DREAM HUGE BUILDING A FINANCIALLY EMPOWERED SAN FRANCISCO

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1 DREAM HUGE BUILDING A FINANCIALLY EMPOWERED SAN FRANCISCO

2 Dear Partners, Supporters, Colleagues and Friends, We launched our groundbreaking Kindergarten to College program with the campaign slogan Save Steady. Dream Huge. 3 As I reflect back on all we have achieved in 2011, the words Dream Huge seem to capture the spirit of exactly what the San Francisco Office of Financial Empowerment is all about turning big dreams into reality. Ultimately, our work consists of giving people opportunities: to learn more about money, open a checking account, take advantage of tax credits, save for a child s college education, overcome setbacks and gain independence. We do this by focusing on four critical areas: Education and Awareness: helping San Franciscans learn how to take charge of their money. Access and Availability: delivering the right products and services to help San Franciscans form relationships with banks and credit unions, and enter the financial mainstream. Policy and Protection: advocating on a local, state and national level to protect San Franciscans from predatory business practices and advance opportunities for financial empowerment. Asset Building and Wealth Management: developing programs and partnerships to help San Franciscans gain the knowledge and resources they need to save for financial goals and accumulate wealth. In 2011, our dream of college savings accounts for every public school child became a reality. I am proud that San Francisco is a national leader in the field of financial empowerment, and grateful to our partners, supporters, advisors and political leaders who contribute to this success. Together, we will continue working towards our dream to make San Francisco the most financially secure city in the country. Sincerely, José Cisneros Treasurer

3 MAJOR MILESTONES AND ACHIEVEMENTS SET THREE THOUSAND CHILDREN ON THE PATH TO COLLEGE. More than 3,000 San Francisco public kindergarten students received a college savings account with a $50 deposit, and the opportunity to receive savings matches through the Kindergarten to College (K2C) program. 5 PROVIDED SAFE ALTERNATIVES TO PREDATORY LENDING. Our credit union partners issued more than 400 Payday Plus SF loans, providing a safe alternative to predatory short term loans. 2 INTEGRATED FINANCIAL EDUCATION INTO SCHOOLS. In connection with the K2C program, teachers incorporated financial education into the kindergarten and 1st grade curriculum at 37 elementary schools. 6 LEVERAGED OUR EXPERIENCE. Released three papers and case studies, and provided technical assistance to cities across the country through JoinBankOn.org and a range of national webinars. 3 CONNECTED SAN FRANCISCANS 7 TO HIGH QUALITY FINANCIAL ADVICE. Provided free, one-on-one financial counseling sessions with certified financial experts to more than 500 San Franciscans through Financial Planning Day and Financial Advice Line. INTEGRATED TECHNOLOGY. Created new websites for Bank On, Smart Money Network, Payday Plus SF, Kindergarten to College and the San Francisco Office of Financial Empowerment, in addition to our first Facebook and Twitter accounts. 4 INCREASED ACCESS TO FINANCIAL EDUCATION SERVICES. Launched SFSmartMoneyNetwork.org San Francisco s first ever one-stop-shop for financial education resources, including an online tool that connects residents to services and a complete calendar of available workshops and classes.

4 KINDERGARTEN TO COLLEGE Save Steady. Dream Huge. 7 For 3,000 San Francisco school children, the dream of college is now one step closer to reality. In 2011, San Francisco launched Kindergarten to College (K2C) - the first publicly funded, universal children s college savings account program in the United States. Under the program, every child entering kindergarten in the City s public schools is automatically given a college savings account at Citibank containing a $50 deposit from the City and County of San Francisco. Children enrolled in the National Student Lunch Program receive an additional $50 deposit. A second benefit of the program is financial education. Schools are integrating financial subjects into the K-12 math curriculum, with each child s K2C account serving as a teaching tool. This makes San Francisco the first city in the nation to integrate financial education linked to a real-life savings account. Kindergarten to College is currently available in 37 San Francisco elementary schools for the school year. It will roll out to all kindergarteners for Once a child has an account, the program offers incentives for children, parents, friends, and extended family to save early and to save more. Families can make deposits in-person, by mail, online and by direct deposit, and can track their progress online. Foundations, corporations, community organizations and individuals are providing generous additional deposits and matching incentives.

5 HIGHLIGHTS: Automatically enrolled more than 3,000 San Francisco public kindergarten students into a college savings account with a $50 deposit. Provided access to opportunities for matched savings and incentives to boost family savings and encourage families to save early and often. Enabled families to interact with their accounts online through mysavingsaccount.com. My son is already excited!. He saw the card with his name. K2C Focus group participant Integrated financial education topics into the kindergarten and 1st grade classroom curriculum and provided training and support to the San Francisco Unified School District. Published a case study to document the program launch and to share best practices with other partners interested in replicating the K2C model.

6 SAN FRANCISCO SMART MONEY NETWORK The work of our San Francisco Smart Money Network (formerly the Financial Education Network) continued to thrive in 2011 as we hosted several city-wide events, launched a new client website and provided professional development opportunities to practitioners. The SF-SMN provides an easy way for San Franciscans to connect to a range of services including: Financial education classes and workshops Credit counseling HIGHLIGHTS: Provided free, in-person financial counseling sessions with a certified financial expert to more than 500 San Franciscans through San Francisco s Financial Planning Day and Financial Advice Line. Launched SFSmartMoneyNetwork.org, San Francisco s first ever clearing house for financial education resources, including an online tool to connect clients to appropriate services and a complete calendar of available workshops and classes. Provided professional development training to 270 financial education practitioners, financial institution representatives and stakeholders through the SF-SMN Professional Development Workshops series. 11 The San Francisco Smart Money Network (SF-SMN) is convened and led by the SF OFE and represents a group of nonprofit service providers, philanthropic funders, and local public sector agencies dedicated to providing high-quality, easy-to-access financial education services. The SF-SMN is San Francisco s first effort to consolidate and promote financial education opportunities utilizing a streamlined approach. Free or low-cost checking accounts Payday loan alternatives Debt management Free one-on-one meetings with financial advisers Great Information! I liked that I was not just given the information but was also given tools to use with clients and for myself. -SF-SMN Workshop Attendee Right now I m just doing contract work instead of a regular 9-5 job, so it s impacted our family income greatly. Through talking with a financial planner we have a lot of new skills and new attitudes about how we re going to work on our retirement plan. All is not lost. - San Francisco Financial Planning Day Attendee

7 BANK ON SAN FRANCISCO Everyone Is Welcome PAYDAY PLUS SF The Better Small Dollar Loan 13 Bank on San Francisco celebrated its five year anniversary in The program continues to work with banks and credit unions in the City to remove the barriers to banking for unbanked San Franciscans by offering low-cost accounts, providing opportunities for a second chance at banking, and accepting alternative forms of identification. Bank On has become a cornerstone of financial empowerment work in San Francisco, and continues to spread across the country. HIGHLIGHTS: Conducted over 60 financial education workshops with partner organizations across San Francisco, serving more than 1,200 clients. Financial education workshops were highlighted as best practices by the National Disability Institute and the California Partnership to End Domestic Violence. Re-launched BankonSF.org, providing more resources to connect unbanked San Franciscans to affordable accounts. In the second year of the program, our five partner credit unions continued to offer affordable small dollar loans to clients with low or no credit. Payday Plus SF is a responsible short term loan designed to help low to moderate income individuals move away from traditional high interest rate payday loans and break the cycle of debt, build credit history, and take steps towards financial stability. HIGHLIGHTS: Over 400 loans issued from five Credit Union partners since program launch. Launched a partnership with Stanford University and Community Financial Resources to conduct an in-depth evaluation of the Payday Plus SF product and customer experience. Partnered with Pew Research to conduct focus groups comparing the financial wellbeing of Payday Plus SF clients with traditional payday loan borrowers. Launched PaydayPlusSF.org, a new client website. Bank on SF partners reported more than 6,000 accounts opened in Bank On financial institutions participated in our Financial Planning Day and Financial Advice Line events and all signed up to participate in CurrenC SF and the Smart Money Network. I was in a bad situation and those people helped me and they didn t try to take advantage of me. I feel obligated to pay that money. There s no way in hell I m not going to pay that money back. Payday Plus SF Borrower

8 CURRENC SF The Best Way To Get Paid Participating businesses and nonprofits can receive technical assistance from electronic pay experts and educational resources, including workshops, webinars, and one-on-one assistance. 15 CurrenC SF is a new electronic payroll initiative launching in early 2012 that engages employers in building financial security for working San Franciscans. CurrenC SF shows how a municipal agency, working with local businesses and nonprofits, can positively impact household financial security by changing payment practices and initiating financial empowerment in the workplace. A new CurrenC SF website - provides everything employers need to move to a paperless payroll, including: An employer toolkit and how-to guide, including answers to frequently asked questions and best practices Marketing resources, like paycheck stuffers and break room posters José Our goal: making San Francisco the most financially healthy city in the country, and the first city to have a 100% paperless payday. A paper paycheck is one of the most harmful things you can hand to a worker. Cisneros, San Francisco Treasurer In San Francisco, 68% of low-income workers still get paid via paper check, costing them hundreds or even thousands of dollars in fees that could be used for rent, utilities, food, clothing, and savings. Tips and tools for communicating with employees and increasing direct deposit enrollment A guide to affordable, high-quality payroll products and services Our research and experience has shown that how someone gets paid is a key factor in determining how they manage their money and access the financial mainstream. Direct deposit of payroll is also better for business and the environment. Links to healthy financial products and services through our OFE programs and partners

9 POLICY, ADVOCACY AND TECHNICAL ASSISTANCE MEDIA AND PUBLICATIONS 17 The San Francisco OFE continues to demonstrate a commitment to advancing financial empowerment through our local, state and national advocacy efforts and by providing technical assistance to communities across the United States. HIGHLIGHTS: Published three nationally released papers: Building Better Banks Ons: Top Ten Lessons from Bank on San Francisco (New America Foundation) Financial Empowerment Through Employer Engagement: Migrating a City to a Paperless Payday (CFED) Kindergarten to College: A First in the Nation Initiative to Set all Kindergartners on the Path to College (New America Foundation) Launched the new and improved JoinBankOn.org technical assistance web portal in partnership with CFED, National League of Cities, the New America Foundation and the US Department of the Treasury. Over 9,000 unique visitors have viewed the website to date. Provided technical assistance and marketing support to cities and states launching Bank On programs, including 450 participants reached through New America s Building Better Bank Ons webinar. Continued to co-chair the Cities for Financial Empowerment Coalition, with New York City, growing membership to eleven cities, releasing the Building Economic Security in America s Cities report with CFED, sharing best practices, and providing feedback on national policies and initiatives. KQED Forum, November 2011 Passing on Family Wealth ABC Channel 7, September Offers Financial Advice for Two Days Only CBS San Francisco, September 2011 SF Hotline Answers Financial Questions The Economist, September 2011 The Big Save NPR, September 2011 New Programs Aim To Close the Wealth Gap San Francisco Examiner, September 2011 San Francisco bank accounts put children on college path CBS Local News, July 2011 San Francisco Wants To Expand Peer Lending Program

10 THANK YOU TO OUR FUNDERS 18 The work of the San Francisco Office of Financial Empowerment would not be possible without the generous support of our funders. In 2011, the SF OFE received funding from: Charles Schwab Foundation Charles Stewart Mott Foundation Citi Community Development Citibank Foundation East West Bank Friedman Family Foundation Levi Strauss Foundation National League of Cities San Francisco Foundation San Francisco Department of Children, Youth and their Families San Francisco District Attorney s Office San Francisco Mayor s Office of Housing San Francisco Office of the Treasurer and Tax Collector U.S. Conference of Mayors U.S. Department of the Treasury Visa Inc. Walter & Elise Haas Sr. Fund Wells Fargo Bank

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