#
Financial Education
Knowledge is your greatest asset. SM
#

     Printer Friendly Page
 
 #
Highlights
Citigroup Financial Education Program
 
Highlights for March 2005
 
UNITED STATES
 
Smith Barney Introduces New Financial Education Program
  • February 25 in Atlanta, Lisa Boone, Second Vice President of Investments and an FC in Smith Barney's Atlanta Branch, introduced Smith Barney's new one-day financial education curriculum to ninth graders in two Economics classes at the Woodward Academy in Atlanta. The new curriculum is an abridged version of the highly acclaimed Take Your Parents to School Day® program.
  • The program introduces students to financial concepts such as investing basics and understanding economic issues. Using what they have learned from case studies and individual research, participating students can create mock stock portfolios.
  • Lisa Boone noted, "This was almost a revelation for these kids! They had no idea what place a stock really occupied in an investment portfolio relative to goals. Before this program, stock picking was just a game or something their parents talked about. When you start putting their own goals of buying a car in perspective to the time horizon and risk parameters, their view of this 'game' changes."
  • The Economics teacher raved, "The students LOVED the program! They were full of compliments for Lisa on Monday. I have also noticed this week as we've been "trading" that they are applying the information...that has impressed me the most...the information stuck with them!"
The Center for Student Credit Card Education
  • March 10th in New York City, Amer Sajed, Senior Vice President of Citi Cards, and Carol Carolan, Ph.D., founder of the Center for Student Credit Card Education, announced plans to provide vital credit education to high-school students across the country. For the second consecutive year, Citibank, the top credit card issuer for college students according to recent Student Monitor research, and their award-winning Credit- ED program are sponsoring "The ABCs of Credit Card Finance," a primer that provides financial education to high school students.
  • CSCCE's primer includes information on credit card basics such as credit card terms, planning a budget, credit reports, credit scores, responsible credit card behaviors, preventing fraud, and choosing the right credit card for one's needs. CSCCE also provides a training guide and a PowerPoint presentation for teachers to facilitate teaching this important information as part of the school curriculum. An informative parent's letter is also provided.
  • In 2005, the program has expanded to include distribution to high schools in all 50 states, to a total of 460,000 high school students nationwide.
Federal Financial Literacy and Education Commission Forum
  • March 14th in Washington, DC, Dara Duguay, Director of Citigroup’s Office of Financial Education, attended a forum hosted by the Federal Financial Literacy and Education Commission and participated in a panel discussion on formulating the national strategy for financial literacy in America.
  • Forum speakers included Congresswoman Judy Biggert of Illinois, Senator Daniel Akaka of Hawaii and Congressman David Dreier of California.
Citi Credit-Ed®/Harris Interactive Financial Literacy Survey Results
  • March 17th in New York, on behalf of Citi Credit-Ed, Citi’s award-winning financial literacy program for young adults, Amer Sajed, SVP, Citi Cards, announced the results of the second annual national online survey of the financial literacy of college upperclassmen. The survey was performed in conjunction with Harris Interactive.
  • According to the survey, today’s college upperclassman have high financial and lifestyle expectations immediately after graduation, combined with a hearty appetite for consumerism. Though students are extremely optimistic, survey results show a significant disconnect between perceived and real credit knowledge, and that credit education is still needed.
  • While the Citi Credit-ED/Harris Interactive survey found that the majority (90%) of college upperclassmen today recognize and value good credit as an important financial goal, their creditrelated behavior tells a different story:
    • The majority of upperclassmen (72%) have not requested a copy of their credit report.
    • About a third (32%) have missed or been late on a credit card payment.
    • A quarter (24%) have written a check that bounced.
  • In addition, most upperclassmen (80%) feel knowledgeable enough to manage their finances after graduation, yet almost half of those who feel knowledgeable still make significant credit mistakes, revealing that more financial education is needed:
    • Just over half (52%) believe their spending habits now will NOT impact their credit report in the future.
    • Over a third (37%) think opening unnecessary, new credit cards will NOT lower their credit score.
    • Nearly three in ten (28%) do NOT save money for future purchases.
    • Nearly a quarter (22%) think using a debit card will help them build a credit history.
    Total sample includes 1,060 U.S. college juniors and seniors at a 4-year college or university. All interviewing was conducted on-line using The Harris Poll Online database during January 7-19, 2005. The margin of error is +/- 3.1 percentage points.
Asociación Tepeyac de New York
  • March 22nd in New York City, Francisco Perales, Vice President for Ethnic Markets, Citibank, presented Brother Joel Magallan, Executive Director of Asociación Tepeyac de New York, with a $20,000 grant from the Citigroup Foundation to expand their Economic Development Program, a financial education program for Latino immigrants in the New York City metropolitan area.
  • At the event, Amy Blackwood, VP,National Affordable Housing Director, Citibank Community Mortgage Lending, and Kristin Nygreen, Director of Eastern Division Initiatives for Citibank Community Relations, assisted with the presentation of diplomas to two graduates of the program. Amy Blackwood also discussed Citibank's involvement in leading homeownership workshops at Tepeyac.
  • With this grant, Asociación Tepeyac will increase the current program’s capacity to serve immigrants who want to learn how to invest money in bank accounts, open a college fund for their children, establish credit history, purchase a home or start a small business with all appropriate permits.
  • Media attending the event included: Univision, Televisa (US and Mexico), Telemundo, CNN en Espanol, El Diario, New York Sun, and Satellite Radio Bilingue (nationwide)
Achieving Financial Independence Workshop
  • March 19th in Washington, Citibank hosted Achieving Financial Independence: A Closer Look at the Financial Future of African Americans, a two-part workshop led by Kelvin Boston of PBS and Darrell Doss, a Citibank Investment Services Financial Executive. Kelvin Boston discussed Financial Independence while Darrell Doss led a workshop on Investing for Your Future.
  • The event, part of Citibank’s celebration of African-American History Month, explored issues of achieving financial independence and investing for your future.
Kilian Community College Seminars
  • March 30th in Sioux Falls, Citibank Financial Controller Randy Harkless led two financial education seminars during Kilian Community College's first-ever Financial Literacy Week. Presentations focused on the dos and don'ts of using credit.
FINANCIAL EDUCATION TRAINING
 
To date, 366 employees and 621 non-profit partner staff have undergone training to teach financial education using the Citigroup Financial Education curriculum.
 
Citifinancial Train-The-Trainer
  • March 9th in Mobile, Bryan Chandler, CitiFinancial District Manager and state coordinator for CitiFinancial’s Financial Education effort, organized a Train-the-Trainer seminar for CitiFinancial employees. Julie McAdory, Executive Director of Mississippi Consumer Credit Counseling Service (CCCS) and Jump$tart of Alabama, also participated.
  • Using the Citigroup Financial Education Curriculum, Stacey Sechrest Carder, Deputy Director of the Office of Financial Education, instructed 11 CitiFinancial District and Branch Managers located throughout Mississippi, on how to teach others banking skills, including saving, investing and credit.
  • Julie McAdory, Executive Director of Mississippi Consumer Credit Counseling, and CitiFinancial have teamed up to deliver Financial Education to CCCS clients, local schools, churches and community organizations.
  • Training for the CitiFinancial US roll-out begins in April and will be an ongoing effort headed by 13 area coordinators for the US field offices.
JAPAN
 
Junior Achievement Japan
  • March 5th in Shinagawa-Ku, Citibank Japan hosted the final competition and reception for Junior Achievement’s Management and Economics Simulation Exercise (MESE), a computer simulation game that allows virtual companies managed by high school students to compete against one another as they manufacture and market the same products. Douglas Peterson, Citigroup Japan Chairman and CEO, hosted the reception.
  • The MESE competition motivates students to think about the fundamentals of production, marketing and finance and relate them to the economic principles and economic institutions that they have been studying.
  • Since 1998, Citibank Japan has hosted the final competition, reception and award ceremony.
LATIN AMERICA
 
BRAZIL
 
CitiFinancial Brazil’s "Tudo Em Dia, Tudo Azul"
  • March 2nd in São Paulo, Cássio Stavale, Marketing and Management Officer of CitiFinancial Brazil, announced the launch of the "Tudo em Dia, Tudo Azul" Program, a financial education program designed to help families organize their expenses.
  • A 2003 survey conducted by the IBGE, the Brazilian Institute of Geography and Statistics, showed that 85% of Brazilians spend more than they earn and that 60% of them are in default for lack of proper budget control. By focusing on saving and budgeting, CitiFinancial‘s program hopes to address these critical issues.
  • Every CitiFinancial Brazil employee has been properly trained and qualified as a financial educator. Starting in April, employee volunteers will deliver financial education seminars to partner-companies and at district associations, churches, and clubs, among other institutions.
  • Financial Education materials, available in the CitiFinancial branches, have been specially developed to address financial education for the entire family, with specific emphasis on budgeting and saving. Materials include a comic book with 7 educational stories of the "Thrifty Family" as well as a booklet "From Spending to Saving in 7 Steps.”
ECUADOR
 
Junior Achievement Ecuador
  • February 21st in Quito, Citigroup Ecuador supported the launch of Junior Achievement Ecuador’s "The Company" program, an innovative new business program that allows students to set up and run their own company, in 12 local high schools. The program is supported by a US$20,000 grant from the Citigroup Foundation.
  • Over the course of twelve weeks, more than 260 eleventh grade students set up and run a fully functional company. They appoint directors, raise working capital through selling shares, maintain financial records, produce accounts, develop, market and sell their product, prepare an annual report, hold an AGM and distribute profits to shareholders.
  • Twelve Citigroup volunteers are participating in the program by measuring the accomplishments of each company and sharing their knowledge and expertise.
HONDURAS
 
Junior Achievement Honduras
  • February in Tegucigalpa, Junior Achievement Honduras held its 2004 Volunteer and Sponsor Recognition event, “Invest, Involve, Inspire.”
  • For the second consecutive year, Raúl Andino of Citigroup Honduras (Banco de Honduras) received the Volunteer of the Year Award. Andino has volunteered over 50 hours in the programs Banks in Action, Our World, Personal Economics and Job Shadow Day.
CHILE, COLOMBIA, DOMINICAN REPUBLIC, GUATEMALA AND TRINIDAD & TOBAGO
 
Habitat for Humanity Latin America
  • March 31st in Miami, Lula Rodriguez, Corporate Communications and Public Affairs Director for Citigroup in Latin America and the Caribbean, and Torre Nelson, Habitat for Humanity’s Vice President of the Latin America and Caribbean area, announced a $200,000 grant from the Citigroup Foundation to support a pilot financial education program in Chile, Colombia, Dominican Republic, Guatemala and Trinidad & Tobago.
  • Using the Citigroup Financial Education Curriculum, Citigroup will train potential homeowner families in the roles and responsibilities they will face when entering into the credit agreement. Citigroup will also help train the Habitat for Humanity national programs and affiliate staff on how to administer loans. The grant includes training workshops in the fundamentals of “good” family financial management with a specific focus on credit management as well as capacity building for Habitat for Humanity. Citigroup employees will volunteer at the workshops which will begin in April and June 2005.
  • Families accepted into Habitat for Humanity’s program are required to pay for their new homes, through small, comfortable payments. Habitat for Humanity charges no profit on these loans and the resources are invested in additional homes for low-income families.