{"id":10273,"date":"2022-09-04T17:19:17","date_gmt":"2022-09-04T21:19:17","guid":{"rendered":"https:\/\/desis.osu.edu\/seniorthesis\/?p=10273"},"modified":"2022-09-04T17:19:19","modified_gmt":"2022-09-04T21:19:19","slug":"how-banks-offer-financial-education-programs","status":"publish","type":"post","link":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/2022\/09\/04\/how-banks-offer-financial-education-programs\/","title":{"rendered":"How Banks offer financial education programs"},"content":{"rendered":"\n<p>I am starting this competitive analysis with data from the FDIC study. https:\/\/www.fdic.gov\/analysis\/quarterly-banking-profile\/fdic-quarterly\/2007-vol1-2\/banking-financial-edu.pdf<\/p>\n\n\n\n<p>A Consumer Bankers Association survey, which included many of the nation\u2019s largest<br>banks, found that nearly 100 percent of responding<br>institutions are involved in various forms of financial<br>education. <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Investment Performance: A bank provides direct<br>funding to a nonprofit organization that offers financial education training to consumers.<\/li><li>Lending Performance: A bank lends to low- and moderate-income financial education program participants.<\/li><li>Service Performance: A bank directly conducts financial education training for low- and moderate income individuals or provides low-cost deposit accounts to these participants.<\/li><\/ul>\n\n\n\n<p>Bank financial education programs have become increasingly creative and often target consumers on the basis of their level of knowledge or specific financial need, and many incorporate other banking services. Although there is no \u201cbest method\u201d for delivering<br>financial education and related support services, the following are a few common practices:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Informal, one-on-one counseling.<\/li><li>Partnering with nonprofits or local government entities to teach formal classes.<\/li><li>Donating funds to schools or nonprofits for formal classes.<\/li><li>Establishing mini-branches in schools.<\/li><li>Hosting formal classes at bank facilities.<\/li><li>Providing mobile branches that move to target communities or to employers to provide banking services or financial education.<\/li><li>Translating important banking documents into the language of consumers and hiring bank employees who speak those languages.<\/li><li>Providing specialized, no-account services, such as check cashing or money transmission services.<\/li><\/ul>\n\n\n\n<p>How banks are incentivizing their Money Smart program offering<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>23 percent introduce students to their institutions with a tour of their facilities. 23 percent give unique credit or loan counseling available only within the Money Smart process.<\/li><li>More than one-fifth offer free checking accounts to Money Smart students.<\/li><li>19 percent offer no-minimum-deposit checking or savings accounts to Money Smart students.<\/li><\/ul>\n\n\n\n<p>The FDIC\u2019s Money Smart curriculum and access to the computer-based instruction version are available at the FDIC\u2019s Web site, http:\/\/www.fdic.gov\/consumers\/consumer\/moneysmart\/index.html.<\/p>\n\n\n\n<p>The FDIC\u2019s Money Smart curriculum and access to the computer-based instruction version are available at the FDIC\u2019s Web site, http:\/\/www.fdic.gov\/consumers\/consumer\/moneysmart\/index.html.<\/p>\n\n\n\n<p>FDIC Consumer News (http:\/\/www.fdic.gov\/consumers\/consumer\/news\/index.html) provides<br>practical guidance for consumers on how to use financial services. Each issue offers helpful hints, quick tips, and commonsense strategies to protect and stretch a consumer\u2019s paycheck.<\/p>\n\n\n\n<p>The United States Financial Literacy and Education Commission (http:\/\/www.treas.gov\/offices\/domesticfinance\/financial-institution\/fin-education\/commission\/) created MyMoney.gov (http:\/\/www.mymoney.gov\/), the U.S. government\u2019s Web site dedicated to teaching the basics of financial education. The site contains information from 20 federal agencies involved in financial education efforts, including the FDIC.<\/p>\n\n\n\n<p>America Saves (http:\/\/www.americasaves.org\/) is a nationwide campaign to help individuals and families save and build wealth. <\/p>\n\n\n\n<p>The Federal Reserve System\u2019s education Website links to instructional materials and tools to increase understanding of the Federal Reserve, economics, and financial education (http:\/\/www.federalreserveeducation.org\/). In addition, the Federal Reserve Bank of Chicago hosts the Financial Education Research Center, part of the Consumer and Economic Development Research and Information Center (http:\/\/chicagofed.org\/cedric\/financial_education_research_center.cfm). Other online resources are available for researchers, educators, and program directors interested in supporting these types of programs and initiatives.<\/p>\n\n\n\n<p>The Office of the Comptroller of the Currency has developed a Financial Literacy Resource Directory that provides descriptions and contact information for a sampling of organizations that have undertaken financial literacy initiatives (http:\/\/www.occ.treas.gov\/cdd\/finlitresdir.htm).<\/p>\n\n\n\n<p>Jump$tart Coalition for Personal Financial Literacy (www.jumpstartcoalition.org) is a national coalition of organizations dedicated to improving the financial literacy of kindergarten through college-age youth. The coalition provides advocacy, research, standards, and educational resources.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I am starting this competitive analysis with data from the FDIC study. https:\/\/www.fdic.gov\/analysis\/quarterly-banking-profile\/fdic-quarterly\/2007-vol1-2\/banking-financial-edu.pdf A Consumer Bankers Association survey, which included many of the nation\u2019s largestbanks, found that nearly 100 percent of respondinginstitutions are involved in various forms of financialeducation. Investment Performance: A bank provides directfunding to a nonprofit organization that offers financial education training to [&hellip;]<\/p>\n","protected":false},"author":76,"featured_media":10274,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":{"0":"post-10273","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"_links":{"self":[{"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/posts\/10273","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/users\/76"}],"replies":[{"embeddable":true,"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/comments?post=10273"}],"version-history":[{"count":1,"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/posts\/10273\/revisions"}],"predecessor-version":[{"id":10275,"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/posts\/10273\/revisions\/10275"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/media\/10274"}],"wp:attachment":[{"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/media?parent=10273"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/categories?post=10273"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/tags?post=10273"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}