The Federal Reserve Bank of Kansas City Offers Financial Literacy Opportunities for Youth

With Financial Literacy Month behind us, yet still fresh on our minds, LISC Greater Kansas City (LISC KC) wants to place a spotlight on the Federal Reserve Bank of Kansas City (Kansas City Fed), part of the nation’s central bank. It has a mission to work in the public’s interest by supporting economic and financial stability.

The Federal Reserve Bank of Kansas City is one of 12 different districts across the nation. Kansas City serves as the head district office in this district, which includes three branch locations in the Midwest. The Federal Reserve System provides financial education resources and programs to members of their local community. Gigi Wolf, Director of Education for the Kansas City Fed, directly works on educational outreach for grades K–12. More specifically, Wolf develops instructional materials and resources for teachers to use in economics, personal finance and career-readiness classes and programs for students. Additionally, she creates educational materials for teachers for professional development.

“While we create resources for all K-12 audiences, we have a legislative mandate through the Dodd-Frank Act that requires us to target schools that are majority minority or all-girl schools at the high school level when it comes to our outreach,” Wolf said. “Many of the materials come in the standard format of a lesson plan, but we also provide standalone classroom activities related to personal finance topics.”

As part of the criteria, the lessons also help students understand asset-building opportunities such as using credit wisely, taking advantage of compound interest, investing, and saving.

“Many of us are not in the position where we're going to inherit a lot of money or win a lottery. So, we have to take calculated, measured steps to get ourselves to where we want to be financially,” Wolf said. “It's being aware and making sure that an individual’s strategy or plan aligns with their financial goals.”

Financial education is an important component to building community wealth. The Federal Reserve System has three primary functions: to conduct monetary policy, supervise and regulate financial institutions and support the payments processes. Through those functions, the organization is able to further promote stability.

The organization also has a community development function that promotes economic mobility for low-to-moderate income groups. The Kansas City Fed strategizes by looking at where they can support fair housing, bridge the digital divide, support workforce development and small businesses.

“We have partnered with community organizations like the Jumpstart Coalition and Money Smart, but other times focused during Financial Literacy Month on initiatives in an effort to spread awareness. Those partnerships are really key in helping us to stay attuned to what resources are out there,” Wolf said.

“We are always looking at ways for individuals to learn how to save early and save often.”

Financial resources are available on the Kansas City Fed website at no cost. To access a variety of educational materials for elementary, middle, and high school students, please visit https://www.kansascityfed.org/education/.