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