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Financial Education
Knowledge is your greatest asset. SM
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Highlights
Citigroup Financial Education Program
 
Highlights for October & November 2005
 
United States
 
CitiFinancial Financial Education Program
  • October 17th, CitiFinancial officially launched its Financial Education initiative by deploying trained employee volunteers to participate in Make a Difference Day and Get Smart About Credit activities. More than 100 employees in over 23 cities presented financial literacy lessons to more than 3,000 children and adults, including customers and employees.
  • The cities included: Hickory, Charlotte, and Goldsboro, NC; Summerville, SC; Irving/Dallas; Seattle; Portland; Tampa; St. Louis; San Antonio; Paducah, KY; Temecula, Escondido, Bakersville, Descansa, Victorville, and San Diego, CA; Kahukua, Waipahu, and Hilo, HI; Miami; Atlanta; and Cincinnati, Fairfield and Mineral Ridge, OH.
Virginia Financial Literacy Summit
  • October 17th in Richmond, Citigroup co-sponsored the first ever Virginia Financial Literacy Summit, hosted by the Virginia Jump$tart Coalition. Held at the Federal Reserve Bank, the event drew business leaders, non-profits, and educators from across the state to learn about the issue and discuss possible solutions. Dara Duguay, Director of Citigroup's Office of Financial Education, introduced luncheon speaker Muriel Siebert of Muriel Siebert & Co.
  • Speakers included: Congressman Eric Cantor, Senator Russ Potts, Jeff Lacker, President of the Federal Reserve, Dan Iannicola, Jr., US Treasury Deputy Assistant Secretary for Financial Education, Jody Wagner, Treasurer of the Commonwealth of Virginia, Dr. Jo Lynne DeMary, Virginia Superintendent of Public Instruction, Laura Levine, Executive Director of the National Jump$tart Coalition for Personal Financial Literacy, and Tina Lambert and Celia Hayhoe from the Virginia Jump$tart Coalition.
National Theatre for Children's Mad About Money
  • October 17-21 in Houston, Dallas and Austin, Citibank sponsored the first, live performances of "Mad About Money," an in-school theater show, developed by the National Theatre for Children (NTC) in partnership with Lightbulb Press, that uses comic improve to teach personal finance topics to middle school students. "Mad About Money" is the only nationwide educational show of its kind to teach young people the principles of saving, budgeting, investing and credit.
  • "Mad About Money" program components, which meet state and national standards for teaching financial and investor literacy, include live in-school performances, engaging workbooks, take-home activities, Internet exercises, handy guidebooks, curricular aids for teachers, and a rigorous testing method for measuring program results.
  • The NTC plans to take the performance to 1,000 schools in all 50 states next year.
National Get Smart About Credit Day
  • October 20th in cities across the country, Citigroup employees volunteered to teach students the do's and don'ts of credit on the third annual National Get Smart About Credit Day, a program sponsored by the American Bankers Association Education Foundation.
  • In New York, students at the Manhattan Center for Science and Mathematics received credit lessons from U.S. Treasurer Anna Escobedo Cabral and Hector Ramirez from Citibank. Dara Duguay, Director of Citigroup's Office of Financial Education, Susan Cole, ABAEF Director, Hector Gesualdo, Executive Director of ASPIRA of New York, and Karen Lutz, Business Manager, East Division, Citibank, also addressed the students.
  • Approximately 60 students participating in the credit lesson were Aspirantes, Leadership Club members of ASPIRA, one of New York City's leading Latino-based, non-profit youth development agencies that serves over 8,000 Latino youth and families annually. Citigroup has a long-standing relationship with ASPIRA and supports several financial education, homeownership and mentorship programs. More than 90% of the students participating in ASPIRA Leadership Clubs successfully graduate from high school and pursue a college degree.
  • In St. Louis, Eric Eve, Executive Director, Global Consumer Group Community Relations, joined more than 100 Citigroup employees to teach every student at Beaumont High School, a National Academy Foundation affiliate.
  • Presentations on Get Smart About Credit Day provide students with comprehensive lessons and activities. The presentations include: a video with college students and young adults discussing their credit experiences; handouts on credit rights and credit reports; and exercises on preventing identity theft, budgeting, saving and credit use. The program is modeled after the highly successful ABAEF National Teach Children to Save Day.
Citigroup Community Fund
  • October 26th in Irving, Texas, Citigroup, the Citigroup Foundation, United Way of Metropolitan Dallas, and United Way of Metropolitan Tarrant County announced $225,000 in grants to 11 North Texas charities through the Citigroup Community Fund. Established in 2004, the fund provides grants to local United Way charities that promote financial education. Funded by the Citigroup Foundation and employee contributions through the company's United Way campaign, it is administered by United Way of Metropolitan Dallas. Citigroup employees in North Texas review the agency proposals and make all funding decisions.
  • Funded programs for 2005 include initiatives in Dallas and Tarrant Counties that teach children the basics of money management, educate young parents about budgeting to support their new families, and provide information about basic banking to individuals in underserved communities. Through the fund, charities across North Texas will be able to provide clients with much-needed financial education training that may someday allow them to live without charitable assistance.
  • United Way agencies receiving 2005 funds include: Big Brothers Big Sisters of North Texas, Boys and Girls Clubs of Fort Worth, Catholic Charities, Dallas Lighthouse for the Blind, Deaf Action Center, Girls, Inc. of Tarrant County, Girl Scouts - Circle T Council Tarrant County, Mosaic Family Services, Practical Parent Education, West Dallas Community Center, and YMCA of Metropolitan Dallas.
 
U.S. FINANCIAL EDUCATION TRAINING
 
To date, more than 3,038 employees and non-profit partner staff have undergone training to teach financial education using the Citigroup Financial Education curriculum.
 
1,980 people have participated in the online training since the April launch of the site.
 
New York City Housing Authority
  • October 5th in Long Island City, Stacey Sechrest Carder led a workshop to train 25 NYCHA Community Center Coordinators and Directors on how to deliver the Citigroup Financial Education Program to students in Kindergarten through 12th grades. Eileen Auld, Director of Government and Community Relations in Queens, organized the training.
  • NYCHA will incorporate Financial Education instruction into its after-school program.
 
Asia Pacific
 
Citigroup Ranked Leading Institution for Thought Leadership & Innovative Programs in Financial Literacy in study commissioned by ANZ bank of Australia/New Zealand.
 
"Citigroup is doing more than any other single bank to promote thought leadership in the area of financial literacy."
 
ANZ Financial Literacy & Inclusion Global Benchmarking Report
  • October 31st in Melbourne, Citigroup was ranked as the leading institution in both thought leadership and innovative financial education programs in the final report released by ANZ Bank of Australia/New Zealand on a study commissioned to benchmark their approach to financial literacy against the world's leading banks. The report ranks institutions against four criteria: simplicity of banking products and services, thought leadership in the field of financial literacy, innovative financial education programs, and supporting a financially fit workforce. Citigroup's Office of Financial Education and the Citigroup Foundation submitted a report on Citigroup's Financial Education efforts globally for consideration.
  • The study reported: "Citigroup has invested heavily in addressing issues related to financial literacy. It has demonstrated leadership in advancing thinking on these issues at a global level and shown a consistency of approach locally. Citigroup is doing more than any other single bank to promote thought leadership in the area of financial literacy."
2005 Citigroup Junior Bankers Congress
  • October 11th in Manila, Citigroup Philippines concluded the third annual Citigroup Junior Bankers Congress (CJBC). Supported by a grant from the Citigroup Foundation, the three-day conference, established to enhance the quality of financial education throughout the country, provides 30 winners of the national Inter-Collegiate Finance Competition (ICFC) a "hands on" view of the industry through workshops and discussions hosted by senior executives from Citigroup Philippines. Organized by the Financial Executives Institute of Philippines, the ICFC is a well-established national academic competition and more than 70 colleges and campuses participated this year.
  • Conference topics included: Branch and retail banking, credit cards, treasury and derivatives, corporate finance, investment banking, relationship management, cash and trade management, operations and credit risk management, governance, domestic capital market reforms and human resource development.
  • Participant Mark Robert Uy said, "The Junior Bankers Congress gave me a better view on the inner workings of a bank and at the same time, made me realize that there is more to banking other than the financial aspect, service is also very important."
The Young Enterprise Program's Stock Challenge
  • October 18-20 in Kuala Lumpur, Citigroup hosted the second Young Enterprise Program's Stock Challenge that drew 166 young, exuberant brokers representing ten schools in Kuala Lumpur, Clangor and N. Sembilan. Piyush Gupta, Citigroup Country Officer, presented the award for The Best Brokerage House.
  • Wilma MCA's San Choon Hall was converted into a trading floor and students formed brokerage houses and were given imaginary investment capital of $1000. The budding stockbrokers participated in six rounds of simulated stock market trading, featuring 24 stocks in five sectors - energy, production, imports, communications and leisure. At the end of each round, students were given a brief on the impact their trading had on the market and a lesson on the volatility of the stock market. At the end of the day, the brokerage house that accumulated the greatest amount of assets (stocks and cash) was declared the winner. This program is funded by a grant from the Citigroup Foundation.
National Get Smart About Credit Day
  • October 20th in Guam, 14 Citigroup employees volunteered to teach more than 150 students at the John F. Kennedy and Simon Sanchez High Schools the do's and don'ts of credit on the third annual National Get Smart About Credit Day, a program sponsored by the American Bankers Association Education Foundation.
Making $ense of Money Recognition Ceremony
  • October 25th in Kuala Lumpur, Citigroup hosted an award ceremony to mark the culmination of the Making $ense of Money pilot program. Piyush Gupta, Country Chief Officer Citigroup and Chief Executive of Citibank Berhad, joined representatives from the Ministry of Education and the Departments of Education in Wilayah Persekutuan Kuala Lumpur (WPKL), Selangor, Penang and Johor who were recognized with school principals, teachers and more than 100 Citigroup volunteers, for their contributions to the program's success.
  • In June 2005, the M$oM program launched in 50 secondary schools across WPKL, Selangor, Penang and Johor to provide students the opportunity to learn the basics of personal financial management. The program, supported by a Citigroup Foundation grant, included an interactive two-hour workshop delivered by Citigroup employee volunteers. Participating students each received an M$oM bilingual English and Bahasa Malaysia book and CD Rom.
  • En Abu Hassan Aishari bin Yahya, Director of Communications, Bank Negara Malaysia, and Awi Hj Abdul Jalil, Head of Human Resource Management, Federal Territory's Department of Education, were guests of honor and presented awards during the ceremony.
"Dollars & $ense"
  • October 31st in Taipei, Victor Kuan, Country Business Manager, Consumer Banking Citibank Taiwan, and Kevin Laio, President of The Women's Rescue Foundation (TWRF), one of Taiwan's leading NGO organizations, announced the launch of the second "Dollars and $ense" financial education campaign designed to provide teenagers and young adults with a basic understanding of the value of money and financial management. The program is supported by a grant from the Citigroup Foundation.
  • The 2004 campaign reached over 8,000 female students through presentations in 38 schools and two public discussion forums. Building on this success, the scale and scope of the 2005 program has been increased and the TWRF hopes to reach 13,000 students through 45 seminars and four public seminars. In addition, male students will also be involved this year.
  • Much of the 2005 "Dollars & $ense" curriculum and learning activities will be shaped by the results of a 2005 "Teenage Value Study" designed to assess what teenagers know about finance, money management and spending behavior. The nationwide survey, conducted by AC Nielson, targeted senior high school and vocational school students in 65 schools.
  • In addition to the program with the TWRK, Citibank Taiwan and the Citigroup Foundation support a number of financial education programs, including a 12-year, NT$120 million grant to the Public Television channel to support financial education programming, a NT$7 million grant to EduCities to support web education, and a university lecture series with the National Taiwan University and National Chinch University.
The Hong Kong Financial Education Series
  • November 7th in Hong Kong, Robert Morse, Chief Executive Officer, Citigroup Corporate and Investment Banking, Asia Pacific, and T.C. Chan, Citigroup Country Officer, Hong Kong and Head of Greater China, Corporate and Investment Banking, announced the launch of "The Hong Kong Citigroup Financial Education Series," which includes programs such as, the Citigroup Stock Challenge, Hong Kong's first financial literacy program, the publication of Making $ense of Money and The Adventures of Agent Penny, Featuring Will Power comic book for youngsters, and the Citigroup International Case Competition, the first-ever such competition in Asia. Fanny Law, GBS, JP, Permanent Secretary of Education and Manpower of the HKSAR, officiated at the launch ceremony.
  • Targeting audiences of different age groups and education levels, and involving active participation of volunteers among Citigroup's financial experts, each of the twelve programs has had widespread support from professional and educational institutions as well as from government, business and community leaders.
  • In 2005, Citigroup Hong Kong and the Citigroup Foundation have contributed approximately HK$8,000,000 to financial education in Hong Kong, with grants made to partnering organizations including the Tung Wah Group of Hospitals, Junior Achievement, the Learning Society, and HOPE Worldwide. Since 2000, over 50,000 students from 500 schools and universities in Hong Kong have participated in Citigroup's financial education programs.
Citibank Guide to Building Personal Wealth
  • November 15th in Beijing, Sanjoy Sen, Chief Operating Officer, Citibank China, launched The Citibank Guide to Building Personal Wealth, a comprehensive guide to help individuals in China understand how to invest in a disciplined manner, establish financial goals, plan for the future and build wealth. The book is a translated version of the English-language book published by John Wiley & Sons (Asia) Pte Ltd, written specifically for investors in the Asia-Pacific region.
  • The Citibank Guide to Building Personal Wealth covers a number of essential investment topics, including: optimizing the long-term growth potential of an investment portfolio; how to invest in mutual funds; asset allocation; hedging risks; low risk foreign exchange trading; successful retirement planning; and reducing risk through insurance.
  • In March, the Citigroup Foundation announced a grant of US$630,000, payable over three years, to support new Financial IT education programs in China. About 100,000 students from 20 major universities in China could benefit from these initiatives that are designed to increase local financial IT talent and support the development of China's finance sector.
Citigroup-INSEAD Financial Education Summit 2005
  • November 22nd in Kuala Lumpur, Ashok Vaswani, CEO Asia Pacific Consumer Banking, Citigroup, announced that "Advancing Financial Literacy Among Youth and Adults in Asia Pacific" would be the focus of the 2005 Citigroup-INSEAD Financial Education Summit to be held in Kuala Lumpur on December 12 and 13. Speakers and panelists will come together from over 17 countries for the event, which is expected to be the largest regional gathering of its kind with over 250 participants from the government, academic, non-profit and private sectors in Asia Pacific and around the world.
  • The Summit is organized by Citigroup and INSEAD, funded by a grant from the Citigroup Foundation, and supported by Bank Negara Malaysia (Central Bank of Malaysia), the International Herald Tribune, and Malaysia Airlines.
  • The inaugural Financial Education Summit was held in Hong Kong in 2004 where the keynote speakers included: Tan Sri Dr. Zeti Akhtar Aziz, Governor, Bank Negara Malaysia (Central Bank of Malaysia); Madam Wu Xiaoling, Deputy Governor, People's Bank of China; and Ela Bhatt, Founder and First General Secretary of the Self Employed Women's Association (SEWA), India and Founding Chairperson of Women's World Banking (WWB).
 
Mexico
 
"El Ábaco, para saber más de la cuenta" ("The Abacus")
  • November 28th in Mexico City, Banamex and the Papalote Museum announced the opening of "El Ábaco, para saber más de la cuenta" ("The Abacus"), an interactive exhibit designed to teach financial education topics to children, families and teachers. The Papalote Museum will display the exhibit for six months before it travels to different cities throughout the country.
  • The exhibit is an interactive, hands-on experience, where visitors play with displays geared at developing and strengthening financial skills, such as prioritizing basic needs, organizing and distributing resources, saving, and learning different investment methods to plan for the future.