In 2001, the FDIC launched Money Smart, a comprehensive financial education curriculum designed to help low- and moderate-income individuals outside the financial mainstream enhance their financial skills and create positive banking relationships. With the help of 1,500 partner organizations, including many banking institutions, the Money Smart curriculum has reached 2.5 million consumers.
According to Patricia A. Walsh, Manager, Training and Development, Cape Cod Five Cents Bank in Orleans, Mass:
“The Cape Cod Five Cents Savings Bank has been using Money Smart for at least the past six years. In 2010 we dedicated a full-time employee as our Financial Education Officer. This person has completely embraced the Money Smart curriculum and uses it as a base for all other curriculum design. Money Smart is one of the most well thought-out programs out there. It is well organized in the way that content builds from module to module. It is easy for facilitators to teach and easy for participants to follow and grasp concepts.”
Moving into the second decade with Money Smart, the FDIC is developing the curriculum to reach new audiences in new ways with the help of the U.S. Small Business Administration (SBA). With this partnership, the FDIC developed a financial education resource for the growing number of entrepreneurs and small business owners. On Oct. 5, the FDIC and SBA conducted the first workshop using the new curriculum. The FDIC plans to release the new, free curriculum to all financial educators by the end of the year.
Money Smart is free to teachers, organizations and banks that have an interest in financial education. To learn more about the FDIC’s Money Smart, see the IBA’s Focus on Financial Literacy blog post “Teaching financial literacy on a budget” post.