Washington Private Sector Financial Education Survey

The Washington Financial Literacy Work Group wants to hear about your organization’s financial education program.

The Work Group has constructed a 6 question survey that takes only a few minutes to fill out. To date, 44 organizations have filled out the survey.

Fill out the survey online at: http://tinyurl.com/3kve4x.

The Work Group would like to hear from all private sector organizations, even those that don’t have a financial education program.

More information about the Washington Financial Literacy Work Group: http://dfi.wa.gov/work-group/.

DFI Director Writes Letter To Members Of The FFIEC Regarding The Need For Financial Literacy

DFI Director Scott Jarvis recently wrote a letter to members of the Board of the Federal Financial Institutions Examination Council (FFIEC) expressing that there is a need, nationally and in Washington, for increased financial literacy outreach efforts.

In the letter Scott encouraged members of the FFIEC to consider guidance or rulemaking that would clearly establish or underscore that consumer financial literacy outreach efforts by banks and thrifts are a community development service.

Members of the FFIEC responded to Scott’s letter thanking him and stating that financial education and outreach is important and that they encourage banks and thrifts to offer financial education programs targeted to low and moderate income people.

View Scott’s Letter: http://dfi.wa.gov/consumers/pdf/scott_fin_lit_letter.pdf

View Response From Members Of The FFIEC: http://dfi.wa.gov/consumers/pdf/ffiec_fin_lit_response.pdf

For more information about DFI’s financial literacy outreach efforts visit http://dfi.wa.gov/consumers/campaigns.htm.

Improv Theatre Group Teaching Middle School Students The Basics Of Personal Finance

The spring 2008 season of Mad About Money II kicked off this past Monday in front of an enthusiastic crowd of middle school students at Colville Middle School. The spring 2008 tour will visit 45 middle schools across the state. This is the 4th time Mad About Money has toured Washington.

Mad About Money II is a live, in-school theatre performance that teaches students the basics of personal finance. The program is being sponsored by DFI.

The show features two professional actors from the National Theatre for Children who portray a wide variety of colorful characters in four sketches.

For example, a game show host and contestant spin the wheel of chance, helping students understand the role of risk in investing.

In addition to the live performances, the Mad About Money II program components include educational workbooks in Spanish and English, take-home activities, Internet exercises, handy guidebooks, curricular aids for teachers.

Spring 2008 Tour Schedule: http://dfi.wa.gov/consumers/pdf/mam_schedule.pdf

Video Sample Of Program: http://www.nationaltheatre.com/madaboutmoney.asf

Washington Forms Financial Literacy Work Group

A financial literacy Work Group - mandated by state legislation - has been formed to assess financial literacy in Washington State.

The Work Group will analyze the state of financial literacy in Washington and provide a final report with recommendations to Governor Chris Gregoire and members of the legislature by December 1, 2008.

More than 30 individuals from the private, non-profit , and Government sectors have agreed to join the Work Group. Each member of the Work Group has a passion for financial literacy and brings an abundance of knowledge and experience to the table. These members are Washington’s leaders in financial literacy and should be commended for their time and dedication.

The Work Group conducted their first meeting on April 25, 2008. The next meeting will be on Thursday, May 29th from 8:30 am - 12:00 pm at Highline Community College.

More information about the Work Group can be found online at http://dfi.wa.gov/work-group/.

How To Pick The Short Term Investment That Fits Your Needs

If you are looking for a place to invest on a short term basis, how do you find the investment that is best for you?

In making your choice, there are three factors you need to weigh:

1. Liquidity
2. Interest Rate
3. and Safety of Principal

For more information about choosing short term investments that are right for you, visit DFI's Web site at http://dfi.wa.gov/consumers/education/investments/short_term.htm.

Washington High School Teachers Are Invited To Register Their Classrooms For The National Financial Literacy Challenge

Beginning today, high school teachers can register their classes to participate in the 2008 National Financial Literacy Challenge. The Challenge is a voluntary, 35-question test that students can take to earn recognition for their financial knowledge. It will be offered online until May 16, 2008. Teachers can register their classrooms online at http://flc.treas.gov/teacher.

Recognition For Students
Students scoring in the top 25th percentile of the nation's scores will earn a certificate of recognition from the U.S. Department of the Treasury. Students scoring exceptionally well will win a 2008 National Financial Literacy Challenge Award, a medal.

One student from each region (10 total regions) will also receive:

• $2,500 In Scholarship Money
• 2-day, all expenses paid trip to Washington D.C.
• $1,000 Donated To Their School/Organization

More Information and Resources To Help Students Prepare
The Washington State Department of Financial Institutions has more information about the challenge available on its Web site. Please visit http://dfi.wa.gov/consumers/fin_lit_challenge.htm.

Financial Literacy In The News

We thought we’d share some recent financial literacy related news with you. Read something interesting in the papers? Share the wealth! Email webguy@dfi.wa.gov and let us know about it.

Articles and Blogs:

Retirement Insecurity - Seattle Times
Fewer than two in 10 American workers say they are very confident that their golden years will be financially secure, according to a survey by the Employee Benefit Research Institute.

Banking On Financial Literacy - North Kitsap Herald
Kitsap Credit Union has provided 683 volunteer hours of classroom instruction and reached 22,226 individuals with financial literacy education.

Protecting Your Child’s Financial Identity - Susan Beacham Blog
Tips for protecting your child’s financial identity from Money Savvy CEO Susan Beacham.

Smart Spending is a Savings Strategy for Many Adults, AICPA Poll Shows - Yahoo
As the U.S. economy slows, more and more Americans are cutting back on spending to in order to save money, according to a recent nationwide survey conducted by Harris Interactive® for the American Institute of Certified Public Accountants.

Tell College Seniors They Have One Last Assignment - The Arizona Republic
Parents need to make sure that graduating seniors understand personal money management before they are handed a diploma.

Financial Education Is More Critical Now Than Ever - Chicago Tribune
Commentary from the President and CEO of Federal Reserve Bank of Chicago.