2006 Michigan Money Smart Week^SM — Announcement

Michigan to Celebrate Third Annual Money Smart Week April 22–29, 2006

Members of the Money Smart Advisory Council (MAC) have committed to providing a variety of seminars and events to help educate consumers — especially the elderly, the unbanked and young people — in personal finance matters. 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.

This year's topics will include Improving Your Credit History, Saving for College, Retirement Planning and Teaching Children to Save, just to name a few.

The programs, which are designed to enhance the quality of life for individuals who participate, will focus primarily on the metropolitan Detroit area (defined as Lapeer, Macomb, Monroe, Oakland, St. Clair, Washtenaw and Wayne counties); however, events are being scheduled throughout the state as interest in this financial literacy effort gains popularity. The MAC hopes that Money Smart Week will continue to expand and become a statewide effort in the future. All types of organizations throughout Michigan will provide free financial education programming during the week. Everyone is encouraged to participate in Money Smart Week and enhance their personal financial literacy knowledge.

For the second time, the Money Smart Ambassador Contest will be held. Open to high school juniors in the seven county area, the winner will represent the Money Smart Advisory Council at various engagements during their one year reign. The winner will receive a $10,000 scholarship to attend an accredited college or university of their choosing. Students interested in the competition should contact their high school principal for more information. Entries are limited to three per school and must be postmarked by February 6, 2006, to be considered. For additional information, teachers can download a summary letter (PDF,145KB), guidelines (PDF,34KB) and application (PDF,56KB).

As the facilitators for this event, the Chicago Fed's Detroit Branch is drawing on the success of the two previous Money Smart Weeks as well as a similar event that has taken place in Chicago during the last four years.