Sioux Falls Students Learn the Responsible Use of Credit on the Second Annual Get Smart about Credit Day; More than 200 Citigroup Employees Across the Country Volunteer in Classrooms to Teach Thousands of Young People How to Use Credit Wisely

Business Wire, Oct 20, 2004

SIOUX FALLS, S.D. -- Randy Harkless, Financial Controller of Citibank (South Dakota), N.A.; and four other Citibank employees will teach the dos and don'ts of credit to students in the Academy of Finance programs at Roosevelt and Washington high schools on the second annual Get Smart About Credit Day, sponsored by the American Bankers Association Education Foundation (ABAEF), a non-profit committed to developing and providing education programs that lead to financial literacy.

On Get Smart About Credit Day, more than 200 Citigroup volunteers in over forty cities will join thousands of other bank employees by visiting colleges, high schools, freshman orientations, youth groups, and continuing education classes to teach students how to budget, use credit cards wisely and build a positive payment history. Last year, half a million students learned how to use credit responsibly from banker volunteers.

"Understanding how to use credit wisely is incredibly important for people at every age," said Dara Duguay, Director of Citigroup's Office of Financial Education. "By spreading the message of the importance of financial education to students, teachers and the community at large and by providing actual credit lessons, we hope to give thousands of students and young adults across America a head start on a bright financial future."

"Citibank is pleased to join with the ABA Education Foundation to improve financial education in Sioux Falls," said Kendall E. Stork, President and CEO of Citibank (South Dakota), N.A. "At Citigroup, we strive to play a leadership role in the communities where we live and work and this program enhances what we do best - making a difference in communities by helping people build better lives for themselves."

Presentations on Get Smart About Credit Day provide students with comprehensive lessons and activities. The presentations include: a video with college students and young adults discussing their credit experiences; handouts on credit rights and credit reports; exercises on preventing identity theft, budgeting, saving and credit use. The program is modeled after the highly successful ABAEF National Teach Children to Save Day.

According to the Youth and Money Survey, the majority of students, ages 16-22, have never taken a class in personal finance. Also, according to Teenage Research Unlimited, teenagers spent $175 billion last year, an average of $104 per week. This spending comes without any financial literacy education, says ABA president and CEO, Donald G. Ogilvie.

"Get Smart About Credit Day is like driver's education for credit - it teaches young people the rules of the road before they get a credit card," said Ogilvie. "We encourage parents, teachers and caregivers all across the nation to make Get Smart About Credit not just one day, but every day. Teaching children the financial facts of life is just as important as telling them to look both ways before they cross the street."

An additional educational partner in this effort is The National Academy Foundation's (NAF) Academy of Finance (AOF). Local Academies were chosen to participate in Get Smart About Credit Day in 10 cities.

According to NAF President John J. Ferrandino, "NAF Academy of Finance (AOF) students provide additional expertise from the point of view of young people themselves, and will help carry this program to other students in their schools and to adults in their communities throughout the school year. In partnership with business, NAF AOF students are emerging mentors themselves, and this program is an example of one of the opportunities that help young people become leaders. We are proud to be partners with the Citigroup Foundation who have helped us develop tens of thousands of financially literate high-achieving students over two decades."

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 275,000 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. During the more than seven decades of our existence, we have supported the banking industry 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 give them with the skills they need to budget, save, and manage credit. For more information visit www.aba.com/ Consumer Connection or call 1-800-BANKERS.

Citigroup (NYSE: C), the preeminent 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. Citigroup's participation in Get Smart About Credit is part of the Citigroup Financial Education Program, 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. Additional information about Citigroup's Financial Education Program may be found at: financialeducation.citigroup.com.