2004 Detroit Money Smart Week^SM - Announcement

The Detroit Branch of the Federal Reserve Bank of Chicago, along with 29 local organizations joined together to create Money Smart Week, the first of what they hope will become an annual event. Their mission is to combat financial illiteracy and provide greater education to consumers in Southeast Michigan.

Members of the Money Smart Advisory Council (MAC) were committed to providing a variety of personal finance seminars and events during Money Smart Week, April 22-30, 2004. The goal was to provide education aimed primarily at the elderly, unbanked, and children. Although financial illiteracy isn't limited to these demographics, they are the most likely to over-extend their credit, make poor financial choices, become victims of identity theft and potentially seek bankruptcy as a cure for financial woes. The MAC hopes to change that.

The council held more than 150 free or low-cost events in the spirit of community outreach, volunteerism, and philanthropy. Topics included: Improving Your Credit History, Saving for College, Retirement Planning, Teaching Children to Save... and the list goes on. All programs were designed to enhance the quality of life for individuals who attend and participate.

"We are excited about being a part of such an important effort," said Amy Smith, president of The Payments Authority. "Any opportunity we have to help consumers become more fiscally-fit is well worth our time."

Michigan's first Money Smart Week was focused on the greater metropolitan Detroit area, defined as Lapeer, Macomb, Monroe, Oakland, St. Clair, Washtenaw, and Wayne counties. The MAC sees its efforts expanding to Lansing and other population centers such as Alpena, Bay City, Flint, Grand Rapids, Kalamazoo, Saginaw, and Traverse City in the future.

State and local support for Money Smart Week was also planned and the involvement of prominent local officials was encouraged to help achieve a greater awareness of all planned events. Leading that effort is Detroit Mayor 's Kwame Kilpatrick, who recently signed a proclamation in recognition of the event.

"Money Smart Week is just the type of community-based effort we need as we work together to rebuild the spirit and vitality of Detroit and its surrounding communities," said the mayor.

As the facilitators for this event, the Chicago Fed's Detroit Branch is drawing on the success of a similar program that has taken place the previous two years in Chicago, which is now two years strong.

"As we started to assemble our group, we were delighted by the level of enthusiasm and support we received for this type of consumer education," said Glenn Hansen, senior vice president of the Detroit Branch.