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Financial Education
Knowledge is your greatest asset. SM
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Highlights
Citi's Financial Education Program
 
Highlights October 2007
 
United States
 
Dallas, TX: Citi Fund for Financial Education Ceremony
  • The Citi Fund for Financial Education was established four years ago with a grant from the Citi Foundation and pledges that local Dallas/Fort Worth employees made during the annual United Way Campaign. United Way trains the committee, which consists of Citi volunteers, on how to make the best investments, and then monitors the progress of the programs against their intended outcomes. It is a unique partnership between a corporation and United Way that has seen tremendous success.
  • This year, $281,644 was awarded to 12 United Way agencies. All funds go toward programs that teach financial education to clients of United Way agencies.
New York, NY: Winners of Fourth Annual National Essay Contest Announced
  • On October 18, Citi announced that it awarded a total of $39,500 in college scholarships to seventeen high school students for their winning essay entries describing a personal experience that positively affected their financial management skills. A joint effort between Citi's Credit-ED® Program and Scholastic (the global children's publishing, education and media company), the essay contest requires high school students to put their writing and money management skills into practice for a chance to win a college scholarship.
  • The essay contest is part of Citi's effort to deliver its award-winning Credit-ED Program to high schools nationwide and raise awareness of the critical need for financial education among young adults. The initiative also includes lessons on money-management and writing skills, and provides free in-class materials to English teachers, guidance counselors and business and economics teachers to help high-school students prepare for college.
Tucson, AZ: Volunteers in Action
  • Volunteers visited Centennial Elementary to teach children who are part of the Flowing Wells Extension Program (FWEP) about the importance of money and how to spend it wisely. In addition to hosting education sessions for their students, FWEP encouraged students to earn Skills Bucks during the school year by actively participating in financial education activities. At the end of Citi's sessions, students were invited to trade in their Skills Bucks for fun prizes.
  • Volunteers who visited La Frontera Prevention Center worked with African refugee families who are part of the center's Family Passages Program. New to the United States, these Somali and Somali Bantu families have little, if any, knowledge of the American financial system. Citi volunteers introduced them to basic financial concepts with the help of an interpreter, and La Frontera Center staff will continue to build upon their knowledge using skills learned in Train-the-Trainer sessions they attended in 2006.
New York, NY: The 2nd Annual Smith Barney/NFTE National Youth Entrepreneurship Challenge
  • Through a grant from Citi Smith Barney and a grant from the Citigroup Foundation, the Smith Barney/NFTE National Business Plan Competition was held in New York City on October 3rd. NFTE, The National Foundation for Teaching Entrepreneurship, teaches entrepreneurship to high school students predominantly from low-income communities, to enhance their economic productivity by improving their business, academic and life skills.
  • High school students, representing 27 regional NFTE competition winners, presented their business plans to a roster of judges in the quarter and semi-final rounds of the competition. The day culminated with 3 competitors in the final round, presenting their business plans before a live audience of over 250 invited guests. Over 50 Smith Barney and Citi volunteers served as regional coaches/mentors and daytime judges in this competition.
  • The three finalists each received a financial award from Citi Smith Barney which ranged from $2,500 to $10,000.
State Treasurer's Money Conferences
  • Citi was the major sponsor in October of many State Treasurers' Money conferences. Events took place in North Carolina, Illinois, Idaho, Massachusetts, and Virginia. These conferences attracted primarily female participants from throughout the states. The intent of the conferences was to increase the financial literacy of those in attendance.
  • To provide a detailed example, the Illinois State Treasurer's Smart Women, Smart Money Conference in Chicago took place on October 16. The Citi Illinois Leadership Council in conjunction with Citi's Office of Financial Education supported this event. There were an estimated 700 persons in attendance. This conference offered various topics in money management ranging from seminars on how to plan for retirement, basic budgeting, how to recover during this mortgage crisis and creating a life plan. Citi has supported this event for the last 3 years. Citi employees hosted a booth and distributed several hundred Citi Commonsense Money Guide for Real People books.
U.S. Financial Education Training
  • To date, over 7,000 employees and non-profit staff have undergone training to teach financial education using Citi's Financial Education Curriculum.
  • Over 3,800 people have participated in the online training since the April 2005 website launch.
EMEA
 
Turkey: JA Company ‘learning-by-doing' program
  • For the past several years, through grants from the Citi Foundation, the JA Company Program in Turkey (learning-by-doing) has taught students how business and enterprise works. The purpose of the project was to create an awareness of the importance and need for economic literacy and entrepreneurship on behalf of the young generation. JA Company Program materials were translated into Turkish.
  • The JA Company Program, as an after-school activity, started in October in Turkey. JA Turkey would like to reach approximately 2,000 students. Additionally 80 teachers and 160 volunteers will be trained. Volunteers from Citibank branches in Istanbul and in Izmir will take part in the program.
Poland: A Week for Saving Money Program
  • Through a grant from the Citi Foundation, the Kronenberg Foundation at Citi Handlowy launched a nationwide program called "A Week for Saving Money." The initiative is carried out under the patronage of the Commission of Financial Supervision. This program was covered in nationwide and regional media as well as over the internet.
  • The main objective of the program is to promote saving money and the effective use of financial resources. As many as 270 schools from all over Poland entered the competition for the best Polish celebration of the World Savings Day. Approximately 135,000 students took part in the program. The initiative was accompanied by educational programs on practical money saving methods.
South Africa: Operation Hope International
  • 20 Citi employees were trained to deliver the Operation Hope International Banking on our Future curriculum. The employees will deliver Financial Education based on this curriculum to students in the area of Gauteng, which is one of the most underserved communities in South Africa.
  • This initiative funded by the Citi Foundation enables the students to learn about managing their finances. The end goal is to assist them on the road to economic empowerment and self-sufficiency. South Africa is the first country outside of the United States where Operation Hope has initiated this program.
Germany: Oeconomix Program for Financial and Economic Education
  • Oeconomix explains the world of economics. An article on the Citi Foundation funded project Oeconomix appeared in one of the most important dailies in Germany, Süddeutsche Zeitung (circulation: 445, 000).
  • Oeconomix is multimedia learning software on financial and economic education. A CD-ROM and a website deliver information which ranges from a simple pocket money calculator to complicated corporate accounting. The project was developed by Citibank and the Institut der deutschen Wirtschaft, Cologne. At the moment 2,300 high school teachers are in the database using this innovative software for their classes.
Spain: International Forum for Investor Education
  • Dara Duguay, Director of Citi's Office of Financial Education attended a conference in Madrid, Spain entitled "International Forum for Investor Education". The forum focused on investor education developments in the European Union and around the globe.
  • Duguay participated on a panel where she described Citi's global efforts in the area of investor education. Citi Spain Public Affairs Officer (PAO) Julio Carlavilla and securities regulators who are involved in financial education for investors were also in attendance.
Asia Pacific
 
India: Delhi to host the 2007 Citi-FT Financial Education Summit
  • Wide-scale promotion of the 2007 Citi-FT Financial Education Summit 2007 began in October with advertisements in the Financial Times, as well as India's Business Standard. This year's Summit in New Delhi, India on December 6-7 will be the fourth in a series of highly successful Summits held in Hong Kong, Malaysia and Korea.
  • With the theme of "Partnerships for Progress and Inclusion", the 2007 Summit is being organized by Citi Asia Pacific, the Pearson Foundation and the Financial Times, funded by the Citi Foundation, and co-sponsored by IFC. Topics will include financial education in relation to credit, savings, insurance and remittances; best practice programs in urban and rural settings, and for women, youth, homeowners, investors and small businesses; and the need for effective multi-sector partnerships in financial education.
  • Key speakers include Jairam Ramesh, Minister of State for Commerce, India; Michael Klein, Vice President & Chief Economist, IFC; Stephen Bird, CEO, Consumer Banking, Citi Asia Pacific; Sanjay Nayar, CEO, Citi India, and Dara Duguay, Director of Citi's Office of Financial Education. More details and regular updates can be found at www.FinancialEducationSummit.org
Philippines: New Finance Guidebook for Women Microentrepreneurs
  • Female microentrepreneurs took center stage at the October launch of "Pagpaparami sa Pera Mo", a 36-page Citi Foundation-sponsored personal finance guidebook produced by ABS CBN Bayan Foundation, one of the largest microfinance organizations in the Philippines. The new book is a Filipino-language version of the "Make More Money" publication launched one year ago in 2006.
  • Leonie Benavidez, one of the microentrepreneurs who has started a small canteen business, shared her experience at the event: "I always thought that you needed to make more money to provide for the family. With this book, however, I am also learning to make the most of what I have and to make it stretch and grow."
  • The new book also continues a partnership between Citibank and Working Mom magazine that began with the 2006 launch of "Make More Money." The book was distributed in Working Mom magazine and handed out at personal finance seminars co-hosted by representatives from the magazine and Citibank.
Hong Kong: Thailand University Wins 5th Citi International Case Competition
  • The 5th Citi International Case Competition sponsored by the Citi Foundation, was held in Hong Kong from October 22-25. Eighteen teams of students from leading business schools in Canada, China, Denmark, Finland, Hong Kong, Mexico, the Netherlands, New Zealand, Singapore, Spain, Thailand and the USA took part. The winner of this year's competition was Thammasat University from Thailand. The three runners-up were the Hong Kong University of Science and Technology; the Helsinki School of Economics, Finland; and the University of Southern California, USA.
  • Jointly organized by Citi and the Hong Kong University of Science and Technology's School of Business and Management, the competition requires teams to present ideas and solutions to manage the strategic challenges and managerial dilemmas faced by global business leaders. The Hong Kong and China Gas Company Limited (Towngas) provided the business case study for this year's competition and focused the students on the impact of climate change on businesses.
Hong Kong: Banking Course Students Make Most of Financial Education Visit to U.S.
  • Four students from the University of Hong Kong (HKU) were recently given the chance to visit New York where they experienced first-hand the operations of some of the largest financial institutions and markets in the world.
  • Earlier this year, at the graduation ceremony of the HKU-Citibank University Banking Course, the four top students (from the 50 graduates) – Christy Wong Tsz Yan, Elian Wong Yat Lam, Lester Fung Ka Kei and Louis Lau Ho Kwan – were awarded a study trip to New York for their outstanding achievements. During the trip, the students visited the New York Stock Exchange, met senior Citi executives and also attended an event at Columbia University.
  • The HKU-Citibank University Banking Course is a three-month program jointly organized by Citibank and The Faculty of Business and Economics of HKU, and funded by the Citi Foundation and Citibank Hong Kong. During the initiative, many experienced Citibank bankers give lectures and participate in discussion forums.
Guam: Citi and JA launch Dollars & $ense Program at Marcial A. Sablan Elementary School
  • Twenty-eight students comprised the first round of JA Dollars & $ense program graduates from Marcial A. Sablan Elementary (MASE) School. The Citi Foundation sponsored eight Citi volunteers that trained on the program and taught the first six-hour, six-week course. Through grants from the Citi Foundation, JA Guam Chapter will continue to expand this elementary school program to at least 150 students.
Guam: Get Smart About Credit Day
  • On October 18, fourteen Citibank Guam employee volunteers participated in the American Bankers Association's Education Foundation (ABAEF) Get Smart About Credit Day by teaching money management to high school students.
  • The volunteers conducted six sessions between three schools, volunteering 12 hours to teach more than 260 students. Using a variety of case studies, financial games and crosswords, volunteers covered topics such as budgeting, prioritizing expenses and good credit habits.
  • The Get Smart About Credit Day launched in 2002 is one of the American Bankers Association's signature programs and Citibank Guam volunteers have taught over 600 students to date.
Japan
 
Lecture Series Continues into October
  • Citi Japan continued the lecture series at Kwansei University in West Japan which re-commenced after a break of 3 years on September 26th this year. Four lectures out of 13 were held in October and the number of students steadily increased to over 100 business students each week.
  • The program is designed to provide students with real-world education about retail banking business, corporate banking business, risk management and compliance.
Mexico
 
Knowledge Counts for Children Program
  • On October 23, the Banamex Financial Education Program jointly with Impulsa (Junior Achievement Mexico) started the elementary school program "Knowledge Counts for Children" in Mexico City, Guadalajara and Culiacan, with the participation of 200 volunteers.
Decisiones de Pe$o Event in Mexico City
  • On October 8th, the First National Financial Education Encounter called, "Decisiones de Pe$o" (Weigh Decisions / Ca$h Decisions) was held. Banamex (a member of Citi) organized this academic event during the third anniversary of "Saber Cuenta" (Knowing Counts), an initiative of Educacion Financiera Banamex.
  • The Encounter's agenda was organized around those areas where financial education has a greater impact such as: educational, entrepreneurial, family related, financial, media and social. Each panel included the participation of speakers representing top public and private education institutions in the country, leading companies, media, civil and social organizations, and members of the executive and legislative branches of government.
  • Educacion Financiera Banamex has benefited 1.2 million people during these past three years of activities, including children, youngsters, and adults, by means of 76 different programs, and with the collaboration of four strategic partners of the public and private sectors. To date, more than 1,200 volunteers of Banamex's active and retired personnel have participated in this effort.
Latin America
 
Citi Peru & Junior Achievement Launch JA Banks in Action 2007 Financial Education Program
  • With support from the Citi Foundation, Junior Achievement Peru and Citi Peru launched JA Banks in Action, a program designed to teach high school students about how banks operate, basic banking products and services and careers in banking. Students learn about the challenges of operating a bank in a competitive environment by using a computer simulation to manage their bank by making decisions on interest rates to obtain deposits and make loans, marketing, and R&D investments. The objective is to obtain the highest profits and the best return on investment for their shareholders. Students from 20 public and private schools will learn the basics of business, banking and enterprise from Citi volunteers. The program holds an interschool competition and awards the schools which perform best. In addition, the wining team will represent Peru in the international competition that will be held in Panama in November.
Citi Venezuela Helps Women Become Microentrepreneurs
  • The Microfinance Program for Entrepreneurs is part of Citi's social investment in Venezuela, supported by Citi Foundation, in partnership with the Asociacion Civil Fomento del Desarrollo Popular (FUDEP). This program provides entrepreneurship training to women covering topics that include business operations, finance, inventory control, business investment, trade and commercialization in order to help them develop successful micro and small enterprises.
  • Additionally FUDEP expects to provide more than 250 women with access to microcredit, which will include pre-credit site visits, review of credit applications, one-on-one business counseling and continuous management oversight by FUDEP to ensure the success of their enterprises.
Citi Uruguay's Tenth Edition of "Banks in Action" Wraps Up
  • Citi Foundation is the global sponsor of JA Banks in Action. This program exposes students to banking basics, operations, history and career paths in the financial services industry. A computer simulation allows student competitors to role-play in high-level positions such as CEO and CFO, challenging them to successfully operate a bank in a dynamic environment where their decisions will make or break ‘their' bank. The students face off in an exhilarating game of financial know-how and skill, where good money management instincts are the key to survival . More than 200 teams of Uruguayan high school seniors participated in the JA Banks in Action program, of which ten teams advanced to the final competition.
  • The closing ceremony featured the ten teams competing simultaneously in one last event which had them make on-the-spot financial decisions regarding rates, loans and other economic trends related to the banking realm. The winners of the final competition will travel to Panama as the Uruguayan representatives for the regional competition, November 25–27.