A partnership between the Federal Reserve Bank of Chicago and the American Library Association Michael Dowling, Director Chapter Relations Office and International Relations Office American Library Association [email protected] www.usfinancialcapability.org/ •60% of people nationally live paycheck to paycheck •60% of people do not have a rainy day fund of three months income •62% of people did not comparison shop for a credit card •66% of households with dependent children are not saving for their child’s college education •58% have not even tried to figure out how much they need to save for retirement Why Libraries? • • • • • Mission Part of the Solution Good Unbiased Trustworthy Partners Access and Visibility Ecosystem (state libraries, state and regional associations, regional systems, public libraries, school libraries, academic libraries, special libraries) • STRICTLY NO SELLING at any MSW event Great Partnership Fit for ALA • Collaborate with Trusted PartnerFederal Reserve Bank of Chicago • Take Successful Regional Program NationalGet libraries across the county involved. • All types of libraries can participateLibraries can assist their communities at any level • Literacy is a key ALA Action Area – Assists and promotes libraries in helping children and adults develop the skills they need-the ability to read and use computers- the ability to seek and effectively utilize information resources is essential in a global information society. • Incorporate ALA ‘@ your library’ branding Over 250 Libraries in 38 States in 2012 California Libraries that Participated in 2012 • • • • • Alameda County Library Santa Clara County Library Pasadena Public Library Cal Poly Pomona University Library Kern County Library (Beale Memorial) www.moneysmartweek.org Reach New Partners for Libraries and ALA • Federal Government (FED, SEC, FDIC, Social Security Administration, SBA) • State Government (Treasurer, Banking, Insurance, Employment) • Associations (Business, CPA, Financial Services) • Companies (Credit Unions, Banks) • Media (Newspapers, Radio, Television) • University (Student Services, Finance/Business Dept., Extensions) • School (PTA, Junior Achievement) Money Smart Week Iowa Partners •AARP •Bank of the West •Bettendorf Family Museum •Bettendorf Public Library •Better Business Bureau of Greater Iowa •Cedar Rapids Bank & Trust •Cedar Rapids Public Library •Center for Financial Success •Community Bankers of Iowa •Community Business Lenders •Community Corrections Improvement Association •Creditwise, LLC •Davenport Public Library •Deere Harvester Community Credit Union •DM Neighborhood Resource Office •Document Destruction and Recycling Services •EdCo Community Credit Union •Edward Jones Investments •Federal Deposit Insurance Corporation •Federal Reserve Bank of Chicago •Four Legacies Mortgage •Gazette Communications •Goodwill of the Heartland •Grant Wood Area Education Association •Hiawatha Public Library •Horizons Consumer Credit & Counseling Service •Iowa Association for Business and Industry •Iowa Association of Student Financial Aid Administrators •Iowa Attorney General's Office •Iowa Bankers Association •Iowa College Access Network •Iowa College Aid Commission •Iowa Credit Union League •Iowa Department of Education •Iowa Division of Banking •Iowa Insurance Division •Iowa Society of Certified Public Accountants •Iowa State Treasurer •Iowa Public Television •Iowa Society of Certified Public Accountants •Iowa State Bank •Iowa State University Extension •Johnston Public Library •Junior Achievement of Eastern Iowa •Kelley Insurance Center — Drake University •Kirkwood Community College •Marion Public Library •Metro Library Network •Moline Public Library •Moline School District •QC Dollarwi$e •Quad-City Times •Rock Island Public Library •Rock Island School District •Royal Neighbors of America Foundation •SCORE •State Historical Society of Iowa •State Library of Iowa •Taxpayer Advocate Service •The Family Credit Union •The Financial Specialists •The National Bank •The Women’s Connection •UBS Financial Services •United Way of Central Iowa •University of Illinois Extension •University of Iowa Community Credit Union •US Bank •U.S. Senator Charles Grassley •U.S. Small Business Administration •Wealth Advisors of Iowa •Wells Fargo Bank •West Des Moines Public Library Key Bank Foundation as Partner National and Local Media Opportunities for Statewide Coalitions 2006 – 5 communities in Wisconsin 2007 – 12 planning committees • Fond du Lac: 50 events at library, mall, colleges, schools, senior center, etc. = 300 attendees 2008 – 13 planning committees • Fond du Lac: 50 events at 2 libraries, 1 university & large employers = 499 attendees 2009 – 23 planning committees • Fond du Lac: 120+ events at 5 libraries, 1 technical college & large employers = 1,000+ attendees 2010 – 27 planning committees WI: 600+ events, 12,500+ attendees, 453 nonprofit & corporate partners Fond du Lac: 60+ events at 5 libraries & large employers = 500+ attendees 2011 – Financial Literacy Summit (transition from Oct to April) 2012-- 26 planning committees (some consolidation) 2012 Consumers Survey Results • 98% attendees find sessions valuable or very valuable • 91% attendees are likely or very likely to change their money habits based on what they learned • 95% attendees are likely or very likely to recommend a MSW class to friends or family • How patrons hear about programs: – Printed pamphlet-like calendars distributed through partners – Newspaper – Word of mouth – Internet – Billboard – Bill inserts (bank statements, etc.) – Company newsletter Possible Program Topics • • • • • • • • • • Money Savvy Kids Retirement Planning Smart Investing College Financing Savings Strategies Credit & Debt Financial Recordkeeping Cooking on a budget Coupon Club Protecting your finances in times of crisis or divorce • Identity Theft • How to start your own small business or foundation Programming (Johnston Public Library, Iowa) 2008 •Millionaire’s Mind •ABC’s of Retirement •Shred Day 2009 •Women and Finance •Time to Fill Your Buckets and Retire •Shred Day 2010 •Shred Day 2011 •Identity Theft •Shred Day •Multigenerational Program •AARP Tax Assistance Shred Day Springfield Greene Co. Library (Missouri) • The Library’s contracted shredding company set up their truck in our parking lot • High attendance: in 4 hours, 67 patrons • Patrons (and shredding company) asked us to do this more! • Patrons were especially thankful that this service was provided • Library received credit for poundage shredded Coupon Moms Springfield Greene Co. Library (Missouri) • Workshop on couponing for moms, with companion story time for kids • Attendance: 24 • Great timing: The staff really knew when moms and kids were in the library, and this presentation was of high interest to them. • The attendees went on to continue meeting about coupons outside the library! Money Smart Kids’ Contests (Fond Du Lac Public Library) • Purpose: Start financial literacy early & get families talking about money • Contests: Essay, YouTube, Dollar Design • Awards: State Treasurer awards 529 account scholarships; partners donate bonds, t-shirts, “Fondopoly” games, pencils, etc. Bunny Money • Story time using popular book Max and Ruby’s Bunny Money • Activity: Kids decorated a shopping bag, were given “bunny money”, and could go to different tables and decide what to purchase with their money (candy, etc) • Check out at the cash register • Attendance: 23 Programs for Kids & Families • Regional “Big Read” • • • Just Saving My Money by Mercer Mayer 17 participating libraries + 2 bookstores held same story-time programs Kids received a free copy of the book • “Family Moolah Fun Day” • Treasure hunt, money bingo, wheel of trivia • Penny the Pig • Piggy bank with four slots (spending, saving, investing & donating) Money Smart Programs for Teens Successful Adult Programs • • • • • • When I’m 65 (Medicare, Medicaid benefits) Presented by a County Senior Benefit Specialist Employee Retirement planning Presented by a local financial planner Estate Planning Presented by a lawyer & financial planner Investing 101 Presented by a financial educator Money Saving Travel Tips Presented by a AAA representative Shred Fest Money Smart Week @ your academic library (Northeastern Illinois University) Trident Technical College, SC • Credit Basics • Financial Aid Basics • Deal or No Deal (Savvy Shopping) • Identity Theft • Getting There While Saving Fare (Going Green) School Libraries Money Smart Week Website Resources Program Ideas Promotional Material www.moneysmartweek.org How do libraries participate? – Sign up online at www.moneysmartweek.org – Provide at least one class during MSW (April 20 – 27) – Use current relationships with financial education presenters, or ask for ideas of possible presenters – Use promotional materials to publicize events – Register events into online database – Report program attendance, and survey evaluation results ALA ‘National Partner’ Registration Form Specific Money Smart @ your library Resources and Logos Tabs Downloadable Logos and Promotional Materials Bookmarks for Sale from ALA • $10 pack of 250 (plus shipping and handling) Money Smart Week @ your library Archived Webinar http://www.ala.org/offices/money-smart-week Learn how your library can be part of 'Money Smart Week @ your library,' a national initiative in its third year between the ALA and the Federal Reserve Bank (Chicago) to provide financial literacy programming to help members of your community better manage their personal finances. Libraries of all types can and do participate, providing programming for all ages and all stages of life on topics such as: basic budgeting; managing student debt; retirement planning; home purchasing; saving money through couponing; and how to prevent identity theft. Last year public, academic, school, and even prison libraries in 39 states participated. Money Smart Week @ your library!! Join other libraries in Idaho, and hundreds across the country in this national initiative to help your community to better manage their personal finances!