FOR FINANCIAL LITERACY

MAYORS

PA RT N E R S H I P S
FINALISTS FOR THE DOLLARWI$E INNOVATION GRANTS 2011
ASHEVILLE BOSTON CHARLESTON CINCINNATI FRESNO HARTFORD INDIANAPOLIS NORWALK WARREN WASHINGTON, D.C.

THE UNITED STATES CONFERENCE OF MAYORS COUNCIL FOR THE NEW AMERICAN CITY

Asheville, North Carolina

Mayor Terry Bellamy (second from right) with students who participate in the City of Asheville Youth Leadership Academy.
SEE PAGE 5

WELCOME
Partnerships is the annual publication highlighting the local nancial education efforts of cities that are finalists for the DollarWI$E Innovation Grants.
As finalists, these cities have among the best financial literacy programs in the nation. DollarWI$E 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. What is DollarWI$E? DollarWI$E // Mayors for Financial Literacy is the ofcial nancial education and literacy effort of The United States Conference of Mayors and its Council for the New American City. Since its inception in 2004, mayors and cities across America have made a commitment to increasing their residents nancial literacy by participating in all that DollarWI$E has to offer. DollarWI$E 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. It invites mayors and city staff to examine their communities financial education needs; create an action plan; and forge partnerships with financial institutions, faith-based groups, nonprofits,
PHOTO AT LEFT COURTESY CITY OF ASHEVILLE; LEFTMOST PHOTO ON COVER BY INSIGHT FOTO, INC.

CONTENTS
2011 DOLLARWI$E INNOVATION GRANT RECIPIENTS

Cincinnati, OHIO Hartford, CONNECTICUT

2011 DOLLARWI$E INNOVATION GRANT FINALISTS

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local businesses, and others in the community to address this important issue. DollarWI$E offers support through technical assistance, partnerships with national organizations; and its two grants programs. The United States Conference of Mayors invites your city to make a commitment to financial education and participate in DollarWI$E. Together, we are building strong foundations for the future of our communities and those who call them home. What are the Innovation Grants? Underwritten by Bank of America, the founding sponsor of DollarWI$E, the Innovation Grants are an annual program that recognizes the most creative and innovative local financial education efforts underway in America today. Two grants for $20,000 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. TELEPHONE

Asheville, NORTH CAROLINA Boston, MASSACHUSETTS Charleston, SOUTH CAROLINA Fresno, CALIFORNIA Indianapolis, INDIANA Norwalk, CONNECTICUT Warren, OHIO Washington, D.C.

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THE UNITED STATES CONFERENCE OF MAYORS

1620 I Street NW Washington, D.C. 20006 202.293.7330 202.293.2353 fax

Elizabeth B. Kautz Mayor of Burnsville President Antonio R. Villaraigosa Mayor of Los Angeles Vice President Michael A. Nutter Mayor of Philadelphia Second VicePresident Tom Cochran CEO and Executive Director

202.861.6759
E-MAIL

dollarwise@usmayors.org
ONLINE

www.usmayors.org

www.dollarwiseonline.org

2011 DOLLARWI$E INNOVATION GRANT RECIPIENT

CINCINNATI
OHIO

HE CITY OF CINCINNATIS DOLLARWI$E INNOVATION GRANT will be used to expand Mayor Mark Mallorys annual Summer Youth Job Expo by incorporating financial education programs into the event and promoting financial literacy activities throughout the summer. The Expo attracts around 5,000 teenagers and over 100 employers. The goal of this campaign is to promote the teenagers financial literacy through the experience of their first job. When a teenager first learns the difficulty that comes with earning money from a first job there

is a natural frugality and that feeling can be harnessed to promote their financial responsibility. Of 5,000 participating teenagers, around 1,000 are directly employed by the City of Cincinnati for the summer. They will be required to attend financial planning sessions and educational seminars. Each student will be encouraged to set up his/her own bank account with the partnership of the Bank on Cincinnati initiative. Part of the DollarWI$E grant will go towards incentivizing the creation of these bank accounts with small sums of startup money for these teens to deposit in their new bank accounts. As part of its expanded program for the Job Expo, the City will arrange for one-on-one financial education consultations with CERTIFIED FINANCIAL PLANNERS similar to the model used for Cincinnatis 2010 Financial Planning Daya new initiative of the national DollarWI$E campaign. Teens will meet with financial planners to discuss how to manage their new bank accounts and their first paychecks. In addition, the City will communicate with each of the 100 employers at the expo to offer free financial-planning advice to their employees upon getting their first paycheck. The mayors office will provide the resources to these employers through local partners such as SmartMoney and the Financial Planning Association of Greater Cincinnati

Hundreds of Cincinnati residents gather to learn more about opening a franchised small business.
PHOTOS COURTESY CITY OF CINCINNATI

Mayor Mark Mallory

CONTACT

Ryan Adcock 513.352.3256 ryan.adcock@cincinnati-oh.gov

DOLLARWI$E

who will enlist volunteers to deliver the financial education services. In two to three years, the campaign will be at a stage where any youth who has the desire to set up a bank account will be able to do so with the help of the city government and the program. The sustainability of the campaign will be provided by its integration into many of the citys ongoing initiatives, such as Shop 52, Bank On Cincinnati, and, of course, the Summer Youth Job Expo. Mayor Mallorys partnership with the FPA of Greater Cincinnati has opened up a world of opportunity for the increased use of nancial planners to provide free one-on-one consultations, teaching of financial classes, resources etc. Measuring success The largest measure of success in this program will be the number of bank accounts established by the City for youth between the ages of 16 and 22. These bank accounts will signify that the mandatory financial education classes provided by the City will have been administered to the target group of youth in Cincinnati. Another important measure of success will be the number of employers who agree to let the city provide financial education to their employees, increasing the outreach of the program. Other DollarWI$E initiatives Mayor Mallory and the City of Cincinnati have developed a wide array of financial education programs. In October 2010 the City sponsored its rst Cincinnati Financial Planning Day, where members of the general public could receive free, no-strings-attached financial advice from financial planners volunteering their services. Mayor Mallorys Shop 52 initiative strives to increase the purchasing power of all 52 of Cincinnatis neighborhoods through promotion of small business. As a part of the initiative, prospective small-business owners are educated on the costs and nancing strategies that are inherent in starting a business. Seven Shop 52 events have benefited over 2,500 citizens who had an interest in starting their own business. Bank on Cincinnati is at the forefront of the Citys DollarWI$E campaign. The initative gives citizens an opportunity to learn how to set up their own bank account and opens up the world of personal nance to them.

Above: Mayor Mallory and Kay Geiger, PNCs Cincinnati market president, announce their nancial education efforts. Left: Mayor Mallory meets with economic-development leaders to discuss his Shop 52 initiative.

PARTNERSHIPS

2011 DOLLARWI$E INNOVATION GRANT RECIPIENT

HARTFORD
CONNECTICUT

Mayor Pedro E. Segarra

CONTACT

Enid M. Rey 860.757.9880 enidrey@hartford.gov

locus for a constellation of family financial literacy activities. The Village for Families and Children, a private nonprofit human services agency founded in 1809, is committed to building a community of strong, healthy families who protect and nurture children. As the lead agency at Burr Elementary School, the Village coordinates all wraparound, family, and community services including afterschool programs, mentalhealth services, truancy prevention, and pregnancy prevention. The Village will oversee delivery of services and integrate nancial literacy services into the fabric of the Community School by coordinating communication with parents and involving community partners such as banks, credit unions, and local businesses. The Village for Families and Children has already established HE EXPANSION OF THE DOLLARWI$E FINANCIAL LITERACY relationships with many of the schools parents. The staff will build on services in Hartford aims to concentrate services in one these relationships as well as promote and sponsor a financial literacy neighborhood and deliver them through the structure of the fair as a launch event to demonstrate the range of services to be offered Community School. Hartfords Community Schools program is an through the family financial literacy project at Burr. innovative strategy to create schools as centers of community life for There will be a formal cohort group of 25 adults who will participate students, their families, and the wider community and provide a unique in an intensive financial literacy program. There will also be a number setting to enhance access to financial literacy programming. This project of informational events, educational workshops, and services open to closely aligns with Mayor Pedro Segarras One City One Plan, which calls the entire community. In addition, youth financial literacy classes will be for Hartford to be a clean, safe, culturally-diverse offered to students at Burr who are enrolled in the community where residents get an excellent afterschool program. This will be both curriculumeducation and become a valuable part of the based and project-based as youth set personal workforce. Family financial literacy education, access goals for saving, donating, and investing. Burr was to individual development accounts (IDAs), and a selected as the citys rst site due to the principals connection to financial institutions help promote interest in responding to this expressed need of the citys plan for family sustainability and access to parents. opportunities for wealth creation. Also, because 45 While nancial literacy is a necessary percent of Hartford residents are under the age of component of any program attempting to change 24, this place-based approach for services supports financial behaviors, it must be supplemented Hartfords program offers budget the vision of helping young people to develop with opportunities to practice new behaviors in a coaching to residents. positive financial habits early. supportive, encouraging environment. Individual Research shows that when multiple financial services are offered coaching and social networking provide this environment. Because at one site, increased outcomes result. Hartford Community Schools vulnerable individuals and families are often isolated and feel devalued, are the ideal location as families already view the schools as a source of social networks play an important role in helping them find renewed information and support. condence in their own abilities by providing positive feedback and Hartfords primary target audience will be the parents and other encouraging support. The social networks created at a community school community members residing in the vicinity of the Burr Elementary can help individuals and families change their behaviors by setting Community School. The Burr community is a largely low-income positive expectations and new standards. This positive peer pressure can neighborhood with a high percentage of immigrant families. As there be central to changing unproductive behavior patterns. As individuals is a clear connection between family economic stability, neighborhood develop new behaviors, the network can reinforce goals and support stability, and student achievement, the community school is the logical positive efforts toward achieving them.

DOLLARWI$E

 The Citys plan is to hire a financial empowerment coordinator to oversee the activities outlined above. This coordinator will organize basic financial education, covering topics such as budgeting, credit, banking, among others. In addition, one-on-one financial counseling, including access to matched IDAs and volunteer budget coaching, will be tailored to the needs of the Burr community. Social networking will help participants develop a new identity as a savers and wealth builders and reinforce positive norms around financial behaviors. Project outline Months 1 to 5. Participants will meet monthly in an informal group session which will include food and other incentives. Participants will begin each group by sharing successes and advice on how to overcome challenges. Each meeting will consist of one hour of financial education, followed by a one-on-one meeting between the participant and a volunteer coach who will help the participant establish a spending plan and learn to manage expenses and reduce dependence on credit. During this period the emphasis will be on establishing financial goals, creating and using a family spending plan, establishing good recordkeeping systems, creating emergency savings, and identifying barriers to goal attainment. Month 4 or 5. Each participant will meet with the financial education coordinator to develop an action plan based on a review of income, assets, debt, and credit. Months 6 to 12. The group will continue to meet monthly for financial education classes and support-group discussion to reinforce positive behaviors. The group may track savings, share tips on cutting expenses, or identify topics they want to explore in more depth. Youth nancial literacy The program will also have a youth financial literacy component and a plan to use the Money Savvy curriculum, which has six levels aimed at students in grades K-12. The program will also utilize the Money Savvy Pig, a translucent, fourchambered piggy bank which makes concrete the abstract concepts of spending, saving, donating, and investing for children. Hartfords goal is to work deeply in one neighborhood while developing a systems strategy that can be taken to scale citywide.

Clockwise from left: Hartford residents participate in a nancial literacy class; students at Burr Elementary Community School receive lessons in personal nance through Hartfords program; VITA is an essential part of Mayor Segarras comprehensive strategy.

PHOTOS COURTESY CITY OF HARTFORD

PARTNERSHIPS

ASHEVILLE

NORTH CAROLINA

Mayor Terry Bellamy

CONTACT

Erika Germer 828.271.6116 egermer@ashevillenc.gov

DOLLARWI$E

PHOTOS COURTESY CITY OF ASHEVILLE

OLLARWI$E ASHEVILLE INCORPORATES BEST PRACTICES FOR financial literacy into its programs to ensure that participants are receiving sound financial information delivered in a way they can understand and relate to. The City pilots innovative strategies drawn from a combination of its own experience and research. In 2010, the City of Asheville Youth Leadership Academy (CAYLA) incorporated nancial literacy into its program by naming entrepreneurship the theme for its weeklong orientation. CAYLA students worked in teams to create business plans, which included a loan application, a personnel manual, a marketing plan, a real-estate assessment, and a store layout. This provided a real world context for students to apply abstract financial concepts. When OnTrack, a regional nonprofit that partners with the City in its DollarWI$E campaign, later conducted a workshop that discussed wise use of credit, students understood the connection between running a business and applying for a loan. In the Weed & Seed area, Mayor Bellamy with OnTrack piloted a matched savings Dreama Davis, a participant program to incentivize participation in in CAYLA, at a CAYLA financial literacy workshops and onerecognition ceremony. Dreama is now a student at on-one counseling. Research shows North Carolina A&T State that matched savings through individual University. development accounts helps people build assetsthrough buying a home, starting a small business, or gaining educationbut often many are not ready for those big goals. This small matched savings program innovationup to $500helped people reach intermediate goals such as paying off debt, building emergency savings, or saving for a specific purpose. The program was well received and demonstrated great success in helping people meet their goals. DollarWI$E Asheville targets people of low income and/or low wealth. This population faces additional challenges both in participating in nancial literacy workshops and in incorporating new knowledge into their everyday lives. Barriers to participation may include less flexible or

unpredictable work schedules, transportation, and child care. Barriers to incorporating new knowledge include the realities of living on a lowincome: there may be little room to further decrease expenses and limited opportunities to increase income. Despite these significant challenges, the campaign reached over 650 Asheville residents last year and plans to meet or exceed that goal again this year. OnTracks nancial educators are sensitive to the needs of participants and help participants understand that changes are possible. The educators evaluate outcomes to continually assess and improve their work. Last year, 97 percent of CAYLA students increased their financial knowledge and 93 percent of all participants of multiseries classes reported that they began to save money for periodic expenses. These highly successful outcomes demonstrate that DollarWI$E Asheville is making a difference. This year the campaign will seek to expand the reach and capacity of its programming through strategic collaborations and increased funding. Mayor Bellamy is particularly interested in financial education. In October she was a guest on Money Matters, a local radio program. Mayor Bellamy speaks to each group of CAYLA students to encourage them to start thinking now about their financial futures. And she speaks to local public service organizations encouraging them to support financial education initiaitives. When she launched DollarWI$E Ashville in 2007 Mayor Bellamy declared, Improved financial literacy will result in a higher standard of living and more stable communities in Asheville.

Mayor Bellamy (center) participates in the grant opening of the OnTrack Womens Financial Empowerment Center.

N 2005, BOSTONS EITC CAMPAIGN ESTABLISHED ITS AMBASSADOR Program to address the significant number of low- to moderate-income immigrants not claiming the EITC or filing their taxes due to language and cultural barriers. This effort has grown into an innovative initiative providing immigrants access to opportunity through free tax preparation and asset and wealth building services in seven languages. The program also provides leadership and skills development for the ambassadors. Eight bilingual community leaders serve as ambassadors. These individuals provide outreach, tax preparation, wealth and asset building, and empowerment strategies to Bostons major immigrant communitiesBrazilian, Cape Verdean, Chinese, Haitian, Latino, Somali, and Vietnamese. They receive training in tax law, tax preparation, financial empowerment, community organizing, and leadership development. Ambassadors have developed a financial education curriculum and translated it into seven languages. They host workshops and other events and are conducting focus groups to go deeper into communities needs. Ambassadors meet one-on-one with residents, business owners, and community leaders and speak on the EITC and free tax preparation at local meetings, English for Speakers of Other Languages (ESOL) classes, and places of worship. All ambassadors work at free tax-prep sites where they translate, prepare taxes, and educate immigrants on asset-building. Target audience and outreach efforts Bostons EITC Campaign serves over 12,000 annually, 45% of whom live in Dorchester, Roxbury, and Mattapan. These areas are among the citys most economically-disadvantaged communities, with an average 23% of residents in poverty, compared to 9% in metro Boston. According to the EITC Campaigns 2009 Taxpayer Data Report, over 24.7% had experienced a financial crisis within the last year. Additionally, 18.7% of Bostonians live below the poverty line compared to 10% of state residents. Ambassadors are the heart of outreach efforts. They are leaders in their respective immigrant communities and they know their constituents. They work with the EITC Campaign to create an outreach strategy that reaches all Boston neighborhoods. Over 70,000 flyers are distributed annually in English and the seven Ambassador Program languages. Media outreach is also a significant part of the marketing strategy. Partners The campaign is managed by the Mayors Office of Jobs and Community Services, while operations and policy is overseen by a communitybased steering committee that reflects the diversity of the city. Partners include CBOs such as the local community-action program (ABCD), two

community health centers (DotWell), and Jewish Vocational Services, as well as financial institutions including Sovereign Bank, Citizens Bank, State Street Bank, the Federal Reserve Bank of Boston and the FDIC. Innovation & creativity This effort collaborates with its partners to replicate existing and effective models while tailoring them to serve Bostons needs. The EITC Campaign creates the conditions that allow its partners and their tax sites to succeed in their work. The campaign recruits and trains volunteers, and provides funding and technical assistance. Through this collaboration, Boston uses free tax preparation as an entry point to asset building. The community-based tax sites are onestop shops for taxpayers, making it easy for taxpayers to obtain a full menu of necessary financial services and resources.

MASSACHUSETTS

BOSTON

PHOTO COURTESY CITY OF BOSTON

Mayor Menino launches Bostons 2010 EITC Campaign.

Self-evaluation Boston uses a data-collection system to cross-reference taxpayer information retrieved in tax returns by software used by tax preparers, with data from the 45-question survey developed in collaboration with the Federal Reserve Bank of Boston. This survey collects demographic information, tax filing history, spending habits, use of financial services, and financial needs. These data are analyzed annually to measure growth rates, trends, and taxpayers economic choices. The campaigns credit advising and financial coaching programs also survey their constituents, gauging participants credit scores, debt level, financial needs, and knowledge gained. Survey data measure the programs success and help city staff determine programming changes. Mayoral involvement Mayor Menino is a champion of the EITC and asset building and is integral to this effort. Mayor Menino annually brings together leaders and stakeholders in community at the beginning of tax season to launch the campaign and the end of tax season to celebrate its successes. Mayor Meninos leadership has led to numerous other civic and political leaders playing an active role in the tax and asset building campaign.

Mayor Thomas M. Menino

CONTACT

Eve M. Turchinetz, Esq. 617.918.5259 mimi.turchinetz.jcs@cityofboston.gov

PARTNERSHIPS

CHARLESTON
SOUTH CAROLINA

HE FINANCIAL EDUCATION PROGRAM IN THE CITY OF Charleston targets unbanked and underbanked individuals and families residing in the Charleston Renewal Community. The neighborhood consists of 47,020 residents and 14,579 households. Nearly half of the neighborhoods residents live at or below the poverty line. The residents are reached through a network of 31 neighborhood associations, banks and other community partners including BB&T, Carolina First Bank, the Charleston County Public Library, the Charleston County School District, the Federal Deposit Insurance Corporation Mayor Riley (second from left) participates in a press conference with the National Association of Personal Financial Advisors Consumer Education Foundation.

Mayor Joseph P. Riley, Jr.

CONTACT

Geona Shaw Johnson 843.724.3768 johnsong@charleston-sc.gov

DOLLARWI$E

PHOTOS COURTESY CITY OF CHARLESTON

(FDIC), the Greater Charleston Empowerment Corporation (GCEC), the National Association of Personal Financial Advisors, North Charleston associations, financial Neighborhood Associations, Wells institutions, and Mayor Fargo, and the YWCA, among others. The programs activities Riley will ensure a include the Adopt-a-Neighborhood continuation to this program, financial education and counseling, heirs property financial important work in the training, job training and placement, reduction of nancial first-time homebuyers assistance, and establishing savings accounts. disparities that have The program also holds various nancial education fairs that provide plagued residents for workshops and free tax services. generations. The Adopt-A-Neighborhood component allows a partner bank to target a neighborhood and assist residents with becoming bankable, thus eliminating the use of payday and title-loan lenders. The financial education fairs include activities for children as well as information about finance, education, jobs, diabetes, and other topics. In keeping with the national standards, all participants at a minimum gain the knowledge and ability to competently perform the basic tasks of managing their personal finances. The DollarWI$E campaign also includes Money Smart lunches for students. One day a month, students who voluntarily forgo their lunch period participate in a Money Smart module that teaches the youth on financial topics and how to use bank accounts. After the luncheon, students receive a $25 voucher that can be used towards a current savings account or to open a new savings account. The campaign also includes a mayoral proclamation which established Financial Education Week. Mayor Joseph P. Riley ensures resources are available to support the various financial programs which includes support within the community for financial education, firsttime homebuyers, financial counseling, pre-employment training, and foreclosure prevention. The mayor has helped bring local organizations such as the Charleston Area Community Development Corporation, the Charleston Trident Urban League, Family Services Inc., and GCEC to help with these services. The powerful combination of the GCEC, 31 neighborhood associations, financial institutions, and Mayor Riley will ensure a continuation to this important work in the reduction of financial disparities that have plagued residents for generations.

The powerful combination of the GCEC, 31 neighborhood

FRESNO
CALIFORNIA

Mayor Swearengin speaks with a participant in Bank on Fresnos nancial education effort.
PHOTO COURTESY CITY OF FRESNO

ANK ON FRESNO IS A JOINT EFFORT OF THE OFFICE OF THE Governor of California, Fresno Mayor Ashley Swearengin, the Federal Deposit Insurance Corporation (FDIC), United Way of Fresno, 13 local financial institutions, and local nonprofit and faith-based organizations to ensure every resident has access to mainstream financial institutions and can begin saving for the future. BOF has partnered with local banks to offer free or low-cost accounts for those who have never opened an account before or have had problems with an account in the past. Bank on Fresno created a financial education matchmaking plan where organizations in low-income and underserved areas are asked to host a financial education workshop. These are open to the public but heavily marketed toward the host organizations clientele and surrounding community. When a venue is secured, a partner financial institution near that venue is approached and asked to provide a presenter to teach participants about checking accounts, savings accounts, budgeting and money management. If the institution does not have a curriculum, the FDICs Money Smart is provided. Many resources are made available on the Web site www.bankonfresno.ca.gov, including a calculator showing residents how much they can save each month with a bank account. The coalition gets information and resources out to residents through Facebook, Twitter, and Mindhub, many of whom are young adults

that can benefit from Bank on Fresnos low-cost starter accounts. In 2006, Fresno had the dubious distinction of having the highest percentage of unbanked residents in the nation. Studies have also shown that a $34 million check-cashing industry exists in Fresno and that check cashers and payday lenders significantly outnumber financial institutions. Starting in 2009, Bank on Fresno set a goal to start 10,000 unbanked Fresno residents on the path to financial mobility by helping them open a free or low-cost starter bank account and access the education necessary to successfully manage it. Since then, partner banks reported opening 45,367 free or low-cost accounts for previously unbanked individuals. Also, Bank on Fresnos financial education efforts have been recognized as a best practice by the State of California and received acclaim from the FDIC, the United States Department of the Treasury and United Way Worldwide. Mayor Swearengin has played an integral role in Bank on Fresnos development, championing the initiative in its initial phase and lending her public endorsement. By executive authority, the mayor has pledged ongoing staff and in-kind support to the initiative, helped garner media attention, and publicly acknowledged those partners that have contributed time and resources. The City of Fresno has located resources for program operations and partner incentives and reached out to constituencies to encourage participation in the program.

Mayor Ashley Swearengin

CONTACT

Katie Stevens 559.621.7910 katie.stevens@fresno.gov

PARTNERSHIPS

INDIANAPOLIS
INDIANA

NDIANAPOLIS HAS AN ALL-ENCOMPASSING EFFORT CALLED Indys Campaign for Financial Fitness (ICFF), led by Mayor Greg Ballard and Indianapoliss first lady, Winnie Ballard. ICFF has three components: Bank On; free tax preparation (VITA); and financial education. ICFF reaches out in various ways, including a social marketing campaign targeted to all Indianapolis residents. Other marketing efforts include billboards, bus cards, radio and TV advertisements and interviews, public-service announcements, and press conferences and events with Mayor and Mrs. Ballard. Mrs. Ballard seeks many of these items in-kind. Another marketing strategy that allows ICFF to reach a more targeted audience, such as the unbanked, is grassroots-based. Indianapolis utilizes 12 Mayors Neighborhood Liaisons to reach all parts of the city. The campaign makes face-to-face connections at community centers, businesses, financial institutions, community events, and places of worship. ICFF also targets areas with large numbers of unbanked and low- to moderate-income families such as apartment communities and areas with a high proportion of check cashers. ICFF has been conducting nancial education in Indianapolis jails for the past year and plans to expand the program to similar facilities in 2011. Target audiences ICFFs target audiences include those who are unbanked and underbanked, low- and moderate-income, incarcerated, youth, elderly, disabled, and those who simply need help becoming financially fit. ICFF identies these groups using the FDICs National Survey of Unbanked and Underbanked Households and applying these data to Indianapoliss population. ICFF also works to understand the financial habits of the citys residents. The campaign has been able to identify specific neighborhoods and apartment communities based on the proportion of check cashers and the number of residents paying rent with money orders. And now, after completing the first year of Bank On Indy, ICFF can track the ZIP Codes where new bank accounts were opened, allowing the effort to target financial education to these areas.

community both for support and to pass information along to employees. ICFF has come up with innovative approaches such as taking the program to Indianapolis residents versus working to get them to make the effort. This includes taking programming directly into apartment communities, community centers, community events, and correctional facilities. The campaign has held numerous apartment community events not only to educate residents, but open bank accounts and promote free tax preparation. ICFF has also conducted multisession financial education classes at a city jails and plans to offer classes in other similar facilities. Self-evaluation ICFF evaluates effectiveness and success in each of its programs. Bank on Indy exceeded its first-year goal to bank 8,000 of the citys 79,400 unbanked residents by 32%. In 2010, free tax preparation yielded $2,633,798 in EITC refunds and $7,038,567 in total refund dollars; the goal for 2011 is to exceed both these numbers as 7,000 returns are prepared for free. Helping participants learn sound financial skills and incorporating them into their everyday spending and savings is the biggest measure of ICFFs success, determined by the number of Bank on Indy accounts that remain open, the increase in free tax preparations, number of attendees at financial education classes, and an increased demand for more classes. Mayoral involvement Mayor Greg Ballard and Mrs. Winnie Ballard offer an incredible amount of support for financial literacy efforts in Indianapolis. Mrs. Ballard spearheads ICFF efforts by securing partners and opportunities for ICFF to reach Indianapolis residents on a continuous basis. Mrs. Ballard has secured partnerships with 19 financial institutions and numerous nonprofits and businesses within the Indianapolis community. Mrs. Ballard also secures in-kind support for ICFF which has resulted in multiple billboards, 135 bus cards, countless television and radio ads, as well as print work surrounding the program. Mayor Ballard is always available for all ICFF events and other events that focus on nancial literacy such as the all Bank On Indy rallies, free tax preparation kick-off, and the recent Indy Financial Planning Day which was hosted in conjunction with The U.S. Conference of Mayors and the Financial Planning Association of Greater Indiana. Lastly, the mayors office lends one of its most invaluable aspects: its communications team. The mayors office communications staff does a tremendous job securing earned media for ICFF and other financial literacy events. For example, it is the mayors staff who secures media for all ICFF events and well as ensured coverage for the Financial Planning Day. ICFF would not be as successful without this ongoing support.

Mayor Gregory A. Ballard

CONTACT

Natalie R. Clayton 317.327.3625 nclayton@indy.gov

Innovation & creativity ICFF enjoys the deep, personal approach taken by Mrs. Ballard. She personally shares her vision with a strong network of knowledgeable Indianapolis leaders. Mrs. Ballard contacts partners and conducts personal site visits to organizations. ICFF is strongly supported by community leaders and organizations, the business community, and partnering financial institutions. Mrs. Ballard continues to make new connections for the program. The campaign works tirelessly to involve the business

DOLLARWI$E

HE PRINCIPAL TARGET AUDIENCE FOR MAYOR RICHARD Moccia and Norwalks DollarWI$E campaign has been lowincome youth in South Norwalk, the most economically-distressed section of the city. The need for both employment and financial literacy training is great: the family poverty rate in South Norwalk is 16 percent, with 26 percent of the children in poverty. Many families do not have a relationship with a bank. Fortunately, approximately 200 of South Norwalks older youth come through the citys Summer Youth Employment Program, earning $2,000 each through their summer jobs. This is an ideal opportunity to teach them how to handle money effectively. The first part of this strategy is to address their need for basic nancial knowledge by building nancial literacy into the curriculum of the youths summer employment training. The second part of the strategy is to give teens an overview of earnings in different careers, so they can see the link between their education, their career choice, and their eventual financial stability and begin to plan accordingly. In 2009 and 2010, Stacia Underhill, MBA, a certified financial advisor who wrote the book Teen Money 101, conducted the training. She held five three-session workshop series with summer youth participants. Basing

the curriculum on Teen Money 101, she covered projecting income and expenses, balance sheets, budgeting, banking, and credit. Pre- and posttests were conducted with youth in the summer program; the results showed a concrete gain in financial knowledge. The Citys second target population is the general population of elementary-, middle-, and high-school youth. Mayor Moccia engages these youth personally, visiting classrooms and afterschool programs several times each year to talk about financial literacy. Last year Mayor Moccia reached out to elementary schoolchildren by reading a version of the three little pigs that featured the adventures of Spending Pig, Stingy Pig, and Smart Pig. He recruited a banker to address elementary school classes and talk about the importance of saving. He acted as copresenter when Stacia Underhill adapted her financial education program to classes at Briggs High School. He helped found the culinary institute at the high school, which teaches youth how to run a business and emphasizes financial skills. The City has reached approximately 1,000 youth and raised community awareness of the campaign through the media. Both programs were featured in The Hour, Norwalks daily newspaper. Other partnering organizations working with Norwalks DollarWI$E campaign include the Carver Center, a nonprofit community organization which established a financial management program for high school seniors; NEON, which sponsors individual development accounts that provide matching funds for clients savings; and VITA, which provides volunteer tax preparation service to help low income families take advantage of the Earned Income Tax Credit.

NORWALK
CONNECTICUT

Mayor Richard A. Moccia

CONTACT
THE HOUR/MATTHEW VINCI

Mayor Moccia presents ACHIEVE Program Director Tonya Peterson a certicate to honor the programs efforts in teaching children about saving money.

Katherine A. Pytleski 203.854.7894 kpytleski@norwalkct.org

PARTNERSHIPS

10

WARREN
OHIO

Mayor Michael J. OBrien

CONTACT

Melinda Holsopple 330.881.4795 gholsopple@aol.com

OFI ANNAN, FORMER SECRETARY GENERAL OF THE UNITED exploration, leadership development, and community service. Nations, perhaps said it best in 2006: As study after study has 5. Supportive services. YWCA Warren will create and expand taught us, there is no tool for development more effective than the programs that provide assistance to overcome obstacles in empowerment of women. achieving success. In concurrence of this fact, the City of Warren has elected to direct The program reaches out to women in the target audience itsDollarWI$E financial literacy programming, called STEP UP II, to meet through referrals from the local Department of Job and Family Services, the financial literacy needs of at-risk women and girls. At-risk women Trumbull County One Stop, Warren City School District, faith-based include those ages 18 and over and are un- or underemployed, financially organizations, community-based nonprofits, and other entities serving dependent upon others, and income and/or asset impoverished. the income and asset impoverished. Eligible interested women receive Research demonstrates that service to women promotional materials that encourage them As study after study has transforms communities. To this end, the project to attend monthly orientation sessions. The focuses upon meeting the needs of women so that taught us, there is no tool for program also conducts outreach through media they can better support their families and model bursts in print, television, and radio outlets and development more effective distributing fliers and promotional materials at local positive behavior for their children. The City of Warren is seeking to break eateries, laundromats, places of worship, libraries, than the empowerment of the cycle of familial income and asset poverty supermarkets, and other public spots. The program women. through the enhancement of income and financial is also implementing a social-networking campaign literacy through partnership and programming that includes posts on Facebook and Twitter and with the YWCA Warrens Center for Economic is deploying a speakers bureau highlighting the Independence for Women. The center is envisioned program and its benefits. to become the primary resource and support for Mayor Michael OBrien utilizes his platform KOFI ANNAN FORMER SECRETARY GENERAL to promote the program among the communitys low- to moderate-income women in Warren. The OF THE UNITED NATIONS center will leverage and capitalize upon existing residents as well as with potential and identied resources in the community, making linkages for women as needed for the partners. Information about the program is available on the Citys Web removal of barriers and provision of individualized support. site and the mayor participates in at least one education session per The center incorporates five components: quarter. The campaign is working to remove barriers to full participation, 1. Nontraditional career opportunities for women. The YWCA will including access to transportation and child care. continue and expand work with the Hard Hatted Women model An orientation session provides participants with an overview of the to recruit and support women as they enter nontraditional program and the benefits of participation. Evidence-based curriculum is career paths, especially in the area of green jobs. used in monthly seminars dealing with budgeting, investment, education 2. Entrepreneurship. YWCA Warren will assist women in pursuing opportunities, banking, and vocational opportunities available to women their dreams of starting and owning their own businesses. participating in the program. These efforts are supplemented by family Support will be provided by YWCA entrepreneurial mentors mentors who encourage and support participants in their journey to be who will encourage and support women. economically self-sufficient. Participants also benefit from an individual 3. Asset development and management. YWCA Warren will development account program supported through a consortium of local work with women to enter into matched-savings programs as banks. well as explore budgeting and other financial literacy topics. The City of Warren and YWCA Warren recognize the need to seek The YWCA will connect women with resources for financial and attain program sustainability to assure future continuation and counseling and assistance based on individual circumstances support. To this end, the program continues to engage local corporations and needs. and banks as partners that can contribute human and financial resources. 4. Girls and young women. YWCA Warren will provide young The inclusion of public, private, and nonprofit entities as partners assures women with opportunities for academic achievement, career that all sectors are coalesced for the synergistic benefit of those serviced.

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DOLLARWI$E

ANK ON DC IS A PUBLIC-PRIVATE program led by the District of Columbias Office of the Deputy Mayor for Planning and Economic Development and supported by the Community Financial Education Foundation. The program boasts an extensive network of local and national nancial institutions that provide education and banking services to low- and moderate-income residents. Together the organizations support community outreach, financial education, and employer partnerships and determine the product offerings of Bank on DC. Generally, Bank on DCs target audience are those who use check cashers, money orders, payday loans, and/or prepaid cards. These include employees who receive paper checks, individuals in ChexSystems due to misuse of past bank accounts, immigrants who lack U.S. identification, and students who do not have experience managing finances. By partnering with the District of Columbia Public Library, Bank on DC can provide nancial education to both its target audience along with other District residents who frequently utilize D.C. libraries. These include patrons caught in the digital divide who rely on free IT resources, high-school and college students using academic sources, new immigrants, and job seekers using library materials. In summer 2010, Bank on DC opened over 700 accounts through the District of Columbias Summer Youth Employment Program. The initiative

A District of Columbia resident speaks at a nancial fair sponsored by Bank on DC and Capital Area Asset Builders.

WASHINGTON
D.C.

PHOTOS COURTESY COMMUNITY FINANCIAL EDUCATION FOUNDATION

Advertisements for Bank on DC can be seen on Metrobus vehicles throughout the District of Columbia.

District of Columbia residents benet from nancial education provided by Bank on DC and its partner, the Community Financial Education Foundation.

has also created a state-of-the-art online program called MyStartingPoint. The software allows access to videos, courses, assessments, and a unique financial wellness rating index. MyStartingPoint is a replicable, scalable tool that allows users to pursue topics of their own interests and needs. Additionally, the program is a valuable tool in training teachers. By using MyStartingPoint, teachers can develop lesson criteria, connect directly with users, and continue their own education so that they are confident in teaching others. Fundamental to the Bank on DC program is the partnership with local banks and credit unions, including Amalgamated Bank, Bank of America, Bank of Georgetown, Capital One, PNC, TD Bank, United Bank, Wachovia, and many others. Nonprofit partners include the Capital Area Asset Builders, United Planning Organization, Covenant House, Operation HOPE, and Latino Economic Development Corporation. The program also works closely with the District of Columbias Office of the State Superintendant of Education, health-care agencies, hotels, restaurants, and many others.

Mayor Vincent C. Gray

CONTACT

Michelle Dee 202.664.4027 michelle.dee@dc.gov

PARTNERSHIPS

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DollarWI$E is dedicated to the idea that all Americans can benefit from increased access to financial education. As individuals improve their financial literacy, they are better prepared to build stable families, to help themselves and their children gain education, to be productive members of the workforce, and to contribute to their communities and the nation.