Our Libraries
April 15, 2008
Get Smart With Money at the Library Near You
These days who’s not worried about money? Between falling house prices and rising food and gasoline prices, money is a worrisome subject.
In 2002 the Federal Reserve Bank of Chicago, in partnership with several financial institutions and community groups, created an award-winning financial education program called Money Smart Week. The program had several goals: to help adults enhance their money management skills, increase their understanding of basic financial services, and build confidence in using banking services. Money Smart programs are presented annually during Money Smart Week which is being celebrated this year from April 20 – 26.
Cynthia Miller, business librarian at the Glenview Public Library heard about Money Smart week from a librarian at the Federal Reserve Bank in St. Louis. “I immediately saw the possibilities for residents in our area, and I looked into the program at the Federal Reserve Bank of Chicago. The programs presented on such useful topics as Identity Theft and Reverse Mortgages were terrific. That first year 24 people participated, which encouraged me to continue the program the next year.”
Barb Vlk, business specialist at the Arlington Heights Memorial Library, heard Miller speak favorably about the program and decided it was such a great opportunity that many more libraries needed to be involved. “It seemed a natural for libraries to be involved in this program. I used our North Suburban Library System network of business librarians and proposed that more of us get involved. It wasn’t a hard sell because it’s just so obvious that there are quality programs that would interest our patrons.”
As a result of Vlk’s efforts, public libraries in Arlington Heights, Crystal Lake, Des Plaines, Evanston, Glenview, Highland Park, Morton Grove, Mount Prospect, Niles, Northbrook, Park Ridge, Schaumburg, Wheeling, and Wilmette will be participating. In addition, some programs will be held at the Arlington Heights Historical Museum.
Here’s the way the program works. Staff members from the Federal Reserve Bank working on the Money Smart Week program pass along the names of the partners willing to present programs. Staff from participating libraries contact the partners and negotiate for programs on particular topics. In this way, program offerings are geared to what’s happening in the world right now. For example, a program, “Avoiding Foreclosure” will be presented at the Morton Grove Public Library at 7 p.m. on April 22. And there are programs for all ages. “Get Real: Financial Decisions in the Real World for Teens” will be presented at the Schaumburg Township District Library at 7:00 p.m. on April 23.
All programs are free and open to the public, but registration is required. Contact the library in person or online for specific program listings and to sign up.
Last year the Federal Reserve Bank engaged the Gallup Organization to follow up with Money Smart participants to determine the effectiveness of the courses. They’re effective! Gallup contacted participants 6 to 12 months after completing the course, and survey results indicate that those who took part were more likely to open deposit accounts, save money, use and adhere to a budget, and have increased confidence in their financial abilities.
Still worried about money but can’t get to the library? Money Smart courses are available online. Put “money smart” into your browser and choose the Federal Deposit Insurance Corporation (FDIC) Money Smart Page. Then click on “Computer-Based Instruction” in the column on the left side of the page.
Tune in to our award winning cable show, “What’s New in Libraries” next month for my interview with Colleen Ringel to learn more about Money Smart Week. To find broadcast times/channels, visit www.whatsnewinlibraries.org
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Sarah Long's "Our Libraries" column in the Daily Herald is published the first Sunday of the month. The 