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Financial Empowerment Through Education

Financial Empowerment Through Education. A Continuum of learning for financial self-sufficiency. Asset Development Summit Key to the Future October 10, 2012. The State of Financial Literacy.

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Financial Empowerment Through Education

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  1. Financial Empowerment Through Education A Continuum of learning for financial self-sufficiency Asset Development Summit Key to the Future October 10, 2012

  2. The State of Financial Literacy • Women, African-Americans, Hispanics, the oldest segment of the elderly population, and those who are poorly educated, have an even greater lack of investment knowledge than the average general population.1 • Only 50% of Americans surveyed can answer two basic questions about compound interest and less than 20% could answer a basic question about stock ownership.2 • Persons with disabilities frequently face additional obstacles in accessing financial education because accommodations are not made to make the education accessible.3 1 http://www.sec.gov/news/studies/2012/917-financial-literacy-study-part1.pdf 2 http://www.dartmouth.edu/~alusardi/Papers/Education_African%26Hispanic.pdf 3 https://disability.workforce3one.org/view/2001005438658540989/info

  3. The Impact of Financial Illiteracy • Individuals who are less financial literate are more than 2/3rds more likely to have a high cost mortgage loan and suffer a foreclosure than those who are better financially equipped.4 • Because of a lack of financial education, many with disabilities do not take advantage of Individual Development Accounts.5 4http://www.frbatlanta.org/pubs/wp/working_paper_2010-10.cfm 5https://disability.workforce3one.org/view/2001005438658540989/info

  4. Components of a SuccessfulFinancial Education Program • Core Curriculum • Introduction to Banking • Successful Strategies for Saving and Budgeting • Building, Rebuilding, and Maintaining Good Credit • Protecting Against Identity Theft • Understanding Investment Basics • Preparing for homeownership

  5. Best Practices • Eliminate Barriers • Accessibility • Child Care • Food • Make sessions highly interactive • Varied activities • Feedback • Q and A

  6. Best Practices • Make workshops culturally resonate • Customize presentations for audience • Build activities around audience skill level • Tap into and encourage sharing personal experience • Provide practice activities and resource takeaways • Evaluations Are a MUST! • Solicit candid feedback • Revise your content based on feedback

  7. Contact information: Adam Hall Fifth Third Bank, Kentucky Community Affairs, Fair Lending and Responsible Banking 401 South 4th Street Louisville, KY 40202 502-562-5584 (office) Adam.Hall@53.com Our Mission: Be a recognized and trusted leader-responsibly empowering families and our communities.

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