National Conference Tackles College Savings and Financial Education for Children and Youth

The conference highlights the timely nature and critical importance of lifelong asset development starting at birth. Participants will identify and refine proven and promising programs and strategies, create work plans and best practices and learn from successful young savers. They will share resulting knowledge and ideas with their communities. While the focus of the conference is to support young savers, its outcomes will have a far-reaching impact on all stages of individual and community development.

"This is the first national conference on children and youth savings, which will showcase a successful multiyear demonstration, extensive research and innovation already under way in communities across the country," said CFED President Andrea Levere. "We hope the conference will lead the charge in growing the aspirations and opportunities of all children and youth to one day go to college, own a home or start a business."

"Citi and the Citi Foundation are proud to continue our partnership with CFED around this important conference, which is designed to increase the importance of saving for the future and to foster leadership in the field of asset development," said Pam Flaherty, President & CEO of the Citi Foundation and Director of Citizenship. "We hope more children and youth will understand the importance of financial education and form a greater foundation for their own economic progress."

One promising new tool to help children and youth accumulate savings is a Children's Development Account (CDA). CDAs are universal, long-term asset-building accounts established at birth with the potential to grow over a lifetime. Seeded with $100 to $1,000, CDAs grow with contributions from family, friends and the children themselves. Most CDA funds are then augmented by savings matches and other incentives. Financial education, a key component of most CDA initiatives, helps young savers and their families build financial aspirations, knowledge and skills. With CDAs, all children regardless of background will be free to dream--and achieve.

The National Conference on Children and Youth Savings will showcase current research and practice on children development accounts and other savings programs and their impact on school achievement, youth development, college preparation and developing lifelong skills in money management. Speaking on the importance of starting from birth to build economic security over a lifetime is Luis Ubinas, President of the Ford Foundation. Dr. Michael Lomax, President of the United Negro College Fund will speak to their work with secondary schools to integrate college savings, academic and financial counseling and financial aid with the goal of increasing achievement and graduation rates of low-income and minority students.

Brooklyn's Ifetayo Youth Ensemble (IYE) is the featured performer at the conference. The IYE combines art and dance with financial education and matched savings to heighten youth's self-esteem, cultural pride and community awareness. IYE members (aged 12-21) are all given Individual Development Accounts (matched-savings accounts) in which their savings for post-secondary education are matched 2:1.

The conference is generously supported by the Ford Foundation, with additional sponsors including Citi, Citi Foundation, Capital One, Levi Strauss Foundation and the Jim Casey Youth Opportunities Initiative. Conference partners include the Citizen's Committee for Children of New York Inc, the Center for Social Development at Washington University, the Initiative on Financial Security of the Aspen Institute, the New America Foundation and the University of Kansas School of Social Welfare.

For more information on the 2009 National Conference on Children and Youth Savings, please visit www.cdaconference.org.

CFED expands economic opportunity by helping Americans and their children build assets, save for the future, start and grow businesses, pursue education and become homeowners. We identify, refine and help realize good ideas and develop partnerships to promote lasting change. We bring together community practice, public policy and private markets in new and effective ways to achieve greater economic impact. Established in 1979 as the Corporation for Enterprise Development, CFED works nationally and internationally through its offices in Washington, DC; Durham, North Carolina; and San Francisco, California.

Citi

Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through its two operating units, Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.

Citi Foundation is committed to the economic empowerment of individuals and families, particularly those in need, in the communities where we work so that they can improve their standard of living. Globally, the Citi Foundation targets its strategic giving on its priority focus areas: Microfinance and Microenterprise, Small and Growing Businesses, Education, and Financial Education and Asset Building. In the United States and Canada, the Citi Foundation also supports Community Development programs. The Citi Foundation works with its partners in Microfinance and Microenterprise, Small and Growing Businesses, and Community Development to support environmental programs and innovations. Additional information can be found at www.citifoundation.com.

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SOURCE: Citigroup

CFED 
Kristin Lawton, 202-207-0137 
or 
Citi 
Luis Rosero, 212-559-2455