Mayors Drive Financial Literacy Across U.S. Cities

The financial literacy industry is buzzing over the stepped-up focus of the U.S. Conference of Mayors on financial education in cities across the United States.  Their stated goal by 2015 is to integrate a financial literacy component into all summer youth jobs throughout the nation.

DollarWise is the financial literacy program rolled out by the U.S. Conference of Mayors in 2004 as the central financial education initiative of mayors and cities in the U.S. with a primary objective of increasing access to financial information, tools and resources for individuals and families to become more empowered with respect to their financial affairs.  Since that time, DollarWise has encouraged mayors and municipality staff to assess the financial literacy needs of their constituency bases, develop strategic plans, and build alliances with public, private and non-profit sector organizations to conceive and launch programs designed as financial education solutions in their communities.  An additional role and value-added impact of DollarWise is to provide grant-based funding, technical assistance, and access to relationships with national organizations, such as the Federal Reserve and the Foundation for Financial Planning.

There has been a greater spotlight in recent weeks on the activities of DollarWise and the financial literacy focus of the U.S. Conference of Mayors.  Just last week, applications were due for the 2014 DollarWise Summer Youth Campaign Grant Program.  Awards of $4,000 will be awarded to five cities to broaden the financial education components in their summer youth employment programs.  Similarly, last month applications were due for the 2014 DollarWise Innovation Grant Program, pursuant to which three finalists will be awarded $15,000 grants to augment the financial literacy programs in their cities.

It is not surprising that the U.S. Conference of Mayors is highly engaged in financial literacy given the fast-growing trend in cities and, indeed, nations throughout the world.  The rates of financial illiteracy remain high – but the substantial focus on legislative, policy and programmatic solutions at all levels of government are making important inroads in helping people better understand and manage their personal financial affairs.  U.S. mayors are doing their part and it is widely expected that their efforts relating to financial literacy will continue to grow even more over time.