Financial Literacy Resource Guide
Financial literacy is a process beginning with education and understanding. It is a basic understanding of banking, saving and the importance of good credit that can allow a low- or moderate-income individual or family to save enough money to buy their first home or start a business. Financial literacy programs are also an excellent way to help consumers understand the benefits of having a relationship with a financial institution.
As part of the administration's efforts to boost financial literacy, the Governor annually proclaims the month of April as "Financial Literacy Month" in California. This special observance month is meant to promote youth and adult financial literacy and encourage California's families to understand the basics of money management, saving and investing and use of credit in order that they make wise financial decisions to protect their financial future. State and federal agencies, regulators, consumer groups and the financial industry join together to conduct educational events which raise awareness about the importance of financial literacy.
In this financial literacy resource guide, you will find an array of materials in various formats for all ages - from brochures and teaching manuals to Web sites and videos. We have also provided a summary of some of the activities and programs that financial institution organizations and community organizations have coordinated as part of their ongoing financial literacy efforts.
Getting Started
Some areas to consider in designing a financial literacy outreach strategy.
- Goal - What is your institution's desired outcome?
- Audience - Who is your audience?
- Partners - Would partnering with a community based organization help you reach your audience?
- Materials - What type of information or curriculum will you use to reach your audience?
- Trainers - If you will provide training in addition to information, who will conduct the training?
- Location - Where will the training take place?
- Cost - Does your financial literacy strategy require a budget?
Tips to Get Started
Identify an objective Public relations/outreach
- Volunteer opportunity
- Expand into new market segment (e.g., Spanish speaking, youths, college students)
- Increase deposit base
- Decrease or reactivate delinquent customers
- Homeownership product
- Small business product
- Other credit product
Identify the target audience
- May be several for the same objective (e.g., general audience, youths, seniors)
Locate training materials
- General resources: a clearinghouse of resources to develop new training materials or to supplement existing materials
- Off-the-shelf curriculum: independent training materials and financial literacy publications available for immediate use or distributions
- Proprietary materials: branded curriculum and materials provided by an organization
Determine who will conduct the training
- Financial institution personnel
- Community organization staff
- Outsource training; investment in an existing program
Other things to consider
- Where will the training take place?
- Who is responsible for marketing/advertising the training?
- What are your benchmarks? Will you measure performance?
