Results tagged as "financial education"

  • Citi Teams up with Cities across the U.S. At Tax Time

    By Bill Mills, CEO North America and Bob Annibale, Global Director of Citi Community Development and Inclusive Finance January 26, 2018 10:00 AM

    ​Nearly half of all U.S. households lack the savings to cover a $400 emergency expense. But at the same time every year, an all- too-often unrecognized opportunity arises that has the potential to alleviate this persistent financial vulnerability for working families living on lower incomes: Filing taxes.

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  • 100,000 Kids Later: Celebrating Citi’s Commitment to Youth Financial Empowerment

    By Will Howle, Head of U.S. Retail Banking, Bill Mills, CEO, North America, and Bob Annibale, Global Director, Citi Community Development June 28, 2016 01:00 PM

    A child with a savings account is four times more likely to graduate from college. That’s the difference a relationship with a financial institution can make. At Citi, we want to be that difference in a child’s life. And that’s why we’re an active member of the Teach Children to Save campaign.

    Teach Children to Save is the banking industry's largest volunteer effort to encourage youth savings. By visiting classrooms, youth centers, after-school programs and more, bankers use their real-world knowledge and professional skills to encourage kids to start young and save more.

    Citi colleagues have a special opportunity to reach out to young people and leverage our expertise as financial professionals to prepare young savers and their caretakers with the tools and knowledge to build strong financial futures. Financial literacy is the pathway to a college education and many other important opportunities, including homeownership and saving for retirement and emergencies.

    In our 16-year partnership with the American Bankers Association, Citi employees have reached over 100,000 young people through the Teach Children to Save initiative.

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  • Ventanilla de Asesoria Financiera: Building more financially inclusive cities for Mexican Immigrants

    By Ambassador Sandra Fuentes-Berain, Consul General of Mexico in New York March 28, 2016 02:00 PM

    Maria De Los Angeles Baez Rivera, a Mexican immigrant living in Queens, was in a very difficult place in October of 2014. Facing extreme financial hardship, she did not have a permanent home, and was constantly moving from place to place. She did not have a bank account, could not afford a mobile phone, and lacked the basic resources and stability necessary to obtain full-time employment.

    There are roughly 320,000 Mexican immigrants in New York City—a community roughly the size of Pittsburgh—many of whom are struggling with similar situations as Maria. In order to better understand the financial needs of this community, the New York City Department of Consumer Affairs Office of Financial Empowerment (OFE) and Citi Community Development published the Immigrant Financial Services Study in April 2013. The study revealed that more than half of Mexican immigrants in New York City do not have a bank account because of perceived or structural obstacles to engaging with financial institutions—obstacles which are often rooted in language, cultural or informational barriers to trust.

    Mexican immigrants, like immigrants from many other countries, often have limited experiences with financial institutions in their new home. They worry about hidden fees, the security of their deposits or that authorities might take away their money. They are unfamiliar with tax benefits and are at times skeptical of programs that offer help.

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  • Citi Banamex Financial Education: Ten Years and Ten Million Beneficiaries

    By Elena García Cano, Communications and Outreach Coordinator, Citi Banamex Financial Education August 21, 2015 01:00 PM

    Since 2005, more than ten million Mexicans have benefited from Banamex’s Financial Education program “Saber Cuenta” (Knowing Counts). The first comprehensive bank initiative for economic and financial education in Mexico, Banamex formed the program in response to an urgent need in a population that was underserved. Saber Cuenta’s mission is to assist the public, particularly the lower-income population, in developing skills and mindsets that will empower them to make smart personal financial decisions.

    I am proud to be part of the Saber Cuenta program, which helps those in need in three ways: improving personal and/or family finance, teaching entrepreneurship finance (for micro, small and medium enterprises) and providing institutional financial support for non-governmental organizations.

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  • Teach Children to Save 2015

    By Bill Mills, CEO North America, Will Howle, Head of U.S. Retail Bank, & Bob Annibale, Global Director of Citi Community Development and Inclusive Finance July 20, 2015 12:00 PM

    It’s never too early to start saving. For those of us fortunate enough to have been taught that lesson at an early age by a family member or a teacher, it can help set the stage for a lifetime of positive financial behaviors.

    And, it is a lesson that has never been more important. According to research from Family Assets Count, a project of the Corporation for Enterprise Development in collaboration with Citi, nearly half (45%) of all households in major urban cities may not have the necessary savings to sustain three months at the poverty level in the event of a disruption to income, such as the loss of a job or a major medical bill occurrence. Many of these families living in “liquid asset poverty” are employed, own homes and have college educations, yet are walking a financial tightrope every day, unable to safeguard against the unexpected.

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  • Advancing Financial Capability in Rapidly Changing Urban Environments

    By Regina Seow, Managing Director, Citi Global Public Affairs December 05, 2014 10:00 AM

    In the last two decades, Asia has experienced some of the most rapid demographic changes in the world. Asia's urban population has risen approximately 10% from 1990 to 2010. The United Nations projects that Asia's urbanization rate will rise to 56% in 2030 and further to 64% in 2050.

    Accompanying this rapid urbanization is the growth of mega-cities with populations exceeding 10 million. More than half of the world's mega-cities (13 out of 22) are now found in Asia Pacific, including Tokyo, New Delhi, Mumbai and Shanghai to name a few.

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  • An Innovative Approach to Enable Financial Capability

    By Pramit Jhaveri, Citi Country Officer, India October 30, 2014 11:59 AM

    Last month, India Prime Minister Shri Narendra Modi announced his vision to end 'financial untouchability' in the country by providing universal access to banking. The target is to open 75 million new savings accounts in six months, supported by a massive financial literacy drive. Barely 40 percent of Indians currently have access to formal banking, making this initiative a national imperative.

    And I am proud that Citi is supporting his vision. Citi India, with support from Citi Foundation, has been proactively supporting financial education and inclusion programs across the country. In 2004, Citi Foundation, SEWA Bank, Women's World Bank and Coady International Institute established the Citi Center for Financial Literacy, which has since provided financial education to an estimated 800,000 low-income women.

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  • Citi South Africa Volunteers Enrich Students' Lives Through Financial Literacy

    By Magashini Pillay, Citi Public Affairs Officer - South Africa September 24, 2014 04:52 PM

    Through the month of August, 12 Citi volunteers spent time in a classroom teaching young, eager pupils from Sandton View High School in Alexander (a township in Johannesburg) how to make wise financial decisions for their future.

    Supported by the Citi Foundation, Banking on Our Future (BOOF) is a project run by Operation HOPE SA. The programme is a six part award-winning financial literacy curriculum designed to help people, especially youth, to take control of their financial destinies. The modules are designed to encourage youth to develop behaviours that will help them to protect their financial resources and build wealth through budgeting and entrepreneurial activities. In addition to the financial literacy aspect of the project, the importance of dignity and respect for oneself is another concept that is stressed strongly throughout the curriculum. The hope is that the students learn more than just how to save. Ultimately, we want them to walk away well-rounded, responsible adults who can positively contribute to their community.

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  • Citi and World Wildlife Fund Support Sustainable Small Business Development in the Altai Region

    By Tatiana Avramenko, Citi Community Relations Officer, Citi Russia September 03, 2014 12:36 PM

    Russia's Altai Republic has a population of more than 200,000 people, the majority of whom are engaged in animal husbandry and live and work in the Altai Mountains and steppe. One of the biggest challenges impeding development in remote regions such as Altai is unemployment, which in some villages in the region reaches 90%. As a result, annual income for families in the area is low and many rely on poaching and trading plants and animals, which threaten the region's biodiversity. To ensure the protection of Altai's unique natural wildlife, improvements are needed to increase standards of living, as well as create alternative opportunities for the local population to generate income.

    A joint program by the World Wildlife Fund and the Citi Foundation entitled Tourism Development in the Altai Mountains aims to develop small business as a means of preserving the unique natural environment of the Altai Republic. As a result of the program, 129 entrepreneurs have received financial assistance totaling 5.5 million rubles. Participants in the program have taken part in educational seminars covering the basics of running a business. They have also participated in experience-sharing sessions tailored specifically to the projects of each entrepreneur.

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  • Citi Volunteers Teach Economic Empowerment to P.S. 96 in East Harlem, New York

    By Francesco Vanni d’Archirafi, CEO Citi Holdings and Board Chair of JA Worldwide July 29, 2014 12:28 PM

    Earlier this summer, a group of fellow colleagues and I teamed up with JA New York and JA New Jersey (Junior Achievement) to bring experiential learning in entrepreneurship, workplace readiness and financial literacy to more than 100 elementary school students at P.S. 96 in East Harlem, New York.

    Teams of Citi volunteers brought their real-world business expertise, passion and creativity to teach 3rd and 4th grade students about basic economics, creating businesses, as well as the types of resources and the impacts of business on communities. The interactive JA curriculum is designed to provide young people with educational experiences that highlight the connections between school and the real-world, nurture their talent and energy, as well as foster self-reliance.

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