Smart Investing @ Your Library®
Welcome
Why financial literacy is important.
Overview of Financial Fitness
@YourLibrary project.
Other financial literacy resources and
programming ideas.
“Financial illiteracy is not an issue
unique to any one population. It affects
everyone…
No longer can we stand by and ignore
this problem. The economic future of
the United States depends on it.”
President’s Advisory Council
on Financial Literacy
Need for Financial Literacy 32% have
household budget.
30% prepare a long-term financial plan - savings and investment goals.
Persons create future financial plans – have some college and making $75,000 a year.
From debt.com
Spend 12-18% more when they use credit cards instead of cash.
76% live paycheck to paycheck.
50% less than one month’s income saved for emergencies.
44 % less than three months of savings.
from debt.com
77 million have
debt - average
balance of $5,200
1 out of 20 people
at least 30 days
late - need to pay
$2,258 to become
current From debt.com
Spent more than income
0%
5%
10%
15%
20%
25%
Oklahoma UnitedStates
2009
2012
2015
From FINRA.org
0%
5%
10%
15%
20%
25%
Un
ited
Sta
tes
Ok
lah
om
a
Ch
ild
ren
Wo
rkin
g A
ge…
Wo
rkin
g A
ge…
Poverty
Poverty
Poverty – Family of four making less than $24,250 in 2015.
--povertytalk.org
% Having Medical Bills Overdue
0%
5%
10%
15%
20%
25%
30%
35%
Oklahoma United States
2012
2015
From FINRA
Paid Minimum on Credit Card
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Oklahoma United States
2009
2012
2015
From FINRA
Women… score lower in
financial literacy.
engage in costly
behaviors.
more likely to carry a
credit card balance.
more likely to make
minimum payments.
more likely to be
charged a late fee.
paid more in credit
card interest. From FINRA Investor Education Foundation
Financial concerns
54% millennials say
debt is “biggest financial
concern.” -Wells Fargo Study
39% millennials worry
about their financial
future “at least once a
week.” -Fidelity study
41% baby boomers
expect their standard of
living to decrease in
retirement. -Transamerica Center for
Retirement Studies
Financial Educators Council
54%
55%
56%
57%
58%
59%
60%
61%
15- to 18-yr-olds
15-18-yr-olds
Average scores on financial literacy tests
Financial Educators Council
Most missed Question 1.
If I invest $100 per month starting at
age 21, and that money earns a 7%
annual return, how much will I have
after 70 years?
Answered Correctly:
29.69%
“More than 1.5 million dollars”
Financial Educators Council
Most missed Question 2.
How can I start setting personal goals
now?
Answered Correctly:
30.44%
“Daydream, think about and/or research
the type of lifestyle you want to live,
and write down ideas.”
Financial Educators Council Most missed Question 3.
What is the safest initial step I can take
to start building my credit?
Answered Correctly:
42.13%
“Create a credit plan that includes a
budget, money set aside for
emergencies, and the steps you’ll take
to prove to the credit bureaus that you
can repay money you borrow.”
Oklahoma is one of just four states receiving a D on the 2016 National Report Card on Adult Financial Literacy
Seventy-seven percent of Oklahoma grades were C, D or F.
“Oklahoma Is One of Four States
to Receive D Grade for Financial Literacy,”
Norman Transcript, 12 Dec. 2016. Online.
Credit Card Debt Largest year-over-year increases
Q1 2015
Q1 2016
Pct. change
North Dakota
$4,206
$4,356
▲3.6%
Oklahoma $5,019
$5,145
▲2.5%
STATES WITH LARGEST ANNUAL INCREASES IN AVG CREDIT CARD DEBT PER CONSUMER
From Transunion
Student Debt Seven in 10 seniors
(69%) graduates -
student loan debt,
average of $28,950.
From 2004-2014 debt
rose from 65% to
69%, rose more than
twice inflation.
--The Institute for College Access and Success
55% of Okla. grads
Avg. debt $23,430
@your Library FINRA Investors
Education
ALA Smart
Investing @ your
Library®
Okla. Dept. of
Libraries
• model Pioneer
Library System
• FINRA now
statewide
projects
PLS Model – Fiscally fit boot camp
Have lunch
meetings in the
workplace
Worked with
CCCS
Updated their
collections
Have a web portal
Develop Resource
Centers
Displays in the
workplaces/
libraries
Free government
materials
@ your library Primary targets
Military
personnel and
families
Seniors
Young adults
Persons in
poverty
@ Your Library
Lawton Public Library
Southeastern Public Library System
Southern Prairie Library System
Rose State College
Major activities Classes
Training materials
Reference info
Library resources
Marketing
Resource Centers
Food
Evaluation
Curriculum Your Fiscal Strength
Booyah for your
Budget
Credit Crunches
Basic Training for
Borrowing
Deb Drills
Staying Fiscally Fit
“College graduates spent 16 years
gaining skills that will help them
command a higher salary; yet little or
no time is spent helping them save,
invest and grow their money.”
Vince Shorb, CEO,
National Financial Educators Council
financial-fitness.
oklibraries.org