By Carolyn Merryweather
October 18, 2004

Mayors across the country renewed their commitment to increasing financial literacy in their communities when they celebrated Dollar Wi$e Week from September 27 through October 1. Activities ranged from a course teaching high school students about inflation in Akron, to a "train the trainer" program for financial literacy education volunteers in Detroit, to financial education seminars in Providence (RI) and Hollywood (FL). Dollar Wi$e Week is part of the ongoing U.S. Conference of Mayors' National Dollar Wi$e Campaign. Click here to view the mayors participating.

In Akron, Conference President Akron Mayor Donald L. Plusquellic worked with the Cleveland Federal Reserve and the Mustard Seed Development Center, a local nonprofit, to present an interactive program on inflation and financial literacy to students at Buchtel High School. "Becoming financially literate is a long-term process that, for many people, requires assistance from institutions outside the home," said Plusquellic. "By coming together, our communities will help consumers make informed choices about their finances."

The Federal Reserve System is working with the Conference of Mayors to promote financial literacy and the Dollar Wi$e Campaign nationwide. Sandra Pianalto, President of the Federal Reserve Bank of Cleveland, attended the Akron event and said, "We support the work the U.S. Conference of Mayors is doing to promote financial literacy in our nation's cities. If people make better informed, appropriate financial choices there are more opportunities to build wealth, with better communities as a result."

In Detroit, the mayor's office, together with the Family Place, the Child Care Coordinating Council of Detroit/Wayne County, and the InCharge Education Foundation trained a group of 20 Detroit residents to become financial literacy trainers. These 20 volunteers will hold financial literacy classes in the community in the coming months. "The most important investors in American cities are families and individuals. There is no better time than now for citizens to take advantage of programs and activities geared toward financial management and prosperity," said Detroit Mayor Kwame M. Kilpatrick, Chair of the Council for the New American City, which sponsors the Dollar Wi$e Campaign.

Providence Mayor David N. Cicilline held a seminar with Consumer Credit Counseling of New England to educate seniors about credit card use, predatory lending, and personal finance. "I visit a different senior high rise every week, and during those visits seniors often raise concerns about financial issues," said Cicilline. "These visits are designed to give seniors the information they need to make informed decisions about their finances, and to help them protect themselves from predatory lending and consumer fraud."

In Hollywood (FL), Mayor Mara Giulanti worked with the city's housing program and Wachovia Bank to teach residents about personal finance in a seminar on September 27. As part of the ongoing campaign, Hollywood is sponsoring four workshops from November through June, 2005 on basic banking and credit information.

The goal of the Mayors National Dollar Wi$e Campaign is to increase public knowledge about personal financial issues. Mayors interested in learning more about the ongoing Dollar Wi$e Campaign or in signing up for the campaign can go to www.dollarwiseonline.org.