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For Release: December 29, 2006

Contact:

Emily Keebler, program administrator, Neighborhood Housing Services, Inc.
412-606-2116 – Cell; www.nhswpa.org

My Money, My Life Marks End of Second Year with Greater Student Understanding

PITTSBURGH, PA, December 29, 2006 – Neighborhood Housing Services, Inc. (NHS) and the Federal Home Loan Bank of Pittsburgh (FHLBank) announced today that a total of 193 at-risk young people in Allegheny County graduated from the free financial literacy program, My Money, My Life in 2006 – five more than during the first year and with equally positive results. The program remains on target for educating and graduating approximately 200 low-income young adults each year.

Launched in November 2004, My Money, My Life instructs young adults in Allegheny County’s low-income populations in the fundamentals of setting financial goals, budgeting, understanding credit, appreciating risk, saving, investing, consumer spending and managing debt. The program’s five-year goal is to counsel 1,000 youth ages 16–19 by 2009.

In 2006, My Money, My Life conducted sessions at ten locations across Allegheny County – Carnegie, Coraopolis, Downtown, East Pittsburgh, Glassport, the Hill District, Knoxville, Lawrenceville, Spring Garden and Swissvale. Participating banks included Dwelling House Savings & Loan Association, ESB Bank, First Commonwealth Bank, Iron & Glass Bank, National City Bank, Northwest Savings Bank, PNC Bank, Sewickley Savings Bank and Sky Bank.

As in the first year of the program, 2006 graduates displayed significantly enhanced understanding of financial concepts and skills based on self-evaluations conducted before and after classes. Students demonstrated:

• A 17 percent average increase in setting aside money for future wants and needs
• A 45 percent average increase in using a spending plan or budget
• An 80 percent increase in writing goals to manage their money
• A 42 percent improvement in achieving money management goals
• A 94 percent boost in knowing the costs associated with using payday and check cashing stores
• A 135 percent increase in understanding the costs of buying on credit.

In addition, graduates displayed an average 15 percent improvement in their overall level of confidence in managing money.

“The success of My Money, My Life stems from tremendous cooperation and rapport among NHS, FHLBank Pittsburgh and our nine participating banks as well as the youth, parents and community centers that enable the program to conduct classes all year long,” said Emily Keebler, program administrator.

Allegheny County, the Heinz Endowments and Mellon Financial Corporation also support the initiative financially. In addition, JobCorps provides academic, vocational and skills training to the graduates at no cost.

Advanced course results also positive

In 2006, My Money, My Life instituted an advanced curriculum for graduates of the basic class. Three initial advanced classes were held, with plans for a full complement across 2007. Fifty-five students graduated from the first round of advanced classes and displayed the following newfound knowledge:

• A 28 percent average improvement in knowing how to track expenses
• A 127 percent average increase in understanding how to buy a car and obtain a loan
• A 61 percent improvement in knowing what is involved in renting an apartment
• A 23 percent improvement in understanding what is involved in buying a house
• A 232 percent boost in knowing how to get a loan to start a small business.

“With two full years of experience with the program, it is clear My Money, My Life is making a strong, practical impact on the lives of at-risk young people across Allegheny County,” said Ann Killian, program manager at FHLBank Pittsburgh, which conceived and launched the initiative in late 2004. “We look forward to an equally successful year in 2007.”

With assets of approximately $78.3 billion, FHLBank Pittsburgh, a government-sponsored enterprise created by Congress in 1932, serves 334 members across its three-state district of Delaware, Pennsylvania and West Virginia. It is one of twelve FHLBanks, all cooperatively owned banks established to provide a steady stream of low-cost housing finance. More recently, the Bank’s mission has been expanded to include financing for business startup and expansion as well as a variety of community and economic development needs.