By Dustin Tyler Joyce
October 13, 2008

Mayors in cities across America sent their citizens the message that, even in tough economic times like these, you can begin to establish a habit of regularly setting aside money in a savings account for yourself and your children. The fifth-annual Dollar Wi$e Week was celebrated in dozens of communities around the country September 20–27. Mayors marked the week’s theme, “Savings for Kids and Families”, in mayoral proclamations and in community outreach, with a number of events targeted at children and youth in addition to the community at large.

Past Conference President Akron Mayor Donald L. Plusquellic, with the Dollar Wi$e Campaign and America Saves, officially launched his city’s ‘Savings Communities’ effort with a citywide goal of $1 million in additional savings over the next six months. Through a local coalition of financial institutions, employers, churches, the Downtown Akron Partnership, and the Akron Beacon Journal newspaper, city residents have the opportunity to establish their own savings goal. Coalition partners will report, in the aggregate, participants’ additional savings either in personal savings accounts or in retirement accounts. The idea is to go above and beyond what residents are already saving.

For Plusquellic, kids are a good place to start spreading the message to save. Speaking of past USCM initiatives, Plusquellic noted: “The reason most of these have worked is that we started with children in school. They then brought the message home to mom and dad. Maybe it was ‘don’t litter’ or it was about learning to read or ‘stop smoking’. What we have learned is that the message is loud and clear when it comes from our kids.”

Wilmington Mayor James Baker held a press conference with tenth and eleventh graders at Howard High School, a technical-vocational high school where students are learning about the financial field, career choices, and the increasingly complex economic world around them through the school’s Academy of Finance. Baker was joined by representatives of USCM, the Wilmington chapter of the National Urban League, and Citi, who have been instrumental in getting the city’s efforts off the ground.

The city’s campaign will center on the theme “Save a Dollar a Day,” with the goal to counteract the numerous enticements to spend that Wilmington residents see daily in advertising and elsewhere. City leaders also want to help residents realize that even in tough economic times people can find ways to set aside money for future goals or just for a rainy day.

Baker told the students that if they look to sports stars and other celebrities, they’ll get the wrong idea of how to spend money wisely. “A lot of kids graduate from college and they still don’t understand a checking account, they don’t have a savings account, they don’t understand what the credit issues are,” Baker said. “They just respond to what they feel, so to have them better understand it I think is critical to all students.” The mayor then presented two students with a dollar coin each to begin their savings accounts.

Norwalk Mayor Richard Moccia took time out to visit a kindergarten class at Jefferson Elementary School where he read them a version of the “Three Little Pigs,” this one about Spending Pig, Stingy Pig, and Smart Pig.

“Spending Pig gave all his money to the Big Bad Wolf,” said the mayor. “Do you think the wolf is going to give it back?”

“No!” answered six-year-old Daneesha Dupree, while all the children shook their heads in agreement.

When Moccia asked the children to name good reasons for spending money, he received many different answers, including food, clothes, toys, and “stuff.”

“You gotta buy toys,” said one child.

“You have to work really hard to get money,” said another.

“Yes,” agreed the mayor. “So you don¹t want to waste it.”

“I want you to be smart kids, and bring these home to your parents,” Moccia said as he helped pass out the books. He said he realized five and six-year-olds may not grasp all the messages shared during the special storytime, but he hopes parents will read the books with their children and benefit from the information, as well.

“Let’s face it,” said Moccia. “Some of the businessmen in Washington should have been reading that book about 30 years ago.”

(Special thanks to The Hour newspaper and staff writer Joan Gaylord for this report.)

The Mayors’ National Dollar Wi$e Campaign promote year-round financial education efforts. For more information on the Campaign, visit www.dollarwiseonline.org, send e-mail to dollarwise@usmayors.org, or call Dustin Tyler Joyce, manager of the Campaign, at 202-861-6759.