Mayor's National Dollar Wise Campaign
The City of Bowling Green, under the direction of Mayor Elaine Walker, partnered with U.S. Bank and the Daily News to join this National Campaign in 2005. By joining the DOLLAR WI$E Campaign, mayors agree to organize and implement local financial literacy programs in their communities. The campaign will target all ages and all income groups focusing on areas of financial education, credit card and debt management, savings and homeownerships.
From the Mayor's Desk
I am very pleased that the City of Bowling Green was recognized by the U. S. Conference of Mayors for our Mayor's Dollarwi$e Campaign. Out of 81 applications received nationwide, Bowling Green was one of three winners, receiving a $15,000 grant to increase our financial literacy program. Our goal is to educate young and old alike to become knowledgeable consumers, and to ultimately increase our homeownership rate. Hopefully, many of you attended our Affordable Homeownership Festival in June to find out how you can use the tools available to become a homeowner. If not, we have resources available and on-going workshops on everything from credit counseling to homeownership.
- Elaine N. Walker
Financial Education For America
“The goal of the Mayor’s National DOLLAR WI$E Campaign is to encourage the developmentof ongoing local financial literacy strategies to educate citizens about financial issues. Withimproved personal income money management and planning skills, citizens are in a better position to accumulate and retain wealth, own homes, raise healthy families, educate theirchildren and invest in small businesses.”
“The goal of the Mayor’s National DOLLAR WI$E Campaign is to encourage the developmentof ongoing local financial literacy strategies to educate citizens about financial issues. Withimproved personal income money management and planning skills, citizens are in a better position to accumulate and retain wealth, own homes, raise healthy families, educate theirchildren and invest in small businesses.”
Mayor's Dollar Wi$e Campaign Receives $15,000 Grant from the U.S. Conference of Mayors in Washington, D.C.
On Thursday, June 8, Mayor Elaine Walker was presented a check for $15,000 for the local Mayor's Dollar Wi$e Campaign. Bowling Green was awarded one of three grants nationally. David Gatton of the U.S. Conference of Mayors along with Jimmie Williams of Countrywide Financial, presented the check at the annual Homeownership Celebration at the L&N Depot.
The Mayor's Dollar Wi$e Campaign promotes on-going financial education programs in the community. The grant will fund Junior Achievement's "Personal Finance" curriculum in the four local high schools. Beginning this fall at Bowling Green High, sophomores will learn about money management, spending and credit. Mayor Walker also received recognition for Bowling Green's campaign at the annual U.S. Conference of Mayors in Las Vegas on June 5.
(L-R) David Gatton (U.S. Conference of Mayors), Carol McClure, Craig Browning (US Bank), Mayor Elaine Walker, Jimmie Williams (CountryWide), Deborah Williams (HANDS, Inc.)
Why is there a need for the DOLLAR WI$E Campaign?
- The personal savings rate for Americans has been declining steadily since the 1970’s.
- The majority of high school students—66 percent—flunked a basic economic literacy test. Among adults taking the same test, only one-third achieved a score of C or better, and nearly half—49 percent—failed.
- The U.S. Credit Card Penetration Rate in 2001 showed that 81% of households had at least one (1) credit card and the average interest rate in 2002 averaged 18.9%.
- Consumer credit (non-mortgage) totaled $1.456 trillion by the end of June 2000.
- 64 percent of college students had a credit card in their name, and 20 percent had four or more cards in 1999.
- The total number of personal bankruptcy fillings in 2003 was 1,651,055 which reached an all-time high.
- According to the FBI, there are 350,000 to 500,000 instances of identity theft each year. (source: Neighborhood Reinvestment Corporation, 2003)