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Exploring Financial Education and Ourtreach with Head Start Families

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  • Ruth: Newsletters are one way for us to extend the learning for the Head Start Financial Education project
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    • 1. Cooperative Extension State Conference October 19, 2010 Madison, WI Exploring Financial Education & Outreach with Head Start Families
    • 2. Presenters: J. Michael Collins University of Wisconsin-Madison jmcollins@wisc.edu 608.262.0369 Peggy Olive UW Extension Richland County Peggy.olive@ces.uwex.edu 608.647.6148 Ruth Schriefer UW Extension Iowa County Ruth.schriefer@ces.uwex.edu 608.935.0391
    • 3. Today’s Agenda  Financial Literacy:  What is it?  Modes & Methods  Head Start Financial Education Pilot  Surveys  Newsletters  Workshops  Financial Coaching
    • 4. Financial Literacy  What is it?  Not like reading literacy?  “Capability” or “Capacity”…  More than knowledge  Applied knowledge and decisions  Result: Financial Security  Not focused on income level or wealth
    • 5. Core Competencies  Budgeting  Finding financial information  Use of credit  Using financial services  Saving for special purposes  Filing taxes  Using benefits
    • 6. How do we learn?  School  Family – Parents & siblings  Positive & negative  Social groups / peers  Financial Providers  Community-based programs  Other?
    • 7. Tapping into existing systems  Tax preparation  Home ownership  New employees  School-work transitions  Pre-school?  Working parents  Focused on children’s future  Goal setting
    • 8. Modes of education  Passive: media & social networks  Technology: web, mobile phones  Print: targeted publications & newsletters  Workshops: group education  One-on-One  Counseling – problem solving  Coaching – goal achievement
    • 9. Information Matters  Financial Literacy Education Classes  Can provide consumers with tools and knowledge  Context and details matter (a lot)  Counseling one-to-one  Knowledge transfer versus behavior change  Problem that needs to be solved  Coaching  Ongoing over time  Non-directive (do not need to be an expert)  One-to-one - sometimes mixed with group work
    • 10. Money Smart in Head Start UW-Extension Financial Education Project
    • 11. 7 Counties:  Crawford  Grant  Iowa  Jackson  Lafayette  Richland  Trempealeau 3 CAP agencies 191 families participating
    • 12. Project Overview  Baseline survey  Educational outreach:  Newsletters  Workshops  Financial Coaching  Follow-up survey  Purpose: measure changes in goal setting and self-reported financial status Support from Annie E. Casey Foundation
    • 13. Baseline Survey (Sept 2009) • 434 families enrolled in Head Start/Early Head Start programs in 7 counties invited to participate • Survey Dissemination • Baseline survey 191 (44%) responded. – 60% high school education or less – 31% own their homes – 50% married – 23% have 1 child, 33% two, and 44% 3 or more Source: UW Cooperative Extension SW Wisconsin Head Start Family Surveys
    • 14. Baseline Survey (Sept 2009) Financial behavior: • 70% have checking accounts • 62% have savings accounts • 42% have a credit card • 23% have a retirement account • 15% have money automatically deposited into savings/investment account Source: UW Cooperative Extension, Head Start Family Surveys
    • 15. Baseline Survey (Sept 2009) Financial Planning: • 67% do not have a budget or spending plan • 78% do not have a written plan to save for themselves, their children, or their family’s future. • 18% had gotten a copy of their credit report in the last 3 months. Source: UW Cooperative Extension, Head Start Family Surveys
    • 16. Baseline Survey (Sept 2009) Financial Distress: • Financial stress scale (0= no stress; 10 = overwhelming stress) = 6.6 – 14% feeling of overwhelming stress • 87% of respondents say they worry about meeting normal monthly living expenses. • 67% have little to no confidence that they could find the money for a financial emergency which costs $1000. • 58% responded that they had paid a late fee on a bill in the last 6 weeks. Source: UW Cooperative Extension, Head Start Family Surveys
    • 17. Educational outreach: • Newsletters »5 and ½ counties • Workshops »4 counties (kind of) • Financial Coaching »2 counties (sort of)
    • 18. Newsletters  One method to reach and teach  Raise awareness  Provide basic information  Reinforce educational messages
    • 19. Newsletters Have Limitations…  People tend to scan rather than read  Not the best resource for detailed info  Timelines & production schedules Newsletters
    • 20.  Written by UW-Extension Family Living staff  8 Topics based on the goals for the Head Start Financial Education project  Distributed monthly Newsletters
    • 21.  Limitations  Findings  Next Steps Newsletters
    • 22. Workshops  Presented by UW-Extension Family Living staff  Topics based on the goals for the Head Start Financial Education project  Saving Money  Credit & Debt
    • 23. Workshops  Format – Evening vs. Daytime  Limitations  Findings  Next Steps
    • 24. Financial Coaching  UW-Extension Family Living Educators in Trempealeau & Richland  What is Coaching?
    • 25. Working Definition of Coaching “a collaborative solution-focused, result-oriented and systematic process in which the coach facilitates the enhancement of life experience and goal attainment of normal, non-clinical clients” (Grant, 2003). Key Elements of Coaching  a focus on long-term outcomes  collaborative process to change behavior  practice new skills  based on the client’s unique needs and goals Steps: 1. Goal setting 2. Action planning 3.Monitoring
    • 26. Financial Coaching  Goal setting & monitoring  Examples of goals:  Open bank account  Make budget and stick to it for 2 pay periods  Sign-up for benefits  Fund savings accounts  Not an ‘expert’ –goal setting and monitoring  Accountability
    • 27. Financial Coaching  Format:  2+ home visits October – May  Monthly follow-up  Limitations  Findings  Next Steps
    • 28. • Coded surveys mailed to 191 households • 92 surveys returned (48%) • Incentive drawing Follow-up Survey (May 2010)
    • 29. Surveys • 190 Wave 1 • 91 Wave 2 • 60 questions • 2 waves – lessons… – Attrition – Questions changed
    • 30. Generally Improving…
    • 31. Many Unbanked
    • 32. Younger Parents
    • 33. Have Goals
    • 34. Education
    • 35. Financial Issues
    • 36. Use of Services
    • 37. Financial Literacy
    • 38. Newsletters
    • 39. 2010-2011 18 Counties 11 Head Start Agencies 1600+ Families invited (399 surveys returned so far!) Next Steps
    • 40. Center for Financial Security Research on consumer financial behavior Improving financial education and advice Financial Literacy Research Consortium of Social Security Administration Financial Coaching Training December 2, 2010 - Madison http://www.familyfinancialsecurity.org/ Contact: J. Michael Collins, Faculty Director jmcollins@wisc.edu 608.262.0369