May 10, 2004

Working with the Federal Reserve Bank of Chicago, Detroit Mayor Kwame M. Kilpatrick launched the city's first Money Smart Week on April 22. The mission of Money Smart Week is to promote financial literacy and to provide financial education to consumers in southeast Michigan. "Money Smart Week is just the type of community-based effort we need as we work together to rebuild the spirit and vitality of Detroit and its surrounding communities," Kilpatrick said at the opening breakfast.

Money Smart Week was created by the Federal Reserve Bank of Chicago in 2001, and has successfully run in Chicago for the past three years. The Money Smart program grew out of the Federal Reserve's desire to educate the public about financial literacy, particularly given the rising number of bankruptcies in the United States. "This is going to be a great week of educational activities carried out by all of the partner organizations. Our challenge is to give people the information they need to make informed decisions about managing their personal finances...to help consumers make better choices," said Glenn Hansen, Manager of the Federal Reserve Bank of Chicago's Detroit Branch.

Detroit teamed up with 29 organizations and businesses to host over 150 activities from April 22-30. The events included classes on improving credit histories, saving for college, planning for retirement, and teaching children to save. "Financial knowledge equips us with the necessary information to make wise decisions with regard to spending, saving and even investment choices that will help us in the future," said Kilpatrick.

Kilpatrick also announced the creation of a new U.S. Conference of Mayors financial literacy initiative, which will hold its formal "kick-off" event in June. The campaign called Dollar Wise, will be modeled partly on the Federal Reserve's work in Detroit and Chicago, and is supported by the Federal Reserve. "The goal of this campaign is to educate the public, particularly our youngest citizens, about everyday financial issues to make them aware of how the financial decisions they make today will affect their futures," Kilpatrick told the audience.

For more information about Money Smart Week, please visit the website www.chicagofed.org/moneysmart, or call the Money Smart Week Hotline at 1-877-MNY-SMRT.