Money Smart Week began as a coordinated effort of the Money Smart Advisory Council, a diverse group of more than 40 Chicago-area organizations working together to promote personal financial literacy. The Chicago Fed convened the Council's first meeting in July 2001, during which members agreed to share resources and ideas to achieve greater public awareness of the programs and services available in the city of Chicago.

The result was Money Smart Week 2002 — six days of focused presentations by community groups, financial institutions, government agencies, educational organizations, and financial experts, all designed to help consumers learn to better manage their personal finances.