The GuideHow to build a financial education campaign in your city

How DollarWI$E can help

THE UNITED STATES CONFERENCE OF MAYORSCOUNCIL ON METRO ECONOMIES & THE NEW AMERICAN CITY

I N T R O D U C T I O N

I N S I D E

GrantsDollarWI$E offers cities registered in the campaign two grants programs

Summer Youth CampaignHelp youth through your summer employment program

DollarWI$E MonthPromote your local campaign through this yearly celebration

Financial Planning DaysProvide your residents with pro bono financial advice from certified financial advisors

2 D O L L A R W I $ E

DollarWI$E: Mayors for Financial Literacy is the official financial education and literacy effort

of The United States Conference of Mayors and its Council on Metro Economies and the New American City.

Since its inception in 2004, cities across America have made a commitment to increasing their residents’

financial literacy by joining DollarWI$E.

DollarWI$E focuses on the core areas of savings and banking, credit, education, and homeownership. It

invites mayors and city staff to examine their communities’ financial education needs; create an action

plan; and forge partnerships with financial institutions, faith-based groups, nonprofits, local businesses,

and others in the community to address this important issue. DollarWI$E offers support through technical

assistance, partnerships with national organizations ranging from the Bank of America Charitable

Foundation and the Foundation for Financial Planning, to the Federal Reserve System. DollarWi$e also

supports local financial education through its innovations and initiatives in its Summer Youth Grants

Programs.

We invite you to review this brochure where you can learn all about DollarWI$E and find out what it takes

to tackle financial illiteracy in your city. Most importantly, we invite your city to make a commitment to

financial education and join the campaign. Together, we are building strong foundations for the future of our

communities and those who call them home.

D O L L A R W I $ E 3T H E G U I D E

Contacting the Campaign

M A I L I N G A D D R E S S

1620 I Street NWWashington, D.C. 20006

T E L E P H O N E

202.861.6759202.861.6737

F A C S I M I L E

202.293.3109

W E B S I T E

bedollarwise.org

F A C E B O O K

facebook.com/bedollarwise

T W I T T E R

twitter.com/bedollarwise

S P O N S O R S

Founding sponsor

Bank of America Charitable FoundationDollarWI$E has been supported by a generous grant from the Bank of America Charitable Foundation since 2005. The Bank of America Charitable Foundation’s underwriting enables campaign initiatives such as DollarWI$E Month, the Summer Youth Campaign, and the Innovation Grants.

Contributing sponsor

Foundation for Financial PlanningThe Foundation for Financial Planning supports the DollarWI$E campaign’s participation in Financial Planning Days, and linking pro bono financial advisors to local programs.

Partners

DollarWI$E works to build relationships with national organizations. These partners include national nonprofits such as the Consumer Federation of America; federal agencies, including the Federal Reserve System, the U.S. Department of the Treasury, the Consumer Financial Protection Bureau; and the Conference of Mayors’ Council on Metro Economies and the New American City (below).

DollarWI$E acts as a connection between local financial education campaigns and these national organizations to provide support and resources for local efforts. Each of our partners has a wealth of knowledge and resources that can help build successful local campaigns.

Council on Metro Economies and the New American City

American Chemistry CouncilBank of AmericaCiscoFoundation for Financial PlanningInitiative for a Competitive Inner CityMortgage Bankers AssociationNational Association of REALTORS®Safeguard Properties

4 D O L L A R W I $ E T H E G U I D E

G R A N T S

Grant may be used for

Expanding and enhancing a variety of local financial education efforts

Number of grants

Incorporating financial education into a local summer youth employment program

Grant timeline

Application period opens Mid-JanuaryEarly November

Applications due Early FebruaryEarly December

Awards announced Late February/early MarchThe U.S. Conference of Mayors’ winter meeting, late January

53

Value of grants $4,000 each$15,000 each

Innovation Grants SYC Grants

Each year, DollarWI$E offers member cities of The U.S. Conference of Mayors the opportunity to apply for an award through its two grants programs.

Through these grants, DollarWI$E seeks to recognize and fund local financial education efforts that are both innovative and replicable by other communities. Past recipients include a variety of communities across the country working on a range of creative financial education programs.

Seattle

Caguas

San FranciscoPleasanton

Fresno

PhoenixAvondale

Santa Fe

Denver

Omaha

Quincy

Quad Cities

Milwaukee Detroit

ColumbusCincinnati

LouisvilleBowling Green

Jackson

HoustonPast recipientsInnovation Grant

Summer Youth Campaign (SYC) Grant

New Orleans

Columbus Savannah

Jacksonville

Miami

Charlotte

Norfolk

Baltimore

Philadelphia

NorwalkBridgeport

ProvidenceBostonHartford

Baton Rouge

5T H E G U I D E

S U M M E R Y O U T H C A M PA I G N

The goal of the DollarWI$E Summer Youth Campaign is to incorporate financial education into every summer youth jobs program by 2015. A summer youth job can be a watershed moment in a youth’s life when he/she learns the responsibility of work and the excitement of earning money. Being hired for a job and receiving a paycheck is a teachable moment that can shape attitudes and habits that last a lifetime.

Working with the U.S. Conference of Mayors’ Workforce Development Council, the DollarWI$E Summer Youth Campaign is an initiative to encourage mayors to use their summer youth employment program to deliver financial education to youth in their community. It’s all about seizing the teachable moment of a young person’s first paycheck. The idea is to use this window of opportunity to instill in youth conscientious habits and attitudes toward money and equip them with financial-management skills. The Program also encourages local businesses and nonprofits to hire youth for the summer, and to similarly teach financial management skills to their summer employees

Seizing the teachable moment

Step-by-step

DollarWI$E recommends these steps to introduce personal finance to summer youth.

Orientation It is essential that you reach youth at orientation. Encourage them to establish a savings goal and to participate in the DollarWi$e online Summer Youth Competition.

Ongoing financial education Ideally, financial education will be delivered to youth throughout the summer.

End-of-summer celebration This event could be a financial education fair or an assembly with entertainment.

Summer youth contest

• Encourage youth to register and establish a savings goal.

• After completing the online educational modules, youth become eligible to win weekly prizes including an iPad.

• To complete the contest, youth submit a short video about their summer youth experience.

Ideas for success

• Involve the mayor.• Have all youth participating in

your program and receiving a paycheck open a bank account.

• Work with your local financial institutions to develop a financial education program throughout the summer.

• Have youth participants sign a pledge to set aside a certain percentage or dollar amount from each paycheck in a checking or savings account.

Incentives for youth

Cities may find more success if they provide modest incentives to youth. Here are some ideas.• Offer to match youths’ savings.• Provide youth who complete a

financial education curriculum a reasonable bonus at the end of their summer employment.

• Provide entertainment incentives, such as free movie tickets or passes to the local amusement park.

Student FinancialHandbook

An easy-to-use guide to managing your money

For an excellent educational tool to use in your city’s summer youth campaign, download Bank of America’s Student Financial Handbook at bankofamerica.com/planahead

6 D O L L A R W I $ E T H E G U I D E

F I N A N C I A L P L A N N I N G D A Y S

Provide free financial education and planning to residents of your city with the support of DollarWI$E and its partners.

DollarWI$E has joined forces with the Foundation for Financial Planning to help mayors across the country organize full or half-day financial planning days or events where their citizens can receive free, no-strings-attached financial education. This program is designed to benefit the underserved and those facing special life circumstances or crises, by empowering them with financial planning information to achieve their life goals. The model for this program has been developed so as to be easily replicated from city to city either in the form of a free standing “day” or incorporated into an upcoming event such as job or health fairs.

Financial Planning Association (FPA)

FPA has an extensive network of local chapters throughout the country and will tap into their vast resources to train and activate FPA members to join with mayors’ offices in organizing their financial education events. Local FPA chapters will also be tasked with providing technical assistance and assembling an event team to run the program on the day of the event.

Certified Financial Planner Board of Standards (CFP Board)

CFP Board provides participating cities and FPA chapters a detailed implementation toolkit and promotes the program to all CFP certificants in the US and encourages their participation. Additionally, CFP Board provides cobranded web page content, and will handle online consumer and volunteer registration for the events, and also provide dedicated staff resources to assist the cities and chapters with organizing and promoting local events.

The DollarWI$E Campaign’s partners

Sample program elementsFree one-on-one financial advice

Attendees will have the opportunity to discuss their personal financial questions with a qualified financial planner.

General session (for all attendees)

Welcome/keynote addresses [from mayor, local FPA president] Financial Planning 101

Educational seminars

A selection of classroom-style seminars will be offered on topics such as credit reports, budgeting, retirement, and college education

7T H E G U I D E

D O L L A R W I $ E M O N T H

Cities organize a variety of events to mark DollarWI$E Month. In past years, events have ranged from large community breakfasts involving mayors and special guests to a series of workshops and classes throughout the month. Others have organized community forums to discuss financial literacy and to showcase local financial education programs. DollarWI$E Month is flexible and cities can adapt it to meet their needs.

COLLABORATE with advocacy and professional groups on financial education and its impact on the lives of your citizens and the effect it has on your city. These groups can include:• Banks, credit unions, and other

financial and lending institutions• Government agencies• Schools, universities, and

community colleges• Parent/teacher associations• Senior citizens associations• Chambers of commerce• Local business leaders• Real estate companies• Faith-based organizations

DEVELOP ongoing activities with your community coalition.• Identify existing financial

education programs in your community

• Determine the target groups for your campaign

• Work with DollarWI$E partners to get materials

• Communicate with The United States Conference of Mayors about your project and activities

• Submit best practices to USCM for presentation at the winter and annual (summer) meetings

CELEBRATE DollarWI$E Month in your city.• Hold a press conference

announcing the city’s involvement in DollarWI$E.

• Issue a proclamation and release it at a press conference or televised council meeting.

• Issue a press release.• Hold a community forum on

financial education.• Hold seminars.• Make presentations on city cable

stations and radio.• Hold classes and luncheons for

city employees.• Hold community-wide classes

and luncheons.• Write an op-ed piece or letter to

the editor.• Distribute educational

materials at city hall, schools, businesses, banks, faith-based organizations, libraries, and community centers.

DollarWI$E Month is an opportunity to highlight your ongoing, year-round financial education efforts and to focus the community’s attention on your local program.

Local roles and responsibilities

City/mayor’s office

Provide or help secure a venue for the event

Assist in providing materials necessary for the event, such as audio/visual equipment

Place

Promote the event to the public using press conferences, press releases, and your network of contact with churches, CBOs, municipal agencies, and other local organizations

Publicity

Local FPA chapter

Recruit and prepare those who will staff the events and provide financial education and advice to the public

People

Working with the mayor’s office, plan the schedule for the event and provide the content used in educational seminars

Program

T H E U N I T E D S TAT E S CO N F E R E N C E O F M A Y O R S

1620 Eye Street NW Washington, D.C. 20006

202.861.6759

dollarwise@usmayors.org

bedollarwise.org

M A Y O R S F O R F I N A N C I A L L I T E R A C Y

Cover image: Philadelphia City H

all by readerwalker via Flickr, CC BY-N

C-SA 2.0