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Mayors Provide Financial Literacy Education For Workers

The City of San Francisco's Office of Financial Empowerment has offered financial services to 1,900 bay area residents through the San Francisco Financial Planning Day. It has also conducted over 150 financial education workshops with partner organizations reaching over 2,300 San Francisco residents. The DollarWise Innovation Grant will go towards the development of a toolkit that will illustrate best practices, learning, and the challenges associated with implementing financial education workshops and counseling that target four main demographics: domestic violence survivors, residents of affordable housing, adults with disabilities, and older adults. The program will refine this approach and expand services to community-based organizations.

The City of Philadelphia has been a national leader in foreclosure prevention, saving over 5,000 homes through its Residential Mortgage Foreclosure Diversion program. In order to prepare homeowners recovering from the crisis of foreclosure for long-term financial success, Philadelphia has established a comprehensive financial education effort called Tools for Financial Growth (TFFG). TFFG is a free service that helps homeowners develop better financial planning habits. The DollarWise Innovation Grant will be used to support the additional costs associated with the improvement of the Tools for Financial Growth program. It will also provide funding needed for site expansion and will help to support a larger number of program participants. A portion of the funds will also help pay for an independent professional evaluation of TFFG, in order to help improve the program.

The City of Baltimore has established a strong, ongoing campaign that weaves financial literacy education into the City's YouthWorks summer jobs program. Each year, YouthWorks places approximately 5,000 young people ages 14-21 in six-week summer work experiences at more than 400 worksites throughout Baltimore. T he DollarWise Innovation Grant will be used to support the salary of a coordinator who will oversee YouthWorks' financial literacy component, remain responsible for ensuring that all program participants receive financial literacy training, and support the promotion and implementation of the program's mission. The grant will bolster existing financial literacy efforts to help youth manage their summer earnings wisely through participation in an online financial literacy contest.

The Mayors' National DollarWise Innovation Grants Program awards grants to member cities of The U.S. Conference of Mayors that demonstrate innovative, ongoing financial literacy programs for their citizens. The Bank of America Charitable Foundation has generously supported the operations of DollarWise since its inception. The DollarWise Campaign and the Innovation Grants Program grew out of a desire from members of The Conference of Mayors' Council on Metro Economies and the New American City (CNAC) to help citizens learn more about financial issues and to empower them to become investors in their communities, especially through homeownership. CNAC is a coalition of nonprofit groups, corporations, and businesses that share the common goal of increasing investment in American cities.

About The United States Conference of Mayors The U.S. Conference of Mayors is the official nonpartisan organization of cities with populations of 30,000 or more. There are 1,295 such cities in the country today, and each city is represented in the Conference by its chief elected official, the mayor. Like us on Facebook at facebook.com/usmayors, or follow us on Twitter at twitter.com/usmayors.

About the Mayors' National DollarWise Campaign The Mayors' National DollarWise Campaign is the official financial literacy and education outreach effort of The United States Conference of Mayors and its Council on Metro Economies and the New American City. Since 2004, hundreds of cities have participated in the DollarWise Campaign. DollarWise encourages mayors and city staff to address the growing need for financial literacy in our nation's cities. To assist cities in their efforts, the Mayors' National DollarWise Campaign works to build partnerships with national organizations, including federal agencies, nonprofit groups, and corporations that offer technical support, curricula, and financial support. While DollarWise is an ongoing, year-round effort, events such as DollarWise Month help communities and the media focus their attention on financial literacy. The Campaign also sponsors the DollarWise Innovation Grants Program and the Summer Youth Campaign Program, which offers cities the opportunity to win funding to enhance and expand creative and innovative financial-literacy efforts. The founding sponsor of the DollarWise Campaign is the Bank of America Foundation.   For more information on the Mayors' National DollarWise Campaign, please contact James Kirby at 202.861.6759 or jkirby@usmayors.org, or visit www.bedollarwise.org.

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