1
Money Smart News Fall 2004
IN THIS ISSUE
Message from the Chairman
Interactive Computer-Based
Money Smart Launched
Money Smart: Get Involved!
Partner News
Photo Essay: Money Smart
Alliance Program Signing Cer-
emony
Photo Essay: Money Smart
Computer-Based Instruction
Roll-Out
New Federal Education Com-
mission Launches First Major
Initiatives
Message from the Chairman
Personal computers and the Internet have revolutionized the way many people bank,
shop, communicate and do many other things, including how they can get
an education. “E-learning” enables people to study a subject any time,
anywhere, as fast or as slow as they want or need. Given the many bene-
fits of e-learning, the FDIC is proud to offer the next generation of Money
Smart, the FDIC’s award-winning financial education curriculum. Money
Smart CBI -- short for Money Smart Computer-Based Instruction -- is in-
teractive, interesting and easy to use, and available free of charge on CD-ROM and on
the FDIC’s Web site. The new version contains all the information found in the Money
Smart curriculum but with enhancements, including the chance for users to have a
“virtual experience” filling out a check, using an ATM and conducting other banking
business.
As you may recall, the FDIC introduced Money Smart in the summer of 2001 as a 700-
page paper-based product available only in English and designed to be used in a
classroom. Since then, we’ve translated Money Smart into Spanish, Chinese, Korean
and Vietnamese, and we’ve made the original curriculum available on CD-ROM. We’re
proud of how Money Smart has helped low-income Americans, new immigrants and
other adults outside the financial mainstream enhance their money management skills.
In fact, thanks largely to the partnerships the FDIC has established with government
agencies, national non-profit groups, banks and other organizations around the coun-
try, more than 300,000 people have taken a Money Smart class and have opened at
least 40,000 new bank accounts.
We’ve had great success in helping people step into a classroom and later step into a
financial institution, so they can be in a position to open the next door – the door to fi-
nancial independence -- by saving money, being smart about borrowing money, own-
ing their own home and even starting their own business. Money Smart CBI is de-
signed to make it even easier to reach that door to financial independence, without
even having to leave home. And because not everyone has Internet access at home,
the FDIC is making Money Smart CBI available on CD-ROM as well, so that anyone
interested can learn on a stand-alone computer in a local library or school. The FDIC
also is working with our existing partners and recruiting new partners to offer Money
Smart CBI in their classes or otherwise help bring our program to people who may not
have Internet access or a computer at home.
To do your own e-learning about how Money Smart CBI works and how you can ac-
cess it online or order a copy, start by reading the Money Smart News article at http://
www.fdic.gov/consumers/consumer/moneysmart/newsletter/fall2004/launched.html.
Find out why we’re so excited about this new financial education service for consum-
ers...and why you may want to be part of it.
# # #
To see a photo essay on the FDIC’s announcement of Money Smart CBI at the Nation-
al Press Club in Washington, DC, on September 15, 2004, visit http://www.fdic.gov/
consumers/consumer/moneysmart/newsletter/fall2004/photoessay2.html.
---Chairman Don Powell
Money Smart News Fall 2004
IN THIS ISSUE
Message from the Chairman
Interactive Computer-Based
Money Smart Launched
Money Smart: Get Involved!
Partner News
Photo Essay: Money Smart
Alliance Program Signing Cer-
emony
Photo Essay: Money Smart
Computer-Based Instruction
Roll-Out
New Federal Education Com-
mission Launches First Major
Initiatives
Message from the Chairman
Personal computers and the Internet have revolutionized the way many people bank,
shop, communicate and do many other things, including how they can get
an education. “E-learning” enables people to study a subject any time,
anywhere, as fast or as slow as they want or need. Given the many bene-
fits of e-learning, the FDIC is proud to offer the next generation of Money
Smart, the FDIC’s award-winning financial education curriculum. Money
Smart CBI -- short for Money Smart Computer-Based Instruction -- is in-
teractive, interesting and easy to use, and available free of charge on CD-ROM and on
the FDIC’s Web site. The new version contains all the information found in the Money
Smart curriculum but with enhancements, including the chance for users to have a
“virtual experience” filling out a check, using an ATM and conducting other banking
business.
As you may recall, the FDIC introduced Money Smart in the summer of 2001 as a 700-
page paper-based product available only in English and designed to be used in a
classroom. Since then, we’ve translated Money Smart into Spanish, Chinese, Korean
and Vietnamese, and we’ve made the original curriculum available on CD-ROM. We’re
proud of how Money Smart has helped low-income Americans, new immigrants and
other adults outside the financial mainstream enhance their money management skills.
In fact, thanks largely to the partnerships the FDIC has established with government
agencies, national non-profit groups, banks and other organizations around the coun-
try, more than 300,000 people have taken a Money Smart class and have opened at
least 40,000 new bank accounts.
We’ve had great success in helping people step into a classroom and later step into a
financial institution, so they can be in a position to open the next door – the door to fi-
nancial independence -- by saving money, being smart about borrowing money, own-
ing their own home and even starting their own business. Money Smart CBI is de-
signed to make it even easier to reach that door to financial independence, without
even having to leave home. And because not everyone has Internet access at home,
the FDIC is making Money Smart CBI available on CD-ROM as well, so that anyone
interested can learn on a stand-alone computer in a local library or school. The FDIC
also is working with our existing partners and recruiting new partners to offer Money
Smart CBI in their classes or otherwise help bring our program to people who may not
have Internet access or a computer at home.
To do your own e-learning about how Money Smart CBI works and how you can ac-
cess it online or order a copy, start by reading the Money Smart News article at http://
www.fdic.gov/consumers/consumer/moneysmart/newsletter/fall2004/launched.html.
Find out why we’re so excited about this new financial education service for consum-
ers...and why you may want to be part of it.
# # #
To see a photo essay on the FDIC’s announcement of Money Smart CBI at the Nation-
al Press Club in Washington, DC, on September 15, 2004, visit http://www.fdic.gov/
consumers/consumer/moneysmart/newsletter/fall2004/photoessay2.html.
---Chairman Don Powell
2
Money Smart News Fall 2004
Interactive Computer-Based Money Smart Launched
On September 15, the FDIC announced the launch of an interactive computer-based version of Money Smart. The
new version is available - in English and Spanish - both as a stand-alone CD-ROM and on the FDIC's Web site
at http://www.fdic.gov/consumers/consumer/moneysmart/mscbi/mscbi.html.
This "next generation" of Money Smart contains the same 10 modules (sections) as the original Money Smart, which
was designed for classroom use. The new version can complement formal classes, serve as a refresher, or enable
people to study independently.
Donna Gambrell, Deputy Director of the FDIC's Division of Supervision and Consumer Protection, explained that
"the Money Smart interactive computer-based instruction will enable the FDIC to reach even more people using an
exciting technology that will stimulate students' interests." In addition, the computer-based version can enhance
classroom lessons in the original version.
From the September 15 launch of the Money Smart CBI through October 9, the FDIC received 890 orders for the
English version and 328 orders for the Spanish version.
Photo Essay: Money Smart Computer-Based Instruction Roll-Out
Money Smart CBI: Questions and Answers
1. How does the Money Smart CBI work?
The Money Smart CBI contains all the information covered by the original Money Smart, which was designed for
classroom use. An online instructor (Penny Cash in the English version; Celia De La Plata in the Spanish) guides the
student step by step through each section. The student has a virtual experience learning how to fill out checks, use
an ATM, interact with bank employees, fill out a check register correctly, calculate Annual Percentage Rates (APRs),
and much more. Students receive ongoing feedback on their work. Upon successful completion of each section, stu-
dents can print out a certificate showing that they have mastered that module's curriculum.
2. How long does each module take a student to complete?
One of the advantages of the Money Smart CBI is that students work at their own pace. However, on average, each
section will take 20 - 30 minutes to complete.
3. Money Smart was designed primarily for low- and moderate-income individuals. How can people in those groups
use the computer-based version if they don't already know how to use a computer?
This problem concerned us, so we actively set out to address it. First, we have chosen to partner with national organ-
izations that regularly provide their audiences with access to computers. We also are encouraging financial institu-
tions and major corporations to donate computers to our partners.
Second, earlier this year, while the CBI was in the final stages of development, we conducted tests with six groups
around the country and in Puerto Rico. Three of the tests were of the Spanish version; three were of the English ver-
sion. Participants ranged in age from their early 20s to their mid-80s. Some were welfare-to-work participants; others
were from senior citizens' centers, public or transitional housing, or neighborhood improvement programs. Some
were unemployed and others came to the testing site directly from their jobs on the night shift at a local factory. Com-
puter skills ranged from slight to nil. All six groups reported a positive experience with the Money Smart CBI. Even
the senior citizens, who were being exposed to a computer for the first time, were able to master the use of the
mouse and successfully complete one or more sections.
We have posted the Money Smart CBI on our Web site where people can access it through public computers in plac-
es such as libraries. The Web version was slightly modified so that the program can be accessed by older, less so-
phisticated computers without danger of "freezing" them.
Money Smart News Fall 2004
Interactive Computer-Based Money Smart Launched
On September 15, the FDIC announced the launch of an interactive computer-based version of Money Smart. The
new version is available - in English and Spanish - both as a stand-alone CD-ROM and on the FDIC's Web site
at http://www.fdic.gov/consumers/consumer/moneysmart/mscbi/mscbi.html.
This "next generation" of Money Smart contains the same 10 modules (sections) as the original Money Smart, which
was designed for classroom use. The new version can complement formal classes, serve as a refresher, or enable
people to study independently.
Donna Gambrell, Deputy Director of the FDIC's Division of Supervision and Consumer Protection, explained that
"the Money Smart interactive computer-based instruction will enable the FDIC to reach even more people using an
exciting technology that will stimulate students' interests." In addition, the computer-based version can enhance
classroom lessons in the original version.
From the September 15 launch of the Money Smart CBI through October 9, the FDIC received 890 orders for the
English version and 328 orders for the Spanish version.
Photo Essay: Money Smart Computer-Based Instruction Roll-Out
Money Smart CBI: Questions and Answers
1. How does the Money Smart CBI work?
The Money Smart CBI contains all the information covered by the original Money Smart, which was designed for
classroom use. An online instructor (Penny Cash in the English version; Celia De La Plata in the Spanish) guides the
student step by step through each section. The student has a virtual experience learning how to fill out checks, use
an ATM, interact with bank employees, fill out a check register correctly, calculate Annual Percentage Rates (APRs),
and much more. Students receive ongoing feedback on their work. Upon successful completion of each section, stu-
dents can print out a certificate showing that they have mastered that module's curriculum.
2. How long does each module take a student to complete?
One of the advantages of the Money Smart CBI is that students work at their own pace. However, on average, each
section will take 20 - 30 minutes to complete.
3. Money Smart was designed primarily for low- and moderate-income individuals. How can people in those groups
use the computer-based version if they don't already know how to use a computer?
This problem concerned us, so we actively set out to address it. First, we have chosen to partner with national organ-
izations that regularly provide their audiences with access to computers. We also are encouraging financial institu-
tions and major corporations to donate computers to our partners.
Second, earlier this year, while the CBI was in the final stages of development, we conducted tests with six groups
around the country and in Puerto Rico. Three of the tests were of the Spanish version; three were of the English ver-
sion. Participants ranged in age from their early 20s to their mid-80s. Some were welfare-to-work participants; others
were from senior citizens' centers, public or transitional housing, or neighborhood improvement programs. Some
were unemployed and others came to the testing site directly from their jobs on the night shift at a local factory. Com-
puter skills ranged from slight to nil. All six groups reported a positive experience with the Money Smart CBI. Even
the senior citizens, who were being exposed to a computer for the first time, were able to master the use of the
mouse and successfully complete one or more sections.
We have posted the Money Smart CBI on our Web site where people can access it through public computers in plac-
es such as libraries. The Web version was slightly modified so that the program can be accessed by older, less so-
phisticated computers without danger of "freezing" them.