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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  • Exploring Financial Education and Ourtreach with Head Start Families

    1. 1. Cooperative Extension State Conference October 19, 2010 Madison, WI Exploring Financial Education & Outreach with Head Start Families
    2. 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. 3. Today’s Agenda  Financial Literacy:  What is it?  Modes & Methods  Head Start Financial Education Pilot  Surveys  Newsletters  Workshops  Financial Coaching
    4. 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. 5. Core Competencies  Budgeting  Finding financial information  Use of credit  Using financial services  Saving for special purposes  Filing taxes  Using benefits
    6. 6. How do we learn?  School  Family – Parents & siblings  Positive & negative  Social groups / peers  Financial Providers  Community-based programs  Other?
    7. 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. 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. 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. 10. Money Smart in Head Start UW-Extension Financial Education Project
    11. 11. 7 Counties:  Crawford  Grant  Iowa  Jackson  Lafayette  Richland  Trempealeau 3 CAP agencies 191 families participating
    12. 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. 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. 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. 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. 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. 17. Educational outreach: • Newsletters »5 and ½ counties • Workshops »4 counties (kind of) • Financial Coaching »2 counties (sort of)
    18. 18. Newsletters  One method to reach and teach  Raise awareness  Provide basic information  Reinforce educational messages
    19. 19. Newsletters Have Limitations…  People tend to scan rather than read  Not the best resource for detailed info  Timelines & production schedules Newsletters
    20. 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. 21.  Limitations  Findings  Next Steps Newsletters
    22. 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. 23. Workshops  Format – Evening vs. Daytime  Limitations  Findings  Next Steps
    24. 24. Financial Coaching  UW-Extension Family Living Educators in Trempealeau & Richland  What is Coaching?
    25. 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. 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. 27. Financial Coaching  Format:  2+ home visits October – May  Monthly follow-up  Limitations  Findings  Next Steps
    28. 28. • Coded surveys mailed to 191 households • 92 surveys returned (48%) • Incentive drawing Follow-up Survey (May 2010)
    29. 29. Surveys • 190 Wave 1 • 91 Wave 2 • 60 questions • 2 waves – lessons… – Attrition – Questions changed
    30. 30. Generally Improving…
    31. 31. Many Unbanked
    32. 32. Younger Parents
    33. 33. Have Goals
    34. 34. Education
    35. 35. Financial Issues
    36. 36. Use of Services
    37. 37. Financial Literacy
    38. 38. Newsletters
    39. 39. 2010-2011 18 Counties 11 Head Start Agencies 1600+ Families invited (399 surveys returned so far!) Next Steps
    40. 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

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