National Dollar Wi$e Campaign
2004 Program Achievements
City of Akron, Ohio
On September 27, 2004, Federal Reserve Bank President Sandy Pianalto and Akron Mayor Don Plusquellic launched the Mayors' National Dollar Wi$e Campaign at Buchtel High School. Representatives from the Dollar Wi$e campaign, the Mayor's office, Akron City School officials, Mustard Seed Community Development Corporation and Akron City Council were in attendance.
Buchtel High School hosted a special "Great Minds Think!" program as the first event in Akron's campaign. The program, designed for teachers and students, focuses on economic principles and the importance of good decision making. The City of Akron continues to promote financial literacy efforts by funding area non-profits, such as Mustard Seed Development. Mustard Seed has been able to expand its programming, and offers information on budgeting skills, credit, how to qualify for a loan, and how to make good financial choices.
In 2005, the city's Dollar Wi$e campaign will focus on offering financial literacy programs targeted to low and moderate income areas in Akron.
City of Brick, NJ
Mayor Scarpelli in conjunction with Ocean First Bank will be present to both high school seniors and to Brick's senior Communities.
Following last year's huge success the City's Dollar Wi$e Campaign will be back in both Brick Township High Schools and in talking to over 900 seniors. Ocean first Bank has once again stepped up and will be teaching the children about checking and savings accounts, loans and most importantly how to establish and protect their credit. Those students opening an account at Ocean First receive totally free checking and a $10.00 deposit in the account along with a free debit card.
This year Dollar Wi$e will also visit the senior communities in brick Township to talk about Reverse Mortgages. There are almost twenty thousand senior citizen residents in Brick and they will benefit from information on when to use a reverse mortgage, what to expect as fees, examples of proper use of a reverse mortgage and the equity in their homes.
City of Detroit, MI
The Mayor's office has teamed up with the Child Care Coordinating Council of Detroit/Wayne County, The Family Place, and the InCharge Education Foundation to train volunteers to become
trainers for financial education programs. The volunteer trainers then go into the community and hold classes of 15-20 Detroit residents wanting to learn more about their personal finances. The first train-the-trainer program took place on October 2, 2004 and classes held by trainers began in November and will continue into 2005. The program's long-term goal is to create a "pool" of trainers that can be tapped by various local groups interested in holding financial literacy classes.
In addition, the Mayor's office, along with 31 local organizations and the Detroit Branch of the Chicago Federal Reserve Bank, will hold the second annual Money Smart Week April 17 - 26, 2005. Members of the Money Smart Advisory Council (MAC) have committed to providing a variety of seminars and events to help educate consumers -- especially the elderly, the unbanked, and young people -- in personal finance matters. This year's topics will include Improving Your Credit History, Saving for College, Retirement Planning and Teaching Children to Save, just to name a few.
City of Hollywood, FL
The City of Hollywood is successfully completing its efforts to promote the Mayors' National Dollar Wise Campaign. Since the kick-off in September 2004, Hollywood has partnered with Wachovia to share financial information in a series of interactive workshops that include: To Your Credit - Information on credit reports, ways to repair credit, and available resources; Charge It Right: - Costs and benefits of using a credit card; Check it Out - How to open and keep a checking account; and Keep It Safe - Rights as a banking consumer, ways to avoid scams, and how to protect your identity.
The workshops explore the options to become more conscientious in spending, saving, or expanding financial capabilities. Attendees leave with a sense of freedom that they can economically enhance their lifestyle with simple short-cuts and friendly advice. Dollar Wi$e Hollywood has provided a lot of "penny pinching" ideas such as giving away piggy banks and change rolls to start them on the road to saving. Certificates of financial literacy are presented upon completion of a workshop. Workshops are free, open to the public and advertised on the Community Bulletin Channel.
Mayor Mara S. Giulianti proclaimed September 27 - October 1, 2004, as Mayors' National Dollar Wise Week, but the mission is ongoing. The concept of financial literacy has been a long time goal for the City of Hollywood, as evidenced through its First Time Homebuyer and Housing Rehabilitation Programs. In fact, highlights of the workshops are the testimonials from families that have completed several of the City of Hollywood's Housing Programs. Sharing their struggles and their successes really make a difference and show the reality of the American Dream.
Mayor Cicilline is again planning meetings with seniors in May, Older Americans Month, to continue the discussion with seniors about protecting themselves from predatory credit and lending practices. Accompanying the Mayor, and providing detailed expertise, will be representatives of the national Consumer Credit Counseling agency of Rhode Island, who will offer in-depth information, print materials and respond to questions and answers.
City of Quincy, IL
Together with the Chamber of Commerce, local colleges and the Federal Reserve Bank of St. Louis, the Mayor of Quincy has created the "Paycheck Program" for teens. Beginning next fall, the Partnership plans to offer two-hour financial skills classes to teens who are sponsored by their first employer. Participating employers include Neimann Foods, Inc. (owner of County Market grocery stores) and the Quincy Herald-Whig. Each "Paycheck" class will be taught by college students trained by the St. Louis Fed. The Paycheck Partnership has established three goals for the program: (1) to increase teens' understanding of their paycheck, how to spend and save wisely, and how to set and reach financial goals, (2) to enroll college students as volunteers teachers and provide them with educational and mentoring opportunities, and (3) to inspire conversations among teens, their parents, educators and the business community about personal financial management.
City of San Antonio, TX
The objectives of the City of San Antonio's Family Economic Success Program (FESP) are to improve the economic security of low-income families by building wealth and protecting assets through use of tax credits, savings, and financial literacy training, and expand the city's capacity to provide services by facilitating the development of partnerships among supporters and providers of services to low-income working families. Through FESP, the City's Department of Community Initiatives (DCI) endeavors to provide opportunities for working individuals and families to achieve economic success through principally three strategies, asset building, asset protection, and capacity building.