innovations in financial education

INNOVATIONS
IN FINANCIAL EDUCATION
2015 EDITION
THE UNITED STATES CONFERENCE OF MAYORS
COUNCIL ON METRO ECONOMIES AND THE NEW AMERICAN CITY
a
The United States
Conference of Mayors
Kevin Johnson
Mayor of Sacramento
President
Stephanie Rawlings-Blake
Mayor of Baltimore
Vice President
Mick Cornett
Mayor of Oklahoma City
Second Vice President
Michael B. Coleman
Mayor of Columbus, Ohio
Chair, Council on Metro Economies
and the New American City
Tom Cochran
CEO and Executive Director
Washington, D.C.
May 2015
About The United States Conference of Mayors
The U.S. Conference of Mayors is the official nonpartisan organization of
cities with populations of 30,000 or more. There are 1,295 such cities in
the country today, and each city is represented in the Conference by its
chief elected official, the mayor. Like us on Facebook at facebook.com/
usmayors, or follow us on Twitter at twitter.com/usmayors.
About The DollarWise Campaign
The DollarWise Campaign is the official financial literacy and education
outreach effort of The United States Conference of Mayors and its Council
on Metro Economies and the New American City. Since 2004, hundreds
of cities have participated in the DollarWise Campaign. DollarWise
encourages mayors and city staff to address the growing need for
financial literacy in our nation’s cities. To assist cities in their efforts, the
Mayors’ National DollarWise Campaign works to build partnerships with
national organizations, including federal agencies, nonprofit groups,
and corporations that offer technical support, curricula, and financial
support. The Campaign also sponsors the DollarWise Innovation Grants
Program and the Summer Youth Campaign Program, which offers cities the
opportunity to win funding to enhance and expand creative and innovative
financial literacy efforts.
The founding sponsor of the DollarWise Campaign is the Bank of America
Charitable Foundation. For more information on the DollarWise Campaign,
please contact James Kirby at 202.861.6759 or [email protected], or
visit bedollarwise.org.
BEDOLLARWISE.org
Contents
Introduction
i
2015 DollarWise
Innovation Grant recipients
Hialeah
1
Lansing
5
Other 2015 DollarWise
Innovation Grant finalists
Akron
9
Alexandria
12
Charlotte
15
Chester
18
Columbus
21
Kansas City
23
Omaha
26
Seattle
Tacoma
Missoula
Boston
Hartford
Providence
Milwaukee
Norwalk Bridgeport
Chicago
Detroit
New York
Quad Cities
Chester
Gary Pittsburgh
Philadelphia
Omaha
Kokomo
Baltimore
Columbus
Quincy
Cincinnati
Charlottesville
Kansas City
Louisville
Norfolk
St. Louis
Wichita
Bowling Green
Lansing
San Francisco
Richmond
Pleasanton
Fresno
Denver
Santa Fe
Avondale
Charlotte
Phoenix
Dallas
Baton Rouge
Houston
Jackson
Savannah
Columbus
Hattiesburg
Jacksonville
New Orleans
Palm Bay
Hialeah
Miami
Caguas
DollarWise grant recipients
since 2004
Innovation Grant
i
Summer Youth Campaign (SYC) Grant
Introduction
Innovations in Financial Education is the annual
publication that highlights the winners and finalists
of the DollarWise Innovation Grants program.
As finalists, these cities have among the best
financial literacy programs in the nation.
DollarWise invites mayors, their staff, and other
interested parties to review the profiles of these
cities’ efforts to garner ideas and inspiration for
their own financial education campaigns.
The United States Conference of Mayors asks
every city to make a commitment to financial
education and participate in DollarWise. Together,
we are building a strong foundation for the future
of our communities and those who call them
home.
What is DollarWise?
What are Innovation Grants?
DollarWise supports the goals and objectives of
the National Strategy for Financial Education
2011, released by the federal Financial Literacy
and Education Commission in December
2010. The Campaign invites mayors and city
staff to examine their communities’ financial
education needs; create an action plan; and forge
partnerships with financial institutions, faithbased groups, non-profits, local businesses, and
others in the community to address this important
issue. DollarWise offers support through its
two grants programs, technical assistance, and
collaboration with national organizations.
Underwritten by the Bank of America Charitable
Foundation, the founding sponsor of DollarWise,
the Innovation Grants comprise an annual
program that recognizes the most creative and
innovative local financial education efforts
underway in America today. Innovation Grants of
$15,000 each are awarded each year and can be
used by the recipient cities to expand and enhance
a variety of programs. Applications are accepted
each fall, and the awards are presented at The
United States Conference of Mayors’ winter
meeting in Washington, D.C.
ii
1
← Hialeah residents engaging in Hialeah
Reads! financial education classes.
2015
Innovation Grant recipient
Hialeah
For the past three years, the City of Hialeah’s
Parks and Recreation Department has continued
its efforts to create a more financial empowered
community. Hialeah Reads!, English as a Second
Language (ESL) and Financial Literacy, and the
Early Prevention Intervention Program are three
of the major programs established in partnership
with various City departments, local schools,
financial institutions, and the City of Hialeah’s
administrative staff.
Hialeah Reads!
To educate Hialeah’s adult community, the city
will expand the Hialeah Reads! adult literacy
programs. Through Hialeah Reads!, the City
offers conversational English classes for adults,
one-on-one basic literacy assistance for adults,
among many other family literacy programs.
Many of the adults who attend these classes
have recently arrived from other countries and
do not have the resources to consult with a
financial advisor and learn how to get financially
organized. DollarWise funds will be used to
educate these adults on the basic rules of survival
every adult should have in order to meet their
financial obligations on a daily basis. The
financial literacy program will target 30 to 55
year olds who receive ESL instruction offered at
Hialeah’s public library systems.
English as a Second Language and Financial
Literacy
Through the partnership with Miami-Dade
County Public Schools, the City of Hialeah has
successfully hosted adult English as a Second
Language classes for the past 20 years. Two
hours of weekly instruction will be dedicated to
discussing financial literacy and creating healthy
money habits for residents who are not familiar
with the U.S. financial system. This designated
instruction will take place at the two library
branches where adult ESL programs are offered,
John F. Kennedy Library and Wilde E-Library.
The classes will be held on weekday mornings.
Mayor Carlos A.
Hernandez
The comprehensive curriculum will begin
with the coaching on basic tasks of managing
personal finances and ending with components
such as investment opportunities and retirement
planning. To start, adult students will be asked
to recognize different forms of cash flow. After
2
this is established, adults will need to identify essential
monthly financial obligations such as rent responsibilities,
insurance costs, car payments, and personal expenses. This
will be the foundation of creating a personalized budget
document. Organizing a physical budget will help adults
realize what expenses can be cut and reallocated toward
savings goals. Savings are a key element for financial success
and if these adults do not prioritize their financial goals,
a realistic action plan will be impossible to establish. To
further enhance their educational experience, future plans
include a financial institution collaborating on the technical
explanation of using a checking and savings account, similar
to the Early Prevention Intervention (EPI) program.
Many of these adult students migrate from countries where
a credit system is not established and all transactions
are done on a cash basis. Differentiating types of credit,
explaining their advantages and disadvantages, and
comprehending proper utilization of credit will all be
discussed. It will begin with the basic understanding of
applying for a credit card, which can be facilitated by our
bank representatives. This will help them understand that
creating a credit history and maintaining a progressive
credit health will give lenders more confidence to lend
them money. Examples of credit reports will be used as
curriculum in the classroom and tips will be given on how
to keep this score at a desirable level.
Disadvantages of excessive debt loads will also be
recognized and the burden it might cause if dues remain
unpaid for long periods of time. Ultimately, this lesson
will convey the message that good credit can be a gateway
for future purchases of valuable goods such as car or
home. Once all this terminology and practices have been
instilled, more advanced topics will be addressed including
investment and retirement planning.
Saving efficiently is very important, but these adults must
realize that abundant financial growth is only achieved
by strategic investments. Exposure to different investment
3
vehicles will also be assessed. For these advanced topics,
guest speakers with a financial services background will be
scheduled to visit the participants during the duration of the
program and enhance the learning experience for the adult
students.
At the conclusion of the six-month course, the adult
students should have a broad comprehension of how to
successfully thrive in the financial system. New immigrants
face several obstacles to using the U.S. banking system,
including a distrust of banks, a language barrier, lack
of knowledge about legal banking terminology, and the
unawareness of proper investment tools. As a municipality,
it is important that we address these issues and build
confidence in our adult immigrant community so they can
effectively utilize the banking system and eventually get on
the path to homeownership. This guide will be developed
with the purpose of providing financial education to the
unbanked of the City of Hialeah community, the immigrant
population.
Hialeah’s Early Prevention Intervention Program
Hialeah’s Early Prevention Intervention (EPI) program was
originally established through a partnership with the Florida
Health Department (FDOH) in 1992. At the time, the
community was experiencing an alarming increase of young
adult delinquency in the community. Bearing in mind this
issue, The FDOH and Students Working against Tobacco
joined with the City of Hialeah to create this program. The
main goal was to target “at risk” youth (12-17 years old) in
the community and prevent these individuals from making
harmful decisions. The program produced positive results
in the community, but this well-developed program lacked
one component, financial education. It wasn’t until the
coalition between Wells Fargo and the City of Hialeah’s EPI
program began that a strong financial education component
was added to the program. Advocates of the program are
present on graduation day to show their support. Two lucky
students are chosen to receive a checking account
with funds of $100.
Today, through the support of all our program
sponsors we have been able to grow EPI’s
financial program of study. Thanks to the funding
of the FDOH, Wells Fargo, and local sports teams
such as the Miami Heat and the Miami Dolphins
the financial portion of the program has grown
immensely. The funding from these multiple
organizations help provide the resources needed
for the Program/Checking Account Internet
Service, guest speakers, and the transportation to
tours of local financial intuitions.
Mayoral and city support
The City of Hialeah mayor and council support
this new adult financial literacy program. Other
than assistance from local financial institutions,
it is important to involve skilled professionals
that can best relate to these adult students. The
City of Hialeah administrative staff, financial
directors, risk management representatives, and
administrators from public works will all take
part in the educational experience of these adult
students.
↑ Hialeah
Mayor Carlos
Hernandez
and members
of the Hialeah
City Council
accepting
DollarWise
Innovation Grant
award.
4
Lansing Mayor Virgil Bernero speaks with a
resident at the 2nd anniversary celebration
of the Financial Empowerment Center. →
2015
Innovation Grant recipient
Lansing
Office of Financial Empowerment Center
Mayor
Virgil Bernero
Lansing’s Office of Financial Empowerment
Center was created in March 2013 through a
partnership between the City and Capital Area
Community Services, a local community action
agency. The Office of Financial Empowerment
Center delivers free, one-on-one financial
counseling. The Financial Empowerment Center
model focuses on four service plans: Credit, Debt,
Savings, and Banking. To date, the Center has
delivered over 4,500 free one-on-one financial
counseling sessions to over 1,700 residents.
These sessions have resulted in over $2 million in
cumulative debt reduction and over $148,000 in
cumulative savings increase.
Financial counseling addresses the root of
financial instability (behaviors) while alleviating
its symptoms (crisis needs). The power of
community partnerships makes this possible, as
the Center integrates services with a number of
community organizations, resulting in a holistic
and personalized approach to meeting client
needs. Four full-time counselors have education
and experience in both the financial and social
work fields, and received 48 hours of training
at Lansing Community College in financial
counseling. Lansing’s target audiences are:
5
•
The unbanked or underbanked, identified in
part through a partnership with the Volunteer
Income Tax Assistance (VITA) program.
•
Those having difficulty meeting basic needs.
•
Ex-offenders.
•
The homeless or in danger of becoming
homeless.
The Center’s counselors connect clients to
resources by referring them to financial
institutions, foreclosure prevention specialists,
homebuyer education, public benefits, legal
services, workforce development, workshops,
and free income tax return preparation. The
City’s “theory of change” is that this integrated,
referral-based strategy will produce measurable,
positive improvements in Lansing residents’
financial stability, at scale.
“Innovation by integration”
The Financial Empowerment Center’s approach
is one of “innovation by integration”. The proper
choice of integration point is the most important
success indicator. For example, the Center
6
partners with Ingham Parole to counsel parolees who are
living in state-funded housing. These parolees have nowhere
else to live because they are without family support and
have committed a crime that precludes them from staying
in a public shelter. The integration point chosen for this
group is the monthly housing review meeting with a parole
supervisor. The financial counselor is on-site at the parole
office. The 40 individuals in this pilot since January have
attended 139 counseling sessions, reduced over $32,000
in debt, increased savings by $3,500, and opened 14
bank accounts, and 24 of the parolees have successfully
transitioned out of state-funded housing.
Financial education in public housing
Lansing’s goal is to continue to seek out ideal integration
points within existing services in which to insert financial
counseling, in order to improve the overall financial health
and behaviors of Lansing’s residents. Lansing’s goals are to:
1. Hire a part-time administrative staff person to serve as
a liaison between Lansing Housing Commission and
the Financial Empowerment Center.
2. Prevent evictions from public housing and improve
on-time rent payments by helping residents budget and
plan for rent expense and become more aware of the
financial impact of late fees.
3. Deliver 48 hours of financial counseling training to
the staff person so that he or she may establish a series
of workshops at each of the five housing complexes
focused on Basic Budgeting, Benefits of Banking, Credit
Reports and Scores, and Advanced Budgeting, in
addition to the counseling sessions.
4. Assist residents in achieving improved financial stability
(measured by changes in credit score, debt, savings
behavior and increase, and banking status) by delivering
financial counseling services to a minimum of 100
7
public housing residents.
5. Utilize the City’s partnership with Center for Financial
Health, a HUD-certified housing counseling agency, to
direct residents into home-buyer education and downpayment assistance services so that they may eventually
realize the dream of homeownership when ready.
Mayoral and city commitment
Mayor Bernero has been a vocal advocate for the Financial
Empowerment Center model. He established the Office
of Financial Empowerment within the City government
structure in January 2013 in order to give the program
permanence and visibility. The Mayor has also hosted the
annual Financial Empowerment Center birthday party (over
200 clients and partner representatives attended this event
in 2013), has co-written an op-ed piece in the Lansing State
Journal with the Center’s director, has issued several press
releases on the Center’s progress, hosted a launch press
conference and one for first year results, and has committed
$116,000 per year in funding to the program beginning in
2016. In addition, the Center is overseen by an Advisory
Council, whose eight members include the City Treasurer,
the Director of the City’s Human Relations and Community
Services Department, the Director of the City’s Office of
Community and Faith-Based Initiatives, and the Mayor’s
Chief of Staff. City Departments account for 4% of all new
client referrals to the Financial Empowerment Center.
Community partnerships
Seven partners offer office space for counselors so they may
be fully integrated on-site. Capital Area Community Services
(CACS) houses two full-time counselors. Counselors are
housed on a regular part-time basis at the Ingham County
Parole Office, Head Start, Advent House Ministries,
Tabernacle of David Church, Ingham County Department
of Human Services, and the Volunteers of America homeless
veterans’ shelter. In 2015, the VITA Super Center
site will become an on-site partner, to integrate
counseling at the moment of free income tax
preparation.
Referral partners are those with whom we share a
mutual referral relationship. There are 18 official
referral partners including Asset Independence
Coalition, Center for Financial Health, 2-1-1,
Christian Services/LOVE Inc., City of Lansing
Treasurer, Head Start, and Ingham County
Treasurer. Representatives from each partner have
met monthly since before the Center’s opening,
and have great influence over the direction of the
program. All referrals to and from the Center are
recorded in Efforts to Outcomes (ETO) software
and reported at the monthly meeting, along
with Demographics reports. We are also proud
to partner with PNC Bank, Flagstar Bank, and
CASE Credit Union who are approved Bank On
partners.
↑ Lansing
Mayor Virgil
Bernero with
residents,
celebrating the
2nd annual
Financial
Empowerment
Center
anniversary.
8
Akron
PeaceMakers
Mayor
Don Plusquellic
9
In spring 2014 members of the City of Akron’s
PeaceMakers facilitated financial literacy
workshops for their peers. The PeaceMakers is
an anti-crime/youth civic program designed to
facilitate relations among Akron’s youth, their
government, community organizations, and
police. When working with youth in the context
of financial education training, the program
exceeded its goal of delivering information to
40 high school students. Ninety-four percent
of participants indicated that they would use
the curricula to help guide their future financial
decisions. These results strengthened Akron’s
commitment to provide a platform where high
school students and young adults can develop
skills to build a strong foundation for lifelong
financial competence.
Teen and Money workshops
The Teen and Money workshops are designed to
be fun, interactive, and educational. During the
workshops, youth receive tools needed to prepare
for their first credit card, manage student loans,
and start saving for the future. Each participant
also receives a workbook and is given a survey
both before and after the workshop, to measure
the level of training effectiveness. A three-month
follow-up evaluation is also conducted with each
participant. As an added benefit,facilitators and
participants delivering or completing the training
also qualify for college scholarships sponsored by
Akron’s partners.
Akron plans to expand the Teen and Money
workshops to youth attending its eight public
high schools, and offer out-of-school options for
those not attending traditional or public schools.
Akron also aims to provide youth and adult
facilitators with professional training, to purchase
classroom teaching aids and student materials.
Interactive visual aids, including an audience
response system and visual displays, will be used
to enhance the workshop curriculum and to
capture program data to gauge its effectiveness.
10
PROGRAM PARTNERS
Akron Public Schools (APS) is the fifth largest district
in Ohio, with approximately 22,000 students enrolled.
Its partnership with the City will help promote character
building initiatives, which will include its financial
literacy campaign. APS helps to actively promote the
program, assist with identifying participants and
workshop space.
The Akron-Summit County Public Library (ASCPL)
provides resources for learning, information services,
meeting spaces, and programs for all ages. ASCPL
provides meeting space for workshops and training, as
well as promotion of workshops through their online
calendar. It also distributes promotional flyers to their
11 Akron branches.
Junior Achievement–North provides economic education
beginning in the earliest years of learning, for students
at all economic levels. They assist with training
facilitators and promoting the workshops through their
program.
Greenleaf Family Center is dedicated to strengthening
families in the community through counseling,
education, and support. Their Credit Happens financial
education workshops provide an additional resource
for adults needing a more intensive program. They also
assist with training adult facilitators.
11
Looking to the future
Additionally, Akron aims to add adult, in-person
workshops, using the Better Money Habits curriculum
powered by Bank of America and Khan Academy, as well
as an online component, to reach older adults and to
provide flexibility. In a 45-minute class format, lessons will
be expanded to include debt, home buying, and renting.
Workshops will be offered in the spring and fall for youth
and adults, with summer sessions for high school students.
Using H&R Block’s Dollars and Sense curriculum, Akron
aims to increase the availability of financial literacy
education to students, ages 14 to 22 years old. Lesson plans
will be 30 minutes in length so that high school students can
attend sessions during a lunch break or a study hall. Outof-school sessions at public libraries, community centers,
and with other community partners will also be available
to accommodate youth outside of the public school system
or those needing flexible options. In conjunction with
print and social media outreach, Akron utilizes over 100
high school and alumni members to promote workshops
and identify participants. They distribute thousands of
informational flyers and brochures to their friends and
peers and personally reach out to administrators, teachers,
and counselors to help recruit participants. Akron will
develop marketing strategies, using printed materials,
email campaigns, social media, websites, billboards,
and community newsletters. Akron will also assist with
identifying and establishing relationships with community
partners and financial institutions.
Alexandria
City of Alexandria DollarWise Committee
The City of Alexandria DollarWise Committee
was organized in September 2008 with the
goal of providing financial education to
the citizens of Alexandria and consists of
financial organizations, community groups,
nonprofit organizations, local businesses, civic
organizations, and City departments.
The initial financial literacy kickoff event was
an opportunity for citizens to meet various
organizations involved in the financial literacy
campaign while allowing the committee an
opportunity to gauge the needs of the community.
The collaborating organizations provided stations
with representatives disseminating brochures
while engaging in conversations with citizens. The
committee sponsored breakout sessions dealing
with homeownership, credit, savings, and credit
unions.
FDIC Money Smart
One of the committee’s first projects was
educating youth in financial literacy, instructing
students on the basics of personal finance and
money management while enhancing fiscal
responsibility.
The FDIC Money Smart Curriculum was issued
to youth in TC Williams High School. To instruct
the students, the Committee utilized: the Bank
on It, Charge It Right, Pay yourself First, and the
Paying for College and Cars modules. Instructors
presented one module each week, for four weeks,
requiring one hour of instruction time. Before
completing the modules, students are given a
pretest and a posttest to evaluate what they
learned. Successful completion of all four modules
qualified students to receive a $100 savings bond.
Mayor
William D. Euille
The Kids Marketplace
The Kids Marketplace, offered by a local credit
union, is a personal finance simulation for middle
schools students that introduces them to real
life financial decisions. The program provides
the students with the opportunity to create a
real budget. Students face decisions on how to
manage and spend their income. The committee
participated in the Kids Marketplace at various
locations in the area: George Washington Middle
School, Frances Hammond Middle School,
Cora Kelly Library, and the Charles Houston
Recreation Center.
12
13
← Participants in the Kids
Marketplace program.
The committee also awarded each
participating student five dollars.
The students went on a field trip to
CommonWealth One Credit Union to
open a savings account in their names
and deposit the five dollars.
Looking forward
The City of Alexandria DollarWise
Committee aims to focus a portion of its
programming on the Northern Virginia
Juvenile Detention Center School. The
Northern Virginia Juvenile Detention
Center School is a regional state-operated
program that provides educational
services for school-aged students who
reside at the detention center. The
committee will utilize the FDIC Money
Smart Modules for Young Adults to
instruct students to make informed
financial decisions to reintegrate into the
community. Many students lack basic
skills in personal financial management.
Many are unable to balance a checkbook
and have little knowledge of the basic
principles involved with earning,
spending, credit, and investing. The
classes are small in the juvenile detention
center which will allow the committee
the opportunity to provide one-on-one
instruction to the students.
Many of these students will have the
opportunity to attend the T.C. Williams
Satellite Campus. The satellite campus
is designed to deliver a 21st century
curriculum that is flexible in scheduling
and student-centered in support. This
opportunity prepares the student to
compete in the global marketplace,
but with an approach that recognizes
the challenges the student may face in
completing their education.
The committee hopes to sponsor an essay
contest on budgeting. Students would be
required to take a salary as determined
by the committee and budget for living
expenses: groceries, clothing, insurance,
transportation, and depositing money
into a savings account on a monthly
basis. The students would be required to
contact merchants to get cost analysis to
stay within the budget and would have
to supply supporting documentation
for every entry of their budget. A panel
would select the essay winner.
The committee will evaluate the
effectiveness of the program by
evaluations from all participants.
Pretesting and posttesting of financial
literacy classes and conferences with
students, adults, and director of
programs to gauge how the program is
working and what we can do to enhance
the program.
The committee also hopes to bring
financial literacy into the adult detention
centers and community lodgings while
continuing their financial literacy efforts
in the community and schools.
PARTNERS
The City of Alexandria
DollarWise Committee
partners with:
•
Alexandria
Rehabilitation and
Housing Authority
•
City of Alexandria
Consumer Affairs
Commission
•
Community Financial
Services Association
•
City of Alexandria
Housing Department
•
Community and Human
Services Department
•
Virginia Cooperative
Extension Program
•
CommonWealth One
Credit Union
•
The Urban League
•
Loan Max
The instructors for the
seminars, workshops
and financial literacy
classes come from these
organizations. The
Committee partners with
these organizations and
promotes the Dollar Wise
program while participating
in their events.
14
Youth involved in the
Mayors’ Youth Employment Program. →
Charlotte
Mayor’s Youth Employment Program Career Readiness
Mayor Daniel
Clodfelter
Financial education is provided to participants
in the City of Charlotte’s Mayor’s Youth
Employment Program Career Readiness Training
Certification. This certification is offered to
students in 15 local high schools during the fall
and winter quarters. The training, predominantly
offered during the school day, provides students
with essential content which includes budgeting,
net worth, banking products (checking, savings,
money market), taxes, student loans, credit scores
and identity theft, and online banking. This
curriculum, specifically developed by certified
trainers for the City of Charlotte, is held in
high regard by school administration and chief
Academy administrators. The certification is
required to receive a paid summer internship
opportunity through the Mayor’s Youth
Employment Program. The certification, valid
for one year, can also be used to help students in
sourcing other employment opportunities.
Bank of America
Bank of America has been a prominent supporter
of Charlotte’s program by funding internships for
students once they complete Career Readiness
15
Training, some in their very own banking centers.
Charlotte-Mecklenburg Schools, the local school
district, has also been a great advocate to source
students who would be ideal candidates for
our educational initiatives while providing the
facilities for us to offer our trainings.
Career Discovery Day
Up to 4,000 students annually have the ability
to learn about the finance industry at the annual
Charlotte Career Discovery Day, a countywide event that allows students to explore key
Charlotte-area job sectors. Both the certification
and Career Discovery Day are highly effective.
The curriculum includes interactive and proactive
financial tools and activities. Prior to attending
the certification sessions, students complete a
cost-of-living exercise where they must allocate
projected take-home pay against living expenses
in a selected city. While in the classroom, learning
continues through lessons that feature interactive
polling.
Students then take on the role of instructor to
teach classmates about various financial topics,
relying upon a student workbook and internet
16
resources. As the students complete their experience,
facilitators ask the students key questions related to the
topic being presented to ensure understanding. Students
complete an assessment upon the culmination of the session
that highlights skills and knowledge attained. Students are
selected for participation through their Career Development
Coordinators (CDCs) and are predominantly ages 16 to 18;
CDCs take referrals from all other in-school partners, such
as Y Achievers and Right Moves for Youth, in compiling
their lists.
Looking to the future
Charlotte aims to expand the opportunity for financial
literacy training to all Charlotte-Mecklenburg high school
students—grades 9 through 12—and other youth in the
community at the middle and high school ages. This
program will allow for up to 500 students to participate at
in-class training events facilitated by Next Level Experience,
LLC, the certified training partner who has worked with the
City to create and deliver the existing financial education
module. Each workshop will run for approximately two
hours.
As training materials will be available for the community,
other educational staff will be able to facilitate training
to students outside this initial group, making the number
of students that can be impacted from this near limitless.
To aid in this effort, Next Level Experience, LLC, will
administer a “train the trainer” experience for interested
community partners.
Mayoral support
The City of Charlotte provides financial support for the
Mayor’s Youth Employment Program, including the Career
Readiness Training Certification. Certificates for the Career
Readiness Training are signed by the mayor. The Certificate
of Completion for students attending the financial literacy
17
training facilitated by Next Level Experience, LLC, will also
be signed by the Mayor. The Mayor’s Office and the City as
a whole are committed to exploring the topic of economic
mobility and views financial literacy education for youth to
be a key component of addressing this issue as a community.
In-school partners
In-school partners include: Communities In Schools,
Right Moves for Youth, Y Achievers, National Academic
Foundation (NAF), and ACE Mentoring. These partners aid
school staff in selecting students for opportunities. Certified
facilitators from Next Level Experience, LLC have helped
in the creation and execution of curricular materials. The
City of Charlotte funds the program through general budget
dollars, and the Park Ministries provides in-kind support for
the venue where the Career Discovery Day event is held.
Chester
WorkReady Chester
WorkReady Chester is an internationallyrecognized summer employment program
endorsed by the regional business sector and
managed by the City of Chester’s Workforce
Development team. WorkReady Chester cultivates
exemplary leaders by providing high-quality
workplace exposure and relevant professional
development training to Chester youth ages 16
to 21. Youth learn the value of transferrable
skills including accountability, productivity, and
teamwork, while gaining hands-on experience in
an industry of their choice.
Currently, the City of Chester centers its
financial education focus on young adults via
the WorkReady Chester program. Although
summer internships are funded primarily through
the business community, WorkReady Chester
has recently received financial support from
DollarWise and Rotary International to expand
its impact in the Chester community.
The theme for 2015 programming is
“Leadership, Innovation, and Entrepreneurism”.
Accordingly, WorkReady Chester has partnered
with Entrepreneur Works, a nonprofit
organization focused on growing businesses
and jobs throughout the region. The mission of
Entrepreneur Works is to “cultivate and promote
successful entrepreneurs in underserved areas of
the Greater Philadelphia region”. Entrepreneur
Works will take the lead on designing curriculum
and coordinating entrepreneurial enrichment for
youth.
Financial literacy in the context of youth
entrepreneurship
Mayor
John A. Linder
Each year, WorkReady Chester has a captive
audience of young people that are eager to
develop both personally and professionally.
Many of these youth express a desire to build
an entrepreneurial career after completing their
education. Still, for young people pursuing
“traditional” careers, it is evident that workplace
transition typically occurs every 3 to 5 years. In
this climate, professionals must possess dynamic
transferrable skills that harness innovation,
leadership, and an entrepreneurial spirit to
remain successful. WorkReady Chester recognizes
this fact and plans to effectively prepare its youth
for the modern workforce by cultivating these
skillsets.
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19
← WorkReady Chester staff
with youth participants.
Considering its 2015 entrepreneurial focus, WorkReady
Chester’s financial literacy approach is unique in that
youth will not only receive personal finance instruction
in budgeting, saving, credit management, and retirement
planning but they will also receive financial literacy
instruction and support for their businesses. Here, youth
will have the opportunity to immediately practice the
financial principles they learn. Specifically, as our young
people root themselves in effective money management,
WorkReady Chester will allow youth to shop local banking
institutions to determine which company is the best fit for
them. This will be coordinated via a presentation and meetand-greet event called Meet the Bankers at Chester City
Hall.
Looking to the future:
Leadership, innovation, and entrepreneurship
WorkReady Chester will encourage youth to think critically
to identify innovative business concepts and develop viable
business plans. Youth will also work under the instruction
of Entrepreneur Works to launch their businesses.
Entrepreneur Works will cofacilitate weekly professional
development seminars that teach our young people
(approximately 50 interns) how to build their own
businesses. Youth will work in small groups to identify a
business concept, write a detailed business plan, and prepare
an operation budget for their company. Each small group
will present their businesses to their peers and program
staff. From these presentations, youth will be selected to
continue to work with Entrepreneur Works in the fall and
winter. WorkReady will create scholarships that will go
toward internship opportunities, curriculum development,
and training resources.
and one-on-one business advisement in marketing, and
sales. After which, youth will be asked to present their
businesses in a format similar to the popular ABC show
Shark Tank. Key members of the business community, such
as the Chester Business Association, Institute for Economic
Development, among others, will rank the businesses and
allot seed money to youth based on their rankings.
Mayoral investment
Mayor John A. Linder has focused much of his
administration around education, economic development,
and increased opportunity for Chester residents. As a
former college professor, Mayor Linder understands the
impact of quality resources and a strong support system,
particularly for young people. In this spirit, he has been an
avid supporter of youth development programs in Chester,
including WorkReady Chester. Each year, the City of Chester
funds at least 10 internship slots and hosts young people
in various departments throughout Chester City Hall. In
addition, Mayor Linder will often visit weekly professional
development seminars during the summer to speak with
WorkReady interns about decision making and planning for
the future.
Entrepreneur Works will also work with youth for six
months to develop and launch their businesses. Chester
will also provide technical assistance, small group training,
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Columbus
OhioMeansJobs Columbus-Franklin County
OhioMeansJobs Columbus-Franklin County
provides financial literacy for both youth and
adults. The program targets jobseekers who
utilize the career center, which prepares the
underemployed for jobs. The program also
targets low-income individuals receiving public
assistance, as well as people receiving services
from other community-based organizations.
Mayor Michael
B. Coleman
OhioMeansJobs Advisory Group
OhioMeansJobs plans to create an advisory
group that will provide referrals from their
organizations and assist with recruitment.
The curriculum will be designed to increase
employability by linking financial management
to job opportunities and earnings and increase
income effectiveness for job retention. Materials
will come from existing information as well as
information gathered through research of best
practices. The program will teach individuals
the importance of using income effectively
as it relates to job retention. In particular, it
will teach participants about the cost of work
expenses such as clothing, shoes, tools, childcare,
and transportation. The program will focus on
21
low- to moderate-income individuals, especially
low-income women reaching financial stability;
effectiveness of the campaign will be measured
by evaluations submitted by the participants and
advisory group representatives. Periodic surveys
will be sent to the participants over a 12-month
period to measure financial progress. Focus
groups will be conducted to gather feedback from
the participants completing the program, on a
quarterly basis.
An innovative program
Columbus plans to develop, deliver, and validate
a customized Financial Literacy Program teaching
jobseekers and underemployed individuals
effective management of personal finances. It will
also illustrate the importance of money and credit
management as well as lifestyle options. Having
this knowledge is an important empowerment
that will strengthen the participants’ self-image
and sense of worth; produce a positive effect
on the participant’s employability; improve the
participant’s quality of life related to monetary
issues; provide a positive role-model experience
to the participant’s family and acquaintances;
strengthen the economic and social health of the
community.
COMMUNITY PARTNERS
Mayoral support
Mayor Michael B. Coleman, city staff, and city
council members are very active and supportive of
the training and employment programs as well as
the financial education efforts COWIC provides
for jobseekers and underemployed individuals.
Mayor Coleman initiated the development of
two specific programs, Restoration Academy for
ex-offenders and the Sherwin Williams Painting
program. The mayor wanted the Restoration
Academy to be a rigorous, six-month holistic
internship program that included health
screenings, dental services, Y-memberships,
health coaches, nutrition, community gardening,
and job preparation training that included a
financial literacy unit to teach the participants
how employment or owning their own business
would generate “legal” income that would create
financial stability for the individual as well as for
the family.
•
Job Opportunities Bring Success (JOBS) and the Career
Assistance Starts Here (CASH) programs
•
Franklin County Department of Job and Family Services and
COWIC
•
Columbus Urban League
•
Restoration Academy
•
IMPACT Community Action Agency
•
KEMBA Credit Union
•
Chase Bank
•
Sherwin Williams Painting program
•
Jewish Family Services
•
Rapid Response
•
Goodwill Columbus
•
Columbus Community
•
LogisticArts program
•
Department of Labor
•
FastPath
•
United Way of Central Ohio
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23
← A youth engaged in the Kansas City
Bright Future Internship Program.
Kansas City
Bright Future Internship Program
Kansas City’s Bright Future Internship Program is
administered through the Mayor’s Office of Civic
and Community Engagement. For the past 10
years, this program has employed approximately
100 youth and young adults ages 16 and older
for eight weeks each summer in part-time, paid
internship positions within City departments.
The Bright Future Internship Fair, held each
spring, allows for City departments to interview
and select interested participants based on their
compatibility and skill-level.
One component of Bright Future mandates that
participants receive financial literacy training.
In 2014, with the help of a DollarWise grant,
the Bright Future program was able to partner
with Metropolitan Community College’s
Institute for Workforce Development to provide
this training. Through this partnership, Bright
Future participants received eight hours of
financial literacy training that aided them
in better understanding their personal and
professional financial goals and strategies. The
course introduced students to the core concepts
of financial literacy, including budgeting,
banking accounts, credit and debt, saving and
investing, and student financial aid. The material
and content for the course featured targeted,
relevant issues important to this demographic.
The ultimate goal of this course was to have
an immediate and meaningful impact on
the participants, leading them to engage in
responsible financial practices and positive
behavior.
Looking forward
Mayor Sly James
Kansas City looks forward to enhancing its
existing program through providing resources
to expand opportunities of financial education
to youth and young adults in Kansas City. These
new opportunities would have the possibility
of providing over 500 young people with the
financial tools and resources needed to be
successful, such as managing a checkbook,
budgeting, investments, credit reporting, and
lending. Currently, the Missouri Department of
Elementary and Secondary Education requires
high school students to pass a one-semester
personal finance course in order to qualify for
high school graduation. This course teaches
foundational content such as banking basics, the
role of credit, budgeting, saving, and investing.
24
PARTNERS
The Bright Future program has previously
partnered with the Metropolitan Community
College - Penn Valley and the Federal Reserve
Bank of Kansas City. Kansas City has recently
held preliminary meetings with each of their
partners for 2015, as follows:
Catholic Charities of Kansas City-St. Joseph
is a social-service agency that works to
improve the lives of impoverished Kansas
Citians by providing critical information and
services.
The United Way of Greater Kansas City works
to alleviate poverty, enhance the well-being
and career readiness of individuals, and
improve literacy rates within the Kansas City community.
It is through this partnership that Kansas City will
provide individuals with greater knowledge of and
access to Individual Development Accounts (IDAs).
Next Step KC is a nonprofit organization that works to
strengthen Kansas City families by providing access
to financial products, educational opportunities, and
services, including tax preparation, which helps to move
people from financial dependency to independence and
stability.
Each of these community partners will work to
enhance our financial literacy curriculum and coaching
in the following three areas: entrepreneurship,
homeownership, and post-secondary education.
25
But, because it is a high school course, the opportunity to
provide practical applications is limited. This new program
will be facilitated year-round with the help of partners
such as Catholic Charities of Kansas City-St. Joseph, the
United Way of Greater Kansas City, Next Step KC, and local
schools to provide additional personal finance management
tools and financial coaching/counseling.
Omaha
The City of Omaha has a history of supporting
programs that build financial capacity. The
City was an initial partner in the Omaha EITC
Coalition and Creighton University’s Financial
Hope Collaborative (FHC). The mayor’s office
has partnered with both initiatives for over ten
years by serving on their boards and connecting
them with financial resources. The Omaha EITC
Coalition tracks the number of returns, the total
dollar amount of the refunds, and the number of
bank accounts opened.
In 2009, the City and FHC launched the Bank
on the Heartland Campaign in partnership with
nine financial institutions. Providing residents
with access to the financial mainstream through
a bank account is critical in promoting financial
stability. Outreach efforts include participation
in numerous community events from schools to
churches.
The City funds Family Housing Advisory
Services, the only HUD approved financial
counseling agency, to provide financial education
programs to low- and moderate-income residents.
“Cash Flow Is Queen” program
Using funding received from a 2009 DollarWise
Innovation Grant to revise program curriculum,
the City partnered with United Way of the
Midlands’s Financial Stability Partnership (now
FHC at Creighton) to expand its successful
workplace financial education to single mothers.
FHC was able to create a comprehensive
financial education program that includes nine
weeks of training, yearlong coaching, a money
management tool, and evaluation. The emphasis
is on monthly cash flow management. FHC’s
money management tool allows participants
to track monthly expenses and income and set
financial goals. With a “Cash Flow Is Queen”
mantra, over 300 single mothers have graduated
from the program since fall 2009. Graduates are
paying off debt, improving credit scores, saving
money, getting promotions, and going back to
school. In fall 2014, FHC received the Excellence
Award in Service to Women from the Women’s
Fund of Omaha for providing outstanding work
in the community.
Mayor
Jean Stothert
26
COMMUNITY
PARTNERSHIPS
With the City’s awareness of the significant outcomes from
this program, FHC was asked to participate in the targeted
Neighborhood Revitalization Plan.
Prospect Village
Partners in this collaborative approach to build financial
capacity include:
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•
City of Omaha Mayor’s Office.
•
City of Omaha Planning Department.
•
Boystown offers its Ways to Work Program, which
provides affordable car loans.
•
Franklin Elementary School, located in Prospect
Village, offers space for various programs.
•
The Neighborhood Association recruits participants
for financial education.
•
The Omaha Public Power District (OPPD) and the
Metropolitan Utilities District (MUD), the local
utility companies, provide energy savings training
along with access to level payment plans.
•
Credit Advisors educates on collections and
judgments.
•
First National Bank (FNB) pulls credit reports on
participants and provides ideas on how to fix credit.
•
Creighton’s Financial Hope Collaborative.
•
Veridian Federal Credit Union offers secured debt
consolidation loans to participants who successfully
work with their financial coaches and make
progress on goals.
Beginning in 2013, the City of Omaha created a
redevelopment plan for Prospect Village, where
neighborhood residents earn less than 50% of Omaha’s
average median household income. Individuals touched
directly benefit, but there is little impact on a neighborhood.
By combining Omaha’s limited federal funds with local
service providers, the City plans to show significant impact
in this at risk neighborhood. This plan emphasized the
importance of new housing and housing rehabilitation.
The City began to formulate and organize a holistic
approach to neighborhood revitalization in Prospect Village.
The result to date is a network of thirty organizations
committed to participating in the Initiative, including the
Financial Hope Collaborative.
At Bank of America, we have a clear purpose
to help make financial lives better for those
we serve. We’re simplifying banking and
investing, advancing better money habits and
making an impact in communities around the
world. As part of our commitment to building
a better world through responsible business
practices and community investments,
we’re bringing our size, scope and expertise
to partners including The United States
Conference of Mayors. In response to the
nation’s high unemployment rate, including
an unprecedented high teen unemployment
rate, and the skills mismatch for 21st
century jobs, we’re supporting workforce
and education programs that connect
individuals to jobs. We’re focused on
helping underserved young adults and adults
succeed academically, develop and hone job
skills, learn better money habits, and obtain
and keep livable wage jobs. In 2015, we’re
providing funding for 1,600 summer jobs for
teens across the country.
Learn more at
bankofamerica.com/about
THE UNITED STATES CONFERENCE OF MAYORS
1620 EYE STREET NW
WASHINGTON, DC 20002
202.861.6759
202.293.3109 fax
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