Smart Investing @ Your Library®

Welcome

Why financial literacy is important.

Overview of Financial Fitness

@YourLibrary project.

Other financial literacy resources and

programming ideas.

“Financial illiteracy is not an issue

unique to any one population. It affects

everyone…

No longer can we stand by and ignore

this problem. The economic future of

the United States depends on it.”

President’s Advisory Council

on Financial Literacy

Need for Financial Literacy 32% have

household budget.

30% prepare a long-term financial plan - savings and investment goals.

Persons create future financial plans – have some college and making $75,000 a year.

From debt.com

Spend 12-18% more when they use credit cards instead of cash.

76% live paycheck to paycheck.

50% less than one month’s income saved for emergencies.

44 % less than three months of savings.

from debt.com

77 million have

debt - average

balance of $5,200

1 out of 20 people

at least 30 days

late - need to pay

$2,258 to become

current From debt.com

Spent more than income

0%

5%

10%

15%

20%

25%

Oklahoma UnitedStates

2009

2012

2015

From FINRA.org

0%

5%

10%

15%

20%

25%

Un

ited

Sta

tes

Ok

lah

om

a

Ch

ild

ren

Wo

rkin

g A

ge…

Wo

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g A

ge…

Poverty

Poverty

Poverty – Family of four making less than $24,250 in 2015.

--povertytalk.org

% Having Medical Bills Overdue

0%

5%

10%

15%

20%

25%

30%

35%

Oklahoma United States

2012

2015

From FINRA

Paid Minimum on Credit Card

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

Oklahoma United States

2009

2012

2015

From FINRA

Women… score lower in

financial literacy.

engage in costly

behaviors.

more likely to carry a

credit card balance.

more likely to make

minimum payments.

more likely to be

charged a late fee.

paid more in credit

card interest. From FINRA Investor Education Foundation

Financial concerns

54% millennials say

debt is “biggest financial

concern.” -Wells Fargo Study

39% millennials worry

about their financial

future “at least once a

week.” -Fidelity study

41% baby boomers

expect their standard of

living to decrease in

retirement. -Transamerica Center for

Retirement Studies

Financial Educators Council

54%

55%

56%

57%

58%

59%

60%

61%

15- to 18-yr-olds

15-18-yr-olds

Average scores on financial literacy tests

Financial Educators Council

Most missed Question 1.

If I invest $100 per month starting at

age 21, and that money earns a 7%

annual return, how much will I have

after 70 years?

Answered Correctly:

29.69%

“More than 1.5 million dollars”

Financial Educators Council

Most missed Question 2.

How can I start setting personal goals

now?

Answered Correctly:

30.44%

“Daydream, think about and/or research

the type of lifestyle you want to live,

and write down ideas.”

Financial Educators Council Most missed Question 3.

What is the safest initial step I can take

to start building my credit?

Answered Correctly:

42.13%

“Create a credit plan that includes a

budget, money set aside for

emergencies, and the steps you’ll take

to prove to the credit bureaus that you

can repay money you borrow.”

Oklahoma is one of just four states receiving a D on the 2016 National Report Card on Adult Financial Literacy

Seventy-seven percent of Oklahoma grades were C, D or F.

“Oklahoma Is One of Four States

to Receive D Grade for Financial Literacy,”

Norman Transcript, 12 Dec. 2016. Online.

Credit Card Debt Largest year-over-year increases

Q1 2015

Q1 2016

Pct. change

North Dakota

$4,206

$4,356

▲3.6%

Oklahoma $5,019

$5,145

▲2.5%

STATES WITH LARGEST ANNUAL INCREASES IN AVG CREDIT CARD DEBT PER CONSUMER

From Transunion

Student Debt Seven in 10 seniors

(69%) graduates -

student loan debt,

average of $28,950.

From 2004-2014 debt

rose from 65% to

69%, rose more than

twice inflation.

--The Institute for College Access and Success

55% of Okla. grads

Avg. debt $23,430

@your Library FINRA Investors

Education

ALA Smart

Investing @ your

Library®

Okla. Dept. of

Libraries

• model Pioneer

Library System

• FINRA now

statewide

projects

PLS Model – Fiscally fit boot camp

Have lunch

meetings in the

workplace

Worked with

CCCS

Updated their

collections

Have a web portal

Develop Resource

Centers

Displays in the

workplaces/

libraries

Free government

materials

@ your library Primary targets

Military

personnel and

families

Seniors

Young adults

Persons in

poverty

@ Your Library

Lawton Public Library

Southeastern Public Library System

Southern Prairie Library System

Rose State College

Major activities Classes

Training materials

Reference info

Library resources

Marketing

Resource Centers

Food

Evaluation

Curriculum Your Fiscal Strength

Booyah for your

Budget

Credit Crunches

Basic Training for

Borrowing

Deb Drills

Staying Fiscally Fit

“College graduates spent 16 years

gaining skills that will help them

command a higher salary; yet little or

no time is spent helping them save,

invest and grow their money.”

Vince Shorb, CEO,

National Financial Educators Council

financial-fitness.

oklibraries.org