SLPS Teens Tackle Financial Responsibility On National Get Smart About Credit Day
Beaumont High School Students Receive a Get Smart Lesson from CitiGroup

(October 18, 2006) – Citigroup, the nations leading global financial services company, will teach students at Beaumont High School the importance of good credit on Thursday, Oct. 19, from 1:30 p.m. – 2:15p.m. The event will be held in honor of Get Smart About Credit Day, a national financial education campaign sponsored by the American Bankers Association Education Foundation. "Young people need to learn about handling car loans, credit cards and student loans before they take on these responsibilities and not the other way around," said Susan Cole, ABAEF director. "Financial education is a tough topic for parents and few schools include it in their curriculum, so bankers are addressing a real need in their communities on Get Smart About Credit Day."

On Get Smart About Credit Day, more than 1,000 volunteer bankers across the country will visit colleges, high schools, youth groups and continuing education classes to teach students how to use credit wisely. Lessons focused on the fundamentals of credit will, include:

• Basic account maintenance, interest rates and finance charges. Only 6.9 percent of students scored a "C" or better on a 2006 JumpStart survey measuring 12th graders' knowledge of personal finance basics.
• Credit reports. A recent Citi Credit-ED/Harris Interactive survey showed that 72 percent of college upperclassmen had not requested a copy of their credit report.
• Identity theft. According to the Department of Justice, households headed by young people (18-24) are most likely to experience identity theft.
• "Credit stress" and overspending. In 2005, teens spent $159 billion, according to Teenage Research Unlimited.