FDIC makes new online ‘Money Smart’ tool available for banks to share

Federally insured banks and savings institutions were invited Thursday to link to an online tool that allows users to play games to learn about managing their finances.

The Federal Deposit Insurance Corp. (FDIC), in a Financial Institution Letter (FIL), said the tool, “How Money Smart Are You?” (released Sept. 30) is the newest addition to the FDIC’s Money Smart product family. It said the tool – with 14 self-paced games and related resources people can use to learn more about borrowing money, managing debt, saving, and investing – complements other Money Smart products that can be used in in conjunction with financial literacy activities, including webinars or workshops, in local communities. It said resources to engage K-12 students, adults, older adults, and small businesses are included.

The FDIC said “How Money Smart Are You?” will eventually replace the Money Smart Computer-Based Instruction (CBI); a Spanish version will be available in early 2022.