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Exploring Financial Education and Ourtreach with Head Start Families

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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 [email_address] 608.262.0369 Peggy Olive UW Extension Richland County [email_address] 608.647.6148 Ruth Schriefer UW Extension Iowa County [email_address] 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
    • Newsletters Have Limitations…
    • People tend to scan rather than read
    • Not the best resource for detailed info
    • Timelines & production schedules
  • 20. Newsletters
    • Written by UW-Extension Family Living staff
    • 8 Topics based on the goals for the Head Start Financial Education project
    • Distributed monthly
  • 21. Newsletters
    • Limitations
    • Findings
    • Next Steps
  • 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 [email_address] 608.262.0369