Cliffs Notes from the Journal of Financial Planning & Counseling


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Many financial practitioners do not take the time to read research journals, let alone apply the findings of personal finance studies to their work. This 90-minute webinar will address this concern head on. It will begin with participants sharing some of the most memorable personal finance research studies that they recall and specific ways that they have put research findings into practice with clients or students. It will then present a summary of research findings on a wide variety of personal finance topics including saving, investing, credit, cash flow management, purchase of a home, planning for retirement, and managing money in retirement. The source of the webinar content will be studies published in the Journal of Financial Counseling and Planning during the past decade. Even more importantly than the research summaries, however, will be the discussion of actionable implications for financial practitioners; i.e., the “so what?” of published studies. Every study that is mentioned in the webinar will be presented in “split screen” format with one side of each slide briefly describing a study and the other listing specific implications for practitioners. The webinar will conclude with a consolidated list of action steps and online resources. Participant interaction will include answering some of the same questions that researchers have posed in their published studies.

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Cliffs Notes from the Journal of Financial Planning & Counseling

  1. 1. Please share your email address with us! We’d like to send you a link to this webinar’s recording and resources, and notifications for future webinars. Provide feedback and earn CEU Credit with one link: We will provide this link at the end of the webinar Welcome to the Military Families Learning Network Webinar Cliffs Notes from the Journal of Financial Planning & Counseling This material is based upon work supported by the National Institute of Food and Agriculture, U.S. Department of Agriculture, and the Office of Family Policy, Children and Youth, U.S. Department of Defense under Award Numbers 2010-48869-20685 and 2012-48755-20306.
  2. 2. This material is based upon work supported by the National Institute of Food and Agriculture, U.S. Department of Agriculture, and the Office of Family Policy, Children and Youth, U.S. Department of Defense under Award Numbers 2010-48869-20685 and 2012-48755-20306. Research and evidenced-based professional development through engaged online communities. Welcome to the Military Families Learning Network
  3. 3. Connect with the Personal Finance Team Facebook: PersonalFinance4PFMs Twitter: #MFLNPF
  4. 4. For Resources, Recording, and More Information:
  5. 5. Dr. Barbara O’Neill Dr. Barbara O’Neill, financial resource management specialist for Rutgers Cooperative Extension, has been a professor, financial educator, and author for 35 years. She has written over 1,500 consumer newspaper articles and over 125 articles for academic journals, conference proceedings, and other professional publications. She is a certified financial planner (CFP®), chartered retirement planning counselor (CRPC®), accredited financial counselor (AFC), certified housing counselor (CHC), and certified financial educator (CFEd).
  6. 6. CliffsNotes From the Journal of Financial Counseling and Planning (JFCP) Barbara O’Neill, Ph.D., CFP®, AFC, CHC Rutgers Cooperative Extension
  7. 7. CliffsNotes Background • Started in 1958; hundreds of student guides to explain literary works (e.g., Romeo and Juliet) and academic subjects • Controversial: encourages students to bypass reading the assigned literature? • Acquired by Houghton Mifflin in 2012 • The term is now used colloquially to indicate that a long publication, speech, meeting, movie plot, etc. is drilled down to a series of key points (“Give me the CliffsNotes”)
  8. 8. Polling Question: Do you belong to AFCPE (Association for Financial Counseling and Planning Education) and receive the JFCP? _____ Yes _____ No _____ Not sure
  9. 9. Polling Question: If you get the JFCP, about how much of it do you generally read? (Be Honest!) _____ 0% to 25% _____ 26% to 50% _____ 51% to 75% _____ 76% to 100%
  10. 10. Polling Question: If you read 25% or less of the JFCP, please indicate your PRIMARY reason why (Be Honest!) _____ Lack of time _____ Lack of interest _____ Don’t understand research terms _____ Don’t see value for present job role _____ Don’t like topics of JFCP articles _____ Other
  11. 11. Full Disclosure and “Street Cred” • JFCP Book Review Editor (2004-Present) • Author of > 3 dozen book reviews • Periodic JFCP article reviewer; article award reviewer • Periodic JFCP article author/co-author – 2012: – 2010: – 2006: – 2005: – 2000:
  12. 12. Webinar Objectives • Discuss the benefits of producing and consuming research • Discuss brief methodology and findings of 2004-2013 JFCP articles with article links • Discuss the “So What?” implications of 2004-2013 JFCP articles (“split screen” format) • Discuss JFCP articles on six topic areas of widespread interest to financial practitioners • Discuss key take-away messages
  13. 13. What is Research? Merriam-Webster: “Careful study that is done to find and report new knowledge about something”
  14. 14. Other eXtension “Research Briefs” • Saving Money: Research Insights Webinar – – Focused exclusively on research about savings – Content derived from a variety of journals and corporate research studies • Research Briefs – – Organized by topic area – Include brief description of study and implications
  15. 15. Webinar Content Parameters • Last decade of FCP (journal title through 2008) and JFCP (2004-2013) • Six topics of widespread interest to financial practitioners and their clientele – Cash flow management – Saving – Credit and debt – Investing – Housing – Retirement planning
  16. 16. Why Summarize the Journal of Financial Counseling and Planning? • Journal (devoted exclusively to personal finance) most frequently received by PFMPs, Extension educators, and other practitioners • Includes a variety of basic personal finance topics (e.g., credit, cash flow) • Articles are FREE to download • Readers can often meet journal article authors in person at AFCPE meetings • Reviewers and editor require a strong summary with clear implications for practice (i.e., So What?)
  17. 17. JFCP Background Info • To search archived articles, (by keyword, volume/number, or author) • To contact the editor (Dr. Jing Xiao): • For manuscript submission guidelines:
  18. 18. Question #1 What research study do you remember the most because it had useful implications for your work? Describe the research topic, author, and/or implications in the chat box.
  19. 19. 1. The Marshmallow Test: Delayed Gratification and Self-Control • Mischel et al. study of delayed gratification (late 1960s/early 1970s) • 4-year old children offered a choice between one small reward now or 2 rewards if they waited 15 minutes • Children who waited had better life outcomes including higher SAT scores and scholastic performance, less substance abuse, fewer behavior problems, and better social skills and stress coping skills •,%20Delay%20of%20Gratification.p Implications • When people are put in situations where they trust in a clearly defined long-term gain, they are more likely to pursue it • Willpower appears to breed long-term success in life (strategic reasoning skills and trust too?) • Teach long-term gains of saving • Develop learning activities that encourage people to develop willpower and future-mindedness • Foster trust by learners
  20. 20. 2. The Power of Social Norms • Goldsten et al, (2008) study of social norms to change behavior; experiment about environmental conservation program in hotels • Telling people “the majority of guests reuse their towels” proved superior to traditional appeals used by hotels that focus solely on environmental protection benefits • Even more superior results for the setting that closely matched participants’ immediate circumstances (“the majority of guests in this room reuse their towels”) • Implications • Provide positive financial frames of reference such as % of employees participating in an employer’s retirement savings plan • Provide relevant research findings about financial behaviors of Americans • Use the “Wealth Test” from The Millionaire Next Door: formula based on age and income:
  21. 21. 3. Who are the Joneses? • 6/14 study used American Life Panel data to examine how people compare their income and lifestyle satisfaction to others • Found that people are more likely to compare their income to family, friends, co- workers, and people their age than to neighbors or U.S. residents in general • Implications •Teach strategies to increase household income •Provide age-based income information •Teach the “Wealth Test” from The Millionaire Next Door •Discuss money communication strategies •Co-worker role modeling
  22. 22. Benefits of Producing Research • Add to knowledge base in one’s field • Build “community” with peers • Develop analytical skills • Inform best practices by practitioners • Required for tenure and promotion in academia • Potentially life-saving results (medical research) • See
  23. 23. Benefits of Consuming Research • Keep up to date on subject matter content • Keep programs updated with latest information • Develop programs that are grounded in theory and/or empirical findings • Enhances credibility with clients and stakeholders, especially if sources are cited • Provides content ideas for articles, classes, media, social media, etc.
  24. 24. Question #2 Who are your favorite personal finance researchers? Why? Describe the researcher and/or their research topic in the chat box.
  25. 25. Topic #1: Money Management
  26. 26. Preparedness for Financial Emergencies • Bhargava and Lown (2006) study of emergency fund adequacy using 1998 and 2001 SCF data: • > 50% of respondents did not meet any of the emergency fund measures (i.e., 2-, 3-, and 6- month income guidelines) in both years • Significant determinants of meeting guidelines: age, education, income, marital status, race, homeownership, retired status, self employment, savings horizon, risk behavior, and spending behavior Implications •More than half of Americans have < 2 months of income in reserve!! This study confirmed the findings of earlier research •Emphasize EF importance to less educated households •Support America Saves program •Open a HELOC before a financial crisis occurs •Encourage multiple resiliency resources besides savings:
  27. 27. Why People Make Religious Contributions • Marks et al. (2009) study of why people make faith-based gifts: • Qualitative study (445 individuals) with 4 gifting themes: 1. sense of obedience/duty, 2. to express thanks and joy, 3. it is a wise investment, 4. to promote social justice and charity • People make gifts despite financial challenges; it is a central part of who they are (“it’s in their DNA”) Implications •The meaning of religious gifts transcended balance sheets and numbers (even if financial ramifications were understood) •Hasty recommendation to cut gifts may result in a lost client •Instead, develop acceptable work- around strategies with clients; demonstrate understanding and respect (cultural competence)
  28. 28. Childhood Financial Socialization • Kim & Chatterjee (2013) study of association between childhood financial socialization and financial practices of young adults: • Panel Study of Income Dynamics data; N = 628 • Respondents who had bank accounts and had spending monitored by parents in childhood were more likely to own financial assets and have positive attitudes toward personal finance Implications •Study does not assume causality; also PSID has no data available on financial education experience •Study supports the importance of parental socialization and need for financial education materials for parents •Study also supports the benefits of childhood savings accounts •Need to teach personal finance in multiple venues; family and schools both important
  29. 29. Topic #2: Saving
  30. 30. Savings Behavior • Fisher (2010) studied gender differences in saving behaviors using 2007 SCF data set • Women less likely to save short-term if in poor health; no health effect for men • Low risk-tolerance affected likelihood of women saving in the short term and saving regularly • Each year of education made men more likely to save in the short-term and save regularly • Implications •Understanding savings behaviors by gender can inform financial education programs •Risk tolerance affects saving behavior as well as investment decisions •In this study, income and wealth were insignificant variables in explaining likelihood of saving •Good health habits, health insurance, and emergency funds are especially important for women •Targeted financial education programs for women
  31. 31. Characteristics of Successful Savers • Fisher & Anong (2012): 2007 SCF data: 46% saved regularly, 32% irregularly, 22% did not save • Precautionary and retirement motives, long-term planning horizon, and higher income increased likelihood of saving regularly or irregularly vs. no saving • Retirement motive separated regular savers from irregular savers: 1.5 times more likely • Implications •Motives are strong predictors of disciplined saving •Emphasize the importance of identifying goals to encourage a regular habit of discretionary saving and automated saving •Households in all income groups can be regular savers •Stress saving small amounts over long time horizons which makes goal attainment more feasible
  32. 32. Characteristics of Successful Savers • Grinstead et al. (2011) study of IDA program participants in American Dream Demonstration • About 4 of 5 low-income working families are “asset poor” with < 3 months expenses at the federal poverty level to survive a financial crisis • Hours of participation in financial education program, higher matched cap, prior use of a savings account, and greater educational attainment were associated with greater likelihood of savings and saving goal achievement • Implications •Learning needs vary. If resources allow, financial education should be tailored and individualized (e.g., financial coaching) •Peer financial counseling is a low- cost option to savings coaches •High match rates and match caps motivate people to save •Provide a link between people’s saving goals and financial education content
  33. 33. Characteristics of Successful Savers • Rha et al.(2006) study of the effect of “self-control mechanisms on saving behavior: SCF data – (e.g., saving goals, anticipation of future expenses, saving rules including saving regularly or saving one family member’s income) • Household saving behavior was strongly affected by mechanisms that help people practice self- control; 56% spent < income • Households with savings rules were much more likely to spend < income than those without rules • Implications •Behavioral variables affect savings behavior at all income levels •Help people establish realistic personal “savings rules” •Help people anticipate future financial planning needs •Teach financial goal-setting and provide tools with which to do it
  34. 34. Characteristics of Successful Savers • Hogarth & Anguelov (2003) study of savings by low-income households, SCF data • Ability to save was associated with socioeconomic (e.g., income) & demographic (e.g., education) characteristics, expectations (e.g., about future income), motivations (e.g., a reason to save), access to resources, & institutional environment (e.g., credit checks on potential depositors) • 60% of households at or below poverty level indicated they saved • Implications •Even poor households can save although amount is low; people at all income levels were savers •Poor households could still probably not meet short-term emergencies •Hispanics were more likely to be savers than White households in this study; not always the case •Expectations and motivations matter •Support policies and programs that promote saving
  35. 35. Topic #3: Credit and Debt
  36. 36. Household Debt and IRAs • Bernstein (2004) analyzed relationship between household debt and IRA ownership using SCF data: • Households who depend on credit card debt and loans are less likely to fund IRAs than those who borrow for real estate; also, divorced persons • IRA savings has lower priority than other financial objectives for many families Implications •Additional motivation is needed for IRA contributions (e.g., automated deposits) •Paying off high-interest credit cards may be best short-term strategy but it sacrifices future security •MyRA is promising “starter program” for Roth IRAs:
  37. 37. Convenience Credit Card Use • Rutherford & Devaney (2009) study of factors influencing convenience use of credit cards: • N = 3,476 households (SCF data) • Convenience users more likely to believe using credit was bad, had longer planning horizons, did more shopping for credit, and were older and had a college education and higher income • Less likely if they were late with payments, thought it was OK to use credit for vacations, and sought advice from people or media (instead of own searching) Implications •Help consumers understand how they view credit influences financial behavior •Use awareness tools like Credit Card Smarts calculator to show actual credit interest costs for revolvers •Encourage small positive steps: paying 6% of balance vs. 3% •Encourage planning and assist with budget preparation:
  38. 38. Credit Card Payments Source of Data: Credit Card Smarts calculator, Advantage Publications
  39. 39. Question #3 So what are some of the key “take-aways” that you have heard that could impact your work with clients (Topics #1- #3)?
  40. 40. Topic #4: Investing
  41. 41. International Diversification • Bhargava et al. (2004) study of diversification benefits of international investing: • Studied returns on four indexes: S&P 500, MSCI World Index, EAFE, and MSCI Europe Index • Found that benefits of international diversification are present but decreasing over time • Correlations between world markets are increasing Implications •Invest a portion of portfolio in international markets, especially European •Provide international investing resources such as SEC fact sheet: •Encourage simplicity: international index funds
  42. 42. Financial Risk Tolerance • Yao, Gutter, & Hanna (2005) explored the effect of race and ethnicity on financial risk tolerance using 6 SCF data sets: • Whites are more likely to take SOME financial risk than Blacks and Hispanics (i.e., financial risk tolerance) but less likely to take SUBSTANTIAL financial risk (part of answer to SCF question) Implications •Consider impact of culture on risk tolerance (e.g., Machismo = investing bravado) •Consider that strong desire by Blacks and Hispanics to get ahead may influence risk tolerance •Use valid and reliable measures of risk tolerance such as •Targeted investor education for minority groups
  43. 43. Asset Ownership By Black and White Families • DeVaney et al. (2007) study using 2004 SCF data of likelihood of owning homes, investment accounts, and retirement accounts: • Key factors in likelihood of owning assets and asset value: education, income, and contact with financial institutions • Black families were less likely to own assets compared to White families; value of assets was lower Implications •Need for quality education programs throughout the life cycle •Need to help people improve their human capital to earn a higher income •Need for financial institutions in low income communities •Target programs for minority audiences showing successful role models
  44. 44. Investment Risk Tolerance of Couples • Gilliam et al. (2008) study of differences in husbands’ and wives’ tolerance for financial risk: • 110 couples completed web- based survey; SCF question • Mean scores for husbands were significantly > for wives • Found positive relationship between wives’ risk tolerance and level of education • Wives’ higher educational level associated with lower risk tolerance among husbands Implications •Financial practitioners should NOT assume that a husband is more risk tolerant than his wife •Don’t use demographic characteristics as heuristics for risk tolerance; use a tool like •A wife’s “bargaining power” in a couple often increases with educational attainment
  45. 45. Stock Ownership of Minority Households • Hanna & Lindamood (2008) study using SCF data: • White households are more likely to hold stock investments than minority households • Stock ownership of minority households decreased significantly between 2001 and 2004 but did not change significantly for White households Implications •Minorities started investing more recently than Whites; had less investment experience •People with less experience may react more strongly to market downturns like 2000-2002 •Concern: lower minority stock ownership rates exacerbates wealth gaps •Programs need to address investor emotions and long-term investing benefits
  46. 46. Valuation of Annuities • Browning et al. (2012) study of consumers’ ability to accurately estimate the value of a life annuity product with 2008 Health and Retirement Study data: • Higher financial sophistication and numeracy showed no impact on ability to value annuity benefits • Conclusion: widespread lack of understanding of annuity products Implications •Share annuity resources such as Annuity Assist Calculator ( ) and Bankrate calculator ( ) •Share the benefits of annuities in reducing “shortfall risk” •Do not have to annuitize all of your assets
  47. 47. Topic #5: Housing
  48. 48. Life Cycle and Housing Cost Burden • DeVaney et al. (2004): • Examined ratio of housing costs to household income using 2001 SCF data • Housing cost burden was greater for singles and single-parent families than couples with no children (for both renters and homeowners) • Affordable housing burden was associated with more education and regular savings Implications •Encourage people to become regular savers and convenience users of credit •Help clients see disconnects in their behavior (e.g., wanting to buy a home but not saving for a down payment) •Provide targeted programs for minorities with higher housing cost burdens
  49. 49. Adjustable Rate Mortgage Borrowers • Finke et al.(2005) studied demographic characteristics of ARM and FRM borrowers using 1989-2001 SCF data : • ARMs were used more by lower income, less wealthy, less credit worthy, and single-headed households • Evidence suggests that ARM borrowers increasingly include more financially vulnerable households. Implications •Need to teach about the risk associated with ARMs •Use calculators to show “worst case scenario”: – (Bankrate) – (Zillow) – (TCalc)
  50. 50. More on ARM Borrowers • Smith et al. (2011) study of the influence of financial sophistication on ARM ownership (SCF data): • ARM borrowing is driven by both least and most sophisticated households – but for different reasons • Most sophisticated: take advantage of interest rate spreads and less sophisticated: because they are income-constrained Implications •Consider how financial sophistication affects financial decisions; education and stock ownership are good proxies •Teach people about the downside of ARMs: more income constraint and vulnerability than before •Consider planned housing tenure; less risk if mortgage will not be held for a long time
  51. 51. Topic #6: Retirement Planning
  52. 52. Retirement Confidence • Kim et al. (2005) examined factors contributing to retirement confidence using 2004 RCS data: • Higher levels of confidence: those who calculated retirement savings need and had more savings, higher levels of confidence in SS and Medicare, higher household income, better health, and received workplace financial education Implications •Anticipation and preparation for retirement are valid predictors of retirement confidence •Encourage people to do retirement savings calculations: •Conduct workplace seminars with built- in “action steps” •Encourage good health habits: •Targeted, personalized programs for low-income individuals
  53. 53. When People Who Stopped Working Should Take SS • Kinderman & Jennings (2006) study with actuarial tables and SS benefit computations: • For many, but not all, waiting until age 66 will yield a larger PV of the stream of expected future benefits • Age 63 is often an undesirable age to begin taking benefits • Complex decision involving health, financial need, taxes, future interest rates, & SS rules Implications •Those with long life expectancy generally benefit by waiting to FRA or later •Use “lifestyle” LE calculators: – – •Frame the decision in terms of monthly income: “How much more will I receive in benefits by waiting another year?”
  54. 54. Assets of Pre-Retiree Renters • James and Sharpe (2007) study of renters age 45-64 using 1995- 2005 Consumer Expenditure Study data: 2867-volume-18-issue-2.pdf • Compared to homeowners, renters were less likely to contribute to retirement savings, invested less when they did contribute, and favored investment in short-term convenience accounts over retirement savings Implications •“Time preference” issues may need to be addressed: are people living a “postponed life” in many aspects of their finances •Show people the cost of postponed savings or the benefit of saving more: 010/03/24/your-money/one-pct- more-calculator.html?_r=0 •Target renters as an audience for programs
  55. 55. Estate Planning Documents and Charitable Gifting • James (2009) comparison of pre-death charitable expectations and post-death distributions • Data from 1995-2006 Health and Retirement Study: ._james.pdf • Most (> half) respondents who reported having a charitable estate plan prior to death ultimately generated no charitable estate gift after death • Likelihood of charitable gifts was significantly higher with a living trust than having only a will Implications •Non-profit donees should not base future revenue on self-reported planned gifts of potential donors •People may falsely describe their gifting plans or alter them •Teach people that titling of assets controls the distribution of assets (title trumps provisions in a will) •Those with a spouse or child beneficiary were significantly less likely to make charitable gifts
  56. 56. Annuities in Retirement • Spitzer (2009) study of probability of outliving a retirement portfolio with annuitized withdrawals: _spitzer.pdf • Used “bootstrap” simulations with various assumptions on estate size including RMDs • Annuities significantly extend the length of time that a portfolio lasts BUT the expected estate size remaining will decrease substantially • Trade-off of SECURITY versus LEGACY Implications •Purchasing an annuity reduces “shortfall risk” •A high level of security comes at the cost of not being able to provide a larger estate to heirs •Not an “all or nothing” decision; people can elect to annuitize a portion of their portfolio or use “term certain” annuity payment options •Seek annuities from low-cost providers to reduce expenses
  57. 57. Question #4 So what are some of the key “take-aways” that you have heard that could impact your work with clients (Topics #4- #6)?
  58. 58. Question #5 YOUR research recommendations: What personal finance topics should be studied or studied more?
  59. 59. Key Take-Away Messages for Financial Practitioners • Demonstrate “cultural competence” with clientele (e.g., understanding “drivers” of actions like tithing) • Encourage savings starting at a young age • Develop targeted programs for specific audience needs (e.g., inexperienced minority investors) • Help people set financial goals and match them with appropriate investments • Provide people with awareness tools (e.g., savings and debt calculators)
  60. 60. More Key Take-Away Messages for Financial Practitioners • Encourage small positive steps to get started and “ramp up” later as finances permit • Don’t make assumptions about clients based on demographic characteristics • Teach the long term benefits of investing • Help people see “disconnects” between their goals and financial behavior • Build action steps into financial education programs • Frame savings decisions in terms of future monthly income
  61. 61. Other Personal Finance Research Journals • Journal of Financial Planning- Requires FPA member log-in for archives; a few free current articles • Journal of Personal Finance- Free online access to archived articles: • Journal of Financial Service Professionals- Requires a subscription or SFSP membership: • Financial Services Review- Requires a subscription or Academy of Financial Services membership: services-review/ • Journal of Consumer Education- Free online access to archived articles: Complete List:
  62. 62. Journals that Include Personal Finance Content • Journal of Family and Economic Issues- Has archived abstracts: • The Forum for Family and Consumer Issues- Free online access to archived articles: • Family and Consumer Sciences Research Journal- Has archived abstracts: • Journal of Consumer Affairs- Has archived abstracts: • Journal of Financial Therapy- Free online access to archived articles:
  63. 63. Good Twitter Handles for Research Updates • @UWMadisonCFS • @FINRAFoundation • @MichaelKitces • @pewresearch • @RetirementRsrch • @sandyblock • @A_Lusardi • @ebri • @CYFIResearch • @moneytalk1 and @mikegutter and #MFLNPF
  64. 64. Take 5-10 Minutes a Day to Read a Personal Finance Research Study • Read a journal abstract; scan an article • Pay attention to personal finance research reports in print/electronic media • Read tweets about research findings • RSS feeds • Other ideas?
  65. 65. Comments? Questions? Experiences? Barbara O'Neill, Ph.D., CFP®, CFCS, CPFFE Extension Specialist in Financial Resource Management and Distinguished Professor Rutgers University Phone: 848-932-9126 E-mail: Internet: Twitter:
  66. 66. Next Personal Finance Webinar Financial Planning for the Second Half of Life •Tuesday, September 23, 11 a.m. ET •1.5 CEUs for AFC-credentialed participants. •Speaker: Dr. Barbara O’Neill •More
  67. 67. Military Families Learning Network This material is based upon work supported by the National Institute of Food and Agriculture, U.S. Department of Agriculture, and the Office of Family Policy, Children and Youth, U.S. Department of Defense under Award Numbers 2010-48869-20685 and 2012-48755-20306. Family Development Military Caregiving Personal Finance Network Literacy Find all upcoming and recorded webinars covering: