The Guide

How to build a nancial education campaign in your city How DollarWise can help

THE UNITED STATES CONFERENCE OF MAYORS COUNCIL ON METRO ECONOMIES & THE NEW AMERICAN CITY

INTRODUCTION

DollarWise: Mayors for Financial Literacy is the official nancial education and literacy effort
of The United States Conference of Mayors and its Council on Metro Economies and the New American City. Since its inception in 2004, cities across America have made a commitment to increasing their residents nancial literacy by joining DollarWise. DollarWise focuses on the core areas of savings and banking, credit, education, and homeownership. It invites mayors and city staff to examine their communities nancial education needs; create an action plan; and forge partnerships with nancial institutions, faith-based groups, nonprots, local businesses, and others in the community to address this important issue. DollarWise offers support through technical assistance, partnerships with national organizations ranging from the Bank of America Charitable Foundation and the Foundation for Financial Planning, to the Federal Reserve System. DollarWise also supports local nancial education through its innovations and initiatives in its Summer Youth Grants Programs. We invite you to review this brochure where you can learn all about DollarWise and nd out what it takes to tackle nancial illiteracy in your city. Most importantly, we invite your city to make a commitment to nancial education and join the campaign. Together, we are building strong foundations for the future of our communities and those who call them home.

INSIDE Grants
DollarWise offers cities registered in the campaign two grants programs

Summer Youth Campaign

Help youth through your summer employment program

Financial Planning Days

Provide your residents with pro bono nancial advice from certied nancial advisors

DollarWise Month
Promote your local campaign through this yearly celebration

DOLLARWISE

SPONSORS Contacting the Campaign

MAILING ADDRESS

1620 I Street NW Washington, D.C. 20006

TELEPHONE

Founding sponsor

Bank of America Charitable Foundation

DollarWise has been supported by a generous grant from the Bank of America Charitable Foundation since 2005. The Bank of America Charitable Foundations underwriting enables campaign initiatives such as DollarWise Month, the Summer Youth Campaign summer jobs initiative, and the Innovation Grants.

202.861.6759 202.861.6737
FACSIMILE

202.293.3109

Partners
DollarWise works to build relationships with national organizations. These partners include national nonprots such as the Consumer Federation of America; federal agencies, including the Federal Reserve System, the U.S. Department of the Treasury, the Consumer Financial Protection Bureau; and the Conference of Mayors Council on Metro Economies and the New American City (right), and the Mayors Workforce Development Council. DollarWise acts as a connection between local nancial education campaigns and these national organizations to provide support and resources for local efforts. Each of our partners has a wealth of knowledge and resources that can help build successful local campaigns. Council on Metro Economies and the New American City American Chemistry Council Bank of America Cisco DuPont Foundation for Financial Planning Initiative for a Competitive Inner City Rebuilding Together Safeguard Properties

WEBSITE

bedollarwise.org

FACEBOOK

facebook.com/ bedollarwise
TWITTER

twitter.com/bedollarwise

THE GUIDE

GRANTS
Each year, DollarWise offers member cities of The U.S. Conference of Mayors the opportunity to apply for an award through its two grants programs. Through these grants, DollarWise seeks to recognize and fund local nancial education efforts that are both innovative and replicable by other communities. Past recipients include a variety of communities across the country working on a range of creative nancial education programs.
Seattle

San Francisco Richmond Pleasanton Fresno Denver

Boston Hartford Providence Norwalk Milwaukee Bridgeport Detroit Philadelphia Chester Quad Cities Omaha Baltimore Columbus Kokomo Quincy Cincinnati St. Louis Louisville Norfolk Wichita Bowling Green Charlotte Columbus Jackson Baton Rouge Houston

Santa Fe Avondale Phoenix

Savannah Jacksonville

Past recipients
Innovation Grant Summer Youth Campaign (SYC) Grant

New Orleans

Miami Caguas

Innovation Grants Value of grants Number of grants Grant timeline Application period opens Applications due Awards announced Grant may be used for Early November Early December The U.S. Conference of Mayors winter meeting, late January Expanding and enhancing a variety of local nancial education efforts $15,000 each 3

SYC Grants $4,000 each 5

Mid-January Early February Late February/early March Incorporating nancial education into a local summer youth employment program

DOLLARWISE

S U M M E R YO U T H C A M PA I G N
The goal of the DollarWise Summer Youth Campaign is to incorporate nancial education into every summer youth jobs program by 2015. A summer youth job can be a watershed moment in a youths life when he/she learns the responsibility of work and the excitement of earning money. Being hired for a job and receiving a paycheck is a teachable moment that can shape attitudes and habits that last a lifetime. Working with The U.S. Conference of Mayors Workforce Development Council, the DollarWise Summer Youth Campaign is an initiative to encourage mayors to use their summer youth employment program to deliver nancial education to youth in their community. Its all about seizing the teachable moment of a young persons rst paycheck. The idea is to use this window of opportunity to instill in youth conscientious habits and attitudes toward money and equip them with nancial-management skills. The Program also encourages local businesses and nonprots to hire youth for the summer, and to similarly teach nancial management skills to their summer employees For an excellent educational tool to use in your citys summer youth campaign, download Bank of Americas Student Financial Handbook at bankofamerica.com/ planahead

Seizing the teachable moment

Step-by-step DollarWise recommends these steps to introduce personal nance to summer youth. Orientation It is essential that you reach youth at orientation. Encourage them to establish a savings goal and to participate in the DollarWise online Summer Youth Competition. Ongoing nancial education Ideally, nancial education will be delivered to youth throughout the summer. End-of-summer celebration This event could be a nancial education fair or an assembly with entertainment. Ideas for success Involve the mayor. Have all youth participating in your program and receiving a paycheck open a bank account. Work with your local nancial institutions to develop a nancial education program throughout the summer. Have youth sign a pledge to set aside a certain amount from each paycheck in a checking or savings account. Summer Youth Jobs Contest Youth participating in a summer employment program can register at bedollarwise.org/syc to enter our Summer Youth Jobs Contest and becom eligible to win an iPad and other prizes. To participate, youth must log in at bedollarwise.org each week and complete a short video module. The ve modules cover a variety of basic personal nance topics: Basic nancial planning. Checking accounts. Savings accounts and saving for the future. Credit cards. Budgeting.

Incentives for youth Cities may nd more success if they provide modest incentives to youth. Here are some ideas. Offer to match youths savings. Provide youth who complete a nancial education curriculum a reasonable bonus at the end of their summer employment. Provide entertainment incentives, such as free movie tickets or passes to the local amusement park.

Student Financial Handbook

An easy-to-use guide to managing your money

THE GUIDE

FINANCIAL PLANNING DAYS

Provide free nancial education and planning to residents of your city with the support of DollarWise and its partners. DollarWise has joined forces with the Foundation for Financial Planning to help mayors across the country organize full or half-day nancial planning days or events where their citizens can receive free, no-strings-attached nancial education. This program is designed to benet the underserved and those facing special life circumstances or crises, by empowering them with nancial planning information to achieve their life goals. The model for this program has been developed so as to be easily replicated from city to city either in the form of a free standing day or incorporated into an upcoming event such as job or health fairs.

The DollarWise Campaigns associate partners

Foundation for Financial Planning

Financial Planning Association (FPA)

Certied Financial Planner Board of Standards (CFP Board) CFP Board provides participating cities and FPA chapters a detailed implementation toolkit and promotes the program to all CFP certicants in the US and encourages their participation. Additionally, CFP Board provides cobranded web page content, and will handle online consumer and volunteer registration for the events, and also provide dedicated staff resources to assist the cities and chapters with organizing and promoting local events.

The Foundation for Financial Planning and FPA have a network of local chapters throughout the country and will tap into their vast resources to train and activate FPA members to join with mayors offices in organizing their nancial education events. Local FPA chapters will also be tasked with providing technical assistance and assembling an event team to run the program on the day of the event.

Sample program elements

Free one-on-one nancial advice Attendees will have the opportunity to discuss their personal nancial questions with a qualied nancial planner. General session (for all attendees) Welcome/keynote addresses [from mayor, local FPA president] Financial Planning 101 Educational seminars A selection of classroomstyle seminars will be offered on topics such as credit reports, budgeting, retirement, and college education

DOLLARWISE

DOLLARWISE MONTH Local roles and responsibilities

City/mayors office Place Provide or help secure a venue for the event Assist in providing materials necessary for the event, such as audio/visual equipment Publicity Promote the event to the public using press conferences, press releases, and your network of contact with churches, CBOs, municipal agencies, and other local organizations Joining the Presidents call for nancial responsibility, DollarWise has declared the month of April as an opportunity to highlight ongoing, year-round nancial education efforts and to focus community attention on your local program. Cities organize a variety of events to mark DollarWise Month. In past years, events have ranged from large community breakfasts involving mayors and special guests to a series of workshops and classes throughout the month. Others have organized community forums to discuss nancial literacy and to showcase local nancial education programs. DollarWise Month is exible and cities can adapt it to meet their needs. COLLABORATE with advocacy and professional groups on nancial education and its impact on the lives of your citizens and the effect it has on your city. These groups can include: Banks, credit unions, and other nancial and lending institutions Government agencies Schools, universities, and community colleges Parent/teacher associations Senior citizens associations Chambers of commerce Local business leaders Real estate companies Faith-based organizations DEVELOP ongoing activities with your community coalition. Identify existing nancial education programs in your community Determine the target groups for your campaign Work with DollarWise partners to get materials Communicate with The United States Conference of Mayors about your project and activities Submit best practices to USCM for presentation at the winter and annual (summer) meetings

Local FPA chapter People Recruit and prepare those who will staff the events and provide nancial education and advice to the public Working with the mayors office, plan the schedule for the event and provide the content used in educational seminars

Program

CELEBRATE DollarWise Month in your city. Hold a press conference announcing the citys involvement in DollarWise. Issue a proclamation and release it at a press conference or televised council meeting. Issue a press release. Hold a community forum on nancial education. Hold seminars. Make presentations on city cable stations and radio. Hold classes and luncheons for city employees. Hold community-wide classes and luncheons. Write an op-ed piece or letter to the editor. Distribute educational materials at city hall, schools, businesses, banks, faith-based organizations, libraries, and community centers.

THE GUIDE

MAYORS FOR FINANCIAL LITERACY

Cover image: Mesa Arts Center by Gary Minniss via Flickr, CC BY-NC-SA 2.0

T H E U N I T E D S T AT E S C O N F E R E N C E O F M A Y O R S 1620 Eye Street NW Washington, D.C. 20006 202.861.6759 dollarwise@usmayors.org bedollarwise.org