Financial Literacy Program For Latinos Launched

WASHINGTON - The Federal Deposit Insurance Corporation (FDIC) has released the Spanish-language version of the Money Smart Podcast Network. The new audio version of the FDIC's financial education curriculum is part of the Corporation's continuing efforts to integrate the unbanked and underbanked into the financial mainstream.
"The Money Smart podcast is a self-teaching tool for consumers as well as for educators looking for more effective ways to supplement traditional classroom instruction," said FDIC Chairman Sheila C. Bair. "This new version of Money Smart will be particularly relevant for U.S. consumers who only speak Spanish at home."

The FDIC's groundbreaking survey of the unbanked and underbanked, issued in December, showed that about 36 percent of the households where Spanish is the only language spoken at home were unbanked, compared with just seven percent for households in which Spanish is not the only language spoken at home.

Also, according to 2010 U.S. Census data, more than 34 million Spanish-speaking individuals live in the United States. Spanish was the native language of about 74 percent of the adults who did not speak English well or at all. Also, the last 30 years of Census data show that Spanish speakers accounted for the largest increase in the number of people who speak a language other than English at home.

"It is clear that the Spanish podcast version of Money Smart can help satisfy a growing demand for financial education resources," Chairman Bair added.

The podcast (MP3) version can be used with virtually all MP3 players, making it possible for consumers of all ages to get their financial education "on the go." This version of Money Smart is free, easily reproduced, and can be accessed at www.fdic.gov/consumers/consumer/moneysmart/audio/index.html.

The Money Smart curriculum brings proven results in terms of how individuals who complete the curriculum manage their finances. Through Money Smart, more than 2.5 million consumers have had the opportunity to learn how to better manage their finances and more effectively use mainstream banking services.

Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 7,830 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars -- insured financial institutions fund its operations.