Have your phone number listing in your name.
• Pay all your bills on time.
• Obtain a credit card, use it for small purchases, and pay it off within a month or two.
• Build an emergency fund equal to at least three-to-six months of living expenses so that if the unexpected happens, you can still pay fixed expenses.

The key to building good credit is to stick to your budget and to practice good saving and spending habits so you build a track record of regular payments and savings. A great resource to help you get started on the road to establishing good credit is to develop a relationship with your local community bank. Many community banks offer programs within their communities to help consumers understand how to manage their finances. Community banking is a relationship business. Local community banks work with customers every day and throughout their lifetimes to provide financial services.  

Learn more about establishing good credit as well as other topics in financial literacy at www.icba.org.

14 Tips to Help Students Handle Credit Wisely

As the nation’s students head back to school and with most of today’s college students using credit cards, the Independent Community Bankers of America (ICBA) encourages the responsible use of credit cards as one way to help establish good credit.

“Understanding how to use consumer credit wisely gives young adults the foundation to establish good credit that will serve them well when they are ready to buy a home, a car or pursue their dreams of owning a small business,” said James P. Ghiglieri, Jr., ICBA chairman and president of Alpha Community Bank, Toluca, Ill. “Establishing good credit habits is essential in understanding how to manage personal and business finances.”
   
College students use credit cards for everything from books and food to tuition and supplies. Research* shows that 74 percent of college students use credit cards for school supplies, 71 percent for textbooks and for food, and 24 percent for tuition. Credit cards are a convenience and must be used properly. A good credit card track record starts with a good credit card. Shop around for favorable rates and terms and check with your local community bank. The following tips can help students use credit cards wisely so they can establish good credit:
   
•    Set up and follow a budget that includes paying off a credit card balance. “Maxing out” or charging up to your card’s credit limit can make sticking to your budget more difficult.
•    Cash advances – unlike purchases – generally have finance and interest charges that apply immediately.
•    Pay on time, every time.
•    Keep records of your account number, expiration date, and the phone number of your card issuer in a safe place.
•    Keep your account information confidential.
•    Never give out your credit card number or expiration date over the phone, unless you initiated the call and know who you’re dealing with.
•    Elect to receive your statement information online. Many sites offer an alert for unusual transactions and reminders of when your bill is due.
•    Consider making your credit card payment online to ensure it is received by the monthly due date.
•    Routinely access your account information online to track your spending and to quickly identify fraudulent transactions.  If you see a transaction that is not yours, notify your card issuer immediately.
•    If there’s an error on your account, report it immediately by notifying your card issuer.  Look for complete instructions on your monthly statement and follow them carefully to protect your rights.
•    Keep a copy of your sales receipts so you can compare what you bought with the charges on your bill.
•    When making online transactions, be sure the site is secure. Don’t let others see you enter card information.
•    Don’t lend your credit card to anyone, not even a friend. Ever.
•    If you move, notify your card issuer immediately.

HelpWithMyBank.gov

The Office of the Comptroller of the Currency has launched HelpWithMyBank.gov, a Web site dedicated to providing answers and assistance to national bank customers. “We created HelpWithMyBank.gov with national bank customers in mind,” Comptroller of the Currency John C. Dugan said. “Our goal was to build a site that makes it easier for people to get answers and submit concerns about their bank because we are committed to ensuring fair access to financial services and equal treatment for national bank customers.” HelpWithMyBank.gov provides answers to common questions based on thousands of calls made to the OCC Customer Assistance Group each year. While targeted to national bank customers, the site answers many questions common to all banking consumers and provides useful information about contacting regulators of institutions other than national banks. “The OCC will continue to enhance HelpWithMyBank.gov with information and features,” said Comptroller Dugan. “It is my hope that we can work with other financial regulators to expand this effort to support all bank customers.” HelpWithMyBank.gov presents information in straightforward easy-to-use terms in a simple question-and-answer format. Topics include credit cards, interest rates, check cashing, late payments, mortgages, and many others. The site also provides guidance on how to determine if a bank is a national bank or operating subsidiary and who to contact if the bank is not.

Related Links:

•    HelpWithMyBank.gov (http://www.helpwithmybank.gov)
•    OCC.gov (http://www.occ.gov)

National Standards in K-12 Personal Finance Education
Third Edition, 2007

The National Standards in K-12 Personal Finance Education, created and maintained by the Jump$tart Coalition® for Personal Financial Literacy, delineate the personal finance knowledge and skills that K-12 students should possess. The Jump$tart Coalition intends the National Standards in K-12 Personal Finance Education to serve as a model. As such, the National Standards represent the framework of an ideal personal finance curriculum, portions of which might not be appropriate for individual instructors and students. The Coalition leaves it up to various stakeholders to decide how to address the topics in the National Standards.

• Personal finance describes the principles and methods that individuals use to acquire and manage income and assets.

• Financial literacy is the ability to use knowledge and skills to manage one's financial resources effectively for lifetime financial security.

Financial Responsibility and Decision Making
Overall Competency
Apply reliable information and systematic decision making to personal financial decisions.

Standard 1: Take responsibility for personal financial decisions.
Standard 2: Find and evaluate financial information from a variety                 of sources.
Standard 3: Summarize major consumer protection laws.
Standard 4: Make financial decisions by systematically considering                 alternatives and consequences.
Standard 5: Develop communication strategies for discussing                     financial issues.
Standard 6: Control personal information.

Income and Careers
Overall Competency
Use a career plan to develop personal income potential.

Standard 1: Explore career options.
Standard 2: Identify sources of personal income.
Standard 3: Describe factors affecting take-home pay.

Planning and Money Management
Overall Competency
Organize personal finances and use a budget to manage cash flow.

Standard 1: Develop a plan for spending and saving.
Standard 2: Develop a system for keeping and using financial                     records.
Standard 3: Describe how to use different payment methods.
Standard 4: Apply consumer skills to purchase decisions.
Standard 5: Consider charitable giving.
Standard 6: Develop a personal financial plan.
Standard 7: Examine the purpose and importance of a will.

Credit and Debt
Overall Competency
Maintain creditworthiness, borrow at favorable terms, and manage debt.

Standard 1: Identify the costs and benefits of various types of                     credit.
Standard 2: Explain the purpose of a credit record and identify                     borrowers' credit report rights.
Standard 3: Describe ways to avoid or correct debt problems.
Standard 4: Summarize major consumer credit laws.

Risk Management and Insurance
Overall Competency
Use appropriate and cost-effective risk management strategies.

Standard 1: Identify common types of risks and basic risk                             management methods.
Standard 2: Explain the purpose and importance of property and                 liability insurance protection.
Standard 3: Explain the purpose and importance of health,                         disability, and life insurance protection.

Saving and Investing
Overall Competency
Implement a diversified investment strategy that is compatible with personal goals.

Standard 1: Discuss how saving contributes to financial                             well-being.
Standard 2: Explain how investing builds wealth and helps meet                      financial goals.
Standard 3: Evaluate investment alternatives.
Standard 4: Describe how to buy and sell investments.
Standard 5: Explain how taxes affect the rate of return on                         investments.
Standard 6: Investigate how agencies that regulate financial                     markets protect investors.

Please go to http://www.jumpstart.org/guide.html
 for more information.

FDIC CONSUMER NEWS
YOU CAN SIMPLIFY YOUR FINANCIAL LIFE

Things You Can Do to...
Make Sure You Are Financially Fit

A checklist for shaping up your personal balance sheet
You know it's important to get regular physical exams and take your car in for oil changes and tune-ups. But what are you doing to make sure your finances are in good shape, too? The start of a new year is a great time to give your finances a checkup, but it's never too early or too late to make sure you're properly managing your money. Here's a checklist for conducting a simple yet thorough financial self-examination.

1. Periodically review your accounts. "Talk to a customer service representative at your bank to make sure you're signed up for the accounts and the features that best fit your needs, especially if your financial situation has changed recently," said Janet Kincaid, FDIC Senior Consumer Affairs Officer. "For example, if you tend to carry a balance on your credit card, find out if you can qualify for a card with a lower interest rate. Or, ask if your bank offers special deals if you maintain certain balances or use additional services, such as direct deposit of your paycheck."

At the same time, compare your bank's products and services with those of competitors. "Don't be afraid to shop around," Kincaid said. "If nothing else, you'll want to know that the rates, fees and services at your current bank are at least comparable to what's out there in the marketplace for the services you need and, most importantly, that the services you are using still meet your needs."

2. Make sure you have – and have read – the most recent "disclosures" about your accounts. These descriptions of your account are like a contract with your financial institution. Knowing the features, fees and options as well as limitations – before you open the account and later as you conduct business – can prevent misunderstandings and costly mistakes. "We are continually encouraging consumers to read the disclosures," Kincaid stressed. "Make sure you know exactly what you are getting and paying for and what you are not."

For example, your credit card may automatically include, at no extra charge, extended warranties on purchases and insurance for car rentals. These kinds of features can save you money – but only if you know they exist. Similarly, your card may offer bonus points toward airline travel or products and services, auto club memberships, and other extras – some free of charge, some for a fee. You need to read the disclosures to understand the rules, restrictions and potential costs, which may greatly reduce the value of these offers.

3. Get a free copy of your credit report. These reports, prepared by companies called credit bureaus, summarize your history of paying debts and other bills. If you apply for a loan, insurance or a job, or you want to rent an apartment, chances are your credit report will be reviewed for information about your financial reliability. But you should be reviewing copies of your credit report, too. One reason is to correct errors or omissions, which could damage your credit rating and, in the case of a loan or credit card application, cost you hundreds of dollars each year in interest or other charges. Also, by monitoring your credit reports you help guard against identity theft because you can look for signs that a fraudster has opened credit cards or other accounts in your name.

The three nationwide credit bureaus – Equifax, Experian and TransUnion – issue their own reports and they sometimes differ, so it's smart to see what each one is saying. By law, you are entitled to one free copy of your report each year from each of those three companies. For more information and to order free credit reports, go to the Web site established by the three credit bureaus at www.AnnualCreditReport.com or call toll-free 1-877-322-8228. Although you can ask to receive copies from all three credit bureaus at the same time, you also can spread out your requests throughout the year to get periodic updates.
4. Look at how you're spending money – and how you can do a better job. It's easy to overspend in some areas and neglect other priorities such as reducing high-interest debt, saving for a down payment on a car or a home, or putting money away for your retirement. That's why you should use your periodic financial checkup as an opportunity to see where your money has been going and make adjustments in your spending and saving plans for the future.

We suggest you try any system – ranging from a computer-based budget program to hand-written notes – that will help you keep track of your spending each month and enable you to set and stick to limits you consider appropriate. "You might be surprised how much you spend, even on small, incidental things such as snacks or specialty coffee," Kincaid said. "You also might be surprised at how keeping track of your spending can make a big difference in achieving your goals."

When reviewing your spending, also make sure you have enough insurance to protect your family – such as disability insurance to replace lost income during a serious illness, life insurance in case a wage earner dies, home owner's or renter's insurance, and health insurance to cover medical bills.

5. Find new ways to simplify your financial life. There are many things you can do to make your banking, bill paying and other financial chores easier. Examples include:

• Organizing your personal and financial papers to make sure  you and your family can quickly find what you need;

• Getting rid of the papers you're sure you don't need;

• Looking into consolidating accounts or concentrating your business with fewer financial institutions;

•  Signing up for direct deposit of your pay and benefit checks and other regular income;

• Having a certain sum automatically transferred each month to a savings or investment account;

• Arranging for an automatic withdrawal from your checking account to cover a recurring expense such as a mortgage loan or utility bill; and

• Exploring banking and bill paying by phone or online, which not only saves time and money (instead of writing and mailing checks) but also can help you monitor your account more efficiently than waiting for monthly statements in the mail. These ideas can help you save time, reduce stress, eliminate clutter, lower the fees you pay, and maybe even help you earn a little extra on your savings and investments.

To learn more, read the FDIC Consumer News article "You Can Simplify Your Financial Life" in our Winter 2004/2005 issue, at www.fdic.gov/consumers/consumer/news/cnwin0405/cvrstry.html.

For more information: See back issues of FDIC Consumer News, especially our special guides for seniors (Fall 2005) and young adults (Spring 2005) because they feature various strategies to prepare financially, including to-do lists at key stages of your life You can find them online at www.fdic.gov/consumernews. Also check the Internet or your local library for a wide variety of resources that can help you organize and manage your finances.

FINANCIAL LITERACY

Colorado's community bankers have a long history of supporting financial education in their local communities. Community bankers work through local educators-like high schools, colleges, and adult continuing education organizations, community groups and nonprofit organizations, as well as with a variety of federal agencies, to teach both our youth and adult populations about such topics as budgeting, the importance of savings, the responsible use of credit, banking services, and home ownership.

Community bankers are particularly qualified to speak to these audiences and share examples of how the many forms of payments work. Over the past two decades alone in Colorado, community bankers have reached out to hundreds of thousands of students-both young and old-to provide money managing skills in an environment of increasingly complex financial services. Community bankers have also provided important information on privacy issues, identity theft, financial frauds, affordable housing, small business counseling, and more.

Throughout the federal government, agencies are sponsoring and developing financial education initiatives directed to a broad and diverse constituency. They are committed to providing financial education resources both directly to consumers and through the financial services industry, including our local community banks, trade associations, national nonprofit organizations, community- and consumer-based groups, and through state and local agencies.

Congress passed S. 1532 in 2003, the Financial Literacy Community Outreach Act, to establish the Financial Literacy Commission to promote basic personal income and household money management and planning skills, including: saving and investing; building wealth; managing spending, credit, and debt effectively; tax and estate planning; the ability to ascertain fair and favorable credit terms and avoid abusive, predatory, or deceptive credit offers; the ability to understand, evaluate, and compare financial products, services, and opportunities; and related skills. Many programs developed both before and since this federal legislation continue to address the growing needs of our communities.

For the most current and comprehensive list of financial education programs by topic please go to the U.S. Treasury's site at www.mymoney.gov and to the FDIC's MoneySmart site at www.fdic.gov/consumers/consumer/moneysmart, one of the most popular government-sponsored financial education products.

The following are some of the federal financial education resources available:

STUDENTS ENCOURAGED TO ESTABLISH
RESPONSIBLE CREDIT HABITS

 
The responsible use of credit cards is one way to help establish good credit.

Understanding how to use consumer credit wisely gives young adults the foundation to establish good credit that will serve them well when they are ready to buy a home, a car or pursue their dreams of owning a small business. Establishing good credit habits is essential in understanding how to manage personal and business finances.
   
College students use credit cards for everything from books and food to tuition and supplies. Recent research* shows that 74 percent of college students said they use credit cards for school supplies, 71 percent use credit cards for textbooks and for food, and 24 percent use credit cards for tuition. Credit cards are a convenience and must be used properly. A good credit card track record starts with a good credit card. Make sure you shop around for rates and terms that are favorable, and don’t forget to check with your local community bank. The following tips can help students use credit cards wisely so they can establish good credit:
   
•    Set up and follow a budget that includes paying off a credit card balance. “Maxing out” or charging up to your card’s credit limit can make sticking to your budget more difficult.
•    Cash advances – unlike purchases – generally have finance and interest charges that apply immediately.
•    Pay on time, every time.
•    If you move, notify your card issuer immediately. Consider paying online to ensure your payment is received by the monthly due date.
•    Keep records of your account number, expiration date, and phone number of your card issuer in a safe place.
•    Routinely access your account information online to track your spending and to quickly identify any fraudulent transactions.  If you see a transaction that is not yours, notify your bank immediately.
•    When making online transactions, be sure the site is secure. Don’t let others see you enter card information.
•    Don’t lend your credit card to anyone, not even a friend. Ever.
•    Keep your account information confidential. Never give out your credit card number or expiration date over the phone, unless you have initiated the call and know who you’re dealing with.
•    Keep a copy of your sales receipts so that you can compare your charges with the charges on your bill.
•    If there’s an error, report it immediately by notifying your card issuer.
•    Open your monthly statement promptly and carefully read notices or messages from your card issuer.
•    If there’s an error on your account, report it immediately by notifying your card issuer.  Look for complete instructions on your monthly statement and follow them carefully to protect your rights.

For additional resources go to the Consumer Education and Resources section of www.icba.org.

FDIC Guide to Money Management for Teens
September 2006

The FDIC has published a special guide to help teens (and many pre-teens) learn about saving and managing their money. The FDIC is encouraging financial institutions to make the information in this publication, as well as two previously published guides for seniors and young adults, widely available.

Highlights:
The FDIC has published a special how-to guide to money management for teens (and many pre-teens).
The new guide for teens follows two previous special issues for selected age groups – one for senior citizens (and their families), the other for young adults (including those just beginning a career or family and others still in college or high school).

The guides were published as special issues of the quarterly newsletter FDIC Consumer News.   Visit the FDIC at www.fdic.gov.
 

SCHOOL PROGRAMS

Money Math: Lessons for Life-Department of the Treasury, Bureau of the Public Debt. The Bureau of the Public Debt offers a four-lesson curriculum supplement for middle school math classes entitled, "Money Math," using real-life examples from personal finance. The 86-page book is a teacher's guide with lesson plans, reproducible activity pages, and teaching tips.

Jump$tart Coalition for Personal Financial Literacy maintains a clearinghouse of resources that seek to promote financial literacy.

Personal Financial Education-Federal Reserve. The Federal Reserve provides economic literacy materials to help students and the public better understand the U.S. economy and the role of the Federal Reserve. Each of the twelve Federal Reserve Banks supports this objective through a wide variety of education partnerships, publications, learning tools, and student challenge contests. Links to Financial Education resources offered through each of the twelve Federal Reserve banks are available through the Personal Financial Education website. Personal Finance Curriculum-Federal Reserve Bank of Atlanta. As part of the Federal Reserve Bank of Atlanta's community relations program, a personal finance curriculum was developed and is being taught to middle-school students. Course objectives and materials are provided online.

H.I.P. Pocket Change-Department of the Treasury, U.S. Mint. The United States Mint promotes financial literacy through various educational programs, including the 50 State Quarters® Program Lesson Plans for grades kindergarten through six. Materials can be accessed through the H.I.P. Pocket Change Web site for children and educators. These programs incorporate basic financial education concepts.

Understanding Taxes-Department of the Treasury, Internal Revenue Service. The Internal Revenue Service (IRS) has developed an interactive, instructional tax program called "Understanding Taxes" to provide high schools, community colleges, and the general public with a technology-based instructional tool. Divided into two areas of content (the "How's of Taxes" and the "Why's of Taxes"), the program offers both print and online materials about the history, theory, and application of taxes in the United States.

TAX Interactive (TAXi)-Department of the Treasury, Internal Revenue Service. The Internal Revenue Service provides tax guidance for teenagers and young adults through its "TAX Interactive" (TAXi) website. The website includes a collection of tax-related resources to help teachers integrate lessons about taxes into a variety of classroom settings.

Department of Education-The Department of Education facilitates dialogue on economic education and financial literacy in support of the goals of the "No Child Left Behind Act". The Department of Education also sponsored its first "Forum on Economic Education and Financial Literacy" in January 2003 to help educate departmental employees and outside guests about new developments in the field of financial education. The forum is part of the administration's ongoing effort to improve financial education among school-age children.

Social Security and You-Social Security Administration. The Social Security Administration (SSA) offers a curriculum program for grades 9 through 12 entitled, "Social Security and You," geared to the interest level of young people about to enter the workforce. SSA has also partnered with the American Savings Education Council to promote the "National Save for Your Future" Campaign.

Junior Achievement brings volunteers into the classroom to make economic concepts relevant for Grades K-12.

The National Academy Foundation (NAF) sponsors the Academy of Finance, a school-to-career curriculum operating in 40 states and 300 high schools, serving over 20,000 students. The Comptroller of the Currency partners with schools or school districts in 28 locations across the country to support academies of finance. Banks serve as advisory board members to local affiliates and employ hundreds of students every summer through the Academy's internship program.

The National Endowment for Financial Education (NEFE) is a foundation dedicated to helping all Americans acquire the information and gain the skills necessary to take control of their personal finances. NEFE accomplishes its mission primarily by partnering with other concerned organizations to provide financial education to members of the public-in particular, to underserved individuals whose financial education needs are not being addressed by others. The National Council on Economic Education provides personal finance and economics education through classroom curricula and via the Internet. For example, the four-part Personal Finance Economics series helps students enhance and apply informed decision-making skills to their spending and saving choices.

ONLINE PROGRAMS FOR CHILDREN

Banking Is: www.bankis.com.

Cash University (for parents, but useful): www.cashuniversity.com.

Cemark: www.cemarkinc.com.

FED101 (an interactive Federal Reserve System economic education Web site using Flash technology): www.kc.frb.org/fed101.

JumpStart: www.jumpstart.org.

Kid Savers: www.kidsaversnetwork.com

KidzBANK: www.kidzbank.com.

Money Central Station (U.S. Treasury Department animated site with activities for children): www.bep.treas.gov/kids/start.html.

Save for America: www.saveforamerica.org.

Saving Makes Cents (Massachusetts State Treasurer): www.state.ma.us/treasury/smc.htm.

Social Security Kids Stuff (Social Security Administration): www.ssa.gov/kids/kids.htm.

U.S. Treasury kids' programs and other resources: www.treas.gov/kids.

Federal Reserve of New York site has an online catalog of its publications; click "Consumer Banking" in left-hand frame materials for school age: app.ny.frb.org/cfpicnic/frame1.cfm.

ADULT BASIC FINANCIAL SERVICES

Money Smart—Federal Deposit Insurance Corporation and Department of Labor. The "Money Smart" curriculum helps adults enhance their money management skills, understand basic financial services offered by the financial mainstream and build their financial confidence to use banking services effectively. The "Money Smart" curriculum is comprised of ten comprehensive instructor-led modules covering basic financial topics including an introduction to bank services, tips on obtaining credit and buying a home. Bank participation in Money Smart also may be counted toward positive consideration under the Community Reinvestment Act.

The Summer 2006 issue of Money Smart News is now available in English and Spanish versions on the FDIC Web site.

Building Wealth: A Beginner's Guide to Securing Your Financial Future—Federal Reserve Bank of Dallas. "Building Wealth" helps individuals and families develop a plan for building personal wealth. The program presents an overview of personal wealth-building strategies that includes setting financial goals, seeking guidance, budgeting, saving and investing, and managing debt.

Federal Reserve Bank of Chicago—The Federal Reserve Bank of Chicago has developed several tools for managing money wisely. The website includes tips for setting financial goals, creating a budget, saving and effectively and spending wisely.

Office of the Comptroller of the Currency—Department of the Treasury. The Office of the Comptroller of the Currency (OCC) encourages bank participation in financial literacy initiatives. Involvement in these programs helps banks develop new customers while enhancing their visibility in the communities they serve. Bank participation in financial literacy programs also may receive positive consideration under the Community Reinvestment Act.

Office of Thrift Supervision—Department of the Treasury. The Office of Thrift Supervision promotes financial literacy through its community affairs activities and partnerships with various financial education organizations.

National Credit Union Administration—The National Credit Union Administration (NCUA) works with credit unions to provide opportunities for economic empowerment and access to low-cost financial services. The NCUA website features links to its "Access Across America" initiative and the agency's Share Insurance Estimator.

Office of Financial Education—Department of the Treasury. The mission for the OFE is to ensure that Americans have access to financial education programs and that they obtain the practical knowledge and skill sets that will enable them to make informed financial choices throughout various life stages. For example, the ability to evaluate credit card offers or the practical skill to compare retirement plans. The OFE also focuses Treasury’s financial education policymaking, and coordinates financial education initiatives within the Department and all of its bureaus.

Office of Consumer and Business Education—Federal Trade Commission. The Federal Trade Commission distributes several guides to using and effectively managing credit through its Consumer Protection website.

Get the Facts: The SEC's Roadmap to Saving and Investing—Securities and Exchange Commission, Office of Investor Education and Assistance. The Securities and Exchange Commission (SEC) offers a web-based adult financial literacy curriculum entitled, "Get the Facts: The SEC's Roadmap to Saving and Investing," through its web site. The program provides basic instruction in saving and investing.

Consumer and Family Economics—Department of Agriculture, Cooperative State Research, Education, and Extension Service. "Consumer and Family Economics" aligns with the USDA mission of providing economic opportunities for farm and rural residents. It supports the Cooperative State Research, Education, and Extension Service (CSREES) agency goal to enhance economic opportunities and quality of life among families and communities.

Financial Security in Later Life—Department of Agriculture, Cooperative State Research, Education, and Extension Service. Financial security is the ability to meet future needs while keeping pace with day-to-day obligations. Preparing for retirement and potential long-term care costs takes planning, saving, and debt control. This Cooperative Extension initiative seeks to help people improve personal finance behaviors leading to financial security in later life, enhance the capacity of local educators and their partners to deliver effective programs, and increase economic vitality and quality of life for families and communities.

Financial Readiness Campaign—Department of Defense. The Department of Defense has established the Financial Readiness Campaign to give servicemembers and their families a chance to learn more about personal finances and to encourage them to better manage their money. The campaign is directed toward junior enlisted servicemembers who are most at risk and spouses of service members who have not received the personal finance information that is part of military training.

Military Sentinel—Department of Defense. Military Sentinel is a project of the Federal Trade Commission and the Department of Defense to identify and target consumer protection issues that affect members of the United States Armed Forces and their families. Military Sentinel also provides a gateway to consumer education materials covering a wide range of consumer protection issues, from auto leasing, to identity theft, to work-at-home scams (delivered via the FTC website).

LIFELines Services Network—Department of Defense, United States Navy. The U.S. Navy's LIFELine Services Network is a web portal providing "Quality of Life" information to military personnel and their families. Through the LIFELines Financial Management section, military personnel are provided information and tools for saving money and handling income and expenses while enabling their family to work toward financial stability. Topics include budgeting, understanding income, understanding credit, investing, and retirement.

Federal Citizen Information Center—General Services Administration. The General Services Administration distributes financial education materials developed throughout the federal government through its Federal Citizen Information Center. The center acts as a clearinghouse, distributing various consumer-oriented publications via its website and regular mail dealing with personal finance, money, credit, investing & saving, and retirement planning, among other topics.

Building Native Communities: Financial Skills for Families is a curriculum designed to enhance the capacity of tribes, Native organizations, and people to better manage their financial assets. Tribal organizations, nonprofits, and banks can use this curriculum, developed through a partnership between First Nations Development Institute and the Fannie Mae Foundation, to improve consumer financial literacy in their communities.

The NeighborWorks Network includes the neighborhood revitalization and educational services offered by Neighborhood Reinvestment Corporation, Neighborhood Housing Services of America, and a national network of public and private partnerships. Through their “Financial Fitness Training Program” local NeighborWorks affiliates teach the basics of finances and consumer skills by addressing topics such as setting financial goals, assets and liabilities, and using banks wisely.

National Coalition Against Domestic Violence recognizes that for women in all socioeconomic brackets, financial literacy is essential to breaking the cycle of violence. NCADV's Financial Literacy Project addresses basic issues that many people take for granted, such as how to budget and balance a checkbook, while addressing the specialized needs of victims of domestic violence. Safety for battered women is key to increasing their financial independence. Simple financial matters become infinitely more complicated when compounded with the need to protect oneself from a violent, controlling individual.

Credit Management and Credit Repair—National Foundation for Credit Counseling is a national non-profit network of 1,450 Neighborhood Financial Care Centers designed to provide assistance to people dealing with stressful financial situations.

Consumer Credit Counseling Services is a nationwide nonprofit service, composed of local and regional affiliates, that offers free and confidential budget, credit, and housing counseling plus debt repayment plans.

Take Charge America, Inc. is committed to maintaining a highly trained professional staff that assists consumers to achieve self-reliance, financial stability and financial independence. Take Charge America, Inc. enables consumers to achieve these goals by providing education in core values of budgeting, short and long term financial planning and the proper use and management of consumer credit.

ONLINE PROGRAMS FOR TEENS AND ADULTS

The British Museum: (a look at money beginning with its earliest known minting (650-600 BC). International perspective: www.thebritishmuseum.ac.uk/

Chicago Fed On Reserve: a resource for economic educators: www.chicagofed.org/.

Choose to Save: www.choosetosave.org.

OCC Financial Literacy Resource Directory: www.occ.treas.gov/.

Freddie Mac's Credit Smart: www.freddiemac.com.

Guide to Financial Literacy Resources (Federal Reserve Bank of San Francisco, 32 pages): www.frbsf.org/.

Investing for Success (A partnership of the National Urban League, Coalition of Black Investors-Investment Education Fund and the Investment Company Institute Education Foundation): www.icief.org.

Maryland Public Television: www.mpt.org/senseanddollars

National Endowment for Financial Education (program for high school): www.nefe.org.

Northwestern Mutual Life Insurance Co. and the National Council of Economic Education: www.themint.org

Savings Tools (American Savings Education Council) includes various calculators: www.asec.org/toolshm.htm.

Visa program: www.practicalmoneyskills.com.