Federal Reserve Bank Money$mart Week

Wayne State University Office of Federal TRIO has formed a partnership with Michigan First Credit Union, the Detroit Branch of the Chicago Federal Reserve Bank and 32 local organizations to combat financial illiteracy and provide greater education to consumers in Southeastern Michigan.

The Office Federal TRIO represents Wayne State University on the Money$mart Advisory Council, which is committed to providing a variety of seminars and events to help educate consumers—especially the elderly, the unbanked and young people in personal finance matters. Although financial illiteracy isn’t limited to these groups, they are most likely to overextend their credit, make poor financial choices, become victims of identity theft and potentially seek bankruptcy as a cure for financial problems.

Events included

• Duane Garth, CEO of Garth Financial Group, presented workshops on budgeting and financial management to students enrolled in the Veterans' Educational Opportunity Program and Educational Opportunity Center.
• Chris Matoon, risk management consultant with Michigan First Credit Union, presented a workshop on preventing identity theft to Wayne State University employees
• Michael Poulos, president and chief executive officer of Michigan First Credit Union, presented workshops on credit awareness to students in the Upward Bound and McNair Scholars Programs.
  • Detroit Cable Access: Channel 10 videotaped footage of Michael Poulos' presentation to the Upward Bound students on credit awareness. That presentation aired on Channel 10 on May 3, 2006.

A total of 146 students, staff and members of the public participated in the weeklong seminar series.