Russian Translation of Money Smart is the First Developed Outside the FDIC; Agency Open to New Projects Involving Other Languages

The FDIC has announced the release of the Money Smart financial education curriculum in Russian, the sixth language in which the program is offered but the first translation developed by outside partners.

Representatives from the FDIC (including Vice Chairman Martin J. Gruenberg, standing fourth from the right), the Office of Thrift Supervision, River City Bank of Sacramento, IndyMac Bank of Los Angeles and the Home Loan Counseling Center of Sacramento gathered at FDIC headquarters on April 27, 2006, to mark the release of the Russian version of Money Smart. (Photo by Sally Kearney)

"The FDIC's Money Smart program teaches money-management skills that empower people to take advantage of the opportunities to save and invest offered by our financial system," said FDIC Vice Chairman Martin J. Gruenberg at a special ceremony in Washington on April 27. "The new Russian-language version of Money Smart will make the program more easily accessible to an important additional segment of our society."

Money Smart was first released in English in 2001, followed by a Spanish-language version in 2002, Chinese and Korean versions in 2003, and a Vietnamese version in 2004. The Russian translation of the Money Smart take-home guide for participants and visual aids for teachers is the result of a private-public sector partnership between banks, non-profit organizations and local government agencies in Sacramento and Los Angeles (two areas with large Russian-speaking populations) and support from the FDIC and the Office of Thrift Supervision (OTS).

The Census Department estimates that about 12 percent of the total U.S. population was born in a foreign country, with large numbers of immigrants coming from Latin and Central America, Asia, Eastern Europe and Africa. According to the 2000 U.S. Census, Russian is the ninth most frequently spoken language at home, up from 15th in 1990. The Census Bureau also reported that "of the 20 non-English languages most frequently spoken at home, the largest proportional increase was for Russian speakers," which nearly tripled from 242,000 to 706,000 between 1990 and 2000.

Key partners in the Sacramento Community Reinvestment Roundtable, which developed the Russian translation, include River City Bank, Sacramento; USBank, Walnut Creek; IndyMac Bank, Los Angeles; the Home Loan Counseling Center, Sacramento; the Sacramento Mutual Housing Association; Opening Doors, Inc., Sacramento; and the Sacramento Employment and Training Agency.

FDIC officials said that they would welcome inquiries from other outside organizations interested in translating Money Smart into more languages. "Because of our diverse population, translations of Money Smart can help fill a need for financial education for many people who speak little or no English yet are working hard to make a better life for themselves in America," said Linda Ortega, an FDIC Community Affairs Officer in San Francisco.

To order the new Russian edition or any other version of Money Smart free of charge, use the FDIC's online order form at www.fdic.gov/consumers/consumer/moneysmart/order.html. For more information or to discuss the possibility of translating Money Smart into another language, contact your regional Community Affairs Officer.