July 2023 Money Smart Newsletter

In This Issue

July Monthly Message from the FDIC
Money Smart and Military Scam Protection
Success Stories
Latest FDIC Consumer News Edition
Tips and Techniques

July Monthly Message from the FDIC

July is Military Consumer Protection Month. During this month, we celebrate the contributions of the military community and the enormous sacrifices they make for our nation. According to the Consumer Financial Protection Bureau (CFPB), almost 67 percent of the active-duty service members are under the age of 30. Money Smart for Young Adults and How Money Smart Are You? are great resources for you to help empower service members, veterans, and military families overcome the unique financial challenges they face.

Money Smart and Military Scam Protection

Even in summer, scammers don’t take a vacation. They are always trying to get personal and financial information from someone in order to take their money.

Service members, veterans, and military families are not immune. Scammers target the military community because military families relocate frequently. Service members are also targets of fraud because many of them are living on their own and earning a paycheck for the first time.

The CFPB annually publishes a report on the top financial concerns facing service members, veterans, and military families based on the complaints they receive. This past June, service members told the CFPB about billing inaccuracies and debt collectors’ use of aggressive tactics to recover allegedly unpaid medical bills. Service members also reported failures by credit reporting companies in helping to resolve inaccuracies and other credit reporting issues.

Money Smart can help you assist our military families with these issues. You can use Money Smart modules to talk about preventing frauds and scams, correcting billing inaccuracies, reviewing credit reports, and understanding credit score issues. The modules you can use include:

Money Smart for Young Adults: Building Your Credit History, Protecting Your Money and Your Identity
Money Smart for Adults: Credit Reports and Scores, Managing Debt, Using Credit Cards, Protecting Your Identity and Other Assets
Money Smart for Older Adults: Scams that Target Veterans, Computer/Internet Scams
How Money Smart Are You?: Credit Reports and Credit Scores, Managing Debt, Using a Credit Card

We are always eager to hear your success stories as you assist service members, veterans, and military families. If you have successful strategies or promising approaches, please share them with us at moneysmartnews@fdic.gov. You can also join us at #FDICMoneySmart and show us your success in action!

Success Stories

Anne E. Frank, Financial Education Program Coordinator at Commonwealth Bank, Indiana, Pennsylvania, uses a number of FDIC Money Smart modules. She uses Money Smart for Young People, Money Smart for Adults, Money Smart for Young Adults and Money Smart for Small Business. She added each workshop was well received.

Ms. Frank used Money Smart for Adults when she and her colleagues presented to residents of the Indiana Pennsylvania Housing Authority. When she used it, she selected modules that fit within their timeframe. She was very impressed with the Money Smart for Adults Power Point slides and handouts; per Anna, they allow her to present to various audiences on short notice.

Ms. Frank used Money Smart for Young People to present to the Indiana, Pennsylvania school system. She was able to use the Spanish version for the first time and appreciates that the materials are available in both English and Spanish. “They were easy to use and I didn’t need a lot of prep time,” said Ms. Frank.

Ms. Frank also used Money Smart for Small Business. “I love that Money Smart is available and well-versed; I did not have to figure out how to explain topics because all of the necessary information was there.” She recommends highlighting in the Facilitator Guide the information you should cover if you have limited time to discuss a module.

“We also love the credibility and neutrality that the FDIC lends to these curriculums, as it shows to our community partners that our bank is partnering with them to provide financial education, and that it is not a disguised sales pitch,” Ms. Frank said. From 2021 to first quarter 2023, Ms. Frank and her organization have used Money Smart in 646 sessions with 6,171 attendees. They have collaborated with 7 libraries, 15 schools, and 26 non-profit organizations.

We are eager to hear about your approaches and successful strategies involving Money Smart. Please share your story or tips about Money Smart with us at moneysmartnews@fdic.gov.

Latest FDIC Consumer News Edition

The July 2023 edition of the FDIC Consumer News is titled “Is My Money Insured by the FDIC?” and discusses what you should consider when opening an account and placing money with a nonbank, third-party company. Read it here.

Tips and Techniques

Instructors can customize Money Smart materials to meet the needs and interests of people they serve. This includes putting your logo alongside the FDIC logo on the guides and handouts or using only the modules that pertain to your audience.