Read 2016 Annual Report

Greeting from the President Dear Money Smart Week Partners, Congratulations on another successful Money Smart Week. By offering educational activities and promoting the campaign, your involvement helped thousands of people across the U.S. access free resources and guidance on money management. When consumers save, invest and make more informed decisions about their financial futures, they increase the likelihood of eco- nomic success for their households and the communities in which they live. Consider the numbers: More than 160,000 participants taking advantage of more than 5,000 events and activities. Statistics like these confirm the power of partnerships and grassroots networks where ideas, best practices and resources are shared and effectively delivered to consumers. Further, our partnerships with champions like American Library Association, Consumer Financial Protection Bureau, USDA – Cooperative Extension and others has led to a wealth of support and resources to help the Chicago Fed continue this effort on a national scale. From national champions to local community partners, your combined efforts have created an inviting environment for people to take advantage of the many resources available to them. I thank you for everything you do to make Money Smart Week one of the most impactful financial education campaigns in the nation. Please enjoy this report showcasing best practices and highlights in 2016. Charles L. Evans President & Chief Executive Officer Federal Reserve Bank of Chicago HOME ABOUT IN ACTION YOUTH PROMOTION MEDIA RESULTS PARTNERS About Money Smart Week What is Money Smart Week? Money Smart Week® is a financial education campaign resources made available by the Chicago Fed and a campaign offering thousands of programs, classes and activities to model as a guide, these local groups take a grass roots ap- consumers of all ages. These educational events are carried proach to bring Money Smart Week to their communities. out by financial institutions, non-profit groups, government Often rolled up into a larger statewide campaign, each plan- agencies, schools, libraries and more. The week showcas- ning team meets independently, determines the scope of their es these organizations’ educational resources, strengthens efforts, develops a communication plan and executes the private-public partnerships, engages the media, and connects events/activities. This type of hyper-local approach and ‘own- community members with those who can help them learn ership’ of the campaign by the partners has proven highly how to better manage their money. The Federal Reserve Bank effective. Currently, more than twenty states have developed of Chicago coordinates the effort because individuals and one or more (sometime up to a few dozen) planning teams communities benefit when consumers are making informed under this model. decisions about their personal finances. The more recent and larger-scaled growth model includes the development of national partnerships with the American 2016 Campaign Snapshot Library Association, the Financial Planners Association, Cer- Money Smart Week 2016 featured more than 5,000 events tified Financial Planner Board of Standards, the Consumer and roughly 160,000 consumer participants/attendees across Financial Protection Bureau, and USDA Cooperative Exten- the country. In the 15th year of the program, these numbers sion. These groups encourage their members to participate represent substantial increases from the inaugural campaign and offer events during the scheduled week which leads to in 2002, which featured a Chicago-based effort including 40 activity in all 50 states. As members increase their participa- events and 30 organizations. tion and other national partnerships are formed, the goal will The structure and growth models for Money Smart Week be to create a two-tiered structure where national partners are twofold. The traditional growth model includes groups and community based planning teams work together for of partner organizations forming planning teams to concen- more consistent partner involvement between states. trate event offerings and promotion to local residents. Using Money Smart Week is a registered service mark of the Federal Reserve Bank of Chicago. HOME ABOUT IN ACTION YOUTH PROMOTION MEDIA RESULTS PARTNERS Money Smart Week: In Action A hallmark for Money Smart Week is its diversity of partners and programming. With thousands of unique organizations taking part, the list of target audiences and offerings ranges greatly from kids to seniors and simple money concepts to advanced wealth building strategies. Beyond variety among audiences and topics, Money Smart Week partners are incredibly savvy on reaching consumers through several mediums and platforms. While most events are classroom style, technology is allowing for more online activity including webinars, tele-town halls, mobile app contests and information sharing through social media. In all, the combined effort of the volunteer educators and participating organizations fuels the effectiveness and success of this multi-faceted financial literacy campaign. HOME ABOUT IN ACTION YOUTH PROMOTION MEDIA RESULTS PARTNERS Money Smart Week: You th Youth and family events are a significant part of Money Smart Week. Each year, partners reach tens of thousands of kids through schools, libraries, community centers, museums and more. Educational programming spans pre-K through high school and seeks to shape positive attitudes about money. In addition to classroom instruction, kids are exposed to a wide variety of activities including story time at libraries and bookstores, essay contests, interactive ‘real world’ simulations and electronic gaming. HOME ABOUT IN ACTION YOUTH PROMOTION MEDIA RESULTS PARTNERS Money Smart Week: Promotion Money Smart Week relies heavily on a grassroots and multi-organization approach to promotion. While the Federal Reserve Bank of Chicago provides some overall media and promotional material support, most of the marketing and advertising is coordinated at the local level. Individual partners and planning teams in each state use standardized artwork and talking points created by the Chicago Fed to then design their own advertisements, fliers, press releases and more. As highlighted in the media section of this report, social media is also a critical component of the overall promotional campaign and used heavily by part- nering organizations. HOME ABOUT IN ACTION YOUTH PROMOTION MEDIA RESULTS PARTNERS Money Smart Week: Media Media play a key role in the success of Money Smart Week. As a critical means of mass communication, media engaged to help spread the word about the effort and the importance of financial education to their viewers, readers and listeners. Their involvement ranges from a single feature story to a whole week’s worth of coverage. In some cases, individual reporters and columnists with a passion for financial education serve as ambassadors and spokespersons through multiple media channels. Further, the changing media landscape and technology have given rise to social media which allows partners to communicate directly to their constituents providing an unparalleled grassroots approach to media. HOME ABOUT IN ACTION YOUTH PROMOTION MEDIA RESULTS PARTNERS Money Smart Week: Results Money Smart Week is measured in a variety of ways. The most common data sets captured year-to-year include the number of partners, events and attendance. As Money Smart Week grows, new partnerships are formed, state coalitions are built and consumers are offered a more diverse slate of programming. Surveys are also distributed and collected at events to capture demo- graphics, marketing trends and program satisfaction. This section highlights Money Smart Week’s success and impact. HOME ABOUT IN ACTION YOUTH PROMOTION MEDIA RESULTS PARTNERS Money Smart Week: Results Money Smart Week began in Chicago in 2002 as a city based campaign with 40 events. Other Midwestern cities in the Chicago Fed’s 7th District joined the effort in the years to follow with cities and states from across the country coming onboard in the last several years. This graph blends the concentration of partner and event totals in each state. HOME ABOUT IN ACTION YOUTH PROMOTION MEDIA RESULTS PARTNERS Money Smart Week: Results Planning teams are regional/statewide groups of partners that focus on local activities and promotion. Standard teams include coalitions that operate under the Money Smart Week national brand while sister campaigns are early adaptors that modeled their campaigns after Money Smart Week before a national infrastructure was in place. National partners hold separate, individual events and activities in states without planning teams. HOME ABOUT IN ACTION YOUTH PROMOTION MEDIA RESULTS PARTNERS Money Smart Week: Consumer Survey Results HOME ABOUT IN ACTION YOUTH PROMOTION MEDIA RESULTS PARTNERS Money Smart Week: Partners Partnerships are paramount to the success of Money Smart Week. From the campaign’s inception, the ideas of sharing best practices, leveraging resources and collectively promoting financial education have been fundamental attributes of the effort. Over the years, partners have exhibited extraordinary passion and dedication to Money Smart Week through their volunteerism, quality programing and creative outreach. This section showcases the power of those partnerships with national and statewide lists ac- knowledging their contributions as well as the depth and breadth of this amazing effort. National Partners

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