03 20 10 Wsu Bldg Financially Savvy Communities

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Financial Education: Who has it? How do I get it? Fin Ed Outreach: Harnessing the Power of Parntership

Financial Education: Who has it? How do I get it? Fin Ed Outreach: Harnessing the Power of Parntership

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  • 1. Pieces of the Financial Education Puzzle: Resources WSU Extension Horizons Rural Reflections Summit Building Financially Savvy Communities March 20, 2010 Lyn Peters Communications, Financial Education & Outreach
  • 2. Why is Fin Ed needed? 54% [of parents surveyed] have not discussed the difference between "needs" vs. "wants” [with their child] - The 2008 annual back-to-school survey from Capital One Only 59% of the young adults in Generation Y (ages18- 29) pay their bills on time every month. -The 2008 Financial Literacy Survey of adults, conducted on behalf of the National Foundation for Credit Counseling, Inc. and MSN Money Only about one in three parents (34%) has taught their teen how to balance a checkbook, and even fewer (29%) have explained how credit card interest and fees work. - Charles Schwab’s 2008 “Parents & Money” survey Washington State Department of Financial Institutions “Regulating financial services to protect and educate the public and promote economic vitality.”
  • 3. Fin Ed: Resources Who has it? Where is it? How do I get it? You don’t have to do it all alone – Harness the Power of Partnership! Washington State Department of Financial Institutions “Regulating financial services to protect and educate the public and promote economic vitality.”
  • 4. Fin Ed: Who has it? National organizations State agencies City/County Community Programs Private Businesses Non-Profit organizations (like MMI) Banks Credit Unions Washington State Department of Financial Institutions “Regulating financial services to protect and educate the public and promote economic vitality.”
  • 5. Fin Ed: Where is it? For Teaching Students www.dfi.wa.gov/financial-education - DFI’s Financial Education Clearinghouse – we did the work for you! http://www.flppp.org - Financial Education Public Private Partnership http://www.jumpstart.org - National standards for financial literacy. Searchable database for curriculum and resources. www.wajumpstart.org - Your local Jump$tart Coalition partners are here for YOU! www.jawashington.org – Junior Achievement Washington State Department of Financial Institutions “Regulating financial services to protect and educate the public and promote economic vitality.”
  • 6. Fin Ed: Where is it? For Teaching Students http://hsfpp.nefe.org/home/ - NEFE’s HS program is FREE and easy to use. (Watch for © issues) www.fdic.gov/consumers/consumer/moneysmart/yo ung.html Free, non-copyrighted curriculum - they also have an adult version National Youth Involvement Board for credit unions www.nyib.org/ http://fffl.councilforeconed.org - Financial Fitness for Life - OSPI is using this for a pilot program. Washington State Department of Financial Institutions “Regulating financial services to protect and educate the public and promote economic vitality.”
  • 7. Fin Ed: Where is it? For Teaching Students http://fefe.arizona.edu - U of A Family Economics and Financial Education www.debtslapped.org DFI worked with CENTS to distribute these CDs on credit/debt and college http://www.themint.org - Fun financial literacy activities for kids, teens, teachers, and parents. BizKids www.bizkids.com/ soon to be a Jump$tart WA partner! www.choosetosave.org A fun way to introduce fin ed concepts before launching into a curriculum. Washington State Department of Financial Institutions “Regulating financial services to protect and educate the public and promote economic vitality.”
  • 8. Fin Ed: Where is it? For Teaching Students www.mymoney.gov/kids.shtml from the U.S. Financial Literacy and Education Commission www.commoncraft.com/ Think UPS whiteboard ads on a variety of topics http://www.practicalmoneyskills.com - From Visa. Curriculum, games, activities, podcasts and more! www.moneyxlive.com/about.htm hip approach www.trlib.org/finra.htm Timberline Library & FINRA www.monetta.com/game.htm For the most part, the materials don’t push product. Interactive methods often engage more effectively. Washington State Department of Financial Institutions “Regulating financial services to protect and educate the public and promote economic vitality.”
  • 9. Fin Ed: Where is it? For Adults Washington Society of CPA's https://www.wscpa.org/wscpa/FinLit/ Federal Trade Commission for the Consumer http://www.ftc.gov/bcp/consumer.shtm Consumer Information from the Federal Government http://www.consumer.gov/yourmoney.htm 360 Degrees of Financial Literacy http://www.360financialliteracy.org/ Consumer University http://www.consumeruniversity.com/index.php North American Securities Administrators Association (NASAA) www.nasaa.org/ Washington State Department of Financial Institutions “Regulating financial services to protect and educate the public and promote economic vitality.”
  • 10. Fin Ed: Where is it? For Adults http://www.kiplinger.com - Online Web site for Kiplinger personal finance magazine. http://www.americasaves.org/resources/savings_tip. asp - Tips on saving money. http://www.mymoney.gov - Web site for national financial literacy and education commission. Links to resources. www.trlib.org/finra.htm Timberline Library & FINRA Washington State Department of Financial Institutions “Regulating financial services to protect and educate the public and promote economic vitality.”
  • 11. Fin Ed: Where is it? For Adults FINRA, AARP & DFI on Investment Fraud prevention: SaveAndInvest.org (888) 295-7422 The FTC is a great source for ID Theft: www.ftc.gov/bcp/edu/microsites/idtheft// OnGuardOnline is maintained by FTC with help from numerous government partners www.onguardonline.gov The SEC online fraud materials are at: www.sec.gov/investor/pubs/identavoidfraud.htm Washington State Department of Financial Institutions “Regulating financial services to protect and educate the public and promote economic vitality.”
  • 12. Fin Ed: How Do I Get It? Most non-profits, banks, credit unions, state and national programs are offered free of charge. Many private sector programs are also offered for free, but be certain to ask, some are fairly expensive – though worthwhile. Visit their Web sites and follow their steps for ordering. Washington State Department of Financial Institutions “Regulating financial services to protect and educate the public and promote economic vitality.”
  • 13. Who’s already doing it? Harness the Power of Partnership Jump$tart Washington - www.wajumpstart.org FEPPP – www.flppp.org WA Asset Building Coalitions – www.washingtonabc.org Heritage University Students In Free Enterprise (SIFE) Dept. of Retirement Systems – http://www.drs.wa.gov/ Washington State Department of Financial Institutions “Regulating financial services to protect and educate the public and promote economic vitality.”
  • 14. Who’s already doing it? Harness the Power of Partnership WA Society of CPA’s – www.wscpa.org Consumer University – www.consumeruniversity.com Consumer Jungle – www.consumerjungle.com Junior Achievement – www.ja.org King County-City of Seattle – www.everyoneiswelcome.org Washington State Department of Financial Institutions “Regulating financial services to protect and educate the public and promote economic vitality.”
  • 15. Questions? Washington State Department of Financial Institutions “Regulating financial services to protect and educate the public and promote economic vitality.”
  • 16. DFI: We’re here for YOU! • Contact Us: www.dfi.wa.gov 1.877.RING.DFI (746.4334) www.dfi.wa.gov/financial-education Lyn Peters Director of Communications & Financial Education & Outreach lyn.peters@dfi.wa.gov 360.902.8731 Washington State Department of Financial Institutions “Regulating financial services to protect and educate the public and promote economic vitality.”