Resources
FINANCIAL LITERACY RESOURCES
The website produced by FLEC partners, www.mymoney.gov, is a comprehensive, one-stop-shop for financial literacy information, resources, and tools.
Creation of the site was Congressionally mandated in the 2003 Fair and Accurate Credit Transactions Act.
Money Smart is a free 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. Money Smart has reached over 3 million consumers since 2001. Research shows that the curriculum can positively influence how consumers manage their finances, and these changes are sustainable in the months after the training.
Financial education fosters financial stability for individuals, families, and entire communities. The more people know about credit and banking services, the more likely they are to increase savings, buy homes, and improve their financial health and well-being.
The Money Smart curriculum for consumers is available free of charge in several versions:
- Instructor-led curricula for adults on CD-ROM available in nine languages and Braille and large print versions for the visually impaired (learn more)
- Instructor-led curricula series for young people in grades pre-K through 12 (learn more)
- A stand-alone instructor-led module developed by the FDIC and CFPB that targets the needs of older adults (age 62 and older). Money Smart for Older Adults is available in English and Spanish.
- A self-paced Computer-Based Instruction (CBI) format online for ages 13 and over in English and Spanish
- A portable audio (MP3) version, Money Smart Podcast Network (learn more)
And, the FDIC in collaboration with SBA, offers the Money Smart for Small Business instructor-led curriculum focusing on the needs of new or existing entrepreneurs. Money Smart for a Small Business, is available on CD-ROM free of charge instructor-led curriculum.
The Money Smart program may be used by financial institutions and other organizations interested in sponsoring financial education workshops. Collaboration is important to the success of any education effort. The FDIC encourages banks to work with others in their communities to deliver financial education and appropriate financial services, including to individuals who may not have a relationship with an insured depository institution.
The Money Smart program can help banks fulfill part of their Community Reinvestment Act obligations. The Community Reinvestment Act of 1977 (CRA) encourages federally insured banks and thrifts to help meet the credit needs of their entire community, including areas of low-and moderate-income. When a bank's CRA performance is reviewed, the institution's efforts to provide financial education and other retail services are a positive consideration.
Money Smart for Older Adults (MSOA) is an instructor-led training developed jointly by FDIC and CFPB. The module provides awareness among older adults and their caregivers on how to prevent elder financial exploitation and to encourage advance planning and informed financial decision-making.
FDIC and CFPB invite stakeholders to order and begin teaching what elder financial exploitation is and why older adults are at risk. MSOA is a tool for bank-community partnerships. For example, bank staff could deliver this information in collaboration with providers of senior services or adult protective services.
There are seven segments covering the following topics:
- Common Types of Elder Financial Exploitation
- Scams Targeting Veterans
- Identity Theft
- Medical Identity Theft
- Scams that Target Homeowners
- Planning for Unexpected Life Events
- How to Be Financially Prepared for Disasters
In addition to the English language version, the participant/resource guide and PowerPoint slides are available in Spanish.
Print copies of Money Smart for Older Adults may be ordered from the Consumer Finance Protection Bureau.
Do you questions about various financial products and services? Get an answer from the experts. The CFPB provides an easy to use online tool that answers questions on topics including mortgages, credit cards, and how to dispute errors in a credit report, to name a few. This online tool provides answers to over 1,000 questions about financial products and services.
The resource is found at: www.consumerfinance.gov/askcfpb/
The Consumer Financial Protection Bureau (CFPB) provides all the information you need to help you with understanding how to buy and finance your home purchase. Learn what to expect and what questions to ask, and get the tools and resources to help you make the right decisions.
Know the Process - Buying a home is exciting, but the process can feel overwhelming at times. The CFPB provides a guide that lets you know what to expect and what to do next. CFPB’s tools and resources will help you every step of the way.
The resource is found at: https://www.consumerfinance.gov/owning-a-home/
It’s more important than ever for students and former students to make smart decisions about financing their college education. Whether you’re attending college soon, are a current student, or already have student loans, the CFPB has put together some tools and resources to help you make the best decisions for you.
Student Financial Guides
For many people, how to pay for a college education is one of the first major financial decisions they'll make. These guides cover some of the big decisions you’ll face and will help you understand your options for financing your college education.
- Student Loans: If you’re considering student loans to help you pay for school, you’re not alone – many students need loans to cover their full cost of attendance. If you have to take out student loans, comparing your options can help you find the student loan best suited for your needs. More about student loans.
- Still need to apply for financial aid?
Visit fafsa.gov - Student Banking - Unlike that first school ID photo, your first banking relationship could last long after you graduate. Making a smart decision now will mean fewer surprise fees that can add up later. More about managing your money.
Compare Financial Aid Offers
As part of CFPB’s Know Before You Owe project, CFPB worked with the Department of Education to create a Financial Aid Shopping Sheet. Now that thousands of colleges are adopting this clear and comparable form, the CFPB built a tool that complements the shopping sheet to help students make comparisons tailored to their individual circumstances.
Still researching schools?
Want information on how your prospective school stacks up?
Repaying Student Loan Debt
Paying off student debt can be confusing. CFPB provides helpful information that will walk you through how to optimize paying off your student loans, even if you're behind.
For information about Paying for College visit: https://www.consumerfinance.gov/paying-for-college/
Car Shopping, Financing and Fraud Prevention Resources
Consumer Financial Protection Bureau's Know Before You Owe Initiative (KBYO) now has an Auto Financing Education Component
The Financial and Economic Literacy Caucus applauds the Consumer Financial Protection Bureau (CFPB) for adding a new auto financing education component to the Bureau’s Know Before You Owe Initiative (KBYO).
The Consumer Financial Protection Bureau created the KBYO initiative to provide Americans with the information, resources, and opportunity to learn the basic skills and knowledge needed to manage debt and navigate our increasingly complex financial system. The KBYO initiative provides a wealth of financial literacy resources to help Americans better manage their personal finances and make informed financial decisions with respect to such things as purchasing a home, managing debt, paying for college, planning for retirement, and most recently, purchasing an auto through the use of financing.
To help consumers understand how to purchase a car through the use of financing, the CFPB’s KBYO includes various tools including online informational brochures and tips, red flags to help consumers watch for pitfalls, a shopping sheet(link is external) that provides a step-by-step guide to help consumers understand the various costs to purchasing a car and to be able to easily calculate the total and final cost to them, as well as other resources to help consumers navigate the auto financing process.
FTC Offers Four new 60-Second videos help consumers shop for cars.
New or used, cars are big-ticket items. Our mobile-friendly videos offer car buyers important information they need at each stage of the car-buying process.
- Buying a Used Car covers using online research, the Buyers Guide, a vehicle history report, and an independent inspection to be sure you know what you’re getting before you buy.
- Spotting Deceptive Car Ads warns that some car ads promise low payments, no interest, or zero down – but might come with a catch. Researching a dealer’s reputation before visiting the dealership can help you steer clear of problems.
- Financing a Car encourages you to shop for financing before shopping for a car, and bring your best offer with you to the dealer.
- Understanding Car Add-ons talks about price-hiking products that dealers may offer after you’ve negotiated a car price and arranged financing.
Fraud Prevention Resources:
WHAT WE DO
The Federal Trade Commission (FTC) is a civil law enforcement agency whose job is to prevent business practices that are anticompetitive or deceptive or unfair to consumers. The FTC’s Division of Consumer and Business Education (DCBE) gives consumers the tools they need to make informed decisions, and gives businesses tools to help them comply with the law. DCBE produces, promotes, and disseminates information that is timely, targeted, objective, actionable, and in plain language. It’s the news that people and organizations can use – in print, audio, video and online.
WHAT WE OFFER
Our main website is the Consumer Center, where you can get many of our consumer education materials on hundreds of topics. On one of our most recent projects, IdentityTheft.gov, you’ll find a one-stop resource for reporting and recovering from identity theft.
For anyone who wants more basic information, or for whom reading English is a challenge, we offer Consumer.gov.
We also offer free publications for individuals and organizations to share with their communities at bulkorder.ftc.gov.
And, if you’re interested, you can sign up to get email updates from the FTC, including our consumer blogs, at ftc.gov/stay-connected.
SAVINGS RESOURCES & PROGRAMS
In his 2014 State of the Union address, President Obama announced myRA (My Retirement Account) as a “new way for working Americans to start their own retirement savings.”
Based on independent analysis, approximately half of all workers and 75 percent of part-time workers lack access to employer-sponsored retirement plans. To help encourage retirement savings, Treasury is developing the myRA program, a simple, safe, and affordable retirement savings option available through employers to help more Americans begin to save for retirement. myRA will launch in late 2014 and will offer a safe investment backed by the U.S. Department of the Treasury. The account will earn interest at the same variable rate available to federal employees for their retirement accounts and follow the same rules as a Roth IRA. myRA aims to give working Americans a way to begin saving for a secure financial future. myRA accounts have no fees, have no cost to open, and balances will never go down in value.
Key features of the myRA program include:
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Using Your Tax Refund to Save by Buying U.S. Savings Bonds
When you file your tax return, you can tell the IRS you want to save part or all of your refund and have the rest sent to your checking account. You can save part or all of your refund by submitting Form 8888, Allocation of Refund (Including Savings Bond Purchases) when you file your return. Follow the instructions on Form 8888 to tell the IRS to make a direct deposit of the amount you designate to an IRA, to buy U.S. savings bonds, to make a direct deposit to a savings or checking account or other savings vehicles, or to request a paper check.
Got Questions on how to Purchase Savings Bonds with Your Tax Refund? Click Here for IRS FAQ Site
Financial Literacy and Education Commission (FLEC)
The Financial Literacy and Education Commission (FELC) was established under the Fair and Accurate Credit Transactions Act of 2003. The Commission was tasked to develop a national financial education web site ( MyMoney.gov) and a national strategy on financial education. It is chaired by the Secretary of the Treasury and the vice chair is the Director of the Consumer Financial Protection Bureau.
The Commission is made up of the heads of 19 additional federal agencies:
· (1) Office of the Comptroller of the Currency; (2) the Federal Reserve; (3) the Federal Deposit Insurance Corporation; (4) the National Credit Union Administration; (5) the Securities and Exchange Commission; (6) the Departments of Education, (7) Agriculture, (8) Defense, (9) Health and Human Services, (10) Housing and Urban Development, (11) Labor, and (12) Veterans Affairs; (13) the Federal Trade Commission; (14) the General Services Administration; (15) the Small Business Administration; (16) the Social Security Administration; (17) the Commodity Futures Trading Commission; (18) the Office of Personnel Management; (19) the White House Domestic Policy Council and its newest member, (20) the Federal Emergency Management Agency.
The Commission is coordinated by the Department of the Treasury's Office of Financial Education within the Office Consumer Policy.
The President’s Advisory Council on Financial Capability (2010 - 2013)
Composed of non-governmental representatives with relevant backgrounds, such as financial services, consumer protection, financial access, and education, the Council was tasked with suggesting ways to coordinate and maximize the effectiveness of existing private and public sector efforts and identify new approaches to increase financial literacy through financial education and financial access. The Council ended on January 29, 2013 and published a well-recieved final report with actionable recommendations for governments, community organizations, and private partnerships to help improve the financial literacy of Americans.