IF WE CAN DO IT – SO CAN YOU: Give EVENTS/CAMPAIGNS: Filling the calendar! EVENTS/CAMPAIGNS: Filling that calendar up! DO MORE WITH LESS: Focused, wide POWERFUL PARTNERS: Giving EVENTS/CAMPAIGNS: Filling that calendar up! OUTCOMES: Knowing y OUTCOMES: Knowing yo ou made a differen u made a differen lift to a campaign with A AD D r distribution/awareness, less effort D D up the “glory E EN N ce (cont’d) ce (cont’d) D DU UM M D D ” and get more in return efforts already underway Washington’s Department of Financ Washington is blessed to have several organizati When Washington financial educ ation ial Institutions (DFI) and department partners learned there ons already working to increase financial literacy and was a state-wide calendar to share their of Community Trade and Economic ADDENDUM A ADDENDUM B 10 4 3 8 2 7 2 9 2 6 5 When organizations ar enhance financial education opportuniti information with all Washington re Development (CTED) joined forces this year to l Promoted partner events in press rel ° Web site had 2,296 unique vis e less focused on who sidents, the calendar es for Washington residen itors, 3,883 total page views will get “credit” for a campaign a ease, on Web site, Twitter and blog. ead a Washington- began to fill quickly. We’re proud to say Washington ts. M specific America Saves campaign any partners already had events nd more focused on how to for Washi Washingt ngton Saves Week Events on Saves Week Events & Activities (continued) & Activities (continued) “The Power of Partnership” “The Power of Partnership” leverage existing resources to reach a larger audience, had an event somewhere scheduled and others planned additi 2009. The goal was to gain wider dist Twitter and blog followers contacted EVERY DAY onal events for the week. ribution and awareness of the cam during Washington Saves Week! DFI and partners for media coverage. the true power of partnersh paign using existing resources. ips emerges. If you are Saturday Tuesday, Februar , February y 24 28 ® ® Jinhee Kim University of Maryland 30, 2008, the num from Gephardt, and other m A founding m and potential partners for im tim Post results of the roundtable the public schools of W Recommendation: es by m Wayne • • • • • NABE Washington Economic Policy Conference • Professiona • • state and local governm Developing an interagency working gr Released inform • Working with the Social S National distribution of the TV PSAs Recently lau A new W Texas RCS (2003). Sm all em o Federal Citizen Inform re than 400,485 unique visitors. eo mber of the Jum Shelly l Partnersh ployers with safe harbor 401(k) pl eber of views for b site, FLEC has a m nched the S e mbers of Congress. As a ation in Decem www.Am shington. Students were 5-5 m iple ps: ents and led to to the FLEC W p$tart Coalition fo m E in segm iC Investor Res enting the action steps. xed record of m ecurity Adm a ericaSavesWeek.org, the Federal Ballpark E$tim tion Ce ber 2008 on the ents of the nter 2009 Consum the developm is eoup on asset development and financial b site, below th inistration on the Rep. Harris Fawell, the pr ongoing through the National Association of ource (1 to write a 500-word essay on a personal a r Personal Financial Li educational program king in ans have inquired whet new higher F provided info and a -866-358-66 form ent of a non-federal W er Action Handbook e agenda, so the results are ate ation available on the resu Save for Your Future on OPM’s W D 52), a free p IC insurance coverage Mission Retirement teracy, ASEC holds a incipal author of the her they can reduce dvice to individuals ee hone lib b site was b site for order a copy in national lts o rary f Conclusion Spring 2009 Partners Meeting ADDENDUM C willing to share the limelight, spread ° Media coverage included: the media coverage around to more of your partners and split up the Senate Committee on Homeland Security Testimony Summary—Dallas Salisbury Financial Fair - P Credit University - Lake Washington High School, Kirkland ierce County Asset Building Coalition ® 1 Ray Kirk U.S. Office of Personnel Management (OPM) seat on the organization’s board of directors. Saver Act, p experience with saving, with Continue to ensure productive co inform Choose to Save V. Kindergarten – Postsecondary Financial Education available to the public. As the 225,680 and the num Departmen Departmen March 1-3, 2009 ation sharing. ut it: “W o t t of the Treasury – Update on Activities of Labor, Office of Disability Employment P Web Site: the m Over 725 individuals have viewed th ber of visits was 179,224. National Association of Business Econom e were a eetings. Som the winners given savings bonds donated by ASEC. ASEC ttack housing situation has changed signi llaboration and communication betw ing problem e information from s not as Republicans or Dem e 92 PSAs more than 3,501 tim the meetings is available on FLEC’s iso ts W licy ficantly in the two years since a een federal, state, and local shington Econom ocrats, but to say es since ic • • and how it impacts consum Partnering with the IRS on tax payer e Coordinating non-profit and federal govern Broadcasters (NAB) and Associated Press Netwo education campaign, launched in 2003, that education for individuals with disabilities and organizations; and, with information on how to invest wisely employer contributions to highly compensate English and/or Spanish ers. Developed two m ducation. and avoid fraud. Users m . First planning m m promoted use of the Social Security e d employees but not lower com nt resources for sm W rik. cro sites for the new higher ill utilize the Cooperative eeting was in January all businesses ay listen to a pensated. B. Evaluation of FLEC and Federal Financial Literacy Effort • Minority RCS, in which an oversampling of African-Americans, Asian-Americans, and s distribution of wo We were pleased to be able to cite rk, everyone wins. Tax preparers helping more tha families save for rainy day n 30 partners with ASW/WSW efforts: Washington Saves Week Ev American Savings Educ ents & Activities ation Council (ASEC) The Credit Univ Pierce County Ass ersity: Western Washington Teens learn about sa et Building Coalition is hosting a Financ ving, investing, credit management, and ial Fair at Evergreen State College Barry Korb ® ® and Government Affairs, ‘W provides co The W Goal: Government Interagency Group Outreach to the general public has b governm the last roundtable, a follow-up hat can I do to help?’” Kerry Policy Conference eb site is the prim ents to facilitate positiv ntacts for ad Lida Web site, som the videos were posted last year. of dition ary conduit for getting ou leading econo al reso roundtable should be held to addr e financial education efforts. The federal governm e from een undertaken though our Choose to Save urces; for m other organizations ists will be exam t inform ple, in 2008, W held in DC. Discussion ation to the general public. It includes ’ Web sites, and some is sim ess how ashington Society of CPAs the econom s will be on the program ent and its ic crisis has ply not public • 2006 National Summit on Retirement Savings: coverage, one m 2009 involving DOL, IRS, SSA, CM Statem Extensions through the U.S. Sm IRS has advised they cannot do that. essage on a particular topic and order ent; ’ network to reach low- to in English all Business Adm and another m S, and Tr in Spanish inistration Web site, ode SEC publications. The SEC is exploring rate in easury. The interagency working group . come individuals. Earn www.sba.gov. Developing ed Income I have attem • • • Hispanics w Saves W Am erican Arm Am pted to provide a picture of the ve erican Bankers Association new Web site eek was recognized with a resoluti ere surveyed (1998, 1999, 2001, 2003, 2007). ed Forces TV Services have ry extensive efforts unde on in the U.S. House of Representatives, been updated with all of the Choose to Save Teach Children to Save rway within the public (KING 5 © 02/24/2009) Week Long Events & Outreach Christina Kotsalos Pennsylvania Securities Commission Tacoma from 9:30 a.m. - 2:30 p.m. preventing identity theft, sponsore Spring 2009 Partners Meeting Wednesday, April 15, 2009 d by Western Washington Credit Unions. ® ASEC also partners with the Consum conducted an essay contest in Tacom You asked for recomm In 2006, the U.S. Departm New Media agencies m im The ASEC Governm free savings tools such as: service announcem pacted hom current state of the U.S. and world econom Departmen ay want to change, but it is the stat eownership, especially given de t of Labor, Women’s B available at all. ents (PSAs) and the W ent e Interagency Group (GIG) wa ndations related to FLE ent of the Treasury partne a er Federation of Am , WA. ureau eb site ASEC provided the connection with Bank of e and local organizations velopm ie C s and how the econom www.choos . red with the Departm ents concerning m s created in 1996 to facilitate coordination erica’s etosave.org America Saves ith c crisis m o Our W rtgages and other at ac ent of Education to host tually m program a ey unfold b tracking ake the to Financial L ASEC participated in and cont • Tax Credit ( will be laun on-line assessm Developing a m opportunities for distributing non-SE • Choose to Save iteracy and Education Commission (FLEC) ched in March 2009. EITC) and Volunteer In ents, as well as Facebook and YouTube pages. ulti-party cam PSA Player: ributed funding for the Summ paign to increas com C m ea Tax Assistance (V terials through this voice response system e understand it, whin ich was held from g of financial products ITA) programs will be March 1-2, . and private sectors on financial education. Thousands • Acting as the lead resources PSAs. sponsored by Rep. Stephanie Tubbs Jones, organization for the 2005 W proclam of organizations are i ations by the governors of Tennessee hite House Conference on A nvolved in this effort ging Think about the organizations in your state al Local Government Brad K • unz • Wom wei When it comes to personal savings, Americans U.S. Departm e len RCS (1998–2000). r ent of Agriculture, Coopera ready doing financial education: junior tive State, Research, Education, and rate at just about zero percent. That achievement, Jump$tart, Media Outreach & Campaign Coordination Subcommittee on Oversight of Government Management, Lake Washington High School, Kirkland Introduction American Savings Education Council (ASEC) prom biggest d Over the co Am and open the lines of communication am a summ outle ASEC provides inform results docu Riaz Lanfullah erica, which donated the savings bonds for that contest’s winners. with im ts. ote Sarah Mille it focused on integration of financial edu America Saves Week iffe plica urse of m rence in the ent that ASEC reaches tions f the S r o ation to the general public r pub u ir comm mmlic and p it, dele and unities. Mgates identi m ilitary Sav AARP riva illions of i ong our te-secto es fied a num govern cation into the core school curriculum. The Week ndividu rthrough use of new m orga. See subsection on Am nizati m als, both in th e ber of barrier nt partners. As adm ons finances. See e United States and in 203 s that individuals and edia technologies such as ierica Saves W the program nistrations com eek e 2006, in W • • • Winter 2009 Issue of Consumer News utilized. and services. Products would include inse and W • Mini-Summit on “Financial L Ballpark E$tim Developing inform a Increase communications shington, D ao shington, and other county All of the aforem aC te retirem . ation for participants ent planni entioned PSAs are beyond the meetings. iteracy Throughout the Lifecycle.” and m ng worksheet and interactive tool. will con and em ayoral rts with refund checks; radio PSAs, and tain article posted to the PSA player, as are ployers on how to access their proclam as tions a on ma nd statem naging expenses and ents of support. across the nation. The Internet Extension Services, has provided a way to link them Managing Money in Tough Time together, and m s uch has been state agencies, schools, etc. What City of Yakima • Small Em means most Americans do not have adequat ployer Retirem common theme can you all connect on U.S. ent Survey (1998–2003). Securities and Exchange Commission e savingsto promote America Saves? We for emergencies, let alone The Washington Department of Financial Institutions (DFI) is encouraging the local media and Sunday Free Tax Preparation - Tacoma Goodw , March 01 ill Mr. Chairman and members of the subcommittee, I am Dallas Salisbu ® ry, president and CEO of As stated on the FLEC home page: Wednesday, April 15, 2009 Joni Lave the Federal Workforce and the District of Columbia ry National Academy of Social Insurance for m em Twitter (ChoosetoSave), Facebook (Choose to Save fan group also will surv and go and s My first suggestion would be clarity on whether countries. Since we began tracking visitors to ployers face in s Social Secu Jane for further d ore inform text m otW aff changes in the ex ea ssages. o Please see s rity Administrati elstedt ation. tails. ASEC partner educational segm As part of their m aey prom ving for retirement. At the s ub-section b ising pr ecutive agenci on – Update of Activities actices in financial education ents andate to ‘encourage CF eMission Retirement, The Savings Game, Happily E low: “Ballp A Institu 100 F St our site in June 2005, we es, GIG provides a consistent m FLEC is prim a reet te m is a partner organization in this e N ark E$tim ti Em page), and YouTube (ctsp e the synchronization of efforts between , delegates id ate arily intended to have federal and in teacher train Wor have recorded over 5.6 entified num ksheet” eeting forum sas erous ing in an ). It is too ver to • Radio: • In 2008, pro A goal of the working group is to facilita savings, housing and foreclosure frauds, and scam retirement assets through loans, hardsh moted the new resource through ins ip withdrawals and waivers from te the coordination erts m s. ailed o and collaboration of ut with 3 m m illion tax inimum done, but more remains to be accomplished. The partners of ASEC provide linkages into brainstormed on a conference call to Community Trade and Economic Development • NewsHour new web site dem retirement. That's what's insp included partners from the other si ystifying the m ired "Washington Saves Week." ost complex issu de of the state. es in the econ Webinars are good omic and bloggers to bring attention to • Military RCS (2008). Washington Saves Week. DFI is sending out PSAs, tip sheets, Cow Tacoma Goodwill will be offering free tax litz Saves Celebration preparation from 9 a.m. - 4 p.m. the Em Richard Lew ployee Benefit Research Institute ( is RTL N 9:30 www.ebri.org e at.w m. – 11: orks 30 a.) and chairm m. an of its saving education The Financial Literacy and E ® ducation Commission (the Commission) was established under Washington, DC 20549 VII. Intern soon to know any tracking statistics for these m For m effort to assist others who are startin agencies III. Unbanked f m oeaningful steps that illion visitors. cus on public Departmen conference. ore inform coordinate an ational Perspective -sec tation on f of the Tre tor f the governm d leverag inancia inancial lite asury l lite e activity, or to develop a ernt, em acy ef g or e racy ef ployers, the m nhancing program forts. fapplications (other th orts in Washington see Addendum edia, community organizations, schools, program of its own s. This public m an aforementioned the eeting will b for others to D, “The Power ring The Summ it brought together m After, the public and private sectors,’ FLEC in addition to recent news segm ore than 200 statutory and appointed delega en could distribute a m ts featuring ASEC Chairm tes as a nonpartisan onthly electronic an Dallas America Saves Week 2009 ASEC benefits from • • Federal governm refund checks. The average ca Many online calculators provided Incorporated distribution rules. a new site, the world-class research of ent research, policy, and pr Managing Money in T ll lasts about 4 m by ASEC partner organizations. the Em ogramm ough Tim iploye nutes, indi ing in t e Benefit Research Institute, its es, into the personal finances cating that th he areas of tax/financial e caller is communities across the nation, and s • All of Choose to Save television PS eek to leverage each oth As have been conve er, rath rted for use on radio and are er than to compete with each too. Department of Financial Institutions f WA Saves Week inancial news: The Exchange: Econom ic News and Analysis. For a one page ® resources, and more. DFI is also working with the Washington Asset Building Coalition to help To complete the activities of “Cowlitz Saves Free Tax Preparation Details (PDF) Week” coalition partners will participate on Sunday Jules Lichtenstein U.S. Small Business Administration programs, the American Savings Education Council ( (202) 942-8088 www.asec.org ) and Choose to Save th Title V, the Financial Literacy and Education Improvement Act which was part of the Fair ASEC-GIG Meeting of February 12, 2009 support and participate in. FLEC Partners Meeting: YouTube fi Goal: and others can and should take to build a secure of Partnerships”. together policym Goal: Dubis Correal – on phone gures). However, at the m akers, educator s, an has tried to do both, and as a result both have suffered, not as d other lead oment, we have over 115 followers on Twitter and m retirem ers in the fi ent for our nation’s workers. While there elds of general education and ore group with diverse expertise. The delegates newsletter, create a blog space, and d Salisbury on PBS’NewsHour. represented state and local governm istribute information in e-m ents, ail alerts. In 2009, nearly 650 national, state, and local orga other. ASEC and its activities have proven to parent organization, including the annual • • Held a research sym section of the Extension site. In addition Prom incentives and asset developm listening to more than one m o oting Over 704,768 individuals have utilized America Saves Week posium on financial essage. ent for indi : Retirement Confidence Survey be a useful ‘bridge of literacy on October 6 and 7, 2008 with the viduals with disabilities. Sim to inf nizations participated in the W othe online calculators rmation on financia continuity’ for the public (now in its 19 l m ma ilar o tters the site eek. From re than 893,152 year) • available on NAB and the Associat Released a report on February 5, 200 ed Press Netw 9 concerningork radio feeds. bank efforts to reach the unbanked Department of Retirement Systems (KAPP TV © 02/24/2009) brochure promoting the site. coordinate Washington Saves Week activities and br Preparing for Their Future: A Look at Joan M. Lok U.S. Secu Federal rthe Financial State ities a n Dep d E ox schange Commission it Insur ing attention to the importance of saving. For anc of Gen X and Gen Y e Corporation (FDIC) March 1st at 2:00 PM in Military Saves Class At Fort Lew the Celebration of Literacy at Lower Co is lumbia College. This is an annual ® (www.choosetosave.org). th and Accurate Credit Transactions (FACT) Ac Hearing on t of 2003, to improve financial literacy and a m f Between the third quarter of 2006 and the sec was extraordinary diversity in views on both the ba than 30 fans on Facebook. As we have been on thes ASEC conducts two partner m GIG m Between the second quarter of 2006 and the third Choose to Save inancial lite a Media message of save vs. spend: Federal Deposit Insurance Corporation tter of intent, but as a m eets three tim racy. Find develo es per year and is convene in ps user-f gs fa rtter of very lim om eetings per year. r this su iendly, m mmit will be m ultim ited resources. ond quarter of 2007, the Treasury Departm d jointly by AS Held in W edia m quarter of 2007, the U.S. Departm rriers to re e two new m a ateria de availab aslh s to help ind tir ington, DC, these gatherings are EC and the Office of Personnel em edia tools for a little more than lent security and the e to edu ividua cators and ls pla ent of the n and save ways to ent We chose to focus, in particular, on bringing the Wa professionals working in the fields of o Over 58,770 individuals have viewed th Many organizations currently perform su employee shington Asset Building Coalit benefits and retirem e PSAs more than 65,752 tim ch functions; for ex ent savings, private-sector ions (WABCs) on board — ample, the Office es since and the and private sector when Adm January 1, 2009 through March 25, 2009, over 27,000 i contains inform 1) coordination is occurring at the state level Departm Health Confidence Survey At offices nationwide, reaching over 60,000 employees. tim ent of Agriculture Cooperative es since June 2005. ation on coping with stre inistrations change, appointees change (now in its 12 Extension. The Paper was released in ss in difficult financial tim year), and access to an and with national non-pr ndividuals enrolled as a “Saver” in the , and priorities change. W alysis from e ofit organizations. s. the world’s e Because th Governor Chris Gregoire M is wasn’t axi • • m M Am and under-banked. ( Developed a new publication with the De assenk erican Arm The state of Washington is urging people just o a campaign being headed by state agencies, media was more inclin ff ed Forces Radio Services have Links to the p Federal 10 re R ss release, tr 0 e F St serv partm reet e B N o been updated with all of the Choose to ar E e d nt of Labor, Employee Benefit ansm to build wealt ittal letters to the H h and not debt. This is ouse and ed to ask There is no doubt that in today’s political, so • Federal Trade Commission new W cial and economic clim eb site Money Mattersate, young Am is also availabericans are le en Español more information, contact Lyn Peters at lpeters@dfi.wa.gov or (360) 902-8731. event held to promote youth and young Money and Divorce - 1300 - 1430, ACS Class adult literacy. The Cowlitz Asse room at Waller Hall. t Building Coalition recognizes Presentatio ns from the meeting: education of persons in the United States. The FACT Act named the Secretary of the ® The meeting began at 10:00 a.m. ® policym a m address the problem hosted an international s f Managem designed to bring together repres Treasury, along with the Federa o Bren r their f onth, this is excellent progr The group had som Luke da M City of Houston akers throughout the nation. c ie na Dan nt. Representatives from ncial f Reynolds iel u , delegates repeatedly returned ture with the W e discussion on whether th ummit on financial e ess. A m l Deposit Insurance Corporati entatives from e approxim b site U.S Wa .a jor goal is to reac Depa sh and PSAs, using hum ing ducation. To bring about th rtm ta on a large variety of tely 12 federal agencies have regularly e , DC nt o e saving m to the them f20 Defe 549 nse h and educate young professionals eon, the National Credit Union ssage is appropriate for the e that retirem o organizations, both public and r, powerful im is m eu nt education will be lti-natio ages, and nal enabling us Am institutions, em largest database on 401(k) plan pa to reach more people thr “The Federal Government’s Role erica Saves Cam 2) January 2009, Added links to the ployers, the general public a tracking began in m of the Com pai Research Priorities: R gn. W oughout our expans p e America Saves Week troller of the Currency has are still com rticipants. Our Ballpark E$tim id-2005. nd m e psults of iling da em W in Empowering Americans to ive state. The ABC b ers of Congress. The goal of the Summ ta from the participating organizations. W the National Research Symposium eb site from an electronic newsletter on financial a the SSA site. te retirem s were already ent planning on working to sign it e are continuing to play • • In 2009, building on th Senate, sum Security Adm 14 brochures giving readers valuable mi a that role today. nistration on setti ry report, and full report e success of 2 ng-up auto-enrollm 008 insert inform .) Questions were asked on the effectiveness ation on savings issues. cards, will b ent plans. e sending out 10 million questions and run stori State Treasurer, James L. McIntire Save "Washington Saves Week," and across the state financial educators are working to e PSAs. s. As a former reporter and editor, I can tel l you first-hand -- stories coming from Financial Check-Up faced with new challeng s At OBEE Credit Union es their parents did not face. Am ong the key issues are earlier access to • Federal Reserve Board 5 tips for Avoiding Foreclosure Scams the need for increased financial literacy and education for youth and young adults and through “Youth It is a pleasure to m eet with you today to discuss the important topic of financial literacy and the Treasury as head of the Comm ission and mandated the Commission include 19 other federal Kenneth McDonnell American Savi (202) 942-8 ngs Education Council (ASEC) 088 residents up, when eligible, for EITC during tax preparat Second, a group that m and teenagers on the im a cruc dialogue the Treasury D was to explore ways to help all Am Adm com Money W participa private. The goal of each Bobby current econom pielling infor nistration, and the Office of ial e ted in thes e le em k Houston ent in any st Grey mation to encourage viewers and literacy, while ASEC sends out e-m e m ic situation. Dallas reflected on an e eets three of four tim is a financial educati portance of saving for a se etings ove e m partm rategy to increase savings. eeting is to netw ent will invite th the Com r th erie years. cans retire with security and dignity. ptroller of the Curren on and public awareness cam ork with each other and share infor es The m per year can be a good m e central governm cure financial future. T listeners to take charge of their financial ion sessions, so we fel eetings are inform interview he had with Paul Solm ail alerts to its partners cy, hosted a series of four ent authorities respo ative yet inform echanism ph aign scheduled for e prom t it would be a natural on new initiativ mation on for knowing otion of sound nan of al, and sible for es, do have results from worksheet and calculator is used Financial Literacy and E 3) Working at the local level to prom 20 percent ducation of the participating organizati by consum . Aers daily, as well as summary of the report w ote the Week. Regional offices are encouraged ons. These prelim through partnerships with the as also released: inary results Ten • • AFCPE article, cards with refund checks. of financial literacy outreach efforts. Creating new products on tax, a o More than 88,331 visitors have accessed th “Personal Finance: An In sset developm Most respondents found terdisciplinary Prof ent, and Social Security benefits for e brochures page of the W ession” that outcomes were authors: Jane eb site at state agencies are seen as suspect, white-washed government encourage money management. In WA the aver “spin” -- and the last th age personal savings rate is 0%. ing you want to add to OBEE Cre credit and consum dit Union is er de sponsoring Financial Check-Ups bt, rising costs of higher education, upward inflationa for members to make sure they’re getting the ry pressures, sharply • Federal ResMake Informed Financial Decisions” erve Board’s 30-second PSA promoting the 5 Tips for Avoiding Saves” events sponsored by America Saves, and M Wednesday, February 25 oney Smart for Young Adults we will be providing ® efforts of EBRI and federal gov I. E. Ire Welcom SECTI ne Meade ON I r e – Discussion and ® ASEC Report ernm – ASEC ent agencies U.S. Office of Pers in prom onnel Ma oting financial lit nagement (OPM) eracy. In particular agencies and bureaus. The Commission coordinates the financial education efforts financial p what others are doing, and thereby Evaluation: future. ASEC developed and donated a PSA to prom regional conferences to share best practices f serve as a highly effective inform April 19–25, 2009. fi inancial lite nancial lite PBS’s Federal Res l News anning will b racy in their respec racy ef Hour erve Board fMoney W o. The topic of the interview was this issue of save vs. spend. Dallas rts, with an em e utilized through both Choose to Sav eek Houston tive n ation clea to help avoid overlap, but it ca phasis ations is designed to help consum ringhouse. GIG is a forum on effective best practices and how other ASEC to convene and discuss recent developm on banking of the unbanked. The conferences will ote MyMoney.gov for FLEC. e and ASEC partner resources nnot be an effective m ers better m where agencies’ anage their ents, echanism progression for ABC members to discuss saving part of any tax returns as well. Ballpark E$timateprogram Worksheet updates, and research developments. Internal Revenue Service, the Social Secu include: Recommended Research Priorities to participate in local events. rity Adm . inistration, the Office of Personnel FLEC was a difficult to m Schuchardt, Dorothy C. Bagwell, W individuals with disabilities. A rele worthwhile effort by the Congress to least 102,850 tim easure. Of those institutions es. ase date is scheduled for Spring 2009. illiam C. Bailey, Sharon A DeVaney, John E. th bring som at were able to e structure to Federal involvem get some measurements, ent in your story budget. Seeing mu Local Organizations Interne • Looking for publication distribution m tEducators are also emphasizing the Earned In : ltiple agencies partner eand thods. Currently m involve non-profits piqued their interest. come Tax Credit, a largely unc aking the publication laimed tax most bang out of thei rising health care cor bucks at OBEE. sts, increasing life expectancies, the movement away from defined benefit to Foreclosure Scams will be airing in theaters in 9 states with a high rates of Estate Planning Workshop - Tacoma Goodw savings account promotions and financial education activities. ill Sarah SECTI Miller ON II – Agency Updates U.S. Department of Labor ® you have asked about the Financial Liter ® acy and Education Commission (FLEC). throughout the federal government, supports th e promotion of financial literacy by the Attendees List ® f A summ representatives can speak freely to each othe innovative m and tools. personal finances. This is achieved through the bring together comm partners can benefit from the experience. A deta or im noted tha Yvonne plem it was held on this topic in F entation of te th thods, and successful Cooper ere aunity-based organizations, f re two position programs. My f strategies for im se on this top bruary ull subm r because th 2007. A request for comm itted sta collaboration and coordina iled report is provided with the proceedings of iic. F nancial service providers, proving financ irst, m tem e meeting is ent provides o ore spending is n ial literacy in their hom open to only federal ents on the state of ther ar ted effort of hundreds and Federal, state, eeded f eas fo or the r action e • Under the them The Ballpar 2000 Choose to Save k E$tim e “Saving for Your Golden Year ate com Forum: es in two formats, 1) an easy-to-use, two-page worksheet, and 2) an s: Trends, Challenges and Opportunities,” the Managem financial literacy education. Ironically, the f 4) ent, and other organizations. ASEC is Have 150 public affairs specialists across act that its m a mathe country working jor force in directin embership was largely political g state and federal to place articles 85 percent found the financial litera Grable, Irene E. Leech, Jean M. Lown, cy efforts were effective. Deanna L. Sharpe, and Jing J. Xiao See Chapter 4 of the defined contribution retirem AARP of Washington • • • Currently th All of Choose to Save Savings tips on a wide ra available to benef incentive fo e cards and voice m r lower inco it pra ent plans, a cPSAs are available through the tition nge of savings topics. me workers. ers and f nd rapidly changing tec ails are in inancial ins English only. W titutions. Ex PSA viewer on the Choose to hnology. These 20- and 30- ork perien ing with F ce sho LEC on a ws Librar Brian y Outreach & Communit Mulford y Presentations - Jump$tart Washington U.S. Securities and Exchange Commission foreclosure Tacoma Goodwill will be offering a free estate SECTION III – ASEC Updates planning workshop from 5:30 - 7:30 p.m. ® ® total listed: 82 II. “Roll in the Dough” Saving Cam ® paign Drawing for the Winner – Maryland Saves private sector while also encouraging the synchronization of efforts between the public and ® that range from financial literacy in the agencies an The CTS Web si of organizations across H countries. and local regulators to broker partnerships and disc the m econom eeting and is circulated am Jyl DuPont – on phone d ASEC staff. y as a whole. The econom making the information presented at the te includes fr country was m ouston and surroundi ee savings tools such as the ong the entire pa ic stim ade in the April 29, 2009 ulus plan is an attem ng areas including bus Federal Register; rtnership so that ASEC partners who were not uss the la FLE Ballpark E$tim test deve C meetings available to the public, p Choose to Save t to address this issue w inesses, financial lopm ate ents and strateg retirement submitted an iith es in A theme throughout was saving money Summ The Choose to Save on-line interactive worksheet. Both help you quick • 2. it sought to educate and m Creating Make Financial Litera First Account P Forum on Retirem cy a Prior r during tough economic times and the importance to save in case of oogram tivate people to to prom ent Security and Personal Savings, held April 4–6, 2000, ity ote and increas develop their own personal retirem ly identify approxim e access to banks by low- and ately how much you need ent saving governm appointees decreased its ability to Total Audience Reach ent and m promoting the W edia attention to the need for eek in local newspapers. be the most effective approach. financial education, savings, and retirem At senior levels there are just ent Because this wasn’t a single-city campaign, it Bank on Cowlitz County Denise Departmen M saving and investing m Report em urray ployers general do not search for infor Walla Walla coalition kicks off sa o . A m t of Labor, Women’s B i nimum of 188,982 p essage in Spanish. carried more weight with media and made them more u eople have visi reau – Update of Activities vings campaign mation on setting-up a retirem ted www. choosetosave.org/tips and ent plan. somethings, encom Save Web site. passing both Generation X and Generation Y, are employing a myriad of new Jump$tart Washington is promoting financial education in libraries across the state. Librarians will SECTION IV – Attendees Note: DFI, Consumer University and the Washington Soci Estate Planning Workshop Details • Federal Reserve Board new (PDF) Credit Card Repaym ety of CPAs also participated in the Whidbey ent Tool The Am erican Savings Education Council (ASEC) (www.asec.org ® ) is the primary vehicle private sectors. ™ to evaluation and list of recomm planning worksheet and interactive Am institutions, schools, libraries, bringing people into the f able to atten Karen changing the rules so that either F erica Saves W job creation funding (such as infrastructure Federal Trade Commission Murrell d the m eek: eeting are kep i2:30 p.m nancial m endations. The fi not-for-profits, faith based orga t in . 342 Dirksen S tool, which has also been incl af instream L oEC would work with ASEC and others, rmed. This enhances a . ndings from spending) and corporat enate Office Building this summ positiv nizations, governm uded in num e f it are currently being e tax incentives to eeling of e to rous program add all federal community ent agencies, s and even tougher times ( planning through its research and program strategies. Delegates participated in breakout se Individu focused on the im to save to fund a comfortable re moderate-incom als reached th this cam portance of increasing pro aign cam e individuals. ugh various m tirement. The Ballpark E$timate e at a tim edia in this cam planning and saving for retirem s e . when m ssions focusing on four specific targeted groups: apaign include: jor employers in our state such as daily takes com ent. plicated issues like too m Departmen any time obligations and crisis issues that do t of Defense – Update of Activities minate the calendar. Further, placement of the interested in doing a story with their local or Bank on Seattle-King County Name Most get the inform (Kennewic viewed the helpful hints more than 254,128 tim k Tri City Herald © 02/24/2009) ation through a financial institution. ganization. It’ Affiliation s not just another “Hallmark es. holiday” - so to speak – create displays of books focused on saving and inve approaches to their professional, financial, and family lives th sting, retirement planning and basic money at will inevitably have far-reaching • ASEC Savingsman PSAs with the Military Saves’ “Take the Saver Pledge” logo as an Military Saves Day, conducted F eb. 12, prior to the actual Washington Saves Week dates. We offered III. through which EBRI ( How Long Will It Take for Retirem www.ebri.org) conducts its financial educati ent Savings (401(k)) Accounts to Recover? on and literacy efforts. ASEC – EBRI Elvis Ortiz Federal Reserve Board content to a public books: Since m Low-Income W com We feel that three factors greatly contribu Am projected So Evaluation: am and the m Idriys J. ong the partnership. erica Saves W create em piled and will be m Colleen Tressler – on phone Ab edu dia. Their W cial Securi lploym lahio d-2005, over 1.6 m rkers, eek is a social m /priva ent. Second, for households, ty benefits and earnings assum Sm a ete-se de available to the pub b site is all-Busin ctor We www. aillion ind rketing t ess Em District of Co b site, moneywe te to the success and longevity of GIG: ploy or ool designed to prom ivid expand MyMoney.gov to in lic ees, New Entrants to the Work-force, and u le u the issue is a personal one, depending on als have . khouston.org mbia Dep ptions co artmen on savings, and turns them into mpleted the interactive worksheet. t o ote a savings m f Insuranclude information from ce, Securities essage to & newspapers, Boeing, Starbucks, • The current economy escalates the need for Weyerhaeuser and the State of financial literacy in the United States. Washington announced layoffs and deep responsible office in one agency, while inevitable, • • Federal Reserve Board – Update of Activities Marketing posters, flyers, etc. A new insert in the Social Security - 10,706,451. Statement targeting young workers creates its own challenges. It creates a special will be when it’s a state-wide effort. Local angles, however, ar Consumer University • Currently working on updating the curri If you’ve been meaning to start a rainy day culum e key in getting media to ac for the W fund in case of emergency, now’s a good i$e-Up program tually cover a campaign. . The manageme consequences for how they m • • Utilization of the sy Links to related resources arranged nt. In addition, Jump$tart partner stema is light nage their finances and prepare for their long-term yet there is a alphabetically and by s will host free community workshops. market for having the information distributed i subject category. financial n FLEC sought to im SECTION I – Discussion end slate are currently posted on prove financial education through the the Military SaveNational Strategy for Financial s Web site. presentations on Saving & Investing and “What you should know about Car Loans, Mortgages and Identity Thursday Additional Documents: , February 26 was launched in 1995 through the joint efforts of th Camille Palacio CFED e U.S. Department of Labor, U.S. Department Banking private and state and local gover encourage individuals to take inform In May of 2008, Departm Evaluation: that particular circum Health Resources and Services Ad stance; for example, ent of the Treasury and nment nonprofit organizations. ed action to minist a household with high debt and job insecurity ratio Build Wea OECD co- n lth, Not Deb hosted the In For example, t.ternational Conference The long-term as this testim goal is ony budget cuts. Workers Nearing Retirem language and m The two principal topics covered in bot ) 1) A comma itthem ment by our partner orga atics that are easy to understand. ® ent. The delegates de ™ h plenary and breakout sessions were: nizations to attend the m veloped important recom eetings m ? endations to help over time, attendees Federal Citiz o eAm n Information Center ericans need to change their actions by creating wealth, not debt, through need for that agency to be inclusive and to d released in February 2009. eemphasize its own role. Second, the apparent legal It’s best if you can offer a specific person or family ASEC Programs & Survey Research Jump$tart Washington • • W this method. Developed a program ebsites time. This week is Washington Saves has good participation, with about - 4,520,858. Financial R eadiness Challenge as an example of how saving money changed their lives. 60 percent of participants comm Road Show Week and state agencies are encouraging . The purpose of this itting to Free Tax Preparation - Unit security. • Social Security Adm o At least 96,930 visitors have ed Way inistration offered Of Snohomish Count utilized the resources page to help distribute the publication. y of the site, which consists Literacy: Taking Ownership of the Future Firm • Choose to Save s will be making many cut-b Savingsman ac PSAs with the A ks during th initiative. The following were FLEC’s stated goals e curr m ent ec erica Saves W onomic cris eek.org logo are is. As a result, Theft.” Money Docum Sm ents in packets art Class - United Way : Snohomish County Lyn Peters Washington State Dept of Financial Institutions IV. of the Treasury, EBRI, and m Chris E. Leveraging Social Netw Anguelov any other public an orking to Prom Social Secuote Savings – AARP rity Ad d private organizations w ministration hen the Clinton was com In a m ASEC’s role with Money W In 2007, ASEC developed (for the U.S. Office on Financial Education. FLEC’s W to join together thousands of e Four regional conferences were held. Most of Please see Addendum will na oStarrlese Jones – on phone re recent in piled, it took effort to find docum turally be incline itiativ s B and C for the agenda and e, Treasu deek Hous to save m mployers, fina ry conducted th eb site posts the agenda but no ton is prim ore and spend ents rela ncial institutions, governm the presen of Personnel Managem ar at Nation ily as a source of contacts. ASEC pa ted to FLEC’s goals and past events, as the attendees list from less. tations from al Financial Literacy Challenge for 2 additional content. However, the four conferences are the Spring 2009 Partners ent) a version of the ent leaders, nonprofit rtners individu 1) have gotten to know each other very well, have Increasing retirem als in each of these groups o ent planning and retirem vercome obstacles and take advantag ent program a real feel for what each organization can sponsorship and participation, e of opportunities to restriction against www.MyMoney.gov being able savings efforts. The platform mu to include any resources or links to non- st be heightened and attention drawn to this Lower Colu • • Postal m challenge is to assist troo Consum incre residents to find ways to save money - pack a a mbia CAP sing their sav of free partn er education staff is providing sa ail - 46,055. ie ngs and reduc r toops and the ls such as calculato in ig th r fam eir debt. W vings tips on their Intranet site for ilies with planning their pa rs, brochu ill try to f res, quizzes, more than 1 lunch, skip the latte, carpool or collect ollow-up with th to wealth. “ America 14,894 It’s The Lou United Way of Snohomish County financial literacy budgets isa Quittman will be cu U.S. Free Tax Preparation Campaign t. Many firm Department of t s will be he Treasu leveraging finan ry is promoting and marketing cial literacy and accom currently posted on plishments from the im the Am plem erica Saves W entation of the strategy eek.org Web site. : United Wa Cheri Arno y has partnered with Cascade Ba tt Social Secu nk, CityBan rity Administratio k and Frontier Bank to provide families the n • The Power of Partnerships, W ® ashington State’s America Saves Week Report administration launched a cam ® paign under the title, “Save: Your Retirement Clock is Ticking.” inform a search on OECD’s W high school students in May and participate in Money Week Houston’s events such Ballpark E$timate networks, and other organizations to use the available on the Office of the Com Meeting, which was held on April 15, 2009. ation was not on FLEC’s site, but on other ag Patricia Reese – on phone for federal governm eb site reve Novem p als a detailed agenda with links troller e bnt em er of 2008. The first of the Currency’s Web site. However, Week ployees. to persu as Am encies’ sites. Links to results from events, From Oct. 1, 2007, through Sept. 30, eric ade an Institu tens of challenge (May 2008) attracted to the s m te of illions of p Certif eakers Americ ied Public ’ presentations, ans to CTED headed up coordinating with the ABCs on communicating save for the The Ballpark E$timate bring to the table (if someone cannot attend, a and contributions at all incom ir futures. continues to be a popular tool for ® e and age levels. substitu retirem specific projects or programs and contacts te is usu ent planning. Below are som ally sent in their place), e governm • The Federal Citizen Inform ent entities lim issue. ited Testimony by Dallas L. Salisbury its power and value. ation Center just released its 2009 edition of its popular Media also was not getting hit with multiple press rel Okanogan Community Action Council Kat • h ryn R Saves Week 2009 not how m Created new participants after 3 m eddi change rather than spending it. The Bureau e uch m podcasts on when to receive oney you m . onths. This is prove aB ke, it’s how ette rInvest eases from multiple organiz ing d difficult in the past as m Social Security Benefits. The podcasts, much you keep.” The Departm of Economic Analysis says the personal any participants ations – something that ent of Survey Research: In recognition of these issues, Am Office of th tim e Comptroller of the es. erican Sa Currency – Update of Activities vings Education Council (ASEC) and AARP (on saving via splitting tax refunds. Tax filers can use Nath • m an aterials produced by federal governm iel Bisho E-mails p - 358,514. U.S. Sm ent agen all Businthe split refund process to make a more targeted cies. The need for the m ess Administration aterials that opportunity • All of the Choose to Save to take charge of their economic future PSAs are currently av s through financial educ ailable on YouTube. Our account nam ation. Money Smart class e ® OUTCOMES: Knowing y V. That cam • Results of the National Research Symposium Research Pr paign was later narrowed to a Depart iorities ou made a differen : Financial Literacy and mce ent of Labor specific program Education – Financial L on Financial Literacy and Education – Ten iteracy and Education by the Bush such as the International Conf a summ 46,000 students and the second (Novem Accountants, Federal Reserve Bo 2008, the number of views for the recomm save and build wealth m Patricia Reese When to re Internal Revenue Service ary r endations and a report summarizing the confer ecord of the two day confer ceive Soc ial S ore ef ecurity Bene erence on Financial Education, a F fective ard, Military Saves, Princi Federal Ballpark E$timate lDHHS Health y. This “f b ence, and fits er 2008) attract : iscal f Re conference video-casts. sources & itne ences’ findings are not posted to the site. ed 75,000 students. Results released in ss” will r pal Financial Group, Society for Services Adm on OPM’s W LEC-highlighted agenda event, ange fr io nistration m paying of eb site was 225,680 f high-cost willing to talk with media about Wa of the tool’s latest uses: 2) and work well togethe Minimizing the leakage of savings from shington Saves Week and how their local ABC was helping Washington r; the retirement system as more defined benefit Lisa Bleier Consumer Action Handbook. Individuals wish American Bankers As ing to order copies (no m sociation ore than 10 tends to annoy editors into avoiding Pierce County Associated Ministries Defense, Office of Personal Finance a available on iTunes, had over 40,000 dow have changed their phone num savings rate is slowing increasin stories rather than running them. bers or e- nd Transition is partnering with m g after hitting negativ mnloads within the first m ail addresses but did not provide new e territory onth. any non- use of their tax refund. In addition to this outreac Retiremen behalf of Divided W t Confidence Survey e Fail) commissioned Mathew Greenwald & A h, tax customers can use ssociates to conduct a survey this process to purchase federal government agencies produce has never been stronger. I. General Savings • Ads, PSA, media appearances - 15,380,393. will take place on Thursday, February 26, from 6 - is ctspsas. 8 p.m. at Lake Stickney Elementary. For more Recommended Research Priorities (one page document) Thousands adm of Washington residents were reached through inistration, with a focus on em Commission ployers, called “Savings Matters!” the power of partnership during this year’s joined Ernest Roberts CFED are not located on the FL January 2009 revealed that 362 students recei hum and the number of visits was 179,224. debt, to en Communication Conduit: Rob The group had a discussion on when to begin rece Mark a ert C. B n Resource Managem and defined contribution plans pa su ogg ring adequ O’Donnell io ate em SC W ent, and the So ergency savings, eb site or on MyMoney.gov Cen ty lump-sum ers cial Security Adm foved perfect or near-p r Me to accum dicare distributions. iving Social Security benefits. Social & Medi ulatin inistration. caid Se g hom erfect scores. rvices e equity, to saving for residents save money during this week. • 2) Idaho Public Em 3. GIG is a trusted, non-threatening forum Work Cooperatively with Other Gover ployees Retirement System nment Agencies and Non-Profits for infor (IPERS) asked ASEC in Fall 2008 for mation exchange ?people are very I look forward to workin per request please) m g with you Comm ay go to http://www.consu Presiden ittee and t and CEO all o m thers on these important iss eraction.gov to submit theu ir es in the Tacoma Goodwill profits and federal and state agen contact inform Small changes can mean big sav ation. ® cies. They ingscreated a lib rary of materials to be used US Savings bonds for long-term financ On April 14, 2009, ASEC, EBRI, and Mathew Greenwa with m As our W • eBanners will be placed o me bb track ers of these younger generations to ing results revea n the Fede l, ASEC reach ial goals i.e. education, retiremen ral Reserve’s Web site for both profile and better understand their current and es millions o ld & Associates released the results of f individuals, both in th Consumer t, etc. To date 32 US Savings e United Goal: • Promoting America Saves Week: information and to register, call (425) 374-5506 or e-mai • Tax site outreach - 17,746. llark.kesterke@uwsc.org. • Washington State Department of Financial Institutions has created a YouTube page that efforts. We did not trac Dallas • L. Salis Choose to Save bury k the number who signed up to be savers and on new media Employee Ben ® efit Research Institute we did not receive reports from all Kelvin Boston th Recommendation: retirem Recommendation: In addition, ASEC serves as the co John Security Adm ent. Schm inistration is engaging in a cam idt alition facilitator. As ASEC st paign to educate individuals on the things aff learns of new initiatives, perm comfortable sharing their ideas and o ission to reprint the Ballpark E$timate pinions, asking for assistance/counsel, and for use during their workshops. IPERS serves future. requests. Employee Benefit Research Institute (EBRI ® Because we are meeti the 19 United Way Snohomish County annual Retirement Confidence Survey (RCS). for a wide range of topics. (KOMO TV © 02/24/2009) ng media on their turf using Web 2.0 methods, The RCS is the country' we gained more coverage in the s most established bonds hav ASEC Ou future financial state. T States and in 203 countries around the world, • Protection Week Work with the IRS on distribution of 1) e been purchased, totaling $2400 in Partnering two events in Atlanta and New York City. treach toh General Public and is base line understa America Saves Week nding can be instrum SSA publications and IRS publications. such as Canada, Germ value, through this , along with links to various Federal ent any, J service. al in helping these apan, the United In the first quarter of 2006, the Trea The 2009 Retirement Confidence Survey sury Departm came out of the field in February. W ent partnered with a nonprofit organization to e have Military Saves Class At Fort Lewis Kirb •y Sc Events includes the Choose to Save hell - 67,009. Ad PSAs a vantage nd Pu Miss blicat ion Retiremen ions t. partners regarding the number of Wash VI. The prim De an Bra Am ary objective of ASEC is to have the pub ssing plifying Your Message Using New Social Media – AICPA ton ington residents reached through this campaign, we are pleased with Fleet & Familylic and private sectors, Support of Hampton Roads (U for-profit and not-for- SN) A link to the posted results on OECD’s W My full testimony follows. tools, studies, research, etc., an Recommendation: ASEC also provides inform Post the sum Office o they should consider when they are planni Financial L fm th ary and recommendations to the W e Comptroller of the Currency iteracy Fairs: nd ation to the genera e-mail alere t is s b site ng when to begin rece l public through use of en should be included on F te to a b site as well, as it ll partners. Partner feedback has re- iving retirem new m will enable nonprofits, LEC’s page. Follow-up edia technologies ent. Forum participants addressed the importance of creating a national environment that encourages And so, Washington Saves Week began to take shape. over 100,000 participants. providing materials and support to assist each other’s events/initiatives; and • FLEC cannot work alone blogospher and com United Ways of Washington genera Kingdom e, and picked up a few reporters who never woul • tions atta Reserve publications on savings topics. January 2009 W p,rehensive study of the attitudes and beha India, Australia, Iraq, Philippines, and When it comes to savi in greateir f $e-U inancia p call was title l sng money, little things ecurity as th d Work and Money: Making ey age. South Korea. Since we began tracking visitors vior of Am d havcan really a e seen our press release. It also shed light erican workers and retirees towards the Best of Hard dd up. That's the theme of Yakima Money Lori tabulations f J. Sch 2) oc Encouraging national banks to participate k Matters Month or the 2 annual Saver S FINR uA In rvey sponsored vestor Edin the W ucatioby the Consum n Foeek throu undation gh local eve er Federation of nts in develop and im plement a PSA on the benefits of lifetime savings and the savings resources Savings and Investing - 1300 - 1500, Elisabeth Buser Am ACS Classroom at Waller Hall. erican Savings Education Council (ASEC) and the information we hav profit organizations, work together toward th e: e common mission of a more informed population Referenced during presentations: to last year’s conf It is essen em ASEC’s role in America Saves Week: ASEC staff participates in financ such as Twitter (ChoosetoSave), Facebook (Choose to governm phasized that comm Karen etia nt organization l fBelle or f ® erence would be id inancial lite si unication is the key to cr s, and other partners to racy ef ial ff eal. a oirs in the W rts to beg th eating a sense of comm iaccess th n at the earliest stages in ard shington, Save fan page), and YouTube (ctspsas). e resources to DC metro area. Som unity. W ad life. Since every child dress th e have been e issue head- e of these fairs personal savings and investment for retirement, and focused attention on actions and “best for several of our state’s legis • Seattle King County Financial Ed Jane 3) Jean Chatzky’s new book, due out March 10, 2009, • Sc The group has provided effective tim FCIC is near huch America Saves Week: Make small changes ardt o The bulk of the successes it has had are a ly ready to g lators as to what o to prin ucation Providers' Network Cooper was happening back in their hom t with ative S e m its Spanish version of the Consumer Action anage tate Rese mThe Diffe ent arch, ? today and you'll have big bucks tomorrow. result of working cooperatively with a lot of work can be accom Education an rence: How Anyone Can d Extensi e districts during session. on plished all aspects of saving, retirem to our site in • Times In Decem June 2005, we have recorded over 5 . Speakers were: Kristina Barsch, the ber 2008, the ent planning, Financial Rand long-term eadiness Challenge Road Show .6 m Chief of the Division of Occupational illion v financial security. isitors and slightly fewer than 114 was in Yakima Mayor David Edler has proclaimed Marc Neal Carlton Am • erica; findings will be released F Hosted a Webinar on January 29 their area. ebruary 23 about applying on-line for retirem h as Money Matters M . Both of these surveys s onth and is encouraging ent benefits how that sin . The ce available on the Financial Choose to Save Program Literacy and Education Commission’s Web site, MyMoney.gov. Credit University - Franklin Pierce High School, Tacoma Support of Elected Officials Other Outlets: VII. on all issues of financial health. Power of Partnerships: Results Washington Saves Week 2009 – Washington State • Results of the National Research Symposium on Financial Literacy and Education – Full ® inform is required to and generally are provided by federal governm on. As California Gov. Schwarzenegger and Pres Overall consensus was that reti Securities a ed that the e-m nd Exchange Commiss ails are being forwar does attend school, elem ent agencies for remService, ent is a very personal decision. Som ion ded beyond the im ChairmUSDA ® their s ident Clinton noted in an entary and taff and som mesecondary schools are one of the diate ASEC contacts, thus e are events th their January 28, 2008, e individuals may at are not practices” that com • ASEC works as a coord panies and organizations c inator of the Week ould replicate and take on their own. Over 150 partnering with the Consumer Federal of Vane Prosper Even in the Toughest Times ssa C in a short period of tim deBaca governm ent agencies and non-profits, such as A e (e.g., ASEC upda Am,erican Council of Life features the tes all the agencies about upcom Ballpark E$ Insurers timate. (ACL SEC, to release financial I) ing MEDIA/OUTREACH: Utilizing Web Washington Asset Building Coalition Handbook, the Take heed: Guía del Consumidor 2009 ® It's America Saves Week 2.0 and partner distribution ™ . W e hope to have it ready som etime in Yakima area residents to learn more about Earned Income Tax Credit. One striking finding of this res million hits. Federal Trade Commission – Update of Activities Outlook in the Bureau of Labor Statistic Washington State. Additional Financial Readiness earch is that many young adults ha s (BLS) Em Challenge events are s ploym ve yet to align their actions ent Projections Program lated for , Developed b summer 2008, Am link will be available fo 3) Urging bank y EBRI and ASEC, Choose to Save ericans have realized they s to use EIT r 6 m C onths. A DVD of t to reach ou utilizes the power of the media to promote the will be working longer than planned. t to low- to he W m ebinar can be ordered. oderate income individuals to Credit University: Washington Teens learn about saving, investing, credit management, and • • Reps. Ruben Hinojosa introduced a reso Choose to Save Savingsman PSAs with the M lution, passed by the House Feb. 25, 2009 (H. ilitary Saves’ “Take the Saver Pledge” Feb. 12: Mi Departm litary Saves Whidbey: ent of Financial Institutions 100+/- attended Report ® Melinda Semadeni North American Securities Administrators Association VIII. Academic Research and Program Evalua surest venues to provide all Am ensuring a g focused on financial literacy but ar Am newspaper editorial, ov individuals f Victor N. Claman ericaSavesW be in a financial position where they need Brian America’s Am rreater reach omMulf federal, state, eek.org is a social m o rd erica Saves Program er $40,000 will be sp of ASEC initia American Savings Education Council (ASEC) and local governments; unions; ericans with fina e gatherings of large am Ad arketing prog tives. vant. ASEC wo age Pu ent b the m ncial education. Age-appropriate and segm b tion y li an unbanked, full-tim ram cat oney from ions designed to prom rks to get the partners of the ASEC ounts of Social Security by age 62. trade, professional, education, people, such as T ote a savings m e worker, to change aste of DC. essage to ented opportunities and events that we know about on th literacy resources such as PSAs, surveys, e local, state, and national levels and brochures, and other helpful content. Presenting a unified front of DFI agreed to handle the media/outreach aspects • A. Discussion of EBRI’s Washington Society of CPAs FC&A Publishing is recommending the April. Individuals wishing to place advan (The Olympian © 02/ partners working together to help Washingt 24/2009) Financial Literacy Efforts . We did so in a variety of w Ballpark E$timate ce orders for copies (no m to their readers in an upcom on residents is what made thi ao ys: re than 5 per ing s year’s Cow The RCS da Addenda with their financial values and goals. These young litz Saves Week Lisa Feath Fort Belvoir, VA, Jan. 24; Naval Base K ta, which is heavily covered by the ne erngill, Direc tor of Financial & Esta itsap, WA, Feb. 23; Los Angeles Air Force ws m adults feel that they should be saving m te Planning f edia, highlights the need for financial or the Winston-Salem, ore, idea that saving today is vital to Evaluation: open a savings account with their tax refund. a secure financial future. preventing identity theft, sponsored by Western Washington Credit Unions. logo as an end slate are curren Res. 180) of support of America Saves W tly available eek. on all military bases and navy vessels around Feb. 23: Mi The Retirement Confidence Survey litary Saves Bangor: is an exam 100+/- attended (NASAA) ple of one of our multiple-partner research She • rri CResults of the 2009 Retirem lark ent Confidence Survey U.S. Administration on A ging ® Goal: financial curricula could include m These fairs give ASEC staff the invaluable experi encourage individuals to take inform their paycheck into cash. These individuals n Som Small Business Administra e may want to wait. Social Secur tion atters such ed action to ity Adm as budget creation, com eed to be reached so that they can open a bank Build Wea ence of interacting with the public, the end user inistration’s infor lth, Not Deb mation educates pound interest, savings t. The program joins and research coalition as well as m associations; busin www.ebri.org embers of EBRI to esses; and tax exempt institu and www. participate in the week. In 2009, 55 ASEC choosetosave.org tions participated in various agency rep request please) m resentatives are quick to expr ay go to http://www.consu ess an interest and often offer their midor.gov/ordene_la_guia.shtml. Washington Saves Week campaign a success. We hop We requested a Governor’s Proclamation in literacy. No book, • Retiring Well on a Poor Man’s Budget It's taken a financial crisis, but ASEC and its partners w te the following statisticould happily assist FLE s: it's starting to stick: Amer th . The book will have an December 2008 and received it January 2009. e to build upon this foundation next year, widening C with any of their endeavors. icans are saving more. Or at initial print run of Cowlitz Co both in general and sp Many of the resources posted to the Choose to Save • A. Included a link to Base, CA., week of Feb. 25; San Diego North Carolina, and Palm Beach, Florida Report on the Governm unty has declared the ecifically for retirem America Saves Week e week of February 22 nt Interagency Group (GIG) m ent. For exam on the region, CA, week of Feb. 25; Norfolk, VA, offices of Calibre, and Nancy Granovsky, site are provided by ASEC partners. National Consum - March 01 as “Cowlitz ple, they place h eeting, February 2009. er Protection W igh importance on Saves Week”. Activities eek, Goal was met, as Treasury partnered with • PBS’ On March 20th, the Brookings Institution, NewsHour has received a second year of f ASEC to release the aforem W unding from the Sloan Foundation for harton's Pension Research C entioned PSA. ouncil and Franklin Pierce High School, Tacoma Jean C. Setzfand AARP the world. VIII. Feb. 23: Kitsap CU Military Saves Basic Budgeting Seminar: program Tho • m as Co Oceana' Proclam s. lli On April 14, 2009, results of the 19 more s Military Saves Approach to ations were issued from CFA the gove Institu Putting te annual Retirem rnors of the Fun Back into Savings F Colorado, Kentucky, North Dakota, ent Confidence Survey (RCS) 45 attendedundam entals • NAS Oceana’s Military Saves 2009 The U.S. De ASEC W of the financial inform goal form account and start to m together employers, financial institutions, gove individuals on the long-term Jack Bienko – on phone e ation, cash versus credit, and long-term b Site: partm ent of the Treasury, along a ation produced by ASEC ke good financial decisions. consequences of taking benefits with the U.S. Departm rnm a planning. Any educati nd the coalition partners. ASEC staff has ent organizations, nonprofit networks, and early as opposed to waiting ent of Agriculture on program designed for breakout sessions. The three keynote speakers partners and EBRI members participated in were Secretary of the Treasury Lawrence H. the Week and in 2008, 52 ASEC partners and assistance/input on a project). the circle of partners and includin Local Financial Institutions Washington Saves Week specific Web site at workplace b 50,000 copies. Readers who do not have access to Regents’ Fellow, Professor and Extensi Feb. 25; and Fort Polk, L least trying. enefits, esp o Oftentim ecially health g additional data collec es the best work A., March 7. insurance is a result o on Fam and retirem www tion for better ily Econom a com f.dfi.w cooperativ ent savings p puter can o a.gov/financial-education/wa-saves/ ics Specialist at Texas assessment of the campaign s e efforts on multiple lev r lder a hard copy of the ans. Overwhelmingly, els uccess. will include the launch of Barb • B. their f ara Sm Report on the Spring 2009 ASEC In 2009, 69 percent of workers say they are March 1-7, 2009 inancial lite ith racy ef the Bank on Cowlitz County unbanked init site. forts. Partners Meeting, April 2009. very or somewhat conf iative with efforts to engage ident that they and Financial security is one of the • Boettner Center, the University of Michig Financial Literacy Update for January/February 2009 most important issues for most an Retirement Research Center, and The is available on-line. These Americans. Whether it is putting Walla Walla Saves - The American Savings Education Council Carol Crecy Walla Walla Asset Building Coalition U.S. Administration on Aging were released. The RCS is the country' – Feb. 24: Consumer University Oceana at Lake Washington High School: s most established and comprehensive study of the 100+/- students • and W The Wa ashington. shington State Department of Financial Institutions utilizes the PSAs for some of ® ® Cooperative State Research, Education, and Ex participa The W schoolchildren could have a com other organizations to use the a few m Social Secu eb site, www.asec.org, serves as a portal wh ted in f ore years. Points to consider: rity Administration airs at the following location Week panion “Parents Gu to persuade tens of s: tension Service, convened a sym ere ASEC partners com ide,” designed to either inform millions of Americans to sav e together to share posium of the parents e and build Summers, Rep. Benjam EBRI members participated in the Week. in Cardin, and Rep. Rob Portman. Kitsap Cre Jacqueline Sne Ballpark E$timate Q13 Fox T dit Union e between individuals and organizations V by sending a self-addressed stam featured information on how to Federal Citizen Information Center ped envelope to EBRI. with sim protect your money and had a brief ilar missions and passions. that was essentially a “campaign-in-a-box” emul Choose to Save however, the m C. • Current listing of Spring 2009 ASEC AgriLife Extension Service, Texas A FCIC continues to support ajority believe they are not curre Public Service Announcements: the Financial Literacy & Partners Meeting Participants. M University System ntly saving as m ating the America Saves Week model, providing and Education Comm uch as they should. People in . ission by citizens in tradition ba kids through college, saving for an emergency, Chris C u their spouse are doing a good job in financ mmins nking services. The Bank on Co State Farm Ins buying a house, or saving for retirement—having uially preparing for retirem rance C wlitz Cou ompanies nty is a strong collab ent. Yet… oration of Recommendation: Retirem periodic updates contain inform ent Security Project will co-sponsor ation about upcom a conference on fina ing financial literacy events, new ncial literacy and As part of Washington Saves Week, the Walla Wa The American Savings Education Council (ASEC) (lla Asset Build www.asec.org) is the prim ing Coalitio ary vehicle n will kick off a local Feb. 24: Tacoma Goodwill attitudes and behavior of Am their financial literacy eri Free Tax Preparation: events across the state. can workers and retirees towards 14 people all aspects of saving, retirement • A resolution was introduced in the New Jersey legislature in support of the Week. Documents from the display table: researchers who specialize in financial educati about what their child is learni inform IV. Multilingual/Multicultural Po wealth m Mary Spea ation on events, resources, and best practi 1) Sheila Abram o r re ef Focus on adequate lifetim fectively. This “f s-Jones – on phone ng in school or offer suggestions iscapulations l f e incom Fleet & Fam itness” will range from eT-158 on in October 2008. The goa ily Support ces concerning financial literacy. Since m of Ha paying off high-cost debt, to mon how they can integrate these pton Roads (US l of the symposium N) id- is • • U.S. Departm ASEC Chairm ean Dallas nt of Labor. Salisbury appeared on Ric Edelman’s and Jean Chatzky’s radio GIG attendees leave the meetings knowing what all the other agencies are currently doing in the If you still think this is more than you or your OBEE Cre Theodore Daniels Washington Saves mention. dit Union Working cooperatively is a way to di Society for organization can tackle … DFI and CTED c Financial E vvy up responsibility and resources—and ducation & Professional oordinated this financial institutions, comm ABCs, partners, and media a full CTS educational m • these younger generations tend to feel that a D. The International Foundation for Retirem The Power of Partnerships operating its popular MyMoney.gov webs aterials include radio and unity organizations, financial education pr y-loaded Washington Saves Week “t ssum TV public service announcem ent E iite and 1-888-MyMoney toll-free ng adult responsibilities, like purchasing a ducation requested perm oviders, federal, state, housing, ission to reprint the ents (PSAs) in ool-kit” including “how-to” enough money for life’s demands is Resurrect the m • • SEC’s new Chair, Mary Schapiro, is deve Less than half (48 percent) repo The Milita ymoney.gov PSA fo ry Saves Financial Fa among our biggest concerns. r airing nationwide, as Am rt that the statem ir and Fina loping a new advisory comm ncial Road Show event will be at the ent, “I en erijoy financial planning” applies cans are looking for available, And yet, many Americans have ittee on investor through which EBRI ( • retirem Hosting initiatives of ent preparedness entitled Advertising Literacy Forum the Of www.ebri.org fice of the Com ) conducts its financial literacy Financial Literacy in Times of Turmoil and ptrolle : Workshop Exam r of the Currency and other organizations in ines Kids in a Comm initiative and efforts. ASEC ercial savings campaign. The campaign will feature financial rewards for area residents who open new IX. Feb. 24: Tacoma Goodwill Fin Ed planning, and long-term Reaching Investors of All Ages: The Money Matters Cam financial security. Classes (credit report/score): Other survey projects have included: paign15 – North Am Preparing for erican • Local Saver Campaigns solicited local television and radio stations to play the PSAs with Jay Sternberg ® AARP to ra 2005, the page was viewed over 734,446 tim lessons into m ensuring ad • Cheri ise awar 2) Society for Financial Education For m equate em eness of Arnott anaging their own arried couples, a w exis ergency saving ting academic res household finances. Children lear idow(er) could re s, to accum and Professional Developm ear es ch by m ua la nd to def ting hom oceive a significantly reduced benefit re than 400,485 unique visitors. ine questions th e equity, to saving for retirem n their financial habits from ent ‘About Us’ brochure at require addition ent. al Goal: Development • • 2002 National Summit on Retirement Savings: program U.S. Departm s prom ent of Transportation. oting the Week and a savings message. The shows are broadcast in all of area of financial education. Those seeking assistance with a project usually come out with campaign, each with only two staff instructions. publications toolki Washington State Government featured http://www.df because each organization has its o t ordering hotline. members and most of t i.wa.gov/financial-education/w he non-profit organizations coordinated their wn c Washington Saves Week on its official ontacts and network a-saves/get-involved.htm s, they are able to and other social welfare agencies in prim hom Ballpark E$timate e etim and supporting a fam e. Although the program as part of a tool kit fo ily, is m stresses the seriousness of the o Cowlitz County working together to expand access to financial re difficult r retirem for them ent profes than it was for prior generations. sionals. savings message, it uses humor helpful resources to guide them not yet taken • education. Pentagon from well or ve Kristina spoke on rising unem even the first step ry well to them. February 23-27, 2009. s as they im toward a secure financia ployment and prove their financial journey during these difficult employm l futu ent projections. She stated a re. savings accounts. Please contact Noah Leav was launched in 1995 through the joint efforts of th Wor Retiremen the financial literacy field, as well as ld on March 12, 2009. t Security. The conference will f listi itt, Coordinator, for ngs of financial literacy and consum oe U.S. Departm cus on how workers and r emore informati nt of Labor, U.S. Departm etirees c on er an ent Their Future: A Look at the Financial State of G Feb. 25 & 26: Kitsap CU at the Children's Carnival: Wendy St Securities A okes dministrators Associatio Wendy's Fin n and Pennsylvania Securities Comm ancial $ en X and Gen Y, Youth and Money ens200+ y e outh ages K-6 ission and Parents, Local Efforts: the America Saves Week end slate during the Week. Susan J. Duncan Investment Company Institute analys their parents and other adult ro Between the fourth quarter of 2006 and the f ASEC works with the C • Jason is. Th Investm upon the spouse’s death e sym Fichtn ent Com posium will resu er p onsum any Institu le-m er Fe lt in a white p odels in their lives. deration of te Education Found ourth quarter of 2007, the Treasury Departm Am aper th erica, Am at will survey cu ation erica Saves, and m Microgrant Program for Investor rrent financial education any public and ent ASEC participated in and cont the top 20 metropolitan areas of the Un ributed funding for the Summ ited States and on the Oprah Network. it, which was held from February valuable contacts of people and agen • U.S. Department of Health and Human Services. cies willing to immediately help. Overall, it is truly a win- efforts with a single staff Military Requests for financial education par homepage ( member. Cost was minimal as most co branch out and spread the word to an http://www.access.wa.gov tners to participate and submit ) as well as on the state intranet. The Department exponentially greater amount than if mmunications were handled electronically. information about events for education and financial services for county residents as and positive exam • Nevertheless, there is a strong pos Cem job search takes about 5 months in ex, a Mexican cem ples to help people overcom ent manufact itive outlook, with a tendency to believe, especially am uring com the current econom e their reluctance to address financial issues. pany, requested perm a means to promoting indiv ic climate. ission to use the iBallpark dual, family and ong the tim es. bette financial education resources r manage saving for and stay se . Have a financial lite cure during retirem racy even ent. Participan t coming up worth ts will identify nsleav of the Treasury, EBRI, and m itt@hotmail.com • Almost a quarter (21 percent) or (509) 529-4080. The ki any other public and private organi report that the statem ck off will ha ent, “I ppe zations. ASEC’s efforts are think preparing for retirem n at 9 am at the Blue Mountain ent Rene Taber Putnam Investments Youth and Money. Feb. 25 & 26: Kitsap CU high school class Jyl Dupont The se surveys have been be Federal Reser e nchm s: ve B 40 teens oarking ef ard forts by multiple partners to create ASEC supports financial literacy effort at the state and local level. Two examples are the State • ASEC provides DVDs of our PSAs for the NAB Show in Las Vegas, NV, during NAB’s resea Summ hosted a series of roundtables on private organizations on this program David Small Business Administra rch and its and Forum 3) Education Innovation w Many private sector defined benefit plan be will a ®Timmons lso id s: entify are ithin Metropolitan W tion financial education topics of as of – Update of Activities , which ® potentia ml f atches up with uture res ashington, DC nefits coordinate w earch. the Mili special concern to specif tarySaves Program ith Social Security ic . 27–March 1, 2002, in Washington, DC. The gathering successfully promoted the importance of win arrangem • Eighteen of ASEC’s PSAs have ent for everyone. been modified with an endslate which promotes the All organiz Through local and national partnerships, the PS calendar lis Bangor Naval Base younger Generation Y, that they will eventually ac ations had the opportunity • Federal Deposit Insurance Corporation – Update of Activities Financial Literacy Day on the Hill. of Retirement Systems and the Attorney tings and possible media focus. FLEC worked alone. to personalize the outreach by adding their own log As now run on radio and te hieve financial security. Their optimism General's Office also added a link to the levision stations in o and information. is not community economic well-being. Davi Departmen E$timate Congression d Timmons in a financial literacy initiative the tal Hearings, of Labor, Bureau of Labor Week o fSoci February 23, 2 al SecuStatistics – Upd ritycompany is undertaking with their 12,000 Adm 009: inist ration ate of Activities As part of its m noting? research and policy directions for the future. Rolling out a new financial literacy ission, Choose to Save develops user-f initia riendly, m tive? Deve ultim loping a new tool or edia materials to help Community Foundation Conference conducted through partnerships of individuals Hen •r y Ctakes too m Hosting . Eickelber Fraud Forum g u ch time and effort” applies on February 2 Room, Baker Boy General Dy 5-26, 2009. The Forum and organizations that encourage financial na well mics or C overy well rp er Building. oration to th will exam em. ine how the a public resource. Feb. 25: Tacoma Goodwill X. Lessons Learned from Outreach to U Estate Planning Workshop: niversities Applied to the W 16 adults orkplace – SFE&PD of Washington and the C ity of Houston. annual convention, and many local broadcasters attending the show pick up the DVD of VI. Coordination Efforts communitie David benefits s. The goal of each roun Weaver dtable will be to ra thise awareness of the important financial • North American Securities Administrators Association -- Sandwich Generation: Caught saving for the future of every Am Week. erican. Fort Lewis Colleen P. T campaign on their Web sites. r essler Federal Tra de Commission hundreds of cities in all 50 states. In The Web site housed a calendar of events incl unfounded: The data suggest that likelihood of sa • Taste of DC. addition, CTS PSAs are shown on m ving for retirem uding items from all WSW parti ent increases with age and ilitary bases and navy cipants who individuals plan and save for th Duk em Senate Special Comm e Fan ployees. elli ittee on Aging, eir financial future, including: Edelm February 25 an Financial Serv : Boom ices, LLC er Bust? Securing Retirement II. Homeo • product? Ask the Exp wnership E-m ert a received som il OCC at communityaffairs@occ.treas.gov e questions on retirement funds. Should a person save . education, retirem • In 2009, well less than half of Am FTC can meo nt plan sponsorship; and partic re effectively protect co erican nsum workers (44 percent) reported they did a ers from fraudulent schem ipant and beneficiary education for the entire es. Feb. 26: Tacoma Goodwill Fin Ed Classes (2) (credit report/score): 30 the PSAs for use on their TV and/or radio stations. Evaluation: Goal: education topics within the FLEC: Diane Veterans Administration Ty 4) You also asked f Need to con ®s ider the iss or comm specific comm ent ue of health car s AA on the Financial Literacy and Education Commission RP unity highlighted. e. Medicare does not start coverage until • 1998 National Summit on Retirement Savings: • in the Middle Promoting National Entrepreneur Week February 21-28, 2009. The Nation is Please see Addendum Jason J. Fichtner A for a copy of the Socialreport from Security Adm the last GIG m inistration eeting. Here’s to next year – with an even bigger and better A Whidbey Island Nav • 4. Part of the S Web site Improvemen DFI ran savings tips of the day on our blog at tim aulus Bill is to distribu l Base ts te an add merica Saves Week campaign! itional am http ount, $250, to all Social ://finlit.blogspot.com Saturday ships world submitted items. financial literacy im , Februar wide. Belo y 21 proves with experience. w is a listing of where our PSAs are b Clearly, these young people recognize what they eing broadcast: • in a Volatile Econom • NBC 4 Health and Financial Fair. Promoting America Saves Week y. EBRI President & CEO Dallas Sa : lisbury testified at this hearing. Goal: • population, regardless of age, em • • Ballpark E$timate Launched a new publication seri Public service announcem for retirement or save for the down-paym was mentioned in a CFP Boa ploym ents (PSAs) using hu ent status, etc. es in October 2008 called ent on a house? rd Newsletter article on mor, powerful im Should a person use the Program Perspectives ages, and com America Saves pelling . Friday, Februar retiremy ent needs calculation. 27 The ASEC GIG – Gove XI. Feb. 26: Ft. Lewis Milit Results of the 2009 Retirem rnm ary Saves Class: ent Interagency Group ent Confidence Su unknow was created in 1996 to facilitate coordination n rvey – Mathew Greenwald & Associates attendance State of Washington Lois A. Vitt Institute for Socio-Financial Studies The results of this sym The Office of Personnel Managem (FLEC). As stated on the FLEC W Chris Dem age 65 and then only covers for about 56 percent of health care costs. orse – on phone posium are availab e ent and the T b site, the le on the FLEC W Commission coordinates th reasury Departm eb site in a one-page docum ent established a network of e financial education ent The Summ Mathew H. Greenwald challenged to consider how "Entrepreneuri it represented an unusual p Mathew ublic-private partnership. AS Greenwald al Skills Building" is essential to our & Associates EC served as private-sector Over 250 statutory and appointed • North American Securities Adm delegates were brought together inistrators Association -- Investor Ed Fall 2008 to form a bipartisan group America Saves Week 2008 Media Release Security ben Puget Sound Energy loves the idea of savi eficiaries. ng on energy and is featuring tips on their Kitsap Super Saturday should be do 1) Hosting Maryland Saves’ ing; the challenge ahead of Financial Fair Roll in the Dough them is putting these values into action. savings campaign. A FDIC Between the second quarter of 2006 and the seco nd quarter of 2007, the U.S. Department of • Week The first issue was on trends in health care benefits. The March 2009 issue covers inform Partnering with the American Bankers funds in a Roth IRA for the down-paym . ation to encourage viewers and listeners Association (ABA) in April for ent of a house? to take charge of th Should a person use extra eir fiTeach Kids to nancial future; Money • Sm Updating inf art Class - Cow ormation on reverse m litz Asset Building Coalition ortgages in partnership with states’ attorney • And among workers who did a retirement needs calculation: 14 percent reported they and open the lines of communication between Feb. 26: Money Smart Snohomis Jane Walstedt h: U.S unknow . DepartASEC and our governm me n nt attendance of Labor, Wom en’s Bue reau nt partners. As Washington State is very active in promoting financial literacy throughout the state throughout Hope Tracking: Hardy Wendy's Fi nancial $ense 3 highlighting 10 research prio state and local governm Evaluation: efforts throughout the federal governm ent officials to im rities, along with a longer, m ent, support prove collaboration on financial education efforts s the prom th ore detailed report. otion of financial literacy by the co-organ future. In honor of the third annual izer of the Summit with the Departm National Entrepreneurship Week ent of Labor. The Department of Labor shared the , the Consortium with diverse expertise. Delega ® tes represented state and local governments, professionals, and Over the course of Am • ASEC Coalition: Pennsylvania Securities Comm erica Saves Week of Fe ission – b. 24–March 2, 2008: Confessions of a Scam Artist National Partners ° Sent to print, radio, TV, bloggers and financial Web site. http://www.pse.com/Pages/default.aspx education partners for addition al distribution. Free informational fair at West ASEC staff speak with 150 to Television: • representative is on Improvements are need Park Community Center in Bremerton from 12:00 - 4:30 pm. 500 individuals at these events, the Steer ed to the FLE ing Committee f C site or Kansas City Saves, is inv depending on the length of the olved in Housing and Urban Developm House Sm retirem funds to pay down principal on a house or a all Business C ent benefits, a co omm ent joined with th mplicated is ittee, February 25 sue. Subseq e Treasury Departm dd it to savings? : "Drop in Retirem uent issues o These questions proved en nt retirem ent Savings: The to host a series of ent will Lower Colu • Over the past decade and Ballpark E$timate Save Day mbia CAP . , Cowlitz Asset Building Coalition and Wo was m a half, ASEC has brought entioned in an article in Social Security together public- and pr rk Source are sponsoring financial ’s Social Security U ivate-sector partners pdate Davi • d A. Wea generals and housing agencies. Ma Choosetosave.org—a W ver eb site com Social Sec y 2009 is the target release date. pleutely rity devoted to financial education. Administration guessed at the amount they would need, 46 pe rcent did their own estimate, 33 percent adm Feb. 27: Kitsap CU class “Solving XII. Lonel inistrations com l Har Partner Roundtable – Items mentioned during the Roundtable dy e and go and political person Wen the Mystery of the Credit Report”: dy's Finannel tu cial $ense rn over at the execu tive ag 15 adults encies, GIG the year. These efforts are conducted in partners We are able to track the number of times the PSAs were viewed through YouTube and the hips. Some of the organizations involved in am Four roundtables were held focusing on African-A priv ong federal, state, and local levels. SECTION II – Agency Updates ate sector while also enc ® ouraging the synchronization of efforts between the public and mericans, Asian/Pacific Islanders, Hispanics, direct cos for Entrepreneurship Education is pleased ts of the Summit equally with ASEC, and m to present "Entrepreneurship E ajor additional contributions o MPOW f stafE f tim RS e other individuals working in the fields of employee benefits and retirement savings, private SECTION III – Update of ASEC Activities ABC-spec America Saves In addition, our earlier • More than 6 AARP announced that they are ific releases sent to their local media o As this testimony was com 00 hundred organization Youth and Money and s, agenci Parents, Youth and Money pteaming up with DFI and other iled, it took quite es, financial ins a bit of effort to find docum titutions, no surveys underlined the n-profits an organizations to produce d ents More information about Kitsap Super Saturday event; som Alicia W • Challenges Sm Choose to Save illis e event planning, and will be answerin events are held on m all Busin PSAs a ess Face Fu nd long programm ore than one day. Emnding and M ployee Be g basi nefit Research All of the fairs list ing, such as aintaining R c finan In cial qu stitu Missio etirem te estion n ed above are annual or e Retiremen nt Plans in a s in a TV Call-in t, are currently meetings highlighting the work of successful part address one aspect of retirem to be quite com ® plicated. Much depends on ent plans, resulting in several issues of nerships that have adva a person’s individual tax situation. Staff nced hom Program eownership. education for all adults to share inform during Amer ation on best practices and to coll ica Saves Week with the int . ention of improving and increasing fa aborate on financial security initia mily wealth. Clas tives such as: ses on Friday Melor a C. He asked a financial advisor, 9 pe avey American rcent read or heard how m Institut e of Certified uPublic Acc ch is needed, 16 percent used ountants provides a consistent m Feb. 27: Ft. Lewis Milit eeting forum ary Saves Class: to focus unknow on public-sector financial literacy efforts. n attendance these efforts • New m are: Gov. Chris Grego icro-grant program ire, W from ashingt ICI Education F on State Departm oundation ent of Financial Institutions, Choose to Save Web site. Department of Agriculture Cooperative Extension – Update of rd Activities Recommendation: and Native Am private sectors. ericans. The agenda and a brochure promoting the African-American Roundtable were ma Everyone, A Proposal for Entrepre de by the American Society of Pensi neurial Skills Building". on Actuaries and EBRI. An additional two dozen sector institutions, employers, the general public, and m ® embers of Congress. The common goal Coalition Partners: Upcoming ASEC Partners’ me Military Saves Christopher Yuen coma taking charge in tough times campaign. panies participated b y etings are sch reach U.S. ing o Depa urt t to em m eduled for: ent ofployees, custom Treasury ers, members or the general ° influence of parents on their children’s financia Walla Walla related to FLEC’s goals and past l knowledge and savings and credit behavior. events—as the information was not on sem Beth Struggling Econom i-annual events. Hirschho running on the Starfish Tele show in Kansas City, MO on February 23 rn y." vision Network, a nonprofit orga Metropolitan Life Insu . Most of the FDIC regional offices rance Company nization operated on the Perspectives at Wi$e-Up work to m on retirem ae intain and verify the answers for these questions. nt plans. are from 9:00 a.m. The Emm • Partnering in the developm y and Telly award-winning Choose to Save - 10:30 a.m. at WorkSource Cowlitz ent of the federal governm national public edu . ent’s Savings Matters cation and outreach campaign; Internal Revenue Service – Update of Activities • an on-line c Releasing a publication in March 2009 c alculator, and 11 percent filled out a worksheet o ontaining tips on how r f to avoid hom orm. e Feb. 28: Pierce County “Connect With Your Money” Feb. 28: 200+/- attended Washington State Department of Retirement Services, Washington Society of CPAs, Jump $tart • MetLife Mature Market Institute – Study: Broken Trust, Elders, Family, and Finance • YouTube: Begin to focus resources (tim Evaluation: are posted on FLEC’s Web site, but no results James Zawada e, attention, funds U.S. General from the roundtables have been m ) on the aforementioned research priorities. Services Administration ade public on ASEC partners also provided Summ of the Summ it delegates was to seek ways to help it funding. Over 185 delegates attended the June 4–5, 2008, all Americans retire with security and dignity. The ASEC c The Wednesday, October 21, 2009 Elle views n Hof expresse fman oalition consists of for-profit, d in this st atement are solely those nonprofit, and governm of Dallas Salisbury and shou ent entities. Fourteen ld not be attributed to the American Savings Education Council SECTION IV -- Atten public http://www.aarp.org/states/wa/articl ; dees es/Taking_Charge_in_Tough_Times.html Monday ° Thus, it is important for all generations Cowlitz , February 23 FLEC’s site, but on other agencies’ sites. to be money- and credit-sm Links to results from events, such art. Dish Network, airing 24 hours a day of news are involved with local Saves campaigns in varying degr , entertainment, docum ees; for exam entaries, and other ple, FDIC is Evaluation: ® Military Since m program Saves Class At Fort Lew foreclosure scam i is dedicated to raising d-2005, over 1.6 m s. illion in awareness about the need to plan is dividuals have completed the in and save for long-term personal teractive worksheet, while • Serving as a major resource for Congress as it drafted the SAVER Act of 1997 (Savings In addition, ASEC conducts two partner m Washington Society of CPAs promoted to • Among all workers in 2009, almost half (47 pe eetings 9,600 per year that bring t WSCPA members rcent) reported they will need less than ogether its public- and Washington, and Consumer University to name just a few. There are many more organizations – A Study on Elder Financial Abuse Prevention • The Extension is prom o All of the Choose to Save oting America Saves Week PSAs are posted to our account and has set the following goals Em FLEC hosted two m FLEC issued a report manda the dom ployee Ben ain. efit Research eetings of this network in Instituted by the statute, the te (EBRI), the EBRI Edu April and October of 2007. No results of these catio National Strategy for F n and Research Fu th nd, any o inancial Literacy: f its programs, officers, gathering. Jeanne M. Hogarth Federal Reserve Board • This proposal is about recognizing that entrepreneurship, the force that created the Wednesday, April 14, 2010 organizations are paid partners, 61 are mission partners (consisting of nonprofits and ° Employee Benefits Research Institute Pierce Military • Saves Event At Bangor Navy Over 75,000 people attended over 1,800 events; on the W as the Internationa orking Committee of Maryland Saves. l Conference on F Base inancial Education, that are posted on Two roundtables were held (one in July 2006 th House Comm programmittee on Educati ing about giving and service. on and Labor, February 24 The only sources of its programming are e other in June 2007) but : Strengthening Worker no results of those Thrift Savings Plan - 1300 - 1500, AC almo • • st 200,000 have downloaded th Benefits data from Wi$e-Up has some March 2009 will be rel new PSAs posted on You Tube. e prin S Class t vers room at Waller Hall. ion from eased in August 2009. You can go to BLS’ our Web site. Addition ally, more than financial security. • The IRS has been addressing questions fr Are Vital to Everyone’s Retirement), organizing the 1998 National Summit on om small employers on whether they can private-s WSCPA pr $500,000 in total savings to live ector partn omoted to ers. The goal of each m 300 teachers com eeting is to network and share inform fortably in retirement. ation on Bold: Speakers at the state, local, and national level working to prom ote financial literacy throughout the state of tru M. Cin stees, spon d • y Ho MetLif so un rs, sell or o e Ma t her staff. Th ture Ma e Em rkep t Institute – loyee Ben Womene 's In fit Res Helpful Hints: Preventing stitu earch In te for a Secure Retirem stitute is a nonpro enft (WISER) it, Elder Financial Abuse: nonpartisan, education and which they expect to reach: (www.youtube.com/ctspsas). Of the 92 posted, there are: C. Recommendations m Taking Ownership of the Future eetings are available. One outcome from for Improv . Every section of the repor ements to FLEC these meetings is the creation of the Natio t set objectives, programs, and nal th The Summ strongest econom it’s theme was “Saving for a Lifetim y in the world, needs cham e: Advancing Generational Prosperity.” pions now. The skills connected to ® Wednesday, October 20, 2010 universities), and 22 are government partners. ° National Council for E Okanogan Department of Agriculture, Cooperative Extension conomic Education The Washington Department of Programs: • Over 25,000 enrolled as “Savers” through Am 2) nonprofits, charities, and other The edition of other sites, should be included on FLEC’s s Money Smart News Financcause-driven organizations. ial Institutions (DFI) and , slated for release the week of February 16 erica Saves or affiliated local Saves ite so that interest several other partners will be ed parties do not , roundtables are available, only an agenda. Retirement Security Credit University 9,735 Hispanics have downloaded the Spanish Ballpark E$tim Web site f - Capital High or the March 2008 data School, Oly . mpia ate . Securities and Exchange Commission – Update of Activities research or use their retirem Retirem ganizatient Savings, and actively partic on establis ehed nt plan assets for no in Washington, DC, i n-retirem nipating in the 2002 and 2006 events; 1978. Th ee nt purposes during hard econom American Savings Education Councili,c a program f The United Way of Snohomish County Free Tax i Patricia Hu nancial lite mpracy ef hlett f orts, with an emphasis U.S. Dep on sharing best practices and expanding the num artment of Labo Preparation Campaign r is promoting and ber Washington. For Family Caregive 8-10 second PSAs rs 1) 15,000 attendees at events Financial Education Network Database Recommendation: evaluation criteria. FLEC undertook efforts in for State and Local Governm a number of the areas, and accom ents plished Historic in many ways, the Summit was a truly bipartisan effort to draw national attention to the Participants partook in breakout making the "right decisions" for entr sessions focusing on four sp epreneurial success can and should be ecific generational groups: the Jim Terry North American Securities Ad ° ASEC achieves its goals through several program Snohomish have to browse the Inte ministrators Association rnet for a w s and initiatives, which fall into two distinct hile un til they find the content for which participatin cam g in a military saves event at Bangor will con paigns, or took the M tain an article mention ilitary Saves Pledge; ing America Saves Week. Mo . DFI will be on hand to answer questions a ney Smart News nd hand Credit Univ oAn f EBRI-ERF, dr ew H ersity ungis a non : Washington Teens learn about savi profit natio nal coalitio U.S n of . Depa public- and rtment p orfi v Tate-sector ng, investing, credit management, and reasury organizations undertaking initiatives to • May is older Americans month. Wi$e-Up may have a May conference call on a topic Over the years, a num of organizations using the work of others. marketing saving via splitting tax refunds. Tax filers • tim Helping the U.S. Securities & es. Consequences of m ber of group-specific survey isuse of Exchange Comm funds m A detailed pub s have been conducted using the R ay result in stiff penalties. is can use the split refund sion develop the lic report is provFacts on Saving and ided with th process to target use Ce S. These 2) Events in 31 Washington State’s states 20-15 second PSAs • MetLife Mature Market Institute – Helpful Hints: Preventing Elder Financial Abuse: ( Again, posting the resu m http://www.flecnationalnetwork.org/ eetings and agenda developm 1. Improve communica lts of these co tioent. One m n efforts nferences wi ). This W eeting brought together res eb site was developed by the National ll enable financial educa earchers and set forth tion institutions to need to build a secure financial foundation for our country’s retirees. This was made abundantly Millennial Generation (individu experienced and learned throughout educati als born from 1982 to presen on. It must also t day), Generation X (born 1961– be recognized that Financ ASEC Leadership Roles Departmen ial Industry Regulatory Authority t of Defense : ° raise public awarenes categories: professional partnerships, Yakima s a they are looking. bout what is needed to e and outreach to the general public. nsure long-term personal financial independence. Neither EBRI nor out information. Dan I annicolreaches an estim a ated 20,000 subscrib ers. Recommendation: • Over half a million people saw information about America Saves Week on the web; preventing identity theft, sponsore In 2007, ASEC developed, for the U.S. Office Department of Labor, Office o d by f Disability Westerof Personnel Managem n Washington Credit Unions. Employment Policy – Update of Activities ent, a version of the geared toward older Americans. Social Security offered to provide a speaker. EBRI include proceed of their tax refund. In addition, • : W Investing ings of the m ill be participating in the Departm Campaign eeting. The W in 1998 to encourage Am tax customers can use this proce eb site, www.asec.org ent of Defericans to get the facts about how to ense’s , serves as a portal where ASEC Military Saves Week ss to purchase US Savings bonds financial ASEC plans a support role in the Washington program. ASEC materials such as the Ballpark 3) Media to reach 4.1 m 3-20 second PSAs illion individuals For Older Adults Association of Govern access h financial literacy research ques elpful resources to be distrib ment Detions that require added researc fined Contribution Ad uted to these groups, as well as ev ministrato h. Others brought together those rs (NAGDCA) in consultation aluate current outreach clear during a keynote session at 1981), the B entrep aby Boom reneu ®rial sk Generation (born 1943–1960) ills can tended by President Clinton, be utilized in any workplace, no , and the Silent Generation (born 1925– Vice President Gore, House t just when operating one’s ASEC ASEC Chairm Monte Ivey takes policy an Dallas positions , nor do Salisbury they serves on lobby RTL or receive federal funding. Netthe Board of FINRA Investor Education works Mary Bell – on phone Money OPED written so ABCs could add Smart Class - Cow ® litz Asset Building Coalition quotes from local dignitaries and submit to local media. Capital High School, Olympia Ballpark E$ • Millions were reached through press in m can provide som timate for federal governm e background data on sources ent employees. ajor markets including W of incom For October 1, 2007 through Septem e for persons age 55 and over ashington, DC, New ber fair at the Pentagon. partne for long-term financial goals i.e. educ rs and achieve f all inte inancial secur rested comie ty; together to ation, retirement, etc. To date share information on events, resources, and best 32 US Savings bonds have E$timate, • Iowa RCS (1999). PSAs, and brochures are us ® ed by various organizations at their events. For 1 4) 100,000 reached through W 49-30 second PSAs eb sites and e-mails with FLEC. efforts so th • MetLif at follow-up e – Th action e 2009 MetLife Study of the Am s may be taken to assist each g erican Dream roup. Speaker Newt Gingrich, Senate Majority Leader Karen Jaffe • Make the information pr esented a MacNeil/Leh t threr Produ e FL Trent Lott, House Mino EC mee ctions tings available to the pu rity Leader Richard blic. 1942). They were challenged to dev Note: Tr own business. acking for the Choose to Sav e Web elop acti site begon plans with com an in June 2005. All statistics li pelling messages, app sted represent thre to oaches, tal Foundation. In this capacity, he c America Saves ontributed to funding decisions on financial literacy projects. Regular posts on our financ Department of Labor, Bureau of Labor Statistics ial education Twitter page www.twitter.com/FinEd4All Lower Colu mbia CAP, Cowlitz Asset Building Coalition and Work Source are sponsoring financial York City, Los Angeles, Chicago, Phoenix, Miami, among many others; and age 65 and over. been purchased, totaling $2,400 in value, through this service. practices concerning financia 2 3 l literacy. Since mid-2005, the page was viewed over 734,446 Washington Saves W • Florida RCS (2003). eek 2008, the Washington Society of CPAs conducted an essay contest in Starrlese Jones DHHS Health Resources & Services Administration 5) 7,000 to open a new savings account 7-60 second PSAs num Th Noe wo ber te: Th of rd vi ese reco ing ew of th s, vi mmen e listed sits, hi da t tions refer t s g,o d ao ls co wnlm oae d o s d s th , et irectly fro e FLEC site, no c. to thatm p FLEC’s artict ul my ar as W mo pect en be site. y.g ofov t he site between June 2005 and March 2009. Regular posts and updates on our financial education blog www.finlit.blogspot.com education for all adults with the intention of improving and increasing family wealth. Classes on Estimated Washington residents reached: 10,807 Monday are from 5:15 p.m. - 6:45 p.m. at CAP. Summary Report D D D D D D D D D D D D D D D D D D D D Da a a a a a a a a a a a a a a a a a a a allas llas llas llas llas llas llas llas llas llas llas llas llas llas llas llas llas llas llas llas llas S S S S S S S S S S S S S S S S S S S S Sa a a a a a a a a a a a a a a a a a a a alisbury, EBRI lisbury, EBRI lisbury, EBRI lisbury, EBRI lisbury, EBRI lisbury, EBRI lisbury, EBRI lisbury, EBRI lisbury, EBRI lisbury, EBRI lisbury, EBRI lisbury, EBRI lisbury, EBRI lisbury, EBRI lisbury, EBRI lisbury, EBRI lisbury, EBRI lisbury, EBRI lisbury, EBRI lisbury, EBRI lisbury, EBRI Washington Saves Week Summar Washington Saves Week Summar Washington Saves Week Summar Washington Saves Week Summar Washington Saves Week Summar Washington Saves Week Summar Washington Saves Week Summar Washington Saves Week Summar / / / / / / / / / / / / / / / / / / / / /ASEC ASEC ASEC ASEC ASEC ASEC ASEC ASEC ASEC ASEC ASEC ASEC ASEC ASEC ASEC ASEC ASEC ASEC ASEC ASEC ASEC y y y y y y y y — — — — — — — — The Pow The Pow The Pow The Pow The Pow The Pow The Pow The Powe e e e e e e er of r of r of r of r of r of r of r of Partnerships Partnerships Partnerships Partnerships Partnerships Partnerships Partnerships Partnerships Ap Ap Ap Ap Ap Ap Ap Ap Ap Ap Ap Ap Ap Ap Ap Ap Ap Ap Ap Ap April 29 ril 29 ril 29 ril 29 ril 29 ril 29 ril 29 ril 29 ril 29 ril 29 ril 29 ril 29 ril 29 ril 29 ril 29 ril 29 ril 29 ril 29 ril 29 ril 29 ril 29, 200 , 200 , 200 , 200 , 200 , 200 , 200 , 200 , 200 , 200 , 200 , 200 , 200 , 200 , 200 , 200 , 200 , 200 , 200 , 200 , 2009 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 16 19 17 21 14 22 12 13 18 10 20 15 11 3 2 6 8 5 7 9 4 Submitted by Washington Department of Financial Institutions

Volume T-158

Pages 45

EBRI Testimony

April 29, 2009

Dallas Salisbury

Financial Wellbeing Health Retirement