Citigroup’s Financial Education Program from a global perspective

Dara Duguay, Citigroup Office of Financial EducationImproving Financial Literacy Conference

November 29- 30th, 2006Moscow, Russia

About Citigroup• 323,000+ employees• 100 countries• 200 million customer accounts• Our businesses

– Global Consumer Group• Citibank, CitiFinancial, Citi Cards, Primerica, CitiMortgage,

Student Loan Corporation, Commercial Business Group, Women and Company, Diners Club

– Citigroup Wealth Management• Private Bank, Smith Barney and Citigroup Investment Research

– Citigroup Alternative Investments– Corporate and Investment Banking

Our Shared Responsibilities

“We must respect the local culture and take an active role in the communities where we

live and work”» Citigroup Shared Responsibilities, September 2006

Citigroup Commitment• April 7, 2004- Citigroup Office of Financial Education• 10-year, $200 million grant commitment towards financial

education programs globally (funded by the Foundation & the Businesses).– Nearly $30 Million spent in 2005 in 68 countries

($53 Million total since launch)– Citigroup Foundation programs have touched over

1 Million lives• Policy that each employee will be given a “day off”

(8 hours) to volunteer.– 8,500 volunteers have contributed their time and talent

to financial education

OFE: Focus Areas

• Personal: FE to help individuals and families spend, save, earn, and manage debt wisely in order to achieve personal financial goals.

• Small Business: FE focused on helping entrepreneurs to save, borrow, invest, and secure financing for their business. Includes microfinance programs that have a financial education component.

• Institutional: FE at the macro-level. Assistance provided to governments and institutions around the world to implement economic controls, support transitions to a free market and establish the foundations of a healthy economy.

Curriculum Overview

(CFEC Binder Cover)

•Launched October 2003, updated extensively in 2006

•Used with hundreds of NGOs

•Age appropriate for children, teens, and adults outside the financial mainstream

(On-line version- interactive games)http://curriculum.financialeducation.citigroup.com

•English, Spanish, Japanese, Chinese, ( French 2007)

Training Program: Overview• Available to Citigroup Employees

and NGOs• Online program features:

– Learning modules are selected by the user according to need

– Covers Curriculum content– Can be accessed wherever user has

Internet access (work, home, etc.)– Features audio throughout and

video of teaching sessions– Over 4,800 employees and NGO

partners have undergone training– In-person training is provided in

major markets as needed(FE Training Web site)

Customer Education Tools

Customer Education Tools

Program Examples by Region

• United States – Purses to Portfolios• Mexico – Saber Cuenta• Asia Pacific – Citigroup/ INSEAD Financial

Education Summits & Microfinance (China)• Latin America – Banks in Action• EMEA – “My Finances” (Poland), “Financially

Speaking” (U.K.), FSVC (Russia) & Microfinance Training Center (Russia)

“Purses to Portfolios”- DE, USA

• Jointly sponsored by the Citigroup Delaware Leadership Council, the Citigroup Foundation and the Delaware Financial Literacy Institute.

• Held October 21st, 2006 and was well attended by 1400 women; 60% of the population (LMI).

• Agenda included financial topics such as: basic budgeting; investing; and what it takes to start your own business.

• Program encourages women to pursue on-going financial education through Delaware Money School classes.

“Office of Financial Education”- Mexico

Promote Financial Education as Part of Banamex’s work

Saber Cuenta - impact

Launch –June 2005

Employees, government,private and NGO sector

28 Programs20 Strategic partners 647,033 Beneficiaries:

(Children 111,329, Teenagers 352,026, Adults 183,678) 716 Volunteers

“Citigroup/ INSEAD Financial Education Summits”- Asia

November 9-10 in Seoul, Korea• Theme: Financial Health for the Next

Generation• 300 delegates from government, NGOs,

academia and private sector • Third annual financial education summit

organized by Citigroup in Asia Pacific• 2004 in Hong Kong – first of its kind

in the region• 2005 in Kuala Lumpur

• Web site is http://www.financialeducationsummit.org

“Microfinance Training Center”- China

• Grant to the Chinese Academy of Social Sciences, which operates the Funding for the Poor Cooperative

• The Academy will establish the Citigroup Microfinance Training Center to support the development of the microfinance industry in China

• Training will be targeted to managers and staff of MFI

• Plans to train over 1,500 over 5 years in areas such as: Leadership and Management Skills, loan quality, internal controls and fraud prevention

“Banks in Action” – Latin America• Developed in 1996• Teaches students the principles

of banking industry & the challenges of successfully operating a bank in a competitive environment

• Currently reaches more than 26,000 students in 26 countries

• Program is currently being rolled out in the U.S.

• $2.8 million 3-year grant for redesign and global signature sponsorship

“My Finances” - Poland• Partnership among Kronenberg Foundation, National Bank of

Poland and Junior Achievement Poland• 200 schools, 2,400 teachers, 216,000 students by the end of

next year• Modules:

– “I Like Banks”– “My Investments”– “Investing Towards

the Future”

“Financially Speaking” – U.K.

•20 schools in Southeast •London•800 students•20 Citigroup volunteers•Final competition at Citigroup Centre

•Needs and Wants•Budgeting

•Compound Interest•Responsible Ways of

Earning Money•Cost of Cool

“FSVC” – Russia

• Financial Services Volunteer Corps is a public-private partnership whose mission is to help build sound banking and financial systems in transition and developing countries. • Discuss current trends in money laundering techniques • Develop best practices in anti-money laundering policies• Anti-money-laundering compliance training seminar• Training provided to Russian banks, Central Bank of Russia and the Russian Federal Service for Financial Monitoring• Three-year program

“Microfinance Center” – Russia

• Deliver training programs to build the professional skill base in the microfinance sector• Conduct Russian microfinance market study• Develop a portfolio of consulting tools • Collaborate with Universities through E-training for loan officers and integrating microfinance into higher school of Economics MBA program• Execute a scholarship program enabling practitioners to attend training programs

Citigroup supports financial education because it is a natural extension of the

work we do every day.

Contacts and Web sites• Dara Duguay, Director

Citigroup Office of Financial EducationPhone: 202-220-3691Email: duguayd@citigroup.com

• Nataly Nikolaeva, Public Affairs OfficerCitigroup RussiaPhone: 095/725-6972Email: nataly.nikolaeva@citigroup.com

• Web site: http://financialeducation.citigroup.com