By Dustin Joyce
October 23, 2006

Over 100 communities across the United States highlighted the importance of financial education during Dollar Wi$e Week 2006, September 25-30. Mayoral proclamations by the dozens poured into the National Dollar Wi$e Campaign’s offices in Washington (DC) at the U.S. Conference of Mayors, along with photos, stories, and media coverage.

Mayors and their staffs participated in breakfasts, forums, workshops, seminars, and classes, as well as events recognizing the community partners that support financial literacy efforts in their cities.

Detroit Mayor Kwame Kilpatrick, chair of the U.S. Conference of Mayors’ Council for the New American City, kicked off Dollar Wi$e Week at a press conference at Detroit city hall. At the press conference, Kilpatrick was presented with a $25,000 Dollar Wi$e Capacity Grant, sponsored by Countrywide Financial Corporation. Kilpatrick remarked, “Cities all across America are celebrating Dollar Wi$e week to promote the importance of financial education to every individual, family, and community. We are excited that so many cities are participating in this U.S. Conference of Mayors’ national campaign.”

The Atlanta Workforce Development Agency organized a financial literacy workshop for youth as a part of its ongoing Next Step … The Atlanta Promise program. Through the program, students receive the opportunity to pursue their dreams of postsecondary education or meaningful employment through the development and implementation of an individualized next step life plan for the future. Other Next Step activities include additional financial literacy and financial aid workshops in preparation for post'secondary education.

In addition, the Atlanta Workforce Development Agency, in partnership with the Arthur Blank Foundation and Seedco’s EarnBenefits program, offers free screenings for low-income youth and their families. These screenings help determine their eligibility for a wide array of government and private benefits such as free tax credits, WIC, Food Stamps, Medicaid, and PeachCare for Kids, a program that the State of Georgia makes affordable healthcare available to the state’s uninsured children.

A proclamation signed by Lewiston Mayor Lionel C. Guay, Jr., was presented at an event hosted by the Lewiston-Auburn Tax Credit Awareness Coalition. The proclamation noted that “education provides the skills necessary to succeed and empowers individuals to take charge of their financial futures to secure their own well being and that of their families.” The occasion was an informational forum for non-profit agencies and businesses regarding the Earned Income Tax Credit (EITC) and Guay’s local Dollar Wi$e campaign focusing on financial literacy.

The coalition is currently gearing up for the 2007 tax season and will again be offering free federal/state tax preparation by trained volunteers at local sites, as well as increasing its provision of asset-building information and opportunities. Jill Lorom, of Coastal Enterprises, is heading up the coalition’s asset-building sub-committee. During the forum, she addressed the group on topics such as individual development accounts (IDAs) and matching opportunities; financial education classes; free credit reports and explanation; and available community resources focusing on financial literacy.

Attendees also received materials about the EITC itself, with special emphasis on the fact that low- and moderate-income families and individuals can greatly benefit from the federal benefit, providing a tax credit of up to $4,536 on a 2006 federal tax return if eligible. In addition, Charlie Swett, of the Internal Revenue Service, announced that this year refunds may be direct deposited in up to three separate accounts during the 2007 tax season.

Guay stated, “It is our hope that information and opportunities that come to light during this outreach will go a long way in assisting consumers in making informed choices about their finances. Improved financial literacy will no doubt result in a higher standard of living and more stable communities—clearly a win-win for all.”

In reviewing the numbers that demonstrate the dire financial situation many Americans face, Guay further stated, “Those statistics speak volumes about the need for enhanced financial knowledge.”

Under the direction of Louisville Metro Mayor Jerry Abramson, Louisville held a week long series of events to help boost financial literacy and increase asset building, as well as to bring attention to services and programs that are offered to residents throughout the year.

Kicking off the city’s Dollar Wi$e Week activities was Louisville’s first Asset Building Summit. The event was spearheaded by the Louisville Asset Building Coalition and attended by leaders of local agencies that create asset-building opportunities for residents. Over 75 participants discussed strategies for synergies and collaboration. They also created a community-wide asset building resource guide that can be utilized by residents.

The Louisville Branch of the Federal Reserve Bank of St. Louis and volunteers from the Kentucky Bankers Association organized Teach Our Children to Save Day at 12 local elementary schools. (The Federal Reserve Board serves as an advisor to the National Dollar Wi$e Campaign.) During the events, first grade students learned about the importance of saving money and received $50 savings bonds from local banks. At a workshop at Byck Elementary School held September 25, Deputy Mayor Joan Reihm read a fun book about finances to the children.

“I am pleased we’re focusing many of our efforts on children, because it’s imperative our young people learn the ins and outs of financial choices at an early age,” said Abramson. “The choices we make as adults can mean the difference between financial stability and crisis.”

Filling out the week were several events focusing on financial literacy. The famed Churchill Downs racetrack, home of the Kentucky Derby, and the Housing Partnership hosted two workshops, one in English and one in Spanish, where racetrack employees received guidance on saving and preparing for homeownership.

Jefferson Community and Technical College held its annual Student Resource Fair, which provided information about the resources available through the college and in the community to assist students in reaching their educational goals.

The Kentuckiana College Access Center hosted a workshop about the free services it offers to students about planning and paying for higher education. Counselors also explained why pursuing a college education increases earning power exponentially over a person’s lifetime.

Meanwhile, all Jefferson County Public School students in fourth grade completed the curriculum in Junior Achievement’s Sam Swope Exchange City and all seventh grade students participated in the Chase Finance Park program, where they learned about budgeting and financial planning.

Mayors, city governments, and community organizations in Bettendorf, Davenport, East Moline, Moline, and Rock Island (IL) sponsored a series of events throughout the area during Dollar Wi$e Week.

To kickoff Dollar Wi$e Week, Rock Island (IL) Mayor Mark Schwiebert and the city hosted the first annual QC Mayors Financial Literacy Breakfast. Bettendorf Mayor Michael Freemire, Moline Mayor Don Welvaert, and Davenport Mayor Pro Tem Jamie Howard attended and spoke. In addition, representatives from many local funders, financial institutions, nonprofit organizations, and interested citizens were in attendance. Dustin Tyler Joyce, manager of The Mayors’ National Dollar Wi$e Campaign, was the keynote speaker and discussed the national campaign and how community organizations can take a role in financial education efforts.

Throughout the week, certified financial counselors hosted a series of free financial literacy programs. Quad City Bank and Trust, the QC DollarWise Partnership, and the Rock Island Housing Authority presented a first-time homebuyer and financial literacy class. Financial counselors covered budgeting, checking and savings accounts, understanding a credit report, and obtaining a mortgage while participants received a free light dinner and child care.

Instructors at a financial fitness class offered guidance on setting money values and goals, budgeting, trimming costs where possible, and alternatives to predatory lending. Project NOW, a local community-based organization, sponsored the event and provided pizza, beverages, daycare, and door prizes to participants.

The University of Illinois Extension Office in East Moline hosted “Schemes, Scams and Flim-Flam—Consumer Fraud” to help prepare consumers protect their assets from scams. Participants learned how to protect their personal and financial information to reduce the chances of becoming a victim. Attendees also learned how scams occur and how to report a scam to officials.

Participants at “Your Good Credit” learned how to better understand and apply credit principles. Quad City Bank and Trust presented the event at the Scott Community College Career Assistance Center. Instructors covered a variety of credit-related topics, such as becoming debt-free.

The Quad Cities also hosted special programming throughout the week in conjunction with existing services for children and youth. A board game called Me and My Money, from the University of Illinois extension, helped adults teach students in grades 4-7 the basics about money.

San Francisco Mayor Gavin Newsom and city treasurer José Cisneros announced the launch of Bank on San Francisco. This new program helps San Francisco families dependent on high-cost check-cashers easily open a starter bank account with reputable financial institutions. The program is run in partnership with the Federal Reserve Bank of San Francisco and a local non-profit, EARN.

An estimated 50,000 households in San Francisco have neither a checking nor a savings account—15 percent of the city’s households. Among African Americans and Latinos, approximately 50 percent of adults are unbanked. Families without bank accounts pay high fees to cash checks and pay bills, and with no safe and reliable way to access their money they are particularly vulnerable in times of crisis.

“Over the next two years, we plan to bring 10,000 of the 50,000 un-banked San Francisco families into the financial mainstream so they can begin to save and build assets,” said Newsom. “Our goal is to have the fewest un-banked residents of any major American city. We are the first city in the country to undertake such an initiative.”

Cisneros added, “We’re thrilled to launch Bank on San Francisco. Thousands of hard-working unbanked San Franciscans will be able to open an account – even if they have mismanaged an account in the past … or simply want quality financial management training. This is a real alternative to high-priced, predatory check cashing and payday lending businesses.”

Dearborn (MI): Conference of Mayors President Dearborn Mayor Michael A. Guido encouraged people to review the resources available through the Dollar Wi$e Campaign through an article in both local Dearborn newspapers during DollarWi$e week. In addition, on October 11, Dearborn began a series of seven public education meetings on municipal financing issues in Michigan and their dramatic impact on the community and the local budget. This public education outreach raises the level of awareness about financial structures, where tax dollars come from and go to, and the importance of allocating wisely for programs the community values because resources are finite. It covers the same principles that should be applied to a household budget, and puts the city’s financial challenges in perspective for residents.

Pleasanton (CA): The Tri-Valley Housing Opportunity Center (TVHOC) will celebrate its one-year anniversary October 24 during the area’s Dollar Wi$e Week, moved from September to October to coincide with the anniversary. The neighboring cities of Danville, Dublin, Livermore, Pleasanton, and San Ramon formed TVHOC to respond to the housing and financial education needs of the region’s residents. At the event, TVHOC will introduce its new director, Jacqueline Rickman.

Waterloo (IA): A citywide finance program sponsored by a number of agencies aimed at protecting consumers from unscrupulous lenders. “Money Smart” combined public education with counseling to help consumers become savvier about checking, savings, loan to own, legitimate borrowing, and credit and debt management. Operation Threshold also offered homebuyer education throughout the week. The Waterloo Housing Partnership (WHP) provided down payment assistance and special loan products to qualifying households purchasing homes in targeted areas of Waterloo. Local lenders, the local Iowa State University extension campus, and Family Management also helped to develop a budget within each participant’s income level. Participants also learned how to build up their credit histories, write checks, pay all of their bills without additional borrowing, put money in their pockets to restore their peace of mind.

of mind.