FOR IMMEDIATE RELEASE
Citigroup Inc. (NYSE: C)
October 02, 2003
 
Citigroup Launches Financial Education Curriculum
 
Announces Grants to Help Non-Profits Work with Students and Families

Oakland, CA – Responding to a serious need identified by community leaders, Citigroup today announced implementation of a new comprehensive, proprietary Financial Education Curriculum, an enhancement to the company’s ongoing financial education efforts. The curriculum, unveiled at an Oakland event celebrating the completion of the Fruitvale Village, a $100 million mixed-use revitalization project, will help people develop the skills necessary to make more informed financial decisions.
 
“We realize that there are many people working to combat the lack of personal financial awareness,” said Ajay Banga, President of Citigroup’s North America Retail Bank. “But at Citigroup, we make a unique contribution to promoting financial education because of our expertise, the quality of our curriculum, our global reach, our resources and our ability to partner with outstanding community organizations. This curriculum is one more significant piece of the puzzle in our efforts to help build strong communities.”
 
As a fundamental part of a broader commitment to the communities that it serves, Citigroup’s businesses and the Citigroup Foundation invest over $11 million per year on financial education initiatives. In connection with this vision to develop communities, last week Citigroup’s CitiMortgage division announced a sweeping program to commit $200 billion to affordable home loans through the end of the decade.
 
“Developing strong personal financial education skills is one of the critical building blocks to developing personal financial health and ultimately reinvigorating communities,” continued Mr. Banga. “This is not about a short-term fix. This is about a long-term commitment to helping people develop financial health and the ability to make solid financial decisions.”
 
“Giving people the tools they need to help make sound financial decisions is fundamental to building strong communities,” said Marge Magner, Chairman and Chief Executive Officer of Citigroup’s Global Consumer Group. “When people better understand their finances, they will be better equipped to buy and build equity in their home, save for a child’s education or plan their retirement.”
 
Citigroup’s Financial Education Program Curriculum is available in English and Spanish and consists of lessons, a facilitator’s guide, a glossary of terms, and an appendix of resources for both facilitators and students. Kindergarten through 8th grade students will learn to distinguish between wants and needs and to understand money, savings, compound interest, and budgeting. These lessons are mapped to national educational standards in math, social science, language arts and economics. The teen and adult curriculum provides an introduction to financial services, basic banking services, savings and investing, and credit.
 
Citigroup worked with leading financial education teachers Nancy Brown, former Vice President of Research and Development for National Junior Achievement, Vicki Hampton, Ph.D., Deborah Frank, M.A. and Sarah Simmons, in conjunction with Topics Education Group, to develop the curriculum and facilitator’s guide which will be available internationally over time.
 
The curriculum is available online and Citigroup will work with selected community groups to ensure that it will be widely available and utilized effectively. ASPIRA, a leading national nonprofit organization devoted solely to the education and leadership development of Puerto Rican and other Latino youth, has received a $215,000 grant to provide financial education courses to youth in Bridgeport, Connecticut; Bronx, New York; Passaic, New Jersey; Paterson, New Jersey; Hollywood, Florida; North Miami Beach, Florida; Palm Beach, Florida and Puerto Rico. The Unity Council in Oakland, responsible for reinvigorating the Fruitvale neighborhood, will today receive $50,000 to implement a financial education effort for local residents utilizing the Citigroup curriculum.
 
“We are thrilled to join with Citigroup to help educate our community on the fundamentals of sound financial management. We appreciate their generosity and their commitment to helping to build a healthy community in the Fruitvale neighborhood of Oakland,” said Arabella Martinez, Chief Executive Officer of the Unity Council. “Citibank’s Community Development unit is also the sole conventional lender for the Fruitvale project and has been instrumental in its development.”
 
"The Jump$tart Coalition for Personal Financial Literacy's biennial 2002 survey revealed that high school seniors failed in a test of their knowledge of personal finance basics. This lack of knowledge translates to young adults entering the marketplace woefully unprepared to make wise money management decisions. Financial education is needed to reverse the negative trend of bankruptcies and low savings rates and instead turn money mistakes into money successes," said Dara Duguay, Jump$tart's Executive Director.
 
“We support wholeheartedly the goals of Citigroup’s Financial Education Program. Understanding how to manage personal finances is critical to enabling individuals to become self-sufficient and build wealth,“ states Marvin Owens, Jr., Managing Director of Housing and Community Economic Development at The National Urban League.
 
“This curriculum can work in a variety of venues; in schools, after-school programs, and community-based organizations. We want to make sure young people and adults from traditionally underserved communities are getting a good foundation in the fundamentals of managing their money,” continued Ms. Magner. “We expect to help build the financial management skills of thousands of people throughout the world in the years ahead,” she said.
 
Citigroup’s Financial Education Program will be made available via a curriculum binder, CD ROM, and online at: www.citigroup.com/citigroup/financialeducation/curriculum
 
 
# # #

 
Citigroup (NYSE: C), the preeminent global financial services company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup’s trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at: www.citigroup.com.