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, 5,607 as of March 31, 2018. 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’S NEW
Research has shown that hands-on learning opportunities involving savings accounts enhance the effectiveness of financial education for young people. The FDIC now offers several resources that can help banks, schools, and others learn proven strategies to connect financial education with the opening of safe, low-cost savings accounts for school-aged children.
- 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.
- 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.
- 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.
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.
ADDITIONAL OFFERINGS
- 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. The materials, along with short videos to overview the curriculum, can be accessed through the FDIC’s Teacher Online Resource Center.
CLEARINGHOUSE RESOURCES
Additional FDIC resources can be found in the Jump$tart Clearinghouse.
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CONTACT INFORMATION
Luke Reynolds
(202) 898-7164
LuReynolds@fdic.gov