Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation’s banking system. The FDIC insures deposits at the nation’s banks and savings associations, 5,303 as of June 30, 2019. It promotes the safety and soundness of these institutions by identifying, monitoring, and addressing risks to which they are exposed. The FDIC receives no federal tax dollars—insured financial institutions fund its operations.
What We Offer
Financial education combined with a deposit account experience at an early age can shape a young person’s financial identity, attitudes, and habits in a way that can last for a lifetime. In the process, young people and their families build confidence in the financial system as they gain value from the products and services they use. Regardless of what financial education curriculum you use, consider connecting the education to opportunities for young people to gain experience with savings accounts at an insured financial institution. Wondering how to get started? Check out these research-based strategies.
Linking Youth Savings with Financial Education: Lessons from the FDIC Pilot describes promising practices banks can use to develop or expand their own youth savings programs. The report is based on the experiences of 21 diverse banks that participated in the FDIC’s two-year Youth Savings Pilot. The report defines a range of models that offer banks flexibility to adapt to varying opportunities to promote youth savings.
Creating a Youth Savings Program in Your Community: A Road Map for Banks, Schools, and Nonprofits highlights the framework for establishing, supporting, and expanding youth savings programs based on lessons from the Youth Savings Pilot.
Through the Youth Banking Network (YBN), banks learn about proven strategies to enhance youth financial education activities with access to a savings account through periodic conference calls and 1:1 technical assistance.
Learn more about these tools at the FDIC’s Youth Banking Resource Center. This website also links to other relevant resources, including a tool developed by the Conference of State Bank Supervisors (CSBS) to help banks and schools quickly identify key state laws governing youth account ownership.
The Money Smart for Young People curriculum series features four standards-aligned instructor-led curricula for young people – Money Smart for Grades Pre-K-2, 3-5, 6-8, and 9-12. It also includes parent/caregiver resource guides in English and Spanish.
Sign up for the Money Smart Alliance so you can be alerted when a significantly enhanced curriculum is released this fall.
What We Need
The FDIC welcomes your support to expand their national presence and increase awareness of the FDIC. Please contact them to find out how you can help.