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Financial Education
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Highlights
Citi's Financial Education Program
 
Highlights November 2007
 
United States
 
U.S.: Get Smart about Credit Day
  • Citi's commitment to credit education includes a partnership with the American Bankers Association Education Foundation (ABAEF), which is supported by Citi Global Community Relations. The ABAEF sponsors the annual Get Smart about Credit Day. This year, 162 Citi volunteers participated in the event, reaching 2,037 students.
  • Our signature event took place in Dallas, Texas on November 16th. Students in the National Academy Foundation program at Yvonne A. Ewell Townview High School learned about "Using Credit Wisely" from Citi volunteers including CitiFinancial President and CEO Mary McDowell. Other Citi partners taking part in the day included Federal Reserve Bank of Dallas Chief Operating Officer Helen E. Holcomb; Princeton Williams, Federal Reserve Bank of Dallas senior economic education specialist; and Laura Fisher, director, American Bankers Association Education Foundation.
  • Additionally at J.L. Long Middle School in East Dallas, 28 volunteers visited 14 classrooms and taught 300 students those important financial fundamentals. Subjects included: How to Make Money Grow (saving and investing), Where Does Money Go? (budgeting), and the Cost of Cool (learning to determine the difference between wanting something and really needing it).
U.S.: Global Community Day
  • Tens of thousands of Citi volunteers across the world were mobilized in the company's second annual "Global Community Day," Saturday, November 17. Citi had approximately 60,000 volunteers who participated in over 700 events around the world in 100 countries. Many of the events included financial education as their outreach activity. Here are a few examples:
     
    Illinois
     
    • The Chicago financial education initiative included Junior Achievement of Chicago and Operation Hope as part of Citi's Global Community Day. More than 70 volunteers from various Citi business segments partnered with Junior Achievement and two local School Districts to teach 1930 inner-city and suburban pre-kindergarten through 8th grade students in areas of financial and economic education (1797 of which were low to moderate income schools).
    Utah
     
    • On Global Community Day, Citi volunteers taught basic budgeting principles to low income individuals of Weber and Davis counties. The effort was coordinated to coincide with a local non-profit community group's client support day, which offered financial and job support classes, child ID kits, haircuts and other health and human service activities.
    St. Louis: Making Cents in the City
     
    • On Global Community Day, the Citi Foundation sponsored for the 3rd year in a row, the Girl Scouts "Making Cents in the City" day camp program. This event was coordinated by Citi businesses in the St Louis area, including Smith Barney and CitiMortgage.
    • The event used Making Cents Dollars, created for this event, to motivate the girls. The girls could earn Dollars by participating, being on time, winning the Trivia Game (opening ice breaker), etc. Any Making Cents Dollars earned during the day could be spent at the Making Cents Boutique. Items included in the boutique were far ranging - from the Citi Commonsense Money Guide for Real People book (many girls purchased as Christmas gifts for parent(s)) to gift cards to personal care items.
    • There were 5 sessions - Know the Score, Get Your Head in the Game, Cost of Cool, Work It, and The Game of Life. These sessions were designed by the volunteers, using the CitiFinancial education curriculum as the backbone.
Citi Enhances its Credit Education Web Site
  • Citi, the world's largest issuer of credit cards, has been dedicated to helping consumers understand the importance of responsible credit management with its Use Credit Wisely program. As part of this ongoing effort and commitment to providing consumers of all ages and economic backgrounds with comprehensive information and support, Citi announced on November 15th a newly enhanced UseCreditWisely.com – complete with new interactive features and in-depth credit and financial management information.
  • The updated Use Credit Wisely site features easier navigation and several new interactive components designed to de-mystify credit card products and terms. Highlights include:
     
    • Interactive Statement: clear, concise definitions on key terms that every cardmember needs to know to understand their monthly credit card statements
    • Interactive Credit Report: a guide to reading a credit report and the personal financial information creditors seek to determine creditworthiness
    • Calculators: tools to help plan for the financial future by calculating costs to determine affordability when buying a home, investing, saving for college planning for retirement and more.
  • Citi has also developed targeted Use Credit Wisely web sites for Spanish-speaking consumers, college students, and another for small business owners. These can be accessed through the home page of the Use Credit Wisely web site or their dedicated URLs: www.CuidaTuCredito.com, www.Students.UseCreditWisely.com and www.Business.UseCreditWisely.com.
Washington, DC: Citi's Participation in Automatic 401(k) Webinar
  • Citi's Director of Benefits, Peter Johnson, participated in the "AARP/Corporate Voices for Working Families Webinar on Automatic 401(k)s: How They Can Benefit Employers and Employees" on November 14. The webinar featured Citi's success story of incorporating automatic features into its 401(k) plan. A cross-section of 27 association, government, and business representatives from across the country participated.
  • In addition, the webinar outlined findings from three recently released AARP-commissioned studies: 1) "Enhancing 401(k) Value and Participation: Taking the Automatic Approach," indicates that enhancing 401(k) programs with automatic features enable employees to save more for retirement and helps employers to better recruit and retain those employees; 2) "Employer Awareness and Attitudes about Automatic 401(k) Plans" explores the top reasons for enacting automatic enrollment among selected employers with 500 - 5,000 employees; and 3) "Employee Sentiments about Automatic 401(k)s," shows that employees who have been automatically enrolled are overwhelmingly positive about the experience.
  • The webinar also announced a new national campaign on automatic 401(k)s involving AARP , FINRA , and the Retirement Security Project , RetirementMadeSimpler.org.
U.S. Financial Education Training
  • To date, over 7,100 employees and non-profit partner staff have undergone training to teach financial education using Citi's Financial Education Curriculum.
  • Over 3,900 people have participated in the online training since the April 2005 website launch.
EMEA
 
Czech Republic, Hungary and Slovakia
  • A Citi Foundation grant enabled NESsT to release Czech, Hungarian and Slovak language versions of its social enterprise manual, code of ethics and philanthropy guide. This toolkit gives advice on how to launch a social enterprise or expand a functioning one or on how social enterprises can realize their financial goals effectively. Altogether, 28 organizations in three countries submitted their application to the competition.
  • The three award recipients (one each in Hungary, Slovakia and the Czech Republic) may use their prize dollars to cover incidental expenses occurring during the business planning phase – such as market research, professional consultation or architectural design.
United Kingdom: Citi Received Award for Leadership in Microfinance
  • On November 28th, Citi received the Corporate Citizenship Award from Global HR News for working in Microfinance in the UK.
  • The Citi Foundation's work with the Prince's Trust in the UK is one excellent example of Citi's involvement with Microfinance Institutions (MFIs). The Prince's Trust is Britain's leading youth charity; enabling disadvantaged young people aged 18-24 to overcome serious economic, educational and social barriers to become successful. In 2001 Citi Foundation funded a $1,000,000 grant over five years and in doing so, became the largest single private sector supporter of the Prince's Trust's micro-finance program (Business Program) for disadvantaged young people in the UK.
  • Young people who have struggled at school, been in care, been in trouble with the law, or who are long term unemployed, are helped through the Business program. The programs enable these young people to fulfill their ambitions, develop their self-confidence, and gain financial independence. The business start-up program provides low-interest loans, grants and ongoing mentor support to promising entrepreneurs who are unable to get funding elsewhere.
  • To date, the impact of the Business Program has seen nearly 66,000 young people start up new businesses. More than 55% of these businesses are still trading as they move into their third year, higher than the national average of 50%; therefore, creating an additional 3,730 new jobs. Additionally, 41 volunteering roles have been undertaken by Citi employees in partnership with the Trust, developing numerous fundraising events, securing additional corporate support, and providing mentoring services.
Russia
  • Citi Russia has launched a series of lectures in the Graduate School of Management (GSOM), St. Petersburg State University and acts as an expert for St. Petersburg State University's School of Management in developing progressive learning tools combining innovative practice experience, advanced technologies and new learning methods. The new program is aimed at strengthening financial education and education of future generations.
  • During the academic year, representatives of Citi Russia as well as top managers and experts from Citi international offices will conduct lectures and share their international experience. Students who successfully complete the program will be awarded special Citi certificates.
Asia Pacific
 
India: Citi-FT Financial Education Summit to focus on Needs of Low-income households
  • The final program of the Citi-FT Financial Education Summit 2007 was publicized extensively in November. With the theme of Partnerships for Progress and Inclusion, the program will examine why financial literacy plays such a critical role in promoting sustainable economic development, especially among disadvantaged and low-income groups.
  • This year's Summit was held on December 6-7 in New Delhi, India, attracting policy-makers, practitioners and advocates from nearly 30 countries. The event was organized by Citi Asia Pacific, the Pearson Foundation and the Financial Times, sponsored by the Citi Foundation and co-sponsored by IFC, the private sector arm of the World Bank.
  • Keynote speakers at the Summit 2007 include Jairam Ramesh, Indian Minister of State for Commerce, Michael Klein, Vice President and Chief Economist, IFC and Rajat Nag, Managing Director General, Asian Development Bank.
  • This was the fourth annual Financial Education Summit organized by Citi Asia Pacific. The first Summit in Hong Kong in 2004 focused on financial education for women; the 2005 Summit in Kuala Lumpur, Malaysia addressed the financial education needs of families in Asia Pacific; and last year's Summit in Seoul, Korea focused on youth. More information about the Citi-FT Financial Education Summit 2007 can be found at: www.FinancialEducationSummit.org
Singapore: Citi and NIE launch unique Financial Literacy Training Hub for Teachers
  • On November 1, Citi and the National Institute of Education (NIE) announced the launch of the Citi-NIE Financial Literacy Hub for Teachers. This first-of-its-kind financial education initiative will equip teachers with skills to teach financial literacy to a wide range of students.
  • The Citi Foundation has pledged US$538,000 over two years to support related research and training for 500 teachers. The teachers will gain a conceptual understanding of financial literacy, pedagogical skills to include financial literacy in day-to-day lessons, and a range of lesson and curriculum options for teachers including online games, case studies, and student camps.
Indonesia: "Fin-Q" Survey indicates Urgent Need for Financial Education
  • A Financial Quotient Report – "Citi Fin-Q Survey" released by Citibank Indonesia on November 14 showed that almost six out of ten Indonesians do not know if their savings will enable them to meet their financial commitments and lead a comfortable life throughout retirement. Most of them also said that if they lost their jobs tomorrow their savings would last them less than 11 weeks before they run out of money.
  • The survey was conducted with 400 respondents across the country. Respondents were between the ages of 18-40 and have either a bank account or own a major credit card.
  • "Based on the survey results, half of the population do not have a sense of financial security, especially when they grow older," said Shariq Mukhtar, Country Business Manager, Citibank at the Citibank Financial Bazaar 2007 seminar. The Citibank Financial Bazaar Seminar is a regular event conducted twice a year. It provides an opportunity to customers and the public to obtain more knowledge and information on financial planning. The seminar helps consumers make well informed decisions for their personal financial or business needs.
Taiwan: Young Adult Financial Education program targets School Leavers and Graduates
  • Citi Taiwan, in partnership with Taiwan's Financial Literacy and Education Association, launched the Young Adult Financial Literacy Program on November 28. This US$100,000 grant from the Citi Foundation aims to help university students in their senior year gain more skills and knowledge with regard to saving, spending and investing through online learning programs, seminars and discussion groups.
  • At the launch, Chuan Lin, President of the Association and the former Minister of Finance said, "With the financial and investment environment becoming more complex, it's imperative that our young people are equipped with knowledge and skills to better plan for the future."
  • Many of the programs and campaigns will be based on a financial literacy survey conducted by Citi and the Financial Literacy and Education Association earlier this year. The objective of the survey, which involved close to 2,000 students from 30 high schools, was to gain a better understanding about the level of financial literacy among Taiwan youths.
New Zealand: Launch of draft National Strategy for Financial Literacy
  • Dara Duguay, Director of Citi's Office of Financial Education, was the key-note speaker at the launch of the draft National Strategy for Financial Literacy in Wellington, New Zealand, on November 9th, 2007.
  • The draft National Strategy was spearheaded by the NZ Retirement Commission and is seen as a major step forward in improving financial literacy in New Zealand. The launch attracted significant public interest, particularly as it came on the back of the New Zealand Government's announcement to include financial education within the national education curriculum. Duguay's visit and her profile as a leading international authority on financial education therefore attracted widespread media interest.
  • In her address at the launch, Dara shared her insights and experiences from a global perspective and outlined Citi's global participation in the area of financial education. She also spoke on the ways that Citi was delivering financial education to its own employees in US. Also speaking at the launch were New Zealand CCO, Mark Fitzgerald, Education Minister, Trevor Mallard, the Governor of the NZ Reserve Bank and other leaders from the accounting, banking, finance and community sectors.
  • The NZ strategy aims to achieve a financially literate population such that New Zealanders are financially well-educated and equipped to make informed financial decisions. The strategy will set a direction, link providers of financial education and identify gaps in coverage and avoid duplication. Initiatives include financial education in schools, replacing financial jargon with plain language and encouraging financial education in the workplace.
Australia: Women's Consumer Magazine luncheon
  • Citibank has conducted a lot of research which highlights the need for increased financial education amongst women. To help women take a step towards shaping their financial future, Citibank developed the Money Survival Guide for Women. The guide is a handbag-sized tool that's easy to read and digest with positive tips and advice, along with some basic budgeting and planning exercises.
  • The Guide was launched on November 13 at a media lunch for women's consumer magazine journalists and was well attended by the likes of Marie Claire, Cleo, Cosmo, New Woman, Madison, Notebook and more. The aim of the lunch was to highlight the need for publications to push the topic of women's finances up their agenda and has resulted in numerous press articles including Vogue magazine.
Mexico
 
Small Business Week
  • From November 5th to 9th, the Seventh Small Business Week was held, hosted by the Ministry of Economy and opened by the President, Felipe Calderon Hinojosa. In this event, dedicated to the promotion of small and medium-sized businesses, the participation of the financial sector and Banamex´s Financial Education stood out with two outstanding activities.
  • Banamex Financial Education was actively involved with a Financial Education booth where materials concerning useful topics for the 70,000 participants in the exposition were distributed. The management of a small business, the basic accounting principles, the people's value in the company, and the company's importance in the society were included in the information offered through video displays and distribution of the following publications:
     
    • "Accounting is kid's play". Joint publication, Banamex Financial Education - Editorial Trillas.
    • "My own business". Joint publication, Banamex Financial Education - Editorial Clio.
    • Course titled: "The Value of Companies in Society", prepared by Banamex Financial Education – Bimbo Group.
    • "Knowing how to take weighty decisions counts", report on the 3 years of activity of Banamex Financial Education.
  • The Area Director, Loreto García Muriel, gave a speech on the importance of financial education during the closing dinner, where Banamex together with the Minister of Economy and representatives of the national legislative power, gave acknowledgement to the performance of certain small and medium-sized businesses.
Papalote Children's Interactive Museum
  • November was Banamex month in the Papalote Children's Museum, and for this reason, every Friday in this month the theater play "Knowing Counts" was presented for people visiting the museum, with the aim of promoting the importance of saving and financial planning through a story taken from everyday life.
  • There is also a permanent workshop called "Knowing How to Save Counts at Home" in the museum, which has the goal of allowing children to identify different ways of saving at home and school through caring for their available resources. To date, more than 500 children have benefited from this workshop.
  • Additionally, an event was held on November 20th in the Papalote Museum for the workers of the Banamex Financial Group and their families, where they had the chance to attend the first-showing of the theater play "Knowing Counts." The event was attended by 1,133 people.
International Book Fair
  • The 2007 Guadalajara International Book Fair (FIL) is the largest and most important publishing event in Mexico. Banamex Financial Education partook from November 25 to 30, through a promotional booth with materials prepared by Knowing Counts. The International Book Fair is visited by more than half a million people every year, of which more than 100,000 are children.
  • Additionally, a workshop for 7 to 9 year-old children (Children's Book Fair), was conducted where they were taught the basic elements of financial education such as the difference between desires and needs, saving and the importance of balance in the economy.
Latin America
 
Panama: Citi & Junior Achievement Announce Winners of the JA Banks in Action Regional Tournament
  • Panama was the winner of this year's "JA Banks in Action" Regional Tournament. The event, funded by the Citi Foundation, was held in Panama City, Panama November 26-28.
  • Geared to high school students, "JA Banks in Action" demystifies finance by explaining how a bank works. While exposing students to banking basics, operations and history, students learn about various career paths they can take 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.
  • The 2007 JA Banks in Action Regional Tournament was the biggest since the first tournament was held in 1998; a total of 17 countries were represented. The students of a public school from Panama implemented the winning strategy and won a prize of US$ 1,000. The Honduras team came in second place and the El Salvador team came in third, winning US$ 500 and US$ 250, respectively. Citi's Country Officer for Panama, Francisco Conto, and Linda Claflin, Senior Vice President, Asia/Pacific and Americas Region for JA Worldwide (Junior Achievement), were present at the awards ceremony and offered the prizes to the winners.
  • In 2007, the JA Banks in Action program reached over 25,000 students in Latin America and the Caribbean. Citi employees across the region volunteered their time throughout the year to help broaden the financial understanding of the students by teaching them to be entrepreneurs, to take risks, to strive for excellence and maintain high ethical standards.
Citi Dominican Republic: Habitat for Humanity & Citi Foundation Launch "Financial Literacy with Excellence" Project
  • Representatives from Citi Foundation, Citi Dominican Republic and Habitat for Humanity, recently launched the "Financial Literacy with Excellence" project, which aims to benefit people with very limited resources in the country.
  • The presentation of the project, sponsored by Citi Foundation and Citi Dominican Republic, took place during a cocktail event, in which Maximo R. Vidal, Vice President and General Manager for Citi in the Dominican Republic, highlighted the importance of this financial literacy project. The main idea is to allow people of very limited resources learn about family finance management and credit management, among other important subjects, through several workshops. Citi Foundation has been supporting this project for more than three years in several countries in Latin America.
Ecuador: Citi Offers Training to Entrepreneurs
  • This year Citi Ecuador and the Esquel Foundation developed the Entrepreneurs Encounter 2007 program, which aims to motivate and educated innovative youths. Participants are encouraged to present business ideas and foster the creation of new companies to contribute with the social and economic development of the country.
  • As part of the training process, the finalists attended a workshop at the Quito branch, led by Citi executives. The purpose behind the training was to share with participants their knowledge on how to manage a company. Citi Ecuador volunteers explained in a dynamic and interactive manner the important concepts of different areas. Topics addressed were: production and sales, quality, accounting and audit, legal, marketing and corporate responsibility.
  • In addition to training and technical assistance for project development, winners of the Encounter of Entrepreneurs 2007 will receive economic incentives to start their businesses.
Ecuador: Citi Converts Students into Entrepreneurs
  • Thanks to a donation from the Citi Foundation and the active participation of executives from Citi Ecuador, in 2007 Children's International initiated an entrepreneurial program for technical and artisan students from Quito. Thanks to this contribution, 360 students were trained in the first stage, and it is expected that more than 700 will be benefited by the end of 2007. This project also receives technical support from Junior Achievement and Fundacion Avanzar.
  • One of the best strategies to form young professionals is to develop student's entrepreneurial skills and administrative techniques. To improve these abilities also means to develop opportunities that will help youths to start their own business or become employees with enough knowledge of the operation of a company.
  • Citi's support is also visible through the volunteer participation of its executives, who complement the program providing training on leadership, motivation, communication and teamwork. This is an opportunity to exchange different points of view between the students and volunteers, in search for a common goal. The initiative constitutes a positive example of the valuable contribution of a private company in benefit of social means.