Citi in $200m fin education plan

Citigroup and the Citigroup Foundation announced a 10-year, $200 million commitment to financial education. The commitment will include all the 100 countries that Citigroup operates in around the world, including India.

In India, Citigroup supports a financial literacy programme, since 2001, for women in partnership with SEWA Bank. The programme enables the members of the bank's microcredit programme to understand the basics of financial management and grow the money generated by the micro credit programme through various instruments of credit and investment.

Dara Duguay, former executive director of the non-profit JumpStart Coalition for Personal Financial Literacy in Washington DC, has joined Citigroup and has been named head of Citigroup's new Office of Financial Education

Citigroup has also announced 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 this new initiative, employees may take a day off work to volunteer for a non-profit organisation.

Charles Prince, chief executive officer of Citigroup, said: "Not only are we committing financial resources, we a re committing ourselves to helping people around the world build better lives for themselves and their families. Over the next ten years, Citigroup will touch the lives of millions of people by supporting financial education that will help them achieve their dreams."

Sanjay Nayar, Citigroup Country Officer said, "We are delighted with the global grant that Citigroup has announced as we know it will help spur our local financial education program ."

The increased commitment to financial education will come primarily in the form of grants from the Citigroup Foundation, supplemented by grants and programs from Citigroup's various businesses.

The new Office of Financial Education will teach people the basics of financial education and mobilise Citigroup's global workforce.

Duguay, head of Citigroup's Office of Financial Education, said: "My experience shows that financial education is needed to turn money mistakes into money successes. I am excited to join Citigroup and lead its efforts to identify and implement programs needed to help people get smart about money and to learn how to become self-sufficient and build wealth."