Daily News (Bowling Green, KY)
September 27, 2005

Financial education effort begins
RAED G. BATTAH, The Daily News, /783-3246

"Can anybody tell me whose face is on the one-dollar bill?" U.S. Bank representative Tracie Oliver asked a group of 11- and 12-year-old girls.

"George Washington," several voices answered.

"What about the five-dollar bill?" she followed.

Oliver named the person on each bill from Washington on the $1 all the way up to Woodrow Wilson on the $100,000. Oliver was quizzing the girls at Girls Inc. on Monday as part of the kickoff to a nationwide campaign to raise financial literacy.

The Mayor's National Dollar Wise Campaign: Financial Education for America, was established by the United States Conference of Mayors' Council for the New American City. Mayors across America have endorsed the program and pledged to forge financial awareness activities for all age groups and income levels. The activities are designed to help consumers, working Americans, and both young and old understand the value of the dollar, pitfalls in spending, and the advantages of wise saving and accounting practices.

Oliver's presentation at Girls Inc. was the first of an ongoing series of workshops and activities. She explained where and how money is printed, the life span of certain bills, notable people on currency, bank services and terminology.

The after-school class for girls has heard some of the points Oliver made before, teacher Destiny McKenzie said.

"It's good for them to get this because we do talk about economics through some of our activities," she said. "They enjoy it and its good that they're learning about these things now."

Following her discussion, Oliver was joined by U.S. Bank South Central Kentucky Regional President Craig Browning, Bowling Green Mayor Elaine Walker and representatives of the Kentucky Housing Corp., Housing and Urban Development, Junior Achievement of South Central Kentucky.

Browning said banks have a fiscal obligation to help prepare people for finances.

"Anytime you can make a difference in financial literacy it's a positive thing for future generations," he said. "This will certainly improve the lives of these kids and the impact will be great on the community."

Walker hopes a coalition of local groups aided by government agencies can hit the ground, as often as once a month, with workshops and meetings in different parts of the community and covering various financial topics. One thing the mayor would like to see develop is a better understanding about the importance of owning a home.

"One thing that I find frustrating is that we have such a high rental rate," she said. "I talked to some young professionals who are renting. I try to get them to look into homeownership programs and down-payment assistance programs.

"There are things that you can do like buying a duplex, where you can live in one unit and rent the other. But we don't teach our young people that philosophy. The greatest tax benefit for people comes through home ownership. A large part of what you spend on mortgage is tax-deductible, and plus you're building equity."

Walker said young people and the elderly often fall victim to predatory lending practices. She also said a large number of minorities are faced with challenges in securing loans.

"And even people who are well off can often be victimized by predatory lending," she said.

Some activities to be expected through the Dollar Wise initiative will be identifying existing financial literacy programs in the community, classes and luncheons for city employees, community-wide classes and luncheons, distributing materials at city hall, schools, businesses, banks, faith-based organizations, libraries and community centers.

Carol McClure, the family self-sufficiency coordinator in the city Housing and Community Development Department, is one of the managing partners in the Dollar Wise initiative. She said toward the end of October, the city's Web site, www.bgky.org, will be a key resource for people wanting to learn more about the Dollar Wise programs.

"What we'll be putting on the Web site is a resource directory that will list speakers and their areas of expertise, so if schools or agencies want to do a presentation they can see who to get to come," she said. "And we will have a list of available materials and also have target groups like homeowners, the unbanked community, etc. ... Also one thing that was suggested when I met with some agencies, they wanted us to develop training packets and have those accessible through the Web site and specific packets for teen parents which includes basic budgeting, what to look for when renting, banking basics."

Editor's note: As part of the Dollar Wise campaign, the Daily News will publish a series of articles addressing various financial issues facing area residents. An article will appear biweekly in Saturday's Family section starting Oct. 15.