Financial Literacy – Make the Move to Educate in ‘08
 Cheryl Miller, Marketing Coordinator
Iowa Bankers Association
IBA President and CEO, John Sorensen, recently called upon Iowa bankers to conduct at least one program in 2008 to improve financial literacy in their communities. While awareness of the importance of financial literacy is growing, solutions have been slower to develop.
Financial education is urgently needed in many areas ranging from kids starting a savings account and learning the fundamentals of a checking account, high school and college students learning about the use of credit and basic money management skills, adults choosing the right financing for cars and homes, planning for children’s college and saving for retirement.
If your bank does not have a vested interest in being part of a financial literacy program, this is the time to make your move to be a provider of financial education resources in your community. Make it your mission to help reverse the trend of financial illiteracy, the lack of savings and the increase of living on credit.
No industry has a bigger stake in improving financial literacy than banking. What’s in it for your bank? By helping consumers in your community navigate the complexity of the financial world, you brand yourself as a key financial educator in your community, build relationships, and make customers for life. Not only can you measure the results in dollars and cents, but also by personal and corporate satisfaction - as a provider of financial education you have helped people and contributed to the community in which you live and work.
The IBA is here to help you start, continue, or revamp, your bank’s financial literacy efforts. A financial literacy breakout session at the IBA Marketing Conference on May 7-9 will feature Kathryn Kelly, Associate Director of the American Bankers Association’s Education Foundation. The IBA will provide each bank attending the conference with a complimentary Teach Children to Save kit for K-6 grades, a $95 value. The kit provides age-appropriate lessons grouped by grade level that are easy to teach and easy for audiences to comprehend. Make sure to pick yours up if you’re attending the conference in May. Please visit our website at www.iowabankers.com for other financial education opportunities available to you.
Whatever you decide to do, make sure your community and customers know about it. Communicate your financial education efforts to your local media. Use your website to post your financial education programs. Link your bank’s site to www.mysmartfinances.com, the IBA consumer site focused on financial literacy education. Write a commentary for your local paper on how you can help people be smart about money. Team up with other banks and community organizations to start a financial education forum. Teach programs about money and banking in your local schools, community colleges and after-school centers. Talk to or meet with immigrant outreach programs, youth groups and senior groups.
Regardless of your level of involvement, make a move. Your efforts will raise awareness of the need for financial education and help establish the banking industry as a leader in this important area.
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