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Financial Wellness Project

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New Mexico State University (NMSU) Employee Council in collaboration with NMSU Cooperative Extension Service is administering a survey to NMSU employees to determine the need for personal financial …

New Mexico State University (NMSU) Employee Council in collaboration with NMSU Cooperative Extension Service is administering a survey to NMSU employees to determine the need for personal financial wellness education for NMSU employees and its ideal format. We expect NMSU to have high needs for employee financial education because New Mexico arguably has the worst personal finance education requirements for high school graduation. Available in Spanish, paper, and online versions, the survey is administered from September 19 to October 31, 2012. Based on results of 151 responses, 64% respondents considered themselves knowledgeable in personal finance topics, but 86% of them stated that they would benefit from learning more about personal finance. Areas of interests include traditional retirement plan (73%), alternative retirement plan (75%), estate planning (92%), retirement planning (91%), investment (88%), and increasing income (88%). About half of respondents (n=75) put down their e-mail address in willingness to participate in further surveys for workshop planning with eight of them reported of having expertise to present at least a personal finance topic. The survey indicates a high need for a personal finance education for NMSU employees and opportunities to get NMSU employees involved its program planning.

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  • Assumptions: Participants have basic reading and computer skills. Participants have the time and money (if needed) to invest in this program. External Factors: Funding, Collaboration. Internet availability Other notes: Free vs. paid, internet 1.0 vs. 2.0 (Social Media + its impact measures), security, risks, evaluation metrics, from basic to expansionNational: High unemployment rate (8.3% [U6 14.9] vs. 8% in NM)NM: Low income (NM per capita income $33,368 ranks 43 out of 50; nationally $39,945 )NM: Rural but has a lot to offerThere are various home-based products that may be good enough to be sold in the market. E.g. Arts and CraftsThese programs include sewing, gardening, photography, plants, and cooking programs. In NM, we have many educational programs focused on crafts, hobbies, arts, etc.E.g. website development, payment method option, marketing, Social Media utilization, Expanding market, even internationallyNot limited to products, these include talent, skills, which may be shared over YouTube. Extremely high views can generate money. Besides that, this program provides opportunities for existing business (especially small business) to improve on their companies’ marketing techniques.Physical (brick & mortar) store may not be the best idea due to un-strategic location of NM, high upfront cost to set up a business, and maintain the business
  • They were wondering if there might be a more cost effective online money management program (possibly through Extension) that can be offered.
  • NMSU has health wellness programs and financial wellness programs for studentsBut no financial wellness program for employees. She stated that 42% of people don’t know where every dollar of their budget goes and 70% live from paycheck to paycheck. help employees to become aware of their finances and assist them in becoming debt-free and in turn, improve morale. Roseanne Bensley added that this issue has been discussed for quite some time waiting for the appropriate time to present it to the committee. She suggested that instead of just being a committee that meets once a month, perhaps we could provide a service to employees by supporting such a program. After receiving a positive response from the group regarding looking into the issue further, Steve asked for volunteers to serve on a sub-committee. Those who volunteered included: Roseanne Bensley, Dave Brockmeyer, Monica Brown, Patty Hartell, and Pam Wood. This group will investigate the feasibility of supporting a financial wellness program and which program would be best. They will report back to this committee at our March 8 meeting.
  • New Normal ::: An extended period of:-Slow U.S. economic growth: GDP growth < 2%Low single-digit average annual stock returnsStubbornly high unemployment levels: 7.8% (14.7%?)Precarious job security (public and private sector)Youth, <25: 53% jobless or underemployedCollege debt --- Next financial crisis wave. Averages at $26,500March 2012: College Debt > Auto Loans and Credit CardTightened credit standards Declining asset values (e.g., housing)Increased precautionary household savings and debt repaymentDecreased household spending
  • offer personal financial wellness workshops and training for all NMSU employees. The first step is to survey the NMSU employee population and measure their interest and need for these workshops. Employees at all NMSU campuses are encouraged to complete the survey as they plan to offer classroom and online training across the NMSU system. The online survey is available at http://irpoa.nmsu.edu/wellness/wellness.htm beginning today. The deadline for survey responses is Oct. 31.
  • Budgeting and cash (spending habits, fixed and variable expenses, monthly spending plan, record keeping system, etc.)Credit, debt, paying off debt (credit, credit scores, credit reports, debt payoff, dealing with creditors, etc.)Identity theft and financial security (keeping personal information secure, FDIC and NCUA deposit security, etc.)Buying a home (assessing financial readiness, buying process, property taxes, what comes after the purchase, etc.)Consumer rights/scams and frauds (your rights as a purchaser, identifying scams and fraudulent claims)Renting a home (when to rent instead of buy, rent with option to buy, rental contracts, New Mexico rental law, etc.)College funds for my children (financial tools for this, how much to save, planning ahead)Insurance (Life, Home, Auto, Renter, other)Building savings (choosing financial institutions, how much to save versus put into retirement, reaching your saving goals)Increasing income (methods to increase income, career planning, short-term increases, etc.)Retirement planning (NMERB, tax sheltered annuities, IRA’s, long-term planning, how much you will need, etc.)Investments (mutual funds, stocks, bonds, real estate, etc.)Estate planning (wills, trusts, securing assets, New Mexico estate laws, etc.
  • What would you hope to learn, or what financial goals would you like to achieve with this type of training?
  • Savings strategies, financial planning for retirement, credit repair, homeownership.;How to get ahead.;Risk levels of different kinds of investments Balancing your portfolio Tax implications of different kinds of investments;Retirement plans, additional saving options;investment information, understanding stocks, bonds etc.;Retirement and credit cards;I would be interested in topics such as credit scores and creating a will.;I don't know if it was mentioned but purchasing a new or used vehicle.;I would also like information on other resources or program in the commumnity that help with buying a home.;N/A;Living Trusts;Paying off debt and aquiring good debt.;How to invest in equities with good results online.;Coordinating different types of benefits, TIAA-CREF, ERB (spouse), Social Security, etc.;n/a;Debt forgiveness;You've coered it very well for me. House purchase, rent better than to own, furthering my career.;How to pay for health care after retirement HR needs to provide more info/access to the new High Deductible Health Plan and Health Savings Account through Presbyterian.;Ratio of life insurance, health insurance, long-term care/assisted living insurance with income level.;I would like my partner to be able to attend any workshops with me. I think that NMSU employees, though, should pay but NOT employees.;estate planning;Estate Planning Investing;You asked the question would you like to retire with a higher salary - how do I do that?;Basic investing. How to read the stock market quotes, I had that in school 40 years ago. Don recall how now.;Public Loan Forgiveness for NMSU employees who have taken out a student loan;Home insurance and how it works;ERB future;Capital gains taxes in terms of realestate.;home safety;Beginning Spanish.;Investments, refinancing, retirement, SS benefits.;How to save for the future and invest.;n/a;Retirement planning;See above.;How to set up your own will or trust.;More to do about making my money work for me...in such a bad economy. Tip on increasing my income, etc...;Investing;Health and safety topics: First responder type actions in case of an accident having to do with different scenarios, for example, someone bleeding profusely, electrocution, drowning, etc. Using a fire extinguisher, how the safety system works on campus.;I cannot think of anything other than the topics mentioned previously on whether I am interested in them.;Retirement information.;What does going back to work after retirement do? Is there a penalty? Is there a benefit? How does health care work after retirement?;running a small business;Running a hobby/home business;ERB rules now that changes have been made, PERA update (for those who have funds in that program as well), fraud knowledge, insurance knowledge, 403b adn 457 plan details, mainly every topic on the first page of this questionnaire. Those topics are surprisingly comprehensive, applicable and overall very good topics. Good job to whomever came up with those.;How to live well and die broke.;Your list is sufficient - but savings bonds, mutual funds, different between Morgan Stanley, AG Edwards, Charles Schrab? How to select or know you have selected a good advisor. Who can you trust?;Yes;tener mas oportunidades (I want to have more opportunities);me gustariaaplicarparaotreposisiondonde me pagenmejor (I want to be able to apply this so I can get another position that pays better);
  • Savings strategies, financial planning for retirement, credit repair, homeownership.;How to get ahead.;Risk levels of different kinds of investments Balancing your portfolio Tax implications of different kinds of investments;Retirement plans, additional saving options;investment information, understanding stocks, bonds etc.;Retirement and credit cards;I would be interested in topics such as credit scores and creating a will.;I don't know if it was mentioned but purchasing a new or used vehicle.;I would also like information on other resources or program in the commumnity that help with buying a home.;N/A;Living Trusts;Paying off debt and aquiring good debt.;How to invest in equities with good results online.;Coordinating different types of benefits, TIAA-CREF, ERB (spouse), Social Security, etc.;n/a;Debt forgiveness;You've coered it very well for me. House purchase, rent better than to own, furthering my career.;How to pay for health care after retirement HR needs to provide more info/access to the new High Deductible Health Plan and Health Savings Account through Presbyterian.;Ratio of life insurance, health insurance, long-term care/assisted living insurance with income level.;I would like my partner to be able to attend any workshops with me. I think that NMSU employees, though, should pay but NOT employees.;estate planning;Estate Planning Investing;You asked the question would you like to retire with a higher salary - how do I do that?;Basic investing. How to read the stock market quotes, I had that in school 40 years ago. Don recall how now.;Public Loan Forgiveness for NMSU employees who have taken out a student loan;Home insurance and how it works;ERB future;Capital gains taxes in terms of realestate.;home safety;Beginning Spanish.;Investments, refinancing, retirement, SS benefits.;How to save for the future and invest.;n/a;Retirement planning;See above.;How to set up your own will or trust.;More to do about making my money work for me...in such a bad economy. Tip on increasing my income, etc...;Investing;Health and safety topics: First responder type actions in case of an accident having to do with different scenarios, for example, someone bleeding profusely, electrocution, drowning, etc. Using a fire extinguisher, how the safety system works on campus.;I cannot think of anything other than the topics mentioned previously on whether I am interested in them.;Retirement information.;What does going back to work after retirement do? Is there a penalty? Is there a benefit? How does health care work after retirement?;running a small business;Running a hobby/home business;ERB rules now that changes have been made, PERA update (for those who have funds in that program as well), fraud knowledge, insurance knowledge, 403b adn 457 plan details, mainly every topic on the first page of this questionnaire. Those topics are surprisingly comprehensive, applicable and overall very good topics. Good job to whomever came up with those.;How to live well and die broke.;Your list is sufficient - but savings bonds, mutual funds, different between Morgan Stanley, AG Edwards, Charles Schrab? How to select or know you have selected a good advisor. Who can you trust?;Yes;tener mas oportunidades (I want to have more opportunities);me gustariaaplicarparaotreposisiondonde me pagenmejor (I want to be able to apply this so I can get another position that pays better);
  • Exempt staffNon-exempt staff9-month faculty12-month faculty
  • --- As expectedExempt staffNon-exempt staff9-month faculty12-month faculty
  • Exempt staffNon-exempt staff9-month faculty12-month faculty
  • Budgeting and cash: 1-2Includes short- and intermediate-term savingsCredit card, debt, and debt management: 2-3 sessionsDebt is bad: 1st hourManaging debt: 2nd hourThinking about the two approaches: Conventional vs. debt-free (better wording?)TaxesIdentity theft & consumer rights/scams: 1-2 hoursBasics: FahzyDetails: An expertBuying a home:Expert: … the whole process until post-purchaseRenting vs. BuyingBasics: Fahzy – includes buying vs. rentingCollege funds – 1 hourExpertsInsurance: - 2 hourBasicExpert – business college, retireesIncreasing income: 1 hourAnnaRetirement planning: Basic (1 hour), intermediate (1 hour), investment (1-2 hours), and estate planning (2 hours)
  • Budgeting and cash: 1-2Includes short- and intermediate-term savingsCredit card, debt, and debt management: 2-3 sessionsDebt is bad: 1st hourManaging debt: 2nd hourThinking about the two approaches: Conventional vs. debt-free (better wording?)TaxesIdentity theft & consumer rights/scams: 1-2 hoursBasics: FahzyDetails: An expertBuying a home:Expert: … the whole process until post-purchaseRenting vs. BuyingBasics: Fahzy – includes buying vs. rentingCollege funds – 1 hourExpertsInsurance: - 2 hourBasicExpert – business college, retireesIncreasing income: 1 hourAnnaRetirement planning: Basic (1 hour), intermediate (1 hour), investment (1-2 hours), and estate planning (2 hours)
  • Transcript

    • 1. New Mexico State University Financial Wellness Project Fahzy Abdul-Rahman Family Resource Management Specialist Department of Family & Consumer Sciences Extension
    • 2. Situation Inputs Outputs Outcomes Activities Participation Short Medium Long National: High Knowledge Establish unemployment rate Conduct Specialists workshops of different internet NM: Rural but has a lot to Educators marketing and Social Build a offer County business and Media There are various home- Agents Provide Participants payment presence with strong based products that may be good enough to be sold coaching avenues on-line Time in the market. E.g. Arts at presence Learning Online and Crafts Money individual with three the basics video These programs include level of more sewing, gardening, Theory Set up of internet online Other photography, plants, and network for marketing mediums cooking programs. Equipment presentation participants In NM, we have many s Small Increase educational programs Technology Attitude focused on crafts, business Able to sell sales (for hobbies, arts, etc. Partners Develop owners merchandise existing Besides that, this program products, on-line and business) provides opportunities for Videos curriculum, Skills deliver to by 10% existing business to and customers improve on their Literature resources companies’ marketing Review Motivations techniques. Online Physical (brick & mortar) Content automated store may not be the best Update payment idea due to un-strategic Training location of NM, high method upfront cost to set up a Program: Home-based Online Business-Goals: • To educate and train people on how to set up reliable home-based and/or small on-line businesses. • To increase sales of existingbusiness • To encourage people to upgrade hobby and interest into a
    • 3. Outline1. Introduction: Background, problems, purpose, questions, – Framework: Logic Model – The Program2. Methods3. Results4. Discussion: Summary, conclusion, implications, future plans
    • 4. Background• February 2012: Dona Ana county agent met with Anna Dyson, ad-hoc committee chair through the Employee Council for Financial Wellness for NMSU employees – researching different avenues and programs for an NMSU financial wellness program• Originally wanted an online program by Dave Ramsey but it costs too much money ($10,000).
    • 5. NMSU Employee Council, Jan.• 2012 NMSU has health wellness programs and financial wellness programs for students – But no financial wellness program for employees. – 42% of people don’t know where every dollar of their budget goes – 70% live from paycheck to paycheck.• Goal: Help employees to become aware of their finances and assist them in becoming debt-free and in turn, improve morale• This issue has been discussed for quite some time waiting for the appropriate time to present it to the committee.• Sub-committee: Investigate the feasibility of supporting a financial wellness program and which program would be best.
    • 6. Programs Suggested• eXtension: Investing for Your Future, Investing for Farm Families, Bankruptcy (fees for many can be waived), Planning for a Secure Retirement• National Endowment for Financial Education (NEFE) – Microentrepreneurs, Addiction Groups, CashCourse College Kits, Domestic Violence Victims, Dress for Success, Ex Convicts, Family Literacy, Gear Up/NCCEP, Generations United, Habitat Home Owners, Homeless Audience, Military Personnel, People with Disabilities, People with MS, United Way, Vita, Your Spending Your Savings• Dollar Decision$: $65 – How to track their expenses and make ends meet. – Needs vs. wants, goal setting, methods to track expenses, ways to develop a spending and saving plan, ways to increase income and decrease expenses.• FederalReserveEducation.org• Money Smart for Young Adults: – learn the basics of handling their money and finances, including how to create positive relationships with financial institutions
    • 7. ECONOMIC EDUCATION - 2011 NM: High School course required to be taken
    • 8. PERSONAL FINANCE- 2011NM: Not even included in the K-12Standard
    • 9. Framework: Logic Model• Situation Statement: • Dismal financial situation for individuals & families • National: High unemployment rate (8.3% [U6 14.9] vs. 7% in NM) • NM: Low income (NM per capita income $33,368 ranks 43 out of 50; nationally $39,945) • NM is one of the five states without personal finance education requirements for high school graduation – not even included in K- 12 Standards • Economic “ New Normal”• Outcome Summary: NMSU Employee Financial Wellness targeted at providing personal finance programs to faculty and staff can help individuals achieve financial security by adopting healthy personal finance habits. NMSU faculty and staff will have improved financial stability with limited resources.
    • 10. Outputs Outcomes – Impact Inputs Activities Participation Short Term Medium Term Long TermWhat we invest: What we do: Who we What the short What the That the reach: term results medium term ultimate resultsSpecialists Plan, are: results are: are: implement, NMSUSupport from and evaluate employees NMSU Employee Employees will Individuals andNMSU, educational (faculty and council will practice and families will haveespecially programs for staff) design, deliver, maintain their greater capacityEmployee employees throughout the and evaluate improved to establish andCouncil including web- state of educational financial maintain based various program management financialEvaluation data education. backgrounds strategies such security. Employees will as developmentWebsites – gain awareness, of financial goals Communities willNMSU, college, Key players: knowledge and and plans, have improvedand department abilities on savings for economic State financial security. retirement and stability byCurricula extension other purpose, increased specialist Employees will record individuals and intend to improve organization, risk families’ financial Co-organizer their financial management, security. management debt repayment, NMSU strategies such investment, and Attaining professors as development estate planning. financial stability of financial goals will improve Local and plans, Employees will family professionals savings for increase saving relationship and retirement and and decrease self-worth Supervisors, other purpose, their debts by including head record improved departments organization, risk financial and deans management, management debt repayment, practices. investment, and estate planning.
    • 11. Framework: Logic Model Assumptions External Factors1. Access to university 1. Availability of instructors facilities. (professors and professionals)2. Partners will share 2. Availability of facilities resources and there will be 3. Lack of consumer education on and off campus faculty being taught in educational partnerships. system3. The programs can have a 4. Consumer availability of information and direct measurable impact on decisions due to internet personal financial security. technology.4. Promoting personal 5. Increased awareness for financial security is a consumer education critical need for New 6. Institutional commitment Mexico residents
    • 12. 2. Methods• Survey: To all NMSU employees – Purpose: To determine personal finance background, demanded topics, and suitable format – Online and paper; English and Spanish – All employees: Staff and faculty; full-time vs. part-time; exempt vs. non-exempt
    • 13. Survey• Translated to Spanish – took more time than expected: Survey, online and paper cover letter versions• IRB application – Submitted: June 22, 2012 – Revised: August 13, 2012 – Approved: August 23, 2012 • Too long: Should have checked with them after 5 weeks • SurveyEnglish.pdf, SurveySpanish.pdf, SurveyCLPaper.docx, SurveyCLPaperSp.docx,
    • 14. 3. Results• Survey – n=245 with 7 paper survey. 2 Spanish response survey.• Analysis – Subject matter and format – Different or one-fits-all – Survey opened: September 17 - Oct 31, 2012• Data analysis – Overall; faculty vs. staff comparison – SAS
    • 15. NMSU Hotline AnnouncementFinancial wellness workshops planned for allNMSU employeesNMSU Employee Council and CooperativeExtension Service are collaborating to offerpersonal financial wellness workshops andtraining for all NMSU employees. Our first step isto survey the NMSU employee population andgain your interest and need for these workshops.Employees at all NMSU campuses areencouraged to complete the survey as we plan tooffer classroom and online training across theNMSU system.
    • 16. Please choose how strongly A N D or you agree SD Please choose how strongly you agree or disagree with the following statements: SA n disagree with the following statements:I consider myself knowledgeable in personalfinance topics. 8.6% 53.9% 20.8% 15.1% 1.6% 245I will benefit from learning more about personalfinancial management. 46.5% 42.0% 8.2% 1.6% 1.6% 245I would like to learn more about the tax-shelteredannuity plans offered to NMSU employees 33.5% 40.0% 18.8% 4.5% 3.3% 245I would like to know more about the eligibilityretirement requirements for NMERB. 36.7% 38.4% 15.1% 4.5% 4.1% 242I would like to know more about the NMAlternative Retirement Plan. 35.5% 37.6% 17.6% 5.7% 2.9% 243I like to use online training materials and learn ina self-paced format. 35.5% 35.9% 17.1% 8.6% 2.4% 244I like to learn in an instructor lead environmentwith time to discuss materials with my instructorand other class members. 21.6% 41.6% 26.1% 7.8% 1.6% 242I think my supervisor will allow me to reviewtraining materials or attend training during workhours. 33.5% 36.3% 16.3% 7.3% 4.1% 239I would like for these materials to be offered in 16.3Spanish. 4.1% 9.0% 53.5% 14.3% % 238I am interested in learning more and would pay a 29.8
    • 17. Not Interested (I RANK - Interested/ Interested/ have plenty of Based on No Some knowledge or just Intereste Knowledge Knowledge not interested) dBudgeting and cash 11.8% 60.0% 28.2% 9Credit,debt, paying off debt 13.1% 51.8% 34.3% 10Identity theft and financialsecurity 28.2% 56.7% 15.1% 6Buying a home 19.6% 34.7% 45.7% 11Consumer rights/scams andfrauds 24.1% 53.5% 21.6% 8Renting a home 15.5% 33.9% 50.6% 13College funds for mychildren 21.6% 28.2% 49.4% 12Insurance 26.1% 53.1% 20.4% 7Building savings 34.3% 53.5% 11.4% 5Increasing income 42.9% 47.3% 9.8% 3Retirement planning 45.3% 48.6% 5.7% 1Investments 47.8% 41.2% 11.0% 4Estate planning 50.6% 40.8% 8.2% 2
    • 18. Open Ended• What would you hope to learn, or what financial goals would you like to achieve with this type of training? n=138• Please provide any other topics of interest that you would like: n=50• Are you willing to participate in further surveys that will help guide us in developing employee workshops? 64.9% Yes vs. No – If yes, please provide your email address: n=121• Do you have any expertise in any of the above topics for which you would like to teach a workshop or training class? 4.5% Yes vs. No – If yes, please specify topic(s): n=10
    • 19. What would you hope to learn, or what financial goals would you like to achieve with this type of training? n=138Developing a long term savings plan while also I would like to learn how to be debt free and save forimproving my short term financial situation. I would the future ; Ive been working at NMSU over 15like to be able to buy a home but my credit has years. I am a member of the alternative retirementsuffered for many years. ; retirement planning ; How plan. My investments in TIAA-CREF are worth littleto maximize my retirement savings. ; My spouse is a more than the net of what I and the employer havefinancial advisor and CFP so I wouldnt need this contributed. What am I doing wrong? ; How to bettertraining. I would however be interested in any manage my money, planning for retirement. ; able toinformation offered concerning how I could avoid devise a good plan for debt payoff and being able toNMSU automatically taking out 11 percent of my live on retirement income. ; My goal is better controlcheck and forcing me to participate in a net zero of spending and beginning a savings program. Alsoinvestment plan, so if such information exists in the planning for retirement. ; I would like to get currentalternative retirement information I would gladly information regarding home purchase, the process,attend. ; How to better manage my money and learn loans, interest rates and "points" ; What does NMSUhow to save. ; be more knowledgeable in managing contribute to my savings account? Is the money thatmy finances, make good decisions ; Retirement, I put into ING really going to a good place that issaving, alternative income, etc. ; I would like to learn creating interest and is it safe? ; I would like to learnhow to make my money go further in order to plan for how to better budget my earnings andretirement. Investing is what i would like to take away optimize/increase my wealth. Overall, I want to learnand how to become debt free ; Id like to feel more more about longterm saving, investing, andknowledgeable and more secure that Im in a secure retirement plan options. ; How to do more with whatposition financially. ; How to take control of my I have. ; Smart spending ; Learn to pay off debt,current budget with my salary and also how to start while saving for retirement ; Learn more aboutbuilding a savings for the future and building my retirement plans and how to be prepared for mycareer to earn a larger salary. ; Understand the new future ; Future planning. ; Debt free and keeping upNM retirement program, learn how to best save for with monthly debt and have collector stop calling. ;my kids college and/or if I should even start while Build a substantial nest egg, for myself and myhaving consumer debt, and learning more about life family. Be able to pay bills without worrying what
    • 20. What would you hope to learn, or what financial goals would you like to achieve with this type of training? n=138I want to build up my retirement savings so I have I would like to be able to manage my money betterenough money to live on after I retire. Im very within the 457. I dont understand how to allocateinterested in learning about 401Ks and other my money (for my age) so that it will grow at ainvestment options. ; Learn about resources that I steady pace, not lose value, and help in mycan continue learning and guiding towards financial retirement. ; I have a financial advisor and needsecurity. ; Learn better ways to manage money, information that pertains to New Mexico or NMSU. ;about maKing the best out of what I have to work General investment advice ; STABLEwih. ; How to plan for retirement ; Financial RETIREMENT INCOME. ; Learn ways to reducesecurity for my future. Retirement Investing College debt and increase savings/investments. Havingsavings for kids ; learn how to invest + how to retire money work for me as opposed to me working for; Maybe learn a little more about investing in the money. ; What options are out there? ; Reducestock market. Also, estate planning, trusts and wills. debts and increase retirment goals. ; Financial; I would like to learn more how to pay down debt, security for the future. ; long term financial security ;building up my savings, and preparing for How to prepare for retirement. ; What is my currentretirement. ; Financial goals are what we have but financial state? What should my goals be in orderfind hard keeping them. This will help me to attain retire at my chosen age? How can I know themy goals. ; how to better budget my money and be benefits and counter-benefits of refinancing aable to save money, i want to get out of debt even mortgage? Is it worth investing in advancedat the salary i get now. ; How to increase saving education after middle age? ; How to get out of deptwithout messing up my monthly budget. ; Financial an attain financial security. ; How much money i willstability, preparation for retirement, learning how to need to have when I retire. ; I would like to learninvest ; More knowledge of financial planning as a how to save money better as i live from pay check towhole. Many people do not know this type of pay check with no savings to speak of. ; My goal isinformation. Would be beneficial. ; Estate to retire in the near future. ; separate retirementplanning. ; i would like to learn how to fix my credit, fund, saving for college ; Budget better, increase myhow credit works and money management. as a income, invest well without too much risk. ; I wouldsingle mother of 2 and living soley on one income i like to learn how to protect my assets and how best
    • 21. What would you hope to learn, or what financial goals would you like to achieve with this type of training? n=138I would like to figure out how much I will need for Debt management - creating home budgets -retirement and schedule a plan. I would like more hopefully use to decrease debt, such as loans andattention paid to the alternative retirement plan. ; credit cards ; I would like to improve my financialHow to get an overall view of what could be situation. ; Formulas for percentage of monthlyexpected during retirement, based on existing plans income to spend on food, housing, utilities, etx. ;and savings in place. ; n/a ; investmets, retirement How investing income will help in the long run and if iincome, college savings plans ; Personal Financial have invested in good plans ; College fund for myplanning and saving planning. ; Learning about kids, and additional planning for retirement. ; debthow to make more of an investment in retiring. ; management, savings, investments, college savingsBetter budgeting, how to invest, retirment planning. ; I wiuld hope to learn how to beter plan for theMy money needs to grow and I dont know how to future so that I can have a more secure future, anddo that. ; Financial Independence ; Savings and beable to help my family plan for their futures asinvestment options for large purchases (home, kids well. ; Want to learn how to make the most of mycollege funds) and retirement. Need more info and money; i.e., saving, retirement, my nephews savingresources on wills and other end-of-life care for college, keeping my information secure. I want tooptions. ; Stabilize my finances now and plan for know the best strategy for saving my money forretirement. ; How to manage my limited resources retirement and to see what other savings plans Ibetter. ; To learn how to save money for should obtain to do this. ; Knowing how to takeretirement/childrens college fund/ and how make advantage of what NMSU offers. ; Would likesafe and smart investments. ; I need help planning assistance with financial planning as it relates tofor retiremnt and saving money for a college fund retirement and college funds for children. ; How tofor my son and creating a will. I also own a house live on my single income. Make the right decisionsthat I dont live in and need help figuring out if I about retirement. ; My goal is to be financially stableshould try to sell it or keep renting. ; Learn about at retirement without worrying about what happensways to stretch my income, and increase my next ; Retirement planning ; financial preparationincome through investments, learn about the traps, for retirement; financial planning for building a homepitfalls and scams in the financial world ; Figure out ; At 67 I need to learn more about retirement options
    • 22. What would you hope to learn, or what financial goals would you like to achieve with this type of training? Count Topic 69 Retirement 32 Budgeting, managing my money 28 investing, safe, smart, secure 23 Savings 16 pay down debt, debt free 12 kids college 12 estates, wills, trusts 11 build knowledge 10 financial planning 7 increase income, alternative income 7 financial security, stability 6 Mortgage - buy a home 4 Alternative Retirement Plan 2 Fix my credit 2 keeping financial goals 1 life insurance 1 emergency planning 1 rental property - keep or sell
    • 23. • Please provide any other topics of Open interest that you would like: n=50Savings strategies, financial planning for Public Loan Forgiveness for NMSU Endedlevels of differentretirement, credit repair, homeownership. ;How to get ahead. ; Risk employees who have taken out a student loan ; Home insurance and how it works ;kinds of investments Balancing your ERB future ; Capital gains taxes in terms ofportfolio Tax implications of different kinds realestate. ; home safety ; Beginningof investments ; Retirement plans, Spanish. ; Investments, refinancing,additional saving options ; investment retirement, SS benefits. ; How to save forinformation, understanding stocks, bonds the future and invest. ; n/a ; Retirementetc. ; Retirement and credit cards ; I would planning ; See above. ; How to set up yourbe interested in topics such as credit own will or trust. ; More to do about makingscores and creating a will. ; I dont know if it my money work for me...in such a badwas mentioned but purchasing a new or economy. Tip on increasing my income,used vehicle. ; I would also like information etc... ; Investing ; Health and safety topics:on other resources or program in the First responder type actions in case of ancommumnity that help with buying a home. accident having to do with different; N/A ; Living Trusts ; Paying off debt and scenarios, for example, someone bleedingaquiring good debt. ; How to invest in profusely, electrocution, drowning, etc.equities with good results online. ; Using a fire extinguisher, how the safetyCoordinating different types of benefits, system works on campus. ; I cannot thinkTIAA-CREF, ERB (spouse), Social of anything other than the topics mentionedSecurity, etc. ; n/a ; Debt forgiveness ; previously on whether I am interested in
    • 24. • Please provide any other topics of Open interest that you would like: n=50Youve coered it very well for me. House running a small business ; Running apurchase, Ended to own, rent better than hobby/home business ; ERB rules now thatfurthering my career. ; How to pay for changes have been made, PERA updatehealth care after retirement HR needs to (for those who have funds in that programprovide more info/access to the new High as well), fraud knowledge, insuranceDeductible Health Plan and Health Savings knowledge, 403b adn 457 plan details,Account through Presbyterian. ; Ratio of mainly every topic on the first page of thislife insurance, health insurance, long-term questionnaire. Those topics arecare/assisted living insurance with income surprisingly comprehensive, applicable andlevel. ; I would like my partner to be able to overall very good topics. Good job toattend any workshops with me. I think that whomever came up with those. ; How toNMSU employees, though, should pay but live well and die broke. ; Your list isNOT employees. ; estate planning ; Estate sufficient - but savings bonds, mutualPlanning Investing ; You asked the funds, different between Morgan Stanley,question would you like to retire with a AG Edwards, Charles Schrab? How tohigher salary - how do I do that? ; Basic select or know you have selected a goodinvesting. How to read the stock market advisor. Who can you trust? ; Yes ; tenerquotes, I had that in school 40 years ago. mas oportunidades (I want to have moreDon recall how now. ; Retirement opportunities) ; me gustaria aplicar parainformation. ; What does going back to otre posision donde me pagen mejor (Iwork after retirement do? Is there a want to be able to apply this so I can get
    • 25. Open Ended• Do you have any expertise in any of the above topics for which you would like to teach a workshop or training class? 4.5% Yes vs. No – Way more than expected – If yes, please specify topic(s): n=10• Wilcoxon signed ranks test
    • 26. Demographics 18-34 35-55 56+ Age Range 15.1% 57.1% 25.7% Gross [$10K,$24K income <$10K ) [$25,$50) [$50,$75) >$75 level 0.4% 8.6% 47.8% 24.1% 17.1%Education H.S. or Associate Bachelors Masters level Some H.S. GED degree degree degree Ph.D. 0.4% 14.3% 16.7% 24.9% 29.4% 11.0% DACC Las ABQ Alamo- DACC East Cruce CenteLocation gordo Carlsbad Main Mesa Grants s r 1.6% 2.9% 7.8% 4.9% 9-month0.8% 12-month 0.8% 77.6% Classification Exempt Non-exempt faculty faculty 52.2% 33.5% 7.3% 5.7% Full-time Part-time Other FTE 95.9% 2.4% 0%
    • 27. Demographics: Survey vs. Population Response rate: 4.5%Age Range 18-34 35-55 56+ Total 15.10 57.10 25.70 100% Survey respondents tend Survey to be % % % (n=245) • Slightly in the 35-55 NMSU: age group 1,108 2,780 1,568 5,464 • Less educated Headcount 20.30 50.90 28.70 NMSU: % 100.0% % or Assc. Bach. M.S. Some HS % % Other/ Ph.D. Total HS GED degree degree degree UnknownSurvey 0.40% 14.30% 16.70% 24.90% 29.40% 11.00% 100%NMSU 2.45% 5.42% 20.79% 25.07% 18.39% 27.87% 100%"Other/ 3.40% 7.51% 28.83% 34.76% 25.50% 100%Unknown" Out
    • 28. Demographics: Survey vs.Location ordo Population d DACC Alamog Carlsba DACC Main East Grants Las Cruces ABQ Cente Total Mesa r 100.0 Survey 1.60% 2.90% 7.80% 4.90% 0.80% 77.60% 0.80% 0%n(NMSU) 284 198 835 116 4,031 5,464 100.0NMSU % 5.20% 3.60% 15.30% 2.10% 73.80% 0% 9- 12- 4-Classificatio Exempt Non- month month month Total Also, survey n exempt faculty faculty faculty respondents tend toSurvey 52.20% 33.50% 7.30% 5.70% ben(NMSU) 1,661 1,822 358 855 768 5,464 • Classified in theNMSU % 30.40% 33.30% 6.60% 15.60% 14.10% 15.60% exempt category FTE Full-timePart-timeTotal and 100.00 • Full-time Survey 95.90% 2.40% % employees n(NMSU) 3,953 1,511 5,465 100.00 NMSU % 72.30% 27.60% %
    • 29. Staff vs. Faculty• Employee Council wanted to know if results were different between faculty and staff – E.g. if faculty not interested, none on those topics for them for the summer• Difference in need for scheduling• Method: – SAS: Proc Freq with ChiSq option • Wilcoxon-Mann Whitney test because DV is ordinal
    • 30. Staff vs. FacultyFull Question Staff Fac χ2 WFrequency, n(no response)=3 (1.22%) 210 32 13.1Percent 85.7% %I consider myself knowledgeable in personal finance topics. 2.49 2.41 0.4248I will benefit from learning more about personal financialmanagement. 1.66 1.88 0.3942I would like to learn more about the tax-sheltered annuity plansoffered to NMSU employees to add to my New Mexico EducationalRetirement Board (NMERB) retirement income. 1.97 2.38 0.0517I would like to know more about the eligibility retirementrequirements for NMERB. 1.92 2.50 0.0797I would like to know more about the NM Alternative RetirementPlan. 1.96 2.32 0.2056I like to use online training materials and learn in a self-pacedformat. 2.04 2.16 0.5056I like to learn in an instructor lead environment with time to discussmaterials with my instructor and other class members. 2.25 2.19 0.6513I think my supervisor will allow me to review training materialsduring work Agreeand/orAgree training during work hours. Strongly hours attend Neutral Disagree 2.17 1.68 0.0158 Strongly DisagreeI would like for these materials to be offered in Spanish. 1 2 3 4 3.27 3.44 0.4126 5
    • 31. Staff vs. FacultyFull Question Staff Fac χ2 W 2.4Budgeting and cash management 2.12 4 0.0062 2.4Credit, debt, paying off debt 2.18 7 0.0209 1.9Identity theft and financial security 1.85 4 0.498 2.6Buying a home 2.20 3 0.0015 2.1Consumer rights/scams and frauds 1.93 9 0.049 2.5Renting a home 2.33 0 0.1805 2.4College funds for my children 2.25 1 0.2315 1.9Insurance Interested / No Interested / Some Not Interested (I have plenty of 1.94 4 0.9269 Knowledge Knowledge knowledge or just not interested) 1.7Building savings 1 2 3 1.77 8 1 1.6Increasing income
    • 32. Full Question Staff Fac χ2 W Staff vs. FacultyWhat would you hope to learn, or what financial goals would youlike to achieve with this type of training?Please provide any other topics of interest that you would like:Are you willing to participate in further surveys that will help guide 1.2 1.31 0.3687us in developing employee workshops? Yes=2 vs. No=1 3If yes, please provide your email address:Do you have expertise in any of the above topics for which you 1.9 1.95 0.5901would like to teach a workshop or training class? Yes=2 vs. No=1 3If yes, please specify topic 2.1 2.09 0.4727What is your age range? 18-35=3 vs. 36-55=2 vs. 56 and older=1 9What is your gross annual income level? [$0,$10K)=1; 4.2 <.000[$10K,$25K)=2; [$25,000,$50K)=3; [$50,000,$75K)=4; [$75,000, 3.38 21∞)=5What level of education have you completed? Some H.S.=1; High 5.4 <.000School or GED=2; Associate degree=3; Bachelor’s degree=4; 3.84 21Master’s degree=6; Ph.D. =7;At what location would you like to receive your training? NMSU-Alamogordo=1; NMSU-Carlsbad=2; NMSU-Dona Ana Main=3; 5.1 5.49 0.0612NMSU-Dona Ana East Mesa=4; NMSU – Grants=5; NMSU-Las 9Cruces=6; Albuquerque Center=7;My NMSU classification is: Exempt staff=1; Non-exempt staff=2; 9- 3.4 1.39 ******month faculty=3; 12-month faculty=4; 4
    • 33. Full Question (Categories breakdown) Staff Fac χ2 W 1.31 1.23 0.3687Are you willing to participate in further surveys that will help guideus in developing employee workshops? Yes=2 vs. No=1 31.5% 23.3 Yes % 1.95 1.93 0.5901Do you have expertise in any of the above topics for which youwould like to teach a workshop or training class? Yes=2 vs. No=1 95.4% 93.1 Yes % 2.09 2.19 0.4727 16.9% 6.3%What is your age range? 57.0% 68.8 18-35 (value=1) 26.1% % 36-55 25.0 56 and older (3) % 3.38 4.22 <.000 0.5% 1 9.7% 0.0% 54.1% 22.7% 3.1%What is your gross annual income level? Since I am not a big fan of 13.0% 15.6 [$0,$10K) (1) averaging categorical responses % [$10K,$25K) 37.5 … [$25,000,$50K) %
    • 34. Full Question Staff Fac χ2 W 5.49 5.19 0.0612 0.0% 2.0% 3.2% 12.9At what location would you like to receive your training? 2.9% % NMSU-Alamogordo 12.9 NMSU-Carlsbad 7.4% % NMSU-Dona Ana Main 3.2% NMSU-Dona Ana East Mesa 3.9% 67.7 NMSU – Grants 0.5% % NMSU-Las Cruces 82.4% 0.0% Albuquerque Center 1.0% 1.39 3.44 ****** 61.0% 0.0%My NMSU classification is: 39.1% 0.0% Exempt staff (1) 0.0% 56.3 Non-exempt staff 0.0% % 9-month faculty 43.8 12-month faculty (4) %I am employed by NMSU: 1.02 1.00 0.3794 Full-time (1) 97.6% 100%
    • 35. 4. Discussion• Based on overall results and other information – There is a need for personal finance education on campus – Concern: Low response rate• Staff vs. Faculty: – I. Opinion: 1 of 10 was significantly different • Supervisor allowing time off to attend – II. Topic: 4 of 13 was significantly different • Budgeting and cash management; Credit, debt, paying off debt; Buying a home; and Consumer rights/scams and frauds• We’ve also decided – Group faculty and staff together – Offer classes at different levels of difficulty – Trying to figure out the best design that fits the demand • Debt deduction vs. convention • Coordinator (Anna Dyson and I) vs. professional • Basic, intermediate, and advanced
    • 36. Lessons Learned• IRB: Takes time, check on them, inconsistent – 2 weeks in the past vs. 10 week here – Your faculty member in IRB. All good?• Qualitative analysis is not the inferior one.
    • 37. Current Planning• Eight Topics identified: Budgeting and cash (2); Credit card, debt, and debt management: (3); Identity theft & consumer rights/scams (2); Buying a home (2); College funds (1); Insurance (2); Increasing income (1); and Retirement planning (6).• Allocate 2-3 one-hour sessions for each topics – Fahzy and Anna will teach the basic and maybe the intermediate levels. NMSU professors and local professional will be invited to teach the advanced level.• Take advantage of facilities and event – Smart classroom, library, Career Service, Financial Literacy month in April• Evaluation for each session
    • 38. Future Considerations• Lower-income population inadequately covered by the survey – More focused effort – Custodians have different work schedule. E.g. lunch at 10a. • … while we’re thinking of sessions at noon and 4p – Tend to be Spanish-speaking – Focused group – Direct face-to-face approach to the supervisors
    • 39. New Mexico State University Financial Wellness Project Fahzy Abdul-Rahman Family Resource Management Specialist Department of Family & Consumer Sciences Extension