CFPB resources DC Financial Literacy Council | July 25, 2019 - PowerPoint Presentation

1. CFPB resourcesDC Financial Literacy Council | July 25, 2019

2. Leslie JonesYouth Financial Education AnalystConsumer Financial Protection Bureau202-435-7687Leslie.Jones@cfpb.gov Contact InformationVisit our Youth Webpage for downloadable materials: consumerfinance.gov/youth-financial-education

3. "This presentation is being made by a Consumer Financial Protection Bureau representative on behalf of the Bureau. It does not constitute legal interpretation, guidance, or advice of the Consumer Financial Protection Bureau. Any opinions or views stated by the presenter are the presenter’s own and may not represent the Bureau’s views."

4. 4The Bureau’s financial well-being scaleQuestionsResponse OptionsHow well does this statement describe you or your situation?I could handle a major unexpected expenseI am securing my financial futureBecause of my money situation, I feel like I will never have the things I want in lifeI can enjoy life because of the way I’m managing my moneyI am just getting by financiallyI am concerned that the money I have or will save won’t last Describes me completelyDescribes me very wellDescribes me somewhatDescribes me very littleDoes not describe me at allHow often does this statement apply to you?Giving a gift for a wedding, birthday or other occasion would put a strain on my finances for the monthI have money left over at the end of the monthI am behind with my financesMy finances control my lifeAlways Often SometimesRarely Never

5. 5CFPB financial well-being scale scoreThe result shown here is an example of a score calculation.www.consumerfinance.gov/consumer-tools/financial-well-being/

6. Three Building Blocks of Youth Financial CapabilityPrimary Development StagesEarly values and normsDevelopment continuesBasic numeracyBasic money managementDevelopment continuesExecutive FunctionSelf-control, planning, problem solvingFinancial Habits and NormsHealthy money habits, norms, rules of thumbFinancial Knowledge & Decision Making SkillsFactual knowledge, research and analysis skillsEarly Childhood (begins to develop ages 3-5)Middle Childhood (primary focus of financial development during ages 6-12) Adolescence and Young Adulthood (does not become fully relevant during ages 13-21)What it supportsFocusing attention, remembering details or juggling multiple tasks, planning and goal setting.Decision shortcuts for navigating day-to-day financial life and effective routine money managementDeliberate financial decision-making, like financial planning, research, and intentional decisions

7. Money as You Grow: For parents and caregiversMake it easy for parents and caregivers to find tools, activities, and informationNew home for the popular moneyasyougrow.org site And more: blog posts, social media outreach, and e-mailconsumerfinance.gov/money-as-you-growDeveloping executive functionBuilding money habits and valuesPracticing money skills and decision-making

8. Talk about money choices, big and smallconsumerfinance.gov/money-as-you-grow

9. Money as You Grow Bookshelf: For parents and caregiversAlexander, Who Used to Be Rich Last Sunday, by Judith ViorstA Bargain for Frances by Russell HobanThe Berenstain Bears & Mama’s New Job by Stan and Jan BerenstainThe Berenstain Bears Trouble with Money by Stan and Jan BerenstainMy Rows and Piles of Coins by Tololwa M. MollelOx-Cart Man by Donald HallSheep in a Shop by Nancy ShawThe Purse by Kathy CapleA Chair for My Mother by Verna WilliamsCount on Pablo by Barbara deRubertisCurious George Saves His Pennies by Margaret and H.A. ReyJust Shopping with Mom by Mercer MayerLemonade in Winter by Emily JenkinsThe Rag Coat by Lauren MillsThose Shoes by Maribeth BoeltsTia Isa Wants a Car by Meg Medinaconsumerfinance.gov/money-as-you-grow/bookshelf/

10. Money as You Grow Bookshelf: Parent GuidesWhat’s inside the guides:The storyKey ideasSomething to think aboutBefore you readSomething to talk about Something to do (age specific)consumerfinance.gov/consumer-tools/money-as-you-grow/bookshelf/

11. Find youth financial literacy activitiesconsumerfinance.gov/youth-financial-education/teach/activities/

12. Try a youth financial literacy activity

13. Try an Activity: Credit myths and realities

14. Meet your financial goals: Try our debt boot campDo you:Fall behind on rent, credit card payments, car payments, student loan payments or your mortgage?Have a credit history that has made it hard to get a car, insurance, a cell phone, or a job?Have dreams for you or your children that require money to make them happen?Sign - up for the free email boot camp at the link below or contact HandleDebt@cfpb.gov for more information.go.usa.gov/xQqBP

15. Creating a savings first aid kit activityUnexpected financial emergencies, such as car repairs or medical bills, can be difficult to manage. Having savings set aside can help you establish a savings first aid kit to handle financial emergencies. In a small group, brainstorm unexpected expenses that you or someone you know might face.consumerfinance.gov/start-small-save-up/Start Small, Save UpWhether you want to put money aside for unexpected expenses or make a plan to save for your future goals, we have resources that can help.

16. FDIC has resources to help you start school-based savings programsCreating Youth Savings Programs in Your Community: A Road Map for Banks, Schools, and Nonprofits — a framework for establishing youth savings programs based on lessons from the FDIC Youth Savings Pilot.Youth Banking Network — an information-sharing network designed to help banks learn from one another and benefit from FDIC expertise about connecting financial education to savings accounts for school-aged children.Youth Savings AccountsLearn more at the FDIC’s Youth Banking Resource Center: www.fdic.gov/youthsaving

17. Ask CFPBFilter results by audience or topicSee the most common questions up frontconsumerfinance.gov/askcfpbSearch for answers

18. 18Disaster and Emergency Financial Preparedness consumerfinance.gov/consumer-tools/disasters-and-emergencies/Make a PlanTake care of your most urgent financial issuesWatch out for scams and fraud

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