ASEC Mission: To make saving and retirement planning a priority for all Americans.
From the American Savings Education Council (ASEC):
- We realize this goal by educating the public about all aspects of financial security through our coalition of major public- and private-sector partners.
- For more about ASEC, download this brochure
December 11, 2008
Federal Reserve Releases Data Showing Drop in Total Household Debt in Third Quarter 2008
Data from the Federal Reserve’s Flow of Funds Accounts shows household debt contracted at an annual rate of 0.8 percent in the third quarter (July-September) of 2008, after having posted a small increase in the previous quarter. In the third quarter, home mortgage debt decreased at an annual rate of 2.4 percent, and consumer credit rose only at an annual rate of 1.2 percent.
Data sources:
Flow of Funds Summary Statistics Third Quarter 2008
Debt growth, borrowing and debt outstanding tables (Data is presented annually 1975-2007 and quarterly 2002 Q1 through 2008 Q3).
December 8, 2008
FDIC Publication Helps Consumers Understand Their New, Higher Deposit Insurance Coverage
With banks and the economy in the news so much lately, many people are thinking more about the safety of their money. The good news for consumers is that federal deposit insurance coverage has significantly increased, primarily as a result of a temporary boost in the basic insurance limit from $100,000 to $250,000. That's also why the Federal Deposit Insurance Corporation has issued an explanation of the new changes along with tips and information to help bank customers better understand their insurance coverage and how to be sure all their deposits are fully protected.
The advice was published as a special edition of the agency's FDIC Consumer News (the Fall 2008 issue) entitled "Your New, Higher FDIC Insurance Coverage: How You Can Be Fully Protected." Among the key points made in the new publication:
- The basic limit on federal deposit insurance coverage has been temporarily increased from at least $100,000 to at least $250,000 per depositor. But as always, a depositor may qualify for more than the basic insurance coverage at one insured bank because the FDIC provides separate insurance coverage for deposits held in different "ownership categories," such as single and joint accounts.
- By law, the basic FDIC insurance limit will return to $100,000 on January 1, 2010. That means all the deposits a consumer has at a bank in his or her name alone will be fully insured up to $250,000 through December 31, 2009. After that date, the depositor will only be insured up to $100,000, with any balance over that limit becoming uninsured. However, it is important to remember that additional coverage may be available depending on how accounts are held, such as when deposits are owned jointly with another person. The reduction in coverage starting in 2010 will not affect certain retirement accounts, which will continue to be protected up to $250,000.
- The FDIC has eased the rule governing "revocable trust accounts" that pass to named beneficiaries when the account owner dies. No longer does the FDIC consider only the account owner's spouse, child, grandchild, parent or sibling as "qualifying beneficiaries" for additional insurance coverage ($250,000 if there is one beneficiary, $500,000 if there are two, and so on). Now, an account owner can name any person or charity as a beneficiary and the owner will qualify for the additional deposit insurance coverage.
- Through year-end 2009, certain checking accounts at participating banks will be fully insured by the FDIC, no matter how much money is in them. This special insurance coverage applies only to no-interest checking accounts and certain other low-interest transaction accounts, and only at participating institutions.
Other articles describe various steps depositors can take to be sure they're fully protected by FDIC insurance, why and how to use the FDIC's online deposit insurance calculator called "EDIE," and common misconceptions depositors have that can inadvertently result in being over the federal insurance limit and at risk of loss if their institution fails.
"Your New, Higher FDIC Insurance Coverage" can be read or printed at www.fdic.gov/consumers/consumer/news/cnfall08. To order up to two free paper copies, use the online form on that same Web page or call the Federal Citizen Information Center toll-free at 1-888-8- PUEBLO (1-888-878-3256) weekdays from 8:00 a.m. to 8:00 p.m. Eastern Time and ask for Department 89.
The goal of FDIC Consumer News is to deliver timely, reliable and innovative tips and information about financial matters, free of charge. Current and past issues of FDIC Consumer News, including previously published special editions, are online at www.fdic.gov/consumernews.
There also are two ways to subscribe to the quarterly FDIC Consumer News. To receive an e-mail about each new issue with links to stories, go to www.fdic.gov/about/subscriptions/index.html. To receive the newsletter in the mail, free of charge, call the FDIC toll-free at 1-877-275-3342, send an e-mail to publicinfo@fdic.gov or write to the FDIC Public Information Center, 3501 North Fairfax Drive, Room E-1002, Arlington, VA 22226.
The FDIC encourages financial institutions, government agencies, consumer organizations, educators, the media and anyone else to help make the tips and information in FDIC Consumer News widely available. The publication may be reprinted in whole or in part without advance permission. Organizations also may link to or mention the FDIC Web site.
December 8, 2008
CFA NEWS: Consumer Holiday Spending Plans Reduced Dramatically
Far more consumers plan to reduce holiday spending from levels of previous years, according to the ninth annual CFA-CUNA spending survey.
CFA-CUNA Holiday Spending Survey press release.
December 2, 2008
Washington State Financial Literacy Work Group -- Report to the Governor
The Washington Financial Literacy Work Group was created in Governor-sponsored legislation to assess financial literacy in Washington State.
The Work Group was tasked with addressing the issues presented in Senate Bill 6272 Chapter 3, Laws of 2008, supported and signed by Governor Chris Gregoire on February 11, 2008.
The Work Group met 7 times - from April through October. Additionally, subcommittees formed and met on numerous occasions. The Work Group:
- Surveyed 749 state agencies, non profit organizations, private sector organizations, K-12 educators, and 2 year technical and community colleges.
- Supports nine recommendations to expand financial education in Washington.
- Identified state funding for financial education.
- Believes a central warehouse for financial education information is needed.
- Believes there is opportunity to expand partnerships in Washington
Final Report
Final Recommendations
Supporting Documents for Final Report
November 25, 2008
Money Week Houston Introduces The Money Smart Kid Winners
Sixth Grader & Twelfth Grader Named Money Week Houston 'Money Smart Kids'
HOUSTON—Sixth grader John Bailey, a home schooled student and Oscar Webb, a twelfth grader from Jessie H. Jones High School in Houston, Texas won an essay contest to become the 2008 Money Week Houston “Money Smart Kids” as part of Houston’s Money Week Houston.
Bailey and Webb wrote the winning 300-word essays on reasons why it's important to attend college and various ways to pay for it. Coordinated by Money Week Houston and its Money Smart partners, Money Week Houston is designed to educate consumers about money management and generate awareness of financial education programs on a wide range of topics such as budgeting, saving and using credit wisely. The week consists of hundreds of free classes and seminars on money management topics, all held throughout the Houston area.
The Money Smart Kid essay contest looks for kids who exhibit knowledge of how to use money wisely. Students grades 5- 12 were encouraged to answer this year's essay question, and the winners will be presented at a Press Conference in conjunction with The Honorable, Anna Escobedo Cabral, the United States Treasurer on Thursday, December 4th, 2008 at the University of Houston Central Campus in the Houston, Room. The two winners Bailey and Webb won a $5,000 scholarship each from Capital One Bank and the opportunity to spend a year as Money Week Houston’s junior financial literacy ambassadors. "This is a great opportunity for young people to test their knowledge of money management and pave the way to more financial awareness in the future," Denise Shanklin, Executive Director, The Money Smart Initiative and Money Week Houston.
Money Week Houston is a financial literacy and public awareness campaign scheduled for April 19‐25, 2009. Money Week Houston is coordinated by The Money Smart Initiative a non‐profit corporation in the state if Texas. The goal of The Money Smart Initiative is to reach Houstonians of all ages and demographics through the coordination of events like Money Week Houston. Money Week Houston is designed to help consumers better manage their personal finances. This is achieved through the collaboration and coordinated effort of hundreds of organizations across Houston and surrounding areas including businesses, financial institutions, schools, libraries, not‐for-profits, government agencies and the media.
Be the first to preview the new Money Week Houston “Be Money Smart” Newsletter (50,000 Distribution)
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