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

Transcription

1 THE UNITED STATES CONFERENCE OF MAYORS COUNCIL ON METRO ECONOMIES AND THE NEW AMERICAN CITY THE GUIDE

2 INTRODUCTION DollarWise: Mayors for Financial Literacy is the official financial education and literacy effort of The United States Conference of Mayors and its LEARN MORE 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 financial 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 financial education needs; create an action plan; and forge relationships with financial institutions, faith-based groups, nonprofits, local businesses, and others in the community to address this important issue. DollarWise offers support through technical assistance, collaboration 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 financial 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 find out what it takes to tackle financial illiteracy in your city. Most importantly, we invite your city to make a commitment to financial education and join the campaign. Together, we are building strong foundations for the future of our communities and those who call them home 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 financial advice from certified financial advisors DOLLARWISE MONTH Promote your local campaign through this yearly celebration 2

3 SPONSORS FOUNDING SPONSOR Bank of America Charitable Foundation DollarWise has been supported by a generous grant from the Bank of America Charitable Foundation since The Bank of America Charitable Foundation s underwriting enables campaign initiatives such as DollarWise Month, the Summer Youth Campaign summer jobs initiative, and the Innovation Grants. COLLABORATING ORGANIZATIONS DollarWise works to build relationships with national organizations. These collaborating organizations include national nonprofits 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 financial 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 American Express Bank of America Cisco DuPont Initiative for a Competitive Inner City International Council of Shopping Centers National Association of Home Builders Rebuilding Together 3

4 GRANTS Seattle Tacoma Missoula San Francisco Richmond Pleasanton Fresno Denver Santa Fe Boston Hartford Lansing Providence Milwaukee Norwalk Bridgeport Chicago Detroit Quad Cities Chester New York Gary Pittsburgh Omaha Philadelphia Kokomo Baltimore Columbus Quincy Cincinnati Kansas City Charlottesville Louisville Norfolk Wichita St. Louis Bowling Green Charlotte Avondale Phoenix Jackson Savannah Dallas Columbus Baton Rouge Hattiesburg Jacksonville New Orleans Houston Palm Bay PAST RECIPIENTS Innovation Grant Hialeah Miami Caguas Summer Youth Campaign (SYC) Grant 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. Value of grants Number of grants $15,000 each 2 INNOVATION GRANTS $4,000 each 5 SYC GRANTS Through these grants, DollarWise seeks to recognize and fund local financial 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 financial education programs. Grant timeline Application opens Applications due Awards announced Grant may be used for Early November Early December U.S. Conference of Mayors winter meeting, late January Expanding and enhancing a variety of local financial education efforts Mid-January Early February Late February/early March Incorporating financial education into a summer youth employment program 4

5 SUMMER YOUTH CAMPAIGN The goal of the DollarWise Summer Youth Campaign is to incorporate financial education into every summer youth jobs program by A summer youth job can be a watershed moment in a youth s 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 financial education to youth in their community. It s all about seizing the teachable moment of a young person s first paycheck. The idea is to use this window of opportunity to instill in youth conscientious habits and attitudes toward money and equip them with financial-management skills. The Program also encourages local businesses and nonprofits to hire youth for the summer, and to similarly teach financial management skills to their summer employees. For an excellent educational tool to use in your city s summer youth campaign, download Bank of America s Student Financial Handbook at com/content/pdf/student_ handbook.pdf SEIZING THE TEACHABLE MOMENT STEP BY STEP DollarWise recommends these steps to introduce personal finance 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 financial education Ideally, financial education will be delivered to youth throughout the summer. End-of-summer celebration This event could be a financial 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 financial institutions to develop a financial 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 in a summer jobs 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. DollarWise is working with Bank of America to bring innovative and accessible video content from BetterMoneyHabits.com to serve as the contest curriculum. The 5 modules include information on: general better money habits, how to set a budget, credit and debit cards, how interest works, and easy ways to save money. INCENTIVES FOR YOUTH Cities may find more success if they provide modest incentives to youth. Here are some ideas. Offer to match youths savings. Provide youth who complete a financial 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. 5

6 FINANCIAL PLANNING DAYS With a shared vision in mind, DollarWise and The U.S. Conference of Mayors have joined forces with the Certified Financial Planner Board of Standards, Foundation for Financial Planning, and the Financial Planning Association to help mayors across the country organize full or half-day financial planning days or events where their citizens can receive free, no-strings-attached financial education. This program is designed to benefit the underserved and those facing special life circumstances or crises, by empowering them with financial 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. PARTNERS CFP Board provides participating cities and FPA chapters a detailed implementation toolkit and promotes the program to all CFP certificants 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 financial 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 FINANCIAL ADVICE Attendees will have the opportunity to discuss their personal financial questions with a qualified financial planner. GENERAL SESSION (FOR ALL ATTENDEES) Welcome/keynote addresses [from mayor, local FPA president] Financial Planning 101 EDUCATIONAL WORKSHOPS A selection of classroomstyle workshops will be offered on topics such as credit reports, budgeting, retirement, and college education For more information, visit financialplanningdays.org 6

7 DOLLARWISE MONTH Joining the President s call for financial responsibility, DollarWise has declared the month of April as an opportunity to highlight ongoing, year-round financial education efforts and to focus community attention on your local program. DollarWise Month is flexible and cities can adapt it to meet their needs. CELEBRATE DollarWise Month. Hold a press conference announcing the city s 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 financial 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. COLLABORATE with advocacy and professional groups on financial 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 financial 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 financial 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. 7

8 THE UNITED STATES CONFERENCE OF MAYORS 1620 I STREET NW WASHINGTON, DC fax BEDOLLARWISE.ORG BEDOLLARWISE