US$200 Million Global Commitment to Financial Ed
Citigroup Announces US$200 Million Global Commitment to Financial Education
Creates New Office of Financial Education
Citigroup and INSEAD to Host Regional Women’s Financial Education Summit in Hong Kong
Sydney - Citing the belief that strong financial education programmes raise the quality of life for individuals, families and institutions and strengthen communities around the world, Citigroup and the Citigroup Foundation today announced a 10-year, US$200 million commitment to financial education. The commitment will include the 100 countries that Citigroup operates in around the world, including Australia and New Zealand.
In line with this commitment Citigroup has formed an Office of Financial Education based in New York and launched a global initiative to encourage Citigroup’s 275,000 employees around the world to devote time to support financial education and other charitable causes with a day off work to volunteer for a non-profit organisation.
Citigroup chief executive officer Charles Prince said: “Citigroup is a longstanding supporter of financial education. Today we are enhancing our commitment with new resources and a sharper focus. Not only are we committing financial resources, we are committing ourselves to helping people around the world build better lives for themselves and their families. Over the next 10 years, Citigroup will touch the lives of millions of people by supporting financial education that will help them achieve their dreams.”
In Asia Pacific, Citigroup in partnership with INSEAD, a global top-tier business school, and in association with the Financial Times, will hold a Women’s Financial Education Summit in Hong Kong on November 2, 2004.
The conference plans to issue benchmark research on the state of financial illiteracy and education for women, based on an audit carried out for Citigroup by INSEAD covering 11 countries in Asia Pacific, from the Indian sub-continent to Greater China and Australia. The research will also identify the not-for-profit organisations that are currently working to address this illiteracy issue and provide recommendations on how these gaps might be resolved. The research and recommendations are expected to help frame the issues for discussion at the Summit.
Commenting on the Summit, Citigroup Australasia chief executive officer Ahmed Fahour said: “With INSEAD, we will be looking at the needs of different segments of women in Asia Pacific, including business and professional education. We hope the research and the Summit will conclude with an agenda for a five-year plan to address the broad issues of financial education for women in the region.”
In Australia, Citigroup has been working with the YWCA of New South Wales to develop the country’s first financial education program for primary school children and their parents.
Titled Finance First, the program will be piloted next month in three primary schools in New South Wales – Lismore, Shalvey and Alexandria Park – and follows extensive curriculum development and consultation by the NSW Department of Education and Training and University of Technology Sydney.
After the pilots are evaluated, it is hoped the primary school curriculum will be rolled out through NSW.
The increased global commitment to financial education will come primarily in the form of grants from the Citigroup Foundation, through the new Office of Financial Education headed by Dara Duguay, formerly the Executive Director of the non-profit Jump$tart Coalition for Personal Financial Literacy.
Citigroup has created a new website that features information on its Financial Education Program, upcoming activities, and resources, including Citigroup’s Financial Education Curriculum. The site is available at financialeducation.citigroup.com.
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Based on the belief that knowledge is your greatest asset, the Citigroup Financial Education Program is a global, company-wide effort working jointly with the Citigroup Foundation to identify, support and implement initiatives that help give individuals, families and institutions the tools needed to make sound financial decisions. Citigroup’s 10-year, $200 million global commitment is focused in three areas: Personal Financial Education, Small Business Financial Education, and Institutional Financial Education. Additional information about Citigroup’s Financial Education Program, including Foundation guidelines, links and resources, and the Citigroup Financial Education Program Curriculum and Facilitator’s Guide, may be found at: financialeducation.citigroup.com.
Citigroup (NYSE: C), the
preeminent global financial services company has some 200
million customer accounts and does business in more than 100
countries, providing consumers, corporations, governments
and institutions with a broad range of financial products
and services, including consumer banking and credit,
corporate and investment banking, insurance, securities
brokerage, and asset management. Major brand names under
Citigroup's trademark red umbrella include Citibank,
CitiFinancial, Primerica, Smith Barney, Banamex, and
Travelers Life and Annuity. Additional information may be
found at www.citigroup.com.