Citi’s Credit-ED Challenge, a free, interactive financial education workshop, is now required for students at Drexel University in Philadelphia.
Specifically, freshmen in the LeBow College of Business must take on the challenge as part of a financial education seminar. The challenge consists of four modules that are designed to test students’ financial knowledge, and it addresses the following issues:
- Spending habits and attitudes toward money.
- Seeing how a budget can help reach financial goals.
- The importance of credit history.
- The rewards and responsibilities of using credit cards.
The Citi Credit-ED Challenge was introduced at Drexel University in spring 2006 as a part of the Citi/EdVenture Partners program, one through which LeBow College students can design and implement an on-campus education campaign regarding fiscal responsibility. The campaign allowed for nearly 600 Drexel University students to become Credit-ED Certified.
“The integration of the Citi Credit-ED Challenge into Drexel’s freshman curriculum furthers our commitment to the Philadelphia community and to providing students with the tools they need for their financial education,” said Ed Garofalo, Citi Cards executive vice president. “We are hopeful that LeBow College’s decision to make credit education a part of the university seminar course will encourage additional colleges and universities to include the Credit-ED Challenge in their courses going forward.”
Citi’s Credit-ED Challenge was created in 2005, and it is part of Citi’s Credit-ED Program, which is an ongoing and comprehensive education initiative that was launched in 2000. Since then, the program has given away more than 1 million materials in regard to credit education.
In 2004, Citigroup and the Citigroup Foundation launched a 10-year, $200 million initiative to support financial education around the world. At that time, they also formed the Office of Financial Education, and created a global initiative, whose goal is to encourage Citigroup employees — there are 300,000 worldwide — to spend time supporting financial education and other charitable causes.
Because of this initiative, employees can take a day off work to volunteer for a nonprofit in their area.
