Money_Smart_KC_Community_Report-FINAL 2017-2018

2017-2018
COMMUNITY
REPORT
moneysmartkc.org

EXECUTIVE SUMMARY
Money Smart KC began as a week-long campaign in 2008, mirrored after the Money Smart Week
initiative implemented by the Federal Reserve Bank of Chicago. The Kansas City effort then expanded
to a month-long campaign in 2011 and a full year in 2018.
The Kansas City metropolitan area continues to face a digital divide, a rise in student loan debt, a
growth of alternative financial services such as predatory lending, a foreclosure crisis, higher than
average unemployment for the low-to-moderate income (LMI) population, a decline in federal and
state funding for social services and a need for increased financial literacy amongst youth. Through
the Money Smart KC initiative, there has been growth in financial service support through education,
community resources, the Money Smart KC website and other programs.
VISION:
Achieving financial capability and economic mobility for all Kansas Citians.
MISSION:
Money Smart KC will connect resources, education and stakeholders to positively impact the financial
lives of youth, adults and families throughout our community.
We will accomplish our mission by conducting community outreach events; providing financial
education classes and resources that are responsive to the needs of low- and moderate- income (LMI)
individuals and communities. In addition, we will support emerging small businesses to positively
impact the financial lives of the Kansas City metropolitan area.
KEY STRATEGIES:
• Equip individuals to reduce subprime credit rates through programs and services
• Advocate access to safe and sound financial services by decreasing reliance on predatory
alternatives
• Foster connections with community organizations and consumers for mutual benefit
• Promote positive change by impacting sustainable financial health and well-being of
consumers
KEY TACTICS:
• Build relationships that expand information exchange by connecting and convening banks, local
and state governments, and community-based organizations to explore resources and
promising practices
• Integrate Money Smart KC resources into bank and community stakeholder strategies to help
consumers effectively use financial services
• Teach and disseminate financial education resources and tools for children and adults to banks,
teachers, parents, emerging small businesses and non-profit training organizations
• Provide resources to small businesses and strengthen collaboration between small businesses
and banks
• Support programs and alliances to expand financial capability and inclusion
• Utilize research and evaluations to identify opportunities to increase the impact of Money
Smart KC resources
• Share resources and community events on the Money Smart KC webpage
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2017-2018 AREAS OF GROWTH:
• Launched Teen (19 topics) and Youth (12 topics) sections of Money Smart KC website
• Introduced Banker Toolbox, which includes resources geared toward financial institution partners
• Incorporated year-round events and topic-specific search feature to Money Smart KC website
calendar
• Shared Money Smart KC best practices with local and national audiences
• A decrease in underbanked percentages by approximately 2%
• Grew traffic to the MSKC website by approximately 200,000 page views each year, ending 2018 with
over 410,000 views
Partners
Events
Participants
600
2500
40000
500
400
300
200
314
530
2000
1500
1000
1,465
2,117
35000
30000
25000
20000
15000
29,815
36,545
100
500
10000
5000
0
2017 2018
0
2017 2018
0
2017 2018
LOW-TO-MODERATE INCOME (LMI) REACH:
55% of participants were LMI
Note: 2017 represents Money Smart Month (April) and 2018 represents full year. Data is gathered from
evaluations received.
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MONEY SMART KC SUPPORT
Funding for Money Smart KC is used primarily for programs and marketing efforts, as well as to
maintain the Money Smart KC website, which has the ability to meet the financial education needs of
Kansas City residents on a larger-scale. As an all-volunteer-run initiative, we could not exist without
them. Money Smart KC takes seriously the stewardship of the initiative and expends resources in a
responsible manner.
Money Smart KC is made possible through the generous support of:
Ulysses S. Grant and above
AEI
Alliance for Economic Inclusion
Andrew Jackson
Alexander Hamilton
Academy Bank/Dickinson Financial Corporation
Bank of Blue Valley
Capitol Federal Savings Bank
Central Bank of the Midwest
Enterprise Bank and Trust
First Federal Bank of Kansas City
Morrill & Janes Bank and Trust
U.S. Bank
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MONEY SMART KC WEBSITE
WEBSITE IMPACT:
• Shared Money Smart KC best practices with local and national audiences
• Consulted with other Money Smart initiatives regarding interest in replication
• Expanded Money Smart KC reach to U.S. military families stationed around the world
WEBSITE METRICS:
As of December, 2018:
• Total page views: 410,081
• Average pages viewed per visit: 8
• 79% access the MSKC website via desktop
• 21% via mobile device
Top 3 pages viewed by age group:
Adult:
• Tax Preparation
• Immigrant Services
• Financial Coaching & Fun & Free in KC
Teen:
• College Preparation
• Money Games & Activities
• Banking 101
Youth:
• Money Games & Activities
• Money Choices
• Save to Spend
Top 3 referral sites:
• Facebook
• Kansas City Public Library
• Women’s Employment Network (WEN)
Participants’ probability
of accessing the tools and
resources on the Money
Smart KC website was 4.7
out of 5.
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MONEY SMART DAY
2018 marked the tenth year of Money Smart Day (MSD) in Kansas City. The Federal Reserve Bank of
Kansas City hosted the event at the Kansas City Public Library (Central Branch). MSD is intentionally
focused on meeting the needs of the LMI community. The event includes several hour-long concurrent
sessions on a variety of topics, including budgeting, how to repair credit, home buying tips, saving for
the future, etc.
In 2017, 398 participants attended Money Smart Day
reflecting a 19% increase from the year prior. In 2018
over half the respondents had not attended Money Smart
Day before and about 50% of attendees reported a
household income under $50,000 for both years.
When surveyed, attendees overwhelmingly
responded they are likely to attend more
Money Smart KC sessions in the future.
EFFECTIVENESS RATING:
Members of the general public attending financial education sessions were asked to what extent
“the session was a good use of my time” on a 1-5 scale, with 5 being the highest.
2017
4.6
2018
4.8
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PREVIOUS TOPICS AND PRESENTERS:
• A Credit Smart Start - Understanding your credit score and how to improve it - Commerce Bank
• Avoiding Financial Frauds and Scams - Federal Reserve Bank of Kansas City
• Budgeting Basics - Women’s Employment Network
• Estate Planning 101 - What everyone should know - Allstate
• Exploring Your Financial Values and Attitudes - United Way of Greater Kansas City
• Get Moving! Home Financing 101 - UMB Bank
• Saving for Your Future Starts Now! - Ameriprise Financial
• Top Personal Finance Apps - Central Bank of Kansas City
• Budgeting Made Easy - Catholic Charities of Kansas City-St. Joseph
• How to Buy a Car - Greater Kansas City LISC
• Understanding Credit - CHES, Inc.
• Home Buying Basics - UMB BANK

MONEY SMART KC PROGRAMS
1st Place team from Raytown South High School
2nd Place team from Lincoln College Prep
SHARK TANK CONTEST 2018
The 4th annual Shark Tank competition was held at the Money Smart KC Live luncheon on May 8,
2018 at the Federal Reserve Bank of KC. For Central Bank’s Shark Tank Competition, ten teams
participated from four area high schools (40 students): Lincoln College Prep, Southeast High
School, Raytown South High School and Blue Valley CAPS.
Connecting for Good provided computers and Central Bank of
KC provided lunch and the prizes. The UMKC Office of Financial
Literacy administered the competition. The students were given a
problem and solved it by creating an original product or service.
The 1st place team, from Raytown South High School, won the
grand prize of $1,000. The 2nd place team, from Lincoln College
Prep, won $500.
“My students absolutely LOVE
participating. They gain invaluable
experience and have an opportunity to
network with their peers from other
schools as well as staff/colleagues who
support the event.”
- local high school teacher
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MONEY SMART KC PROGRAMS (continued)
JUNIOR ACHIEVEMENT
Junior Achievement of Greater Kansas City brings business back to the classroom by providing programs
to promote financial literacy, inspire entrepreneurship, and prepare students (K-12) for success in a 21st
century workplace. By connecting classrooms with business and community volunteers in a hands-on
learning environment, we equip Kansas City’s next generation with the skills they need for a
prosperous future.
Classes
Participation
1000
800
600
400
860
958
25000
20000
15000
10000
17,630
22,954
200
0
5000
2017 2018 2017 2018
0
YOUR PIECE OF THE PIE
As the job market evolves, employers look for individuals with entrepreneurial skills such as confidence,
creative thinking, relationship building and leadership. Your Piece of the Pie: Today’s Youth, Tomorrow’s
Entrepreneurs (YPOP) is a 4th – 6th grade project-based learning program that teaches students these
skills, as well as entrepreneurial vocabulary and how entrepreneurs can benefit their economy by creating
and/or innovating solutions.
YPOP is administered by the Federal Reserve Bank of KC, UMKC Office of Financial
Literacy, KCSourceLink, Mid-Continent Public Library and the FDIC. The program is
segmented into four, sequential lessons, two teacher-led and two volunteer-led,
and results in the presentation of students’ original business solutions to a
problem in their home, school or community. In 2017, we reached 1,098 students
in 47 classrooms in 31 schools. And, in 2018, we received help from 42 volunteers
to reach 1,614 students in 72 classes from 29 schools.
TEACH CHILDREN TO SAVE
Teach Children to Save is a national initiative that helps children understand the basics of personal finance
through classroom visits and activities. The Federal Reserve Bank of KC partners with local financial
institutions and other organizations to provide classroom-ready, literature-based lessons about savings and
money management to area elementary students, K-3rd grade. Each visit includes a children’s story, a
hands-on activity and takeaways for the students and their teachers. The story component of the lesson
correlates to the reading requirement within elementary-level classrooms.
In 2017, 167 volunteers visited 320 classrooms in 119 schools, reaching approximately 6,830 students
throughout the Kansas City metropolitan area. The program’s reach was even broader in 2018, with 206
volunteers visiting over 400 classrooms in 125 schools, serving over 8,230 students.
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MARKETING AND MEDIA REACH
How did you find out about Money Smart KC?
DIGITAL MARKETING AND MEDIA
KSHB-TV featured MSKC at the Don Bosco Senior Center
where Central Bank of KC was teaching a financial
education class on credit. Other local news outlets looked
to Money Smart KC as financial experts (like Better KC in
the fall and KSHB-TV news in December) when covering
financial education topics.
Money Smart KC information was posted on Twitter and
Facebook to promote events, provide financial tips and to
support partners. To date, Money Smart KC Facebook page
has 884 likes — 61% women and 31% men. The majority
of Money Smart KC followers are 25-54 and live in Kansas
City, Missouri.
PRINT MARKETING
In 2018, the 8-page calendar of events was distributed as follows:
• 45,000 overruns that the FDIC delivered to local community centers and libraries.
• 14,240 were inserted in the KC Star newspaper in areas that had sessions and zip codes with
a household income of $60,000 or less
• 20,820 were delivered in mailboxes with the Wednesday KC Star TMC wrap with the same
low-income zip codes
Money Smart KC also placed an ad in Your Health
Matters magazine. The magazine supported the
initiative with a long article promoting Money
Smart KC that ran alongside the ad and was
distributed to over 34,000 readers.
From the Exploring Your Financial Values session, “Very good
session. Taking this back to my church financial classes.”
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CONCLUSION
Money Smart KC serves thousands of LMI individuals on an annual basis through multiple outreach efforts
through a large network of volunteers and community partners. Money Smart KC successfully builds
relationships and connects with the community and key stakeholders to effectively meet the needs of the
LMI commuinity to improve their financial stability and resilliance. Money Smart KC and its partners are
committed to promoting economic stabilization and inclusion, financial education, and safe banking
practices of underserved consumers and emerging small businesses throughout the Kansas City
metropolitan area.
MESSAGE FROM THE CHAIR AND VICE-CHAIR
Over ten years ago, we met with four other like-minded organizations to launch a financial literacy
campaign for Kansas Citians, geared toward promoting financial capability for low-to-moderate-income
individuals. We called it Financial Fitness Week. Today, we are Money Smart of Greater Kansas City
(Money Smart KC), and although our goals have remained the same we couldn’t have imagined how that
vision would transform into the large-scale, year-round initiative it is today. Since its inception, Money
Smart KC has grown exponentially and adapted to meet the needs of our diverse community, especially
those who are economically vulnerable.
Within the last two years specifically, we established short and long-term strategic goals and revamped
our committee structure and governance to promote long term sustainability. We also implemented a
communication and marketing plan to clarify our mission and objectives as we transitioned to a year-round
initiative. With the help of our steering committee and community partners, we developed teen and youth
sections to enhance the Money Smart KC website. We also began sharing best practices and our website
development model with other organizations and Money Smart initiatives, both locally and nationally. In
addition, our steering committee has grown to approximately 70 individuals representing over 45
organizations, our program reach continues to increase and we’ve also seen a reduction in the
nderbanked percentage across the metropolitan area.
Overall, the continual and collaborative efforts of our committee members, sponsors, partners and
volunteers have helped to grow Money Smart KC far beyond the week-long campaign we created 10 years
ago. Money Smart KC’s website resources, programs and partnerships have become a mainstay in Kansas
City and are recognized nationally. Our solid foundation and consistent growth have not only helped us to
improve the lives of families across the Kansas City metro, but have poised Money Smart KC for even
bigger and better things to come!
Gigi Wolf
Money Smart KC Chair
Sarah Cousineau
Money Smart KC Vice-Chair
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EXECUTIVE COMMITTEE:
Central Bank of Kansas City
Commerce Bank
Credit and Homeownership Empowerment Services, Inc. (CHES, Inc.)
Federal Deposit Insurance Corporation (FDIC)
Federal Reserve Bank of Kansas City
Full Employment Council (FEC)
Local Initiatives Support Corporation (LISC)
WANT TO GET INVOLVED?
Planning for the next Money Smart Month and other MSKC events is in full swing.
The steering committee is recruiting partners to reach more in the community who
can benefit from the resources we all have to offer. If you are interested, e-mail the
Money Smart KC steering committee chair, Gigi Wolf, at gigi.wolf@kc.frb.org. View
the website at www.moneysmartkc.org.
@MoneySmartKC
/MoneySmartKC
Money Smart KC Steering Committee
moneysmartkc.org
When asked if they had attended a
Money Smart event before, 56% of
respondents had not been to a
Money Smart event before.
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