Presentation Transcript

1. A Money Matters Quiz Q: What percentage of Americans carry credit card balances up to $10,000 50% 33% 87% 10% 21%
2. Goals Targets GED students Classes cover Budget Credit scores Banking More
3. Results 206 students in at least 1 class 78 completed all 6 (38% completion rate) GED graduates – in progress
4. What is financial literacy? http://www.flickr.com/photos/kristaeleman/1414580852
5. FINRA Report 1,500 surveyed ½ trouble with regular expenses No rainy day funds Non-bank borrowing
6. Reality check 52% -- own financial knowledge good BUT many Incur late fees, other expenses Fail to compare Cannot calculate interest
7. A Money Matters Quiz Q: What percentage of Americans pay their credit card balance in full each month? 71% 22% 54% 13% 5%
8. Georgia 3rd in bankruptcies 12% “unbanked” 45% of those without a high school diploma
9. Why the library? IMLS report on 21st century skills Themes Financial literacy Environmental literacy Health literacy Global awareness
10. Smart Investing @ Your Library ® Partnership with FINRA and ALA/RUSA Started in 2007 More than $3 million in grants Application by invitation only Go to smartinvesting.ala.org
11. Money Matters Community programs 6 hours of basic financial instruction “Graduates” qualify for GED scholarships
12. About Athens A great place to live! Home to University of Georgia Athens consistently rated among “bests” For retirement College town by Kiplinger
13. The “other” Athens High poverty rate Low high school graduation rate Low educational attainment High unemployment
14. Two Athens Athens Banner-Herald, June 29, 2006 http://www.flickr.com/photos/pocketwiley/4164830 http://www.flickr.com/photos/courtneymcgough/4827337562 Athens Banner-Herald, Nov. 17, 2007 http://www.flickr.com/photos/courtneymcgough/4044448852 Athens Banner-Herald, Aug. 20, 2010 http://www.flickr.com/photos/leobard/291537563
15. A Money Matters Quiz Q: Which is true of Millionaires? 77% drive an older car 20% inherited their money 80% are college graduates the most popular brand of car is FORD All of the above
16. OneAthens Community-wide forum Education a key goal Better-educated workforce – more jobs & better-paid workers
17. Benefits of GED or diploma Increase earning power More job opportunities Jobs with better benefits Financial Security
18. Grant idea Partner with Athens-Clarke Literacy Council Library offers financial literacy classes ACLC offers GED scholarships
19. Putting it together Take Money Matters classes Learn about finance, credit, banking, etc. Complete 6 classes
20. Putting it together Complete GED exam Get a job Earn good wages Manage money better because of Money Matters classes
21. We won! January 2009 Grant covers Salary Library materials Printing, publicity, etc. LearningExpress
22. A Money Matters Quiz Q: All consumers are legally entitled to receive free which of the following: Their credit score A copy of their credit reports annually from each of the three main credit-reporting bureaus. A detailed debt-to-income analysis Access to freecreditreport.com Two copies of their credit report
23. The Credit Card Act of 2009 The new requirements phased in starting August 2009-August 2010 Goal More transparency & easier to understand terms Enhanced Consumer Disclosures Consumer Protection Protection of Young Consumers
24. Provisions of the Act Consumer Protections Limited interest rate increases The right to opt out Limits on over-the-limit fee Subprime credit cards Protection of Young Consumers Limited credit to Young Adults, under 21 Enhanced Consumer Disclosures Minimum Payments
25. What the new credit card law means to you Higher upfront cost Annual fees Fewer Reward cards Shorter grace periods Account closures & Credit limit reductions No advance notice required No cap on interest rates Less accessibility for low income & bad credit
26. Credit Score Factors
27. Course Development FINRA Modules Money Matters Advisory Board GED pilot program
28. GED Pilot Program Benefits No transportation No need for childcare Unforeseen benefits GED class make-up
29. Collection Adult Basics Retirement / Mortgages / College Sophisticated Investors ValueLine and LearningExpress testing database Young Adult Children
30. Money Matters Web Page Classes Internet links Ask Teri www.clarke.public.lib.ga.us/hqdepts/moneymatters.html
31. Classes Money Matters Series 6 one hour classes GED scholarship opportunity Offered at GED program locations Community Classes UGA School of Law, UGA College of Family and Consumer Science Athens Land Trust and the NEFE Money Matters Managing Your Credit Score Investing Basics Investing II *Money Matters for Engaged and Newly Married Couple Civic clubs, Kiwanis and Invest clubs
32. Outcomes # taught Class demographics Class Evaluations Testimonies Post class evaluations
33. Sustainability Establish the ongoing need for the program Evaluate to ensure we are meeting the need Determine cost to continue the program How to fund the program going forward
34. Replicability Do your homework Start small Look for partners (credit union, local colleges) Other grants
35. Sources: "FDIC Economic Inclusion." FDIC Economic Inclusion. http://www.economicinclusion.gov/ "FINRA Investor Education Foundation." FINRA Investor Education Foundation http://www.finrafoundation.org/. "Goodbye to Complacency Financial Literacy Education in the U.S. 2000-2005." Institute for Socio-Financial Studies. http://www.isfs.org/documents-pdfs/GoodbyetoComplacency-nocover.pdf "IMLS - About Us - National Initiatives." Institute of Museum and Library Services (IMLS). http://www.imls.gov/about/21stCSkills.shtm. "Smart Investing @ Your Library | Financial and Investor Education Resources." Smart Investing @ Your Library | Financial and Investor Education Resources. http://smartinvesting.ala.org. "U.S. Treasury - Office of Domestic Finance - Council on Financial Literacy." United States - Department of The Treasury http://www.ustreas.gov/offices/domestic-finance/financial-institution/fin-education/council/.