In This Issue
- Homeownership and FDIC Money Smart
- New Data: Money Smart is Effective and Entertaining!
- Success Story
- Upcoming Events
We welcome your submissions at ConsumerEducation@fdic.gov.
Homeownership and FDIC Money Smart
National Homeownership Month is an opportunity to educate people about the homeownership process, how to navigate financing, and available resources.
The FDIC Money Smart financial education program can play an important role in helping people make informed decisions about owning a home. For example, the FDIC’s Money Smart for Adults curriculum features two key modules to guide individuals through the process of homeownership:
- Making Housing Decisions – Explores different types of housing options, such as renting versus buying and factors to consider when making housing decisions.
- Buying a Home – Covers steps in the homebuying process, including mortgages, budgeting, and comparing loan options.
New Data: Money Smart is Effective and Entertaining!
A recent FDIC participant evaluation found that How Money Smart Are You? significantly improves participants financial knowledge, skills, and behavior—including in areas such as buying a home. More details will be available soon.
Success Story
This month, we interviewed long-time Money Smart Alliance member, Buffy Murphy, Vice President and CRA Project Manager at Cadence Bank in Hoover, Alabama.
How does Cadence Bank use or teach Money Smart?
“Cadence Bank has been teaching the Money Smart curriculum since it was first released in 2001. We partner with nonprofit organizations, schools and small businesses to teach workshop series, individual classes, and to present at conferences. In 2024, we’ve held nearly 600 financial education classes using the Money Smart Curriculum.”
Name of Financial Institution | Number of Community Organizations Partnering with Cadence Bank for FDIC Money Smart Workshops in 2024 | Number of Financial Education Classes Taught Using the FDIC Money Smart Curriculum | Sum of Individuals Benefitting from Money Smart Financial Education Classes with Cadence Bank |
|---|---|---|---|
Cadence Bank | 202 | 585 | 14,562 |
Data provided by Cadence Bank
How do you tailor Money Smart financial education topics to the community?
“Topics are selected in coordination with the community partner or a Cadence representative for specific events, such as a homebuyer workshop, and tailored through a coordinated approach that considers the audience and time limits.
For example, a Cadence Bank employee conducted a series of Money Smart workshops for clients of a homeless shelter in Arkansas to help them gain knowledge about credit, saving money, and managing finances as they regained housing and other services. We’ve also conducted financial education workshops focused on managing debt and finances and building credit for low-income youth ages 16-24 at a workforce development organization in Tennessee dedicated to helping youth enter the professional world.”
What advice would you offer to others using Money Smart to deliver financial education?
“We recommend partnering with local nonprofits to offer free financial education as a valuable in-kind resource for the community. Use the Money Smart “Train the Trainer” Instructor Guide when planning workshops. You can also print the Participant Guide as a gift to workshop attendees, even if you are unable to cover all the topics in the module.”
Please consider sending us your Money Smart success story to ConsumerEducation@fdic.gov. We look forward to highlighting your programs in a future edition of this newsletter.
Upcoming Events
Join us on July 23 for a national webinar titled FDIC Money Smart Strengthens Financial Skills and Behaviors: Key Insights from a Recent Evaluation. This webinar will highlight key findings from a recent FDIC evaluation of How Money Smart Are You? - a free, online, game-based tool that helps people build financial knowledge and confidence.