New York City Kids Learn the Financial Facts of Life on National Teach

    Business Editors

    NEW YORK--(BUSINESS WIRE)--April 26, 2005--Local students from M.S. 131 along with thousands of kids around the country are participating today in National Teach Children to Save Day (NTCSD), a program sponsored by the American Bankers Association Education Foundation (ABAEF) to teach kids the financial facts of life.
    "Studies show that kids are just not getting the training and education they need to make smart financial decisions as adults," said Donald G. Ogilvie, president and CEO, American Bankers Association. "No parent would allow their child to set foot in a car without some driver's education, but we rarely equip our sons and daughters with the money skills they need to succeed."
    On NTCSD, more than 4,000 bankers help to address the problem by making presentations to students in kindergarten through 12th grade. Presentations include games and activities about the concept of saving, how interest makes money grow, how to budget and determining needs and wants. Since NTCSD began in 1997, thousands of bankers have made 29,445 presentations reaching nearly 1.2 million students.
    M.S. 131 students will receive a "savings day" lesson taught by Warren Hochbaum, Assistant Deputy of Consumer Services for the New York State Department of Banking, and Denise Durham-Williams, National Community Relations Director for Citibank.
    Additional volunteers from Citibank and other Citigroup businesses will trade in their balance sheets for blackboards in six cities around the country. Citigroup has been involved with National Teach Children to Save Day since 2000.
    "Learning how to manage money and how important it is to save -- even on a small scale -- are important life skills children need to learn in order to become financially literate adults," said Bill Thompson, New York City Comptroller. "By providing the information and tools they need, the ABAEF and Citigroup are empowering New York City students to make sound financial decisions as adults."
    "We are pleased to join the American Bankers Association Education Foundation to inspire and educate young people across the country with the knowledge they need to take control of their financial futures," said Dara Duguay, Director of Citigroup's Office of Financial Education. "By providing financial education to young people today, Citigroup employees are making a difference in communities, spreading the word about the importance of financial education and helping thousands of young people get a head start on a bright financial future."
    According to studies, about 85 percent of students do not learn personal finance in school. Also, Teen Research Unlimited found that teenagers spent $175 billion last year, an average of $104 per week. This spending habit and a lack of financial training could mean dangerous consequences later in life, says Susan Cole, director of the ABAEF.
    "Kids need to learn financial lessons early when they have their parents as a safety net," said Cole. "If you're just learning about saving and budgeting when your first car payment is due, you could be in trouble.
    "Bankers teaching kids how to handle money responsibly is just good business sense. Today's child is tomorrow's customer."
    National Teach Children to Save Day is sponsored by the non-profit American Bankers Association Education Foundation, which works to improve personal money management skills throughout the United States.
    Recently, Citigroup and the Citigroup Foundation announced a 10-year, $200 million global financial education commitment, the formation of a new Office of Financial Education and a global initiative designed to encourage its 300,000 employees around the world to devote time to support financial education and other charitable causes. Under the new initiative, employees may take a day off from work to volunteer for non-profit organizations in their communities.
    The ABA Education Foundation, a non-profit subsidiary of the American Bankers Association, is committed to developing and providing education programs that lead to financial literacy. For nearly eighty years, we have supported the banking industry's efforts to teach personal finance skills in schools and communities across the country. The programs we provide are specifically and uniquely created for young children, teenagers and adults to provide them with the skills they need to budget, save, and manage credit. For more information, visit http://www.aba.com/Consumer+Connection or call 1-800-BANKERS.
    Citigroup (NYSE: C), the leading 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.
    The Citigroup Financial Education Program is a global, company-wide effort to identify, support and implement initiatives that help give individuals, families and communities the tools needed to make sound financial decisions. Citigroup's recently announced 10-year, $200 million global financial education 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, including the Citigroup Financial Education Program Curriculum and Facilitator's Guide may be found at: financialeducation.citigroup.com.

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CONTACT: Laura Fisher 202-663-5466 lfisher@aba.com or Citigroup Liz Fogarty, 212-559-0486

KEYWORD: NEW YORK INDUSTRY KEYWORD: EDUCATION BANKING SOURCE: Citigroup

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