Financial Literacy Information

North Carolina Office of the Commissioner of Banks (the "NCCOB")

The NCCOB charters, licenses and regulates a variety of financial institutions within the State of North Carolina. Regulated entities include: State-chartered banks, savings banks, savings and loan associations, trust companies, mortgage lenders, servicers, brokers and loan originators, processors and underwriters, consumer finance companies, check cashers, money transmitters and tax refund anticipation loan facilitators. For more information, please visit the Who We Regulate page on this website.

In an effort to promote financial literacy, the NCCOB lists the following resources:

FEDERAL DEPOSIT INSURANCE CORPORATION (the FDIC)

The FDIC created the Money Smart curriculum to help individuals build financial knowledge, develop financial confidence, and use banking services effectively. Money Smart is available in English, Spanish, and in a version for the visually impaired. The Computer-based Instruction (CBI) version enables individuals to complete Money Smart at their own pace and is available online or by CD-ROM.

Money Smart has instructor-led modules in four main areas as follows:

Money Smart for Young People:Consisting of four curriculum products for Pre-K – 2nd Grade, 3rd Grade – 5th Grade, 6th Grade - 8th Grade, and 9th Grade – 12th Grade. Each age-appropriate curriculum includes lesson plans and guides for parents and caregivers.
Money Smart for Adults:Provides consumers with practical knowledge, skills-building opportunities, and resources they can use to manage their finances.
Money Smart for Older Adults:Designed to raise awareness among older adults and/or their caregivers on how to prevent elder financial exploitation, encourages advance planning and informed financial decision-making. The modules contain PowerPoint slides and resource guide.
Money Smart for Small Business:Provides an introduction to topics related to starting and managing a business. This set of modules was developed jointly by the Federal Deposit Insurance Corporation (FDIC) and the U.S. Small Business Administration (SBA).

For additional information on financial literacy education programs, please visit the FDIC’s website.

 

FEDERAL RESERVE BANK

Building Wealth is a beginner’s guide in personal finance education resource for schools, community organizations, and consumers. Building Wealth presents an overview of personal wealth-building strategies that include setting financial goals, budgeting, saving and investing, building credit and controlling debt, and protecting wealth.

Building Wealth has five chapters as follows:

  1. Learning the Language – You can learn about terms used in the financial market such as assets, liabilities, net worth, liability, home equity;
  2. Budget to Save – You can will learn about setting financial goals, how to develop a budget and live by it, tracking day-to-day spending, getting a handle on income and expensed;
  3. Save and Invest – You can learn about getting guidance on investing, taking advantage of compound interest, understanding the risk-return relationship, tools for saving, and tools for investing including investing in IRA, Roth IRA, 401K;
  4. Building Credit and Control Debt – You can learn the importance of your credit history, knowing what creditors say about you, knowing your credit score, taking on debt, the cost of credit, steps to controlling your debt, saving money by choosing the right loan, beware of high-cost credit and predatory lenders, keeping your name good, and guarding your identity; and
  5. Protect Your Wealth – You can learn about property insurance, health insurance, life insurance, and long-term care insurance.

This program also has a glossary of helpful definitions of words/terms and a wealth-building resource guide.

The curriculum is available in print or interactive format in English and Spanish, and can be ordered free of charge.

Building Wealth is a product of The Federal Reserve Bank of Dallas.

 

FINANCIAL LITERACY & EDUCATION COMMISSION

MyMoney.gov is a product of the Congressionally Chartered Federal Financial Literacy and Education Commission, which is made up of more than 20 federal entities that are coordinating and collaborating to strengthen financial capability and increase access to financial services for all Americans. It serves as a one-stop shop for federal financial literacy and education programs. MyMoney.gov is available in English and Spanish.

This website also provides information on MyMoneyFive, which offers information on five principles to keep in mind in daily decisions and planning financial goals.

The Five Principles are:

Earn:Make the most of what you earn by understanding your pay and benefits.
Save & Invest:It’s never too early to start saving for future goals such as a house or retirement, even by saving small amounts.
Protect:Taking precautions about your financial situation, accumulate emergency savings, and have the right insurance.
Spend:Be sure you are getting a good value, especially with big purchases, by shopping around and comparing prices and products.
Borrow:Borrowing money can enable some essential purchases and builds credit, but interest costs can be expenses. And, if you borrow too much, you will have a large debt to be repaid.

 

NORTH CAROLINA DEPARTMENT OF JUSTICE (the NCDOJ)

The NCDOJ website offers a wide variety of information and tips on consumer issues ranging from automotive issues, such as buying verses leasing and automotive repairs to finding the best mortgage loan, and avoiding unfair loans and scams. There are also tips on how to choose the best credit card, what to do if a credit card is lost or stolen, identity theft protection, and how to fix mistakes on your credit report. The website also provides information on common frauds and scams targeting North Carolina citizens. Visit the  website to learn more about consumer issues addressed by the NCDOJ, including how to file a complaint or to report a scam.