This document provides information on savings strategies and research for military families. It discusses topics like savings overviews, strategies, programs, and military-specific opportunities. Some key points include:
- Research shows having a savings plan and goals leads to better financial outcomes. Automatic savings is also effective.
- Characteristics of successful savers include modeling from parents, access to savings accounts from a young age, and financial education.
- Barriers to saving include lack of attention due to financial scarcity, not understanding compound growth, and not having a specific savings plan or rules.
This 90-minute webinar will present 16 specific savings strategies for military families and will precede https://militarysaves.org/organizations/military-saves-week (February 22-27, 2016). Other topics that will be covered include the financial fragility of many U.S. households, types of savings accounts, advantages of saving money, barriers to saving, savings pre-requisites, research findings about savings behavior and characteristics of successful savers, savings motivational programs, and savings educational resources.
Register and join the webinar: https://learn.extension.org/events/2344
This document summarizes research on saving behaviors and effective savings strategies. Some key findings include:
- About half of Americans have a savings plan but fewer have a spending plan that allows them to save. Having specific savings goals is linked to better financial outcomes.
- Automatic savings, employer-sponsored retirement plans, and visualizing future needs can help more people save successfully. Behavioral biases like underestimating compound interest must be addressed.
- Lower-income households can save, even small amounts, when given the right incentives and tools. Matching programs, financial education, and automated savings increase savings rates among all income groups.
Saving Money Research Insights-FINAL-ALL PresentersBarbara O'Neill
- Research studies have found that saving behaviors are influenced by having financial goals, savings plans, and automatic savings. Successful savers tend to have savings motives like planning for retirement or emergencies. They also employ self-control mechanisms like savings rules.
- However, many Americans face barriers to saving like problems with financial scarcity, underestimating the power of compound interest, and difficulties envisioning long-term savings. Providing tools to automate savings, visualize the future impact of savings, and simplify retirement planning can help address these challenges. Employer-sponsored savings plans and financial education also support improved savings behaviors.
This 90-minute webinar will discuss “hot button” personal finance issues in 2016 that will continue to be of interest to consumers and financial practitioners in 2017. Topics to be discussed include: retirement planning, withdrawals and annuities, savings and spending trends, debt, financial fragility, changes in income in 2016, changes in health care premiums and deductibles, the Affordable Care Act, banking scandals, unemployment, government policies impacting finances in 2017, including changes to the Military Care Act and the Blended Retirement System.
To join, regsiter and for more information on this webinar: https://learn.extension.org/events/2815/edit
This is a free webinar hosted by the Personal Finance concentration area of the Military Families Learning Network.
How to Join the Webinar:
You may connect via the APAN Connect system or Ustream. For tech support for either system, email us at milfamln@gmail.com.
APAN Connect (direct interaction with presenters and audience)
To get the URL for the webinar, register in the grey box at the top-right of this page
Go mobile by viewing on the Adobe Connect app (Android & iPhone compatible)
If you cannot access APAN Connect, view via YouTube Live
YouTube Live (broadcast only, limited interaction)
Watch at https://www.youtube.com/user/MilFamLN/live
Go mobile by viewing on the YouTube app
Visit our How to Join page for full information on viewing options and troubleshooting tips.
Speaker
Barbara O’Neill, Ph.D
America Saves Week Presentation for IndividualsAmerica Saves
Information for consumers about America Saves Week. Great for sharing at events. includes information about: why you should be saving, how to save more effectively, and how individuals can get involved.
1) The University of Illinois at Urbana-Champaign saw growing participation in its savings competition over 9 weeks, with the number of participants doubling and the population percentage reaching 0.67%.
2) The University of Illinois at Chicago also experienced increasing involvement, with the participant population percentage reaching 0.256% and the number of student participants growing 15-fold.
3) Both universities engaged students and staff in a savings competition during America Saves Week and Money Smart Week to motivate people to set savings goals and develop positive financial habits.
How Financial Institutions Can Participate in America Saves WeekAmerica Saves
America Saves Week is coordinated annually by America Saves and the American Savings Education Council to encourage Americans to assess their financial goals and habits. During the week, typically the last week of February, organizations promote savings and provide savings opportunities. Financial institutions can participate by offering no-fee or low-balance savings accounts, encouraging customers to save automatically, and promoting savings through events and materials provided on the America Saves Week website.
Farla Medical, one of the UK's largest supliers of medical technologies, commodities and consumables shared best practices from the UK. Including in infection prevention and control, tooling HRH and improving heath service delivery efficiencies.
This 90-minute webinar will present 16 specific savings strategies for military families and will precede https://militarysaves.org/organizations/military-saves-week (February 22-27, 2016). Other topics that will be covered include the financial fragility of many U.S. households, types of savings accounts, advantages of saving money, barriers to saving, savings pre-requisites, research findings about savings behavior and characteristics of successful savers, savings motivational programs, and savings educational resources.
Register and join the webinar: https://learn.extension.org/events/2344
This document summarizes research on saving behaviors and effective savings strategies. Some key findings include:
- About half of Americans have a savings plan but fewer have a spending plan that allows them to save. Having specific savings goals is linked to better financial outcomes.
- Automatic savings, employer-sponsored retirement plans, and visualizing future needs can help more people save successfully. Behavioral biases like underestimating compound interest must be addressed.
- Lower-income households can save, even small amounts, when given the right incentives and tools. Matching programs, financial education, and automated savings increase savings rates among all income groups.
Saving Money Research Insights-FINAL-ALL PresentersBarbara O'Neill
- Research studies have found that saving behaviors are influenced by having financial goals, savings plans, and automatic savings. Successful savers tend to have savings motives like planning for retirement or emergencies. They also employ self-control mechanisms like savings rules.
- However, many Americans face barriers to saving like problems with financial scarcity, underestimating the power of compound interest, and difficulties envisioning long-term savings. Providing tools to automate savings, visualize the future impact of savings, and simplify retirement planning can help address these challenges. Employer-sponsored savings plans and financial education also support improved savings behaviors.
This 90-minute webinar will discuss “hot button” personal finance issues in 2016 that will continue to be of interest to consumers and financial practitioners in 2017. Topics to be discussed include: retirement planning, withdrawals and annuities, savings and spending trends, debt, financial fragility, changes in income in 2016, changes in health care premiums and deductibles, the Affordable Care Act, banking scandals, unemployment, government policies impacting finances in 2017, including changes to the Military Care Act and the Blended Retirement System.
To join, regsiter and for more information on this webinar: https://learn.extension.org/events/2815/edit
This is a free webinar hosted by the Personal Finance concentration area of the Military Families Learning Network.
How to Join the Webinar:
You may connect via the APAN Connect system or Ustream. For tech support for either system, email us at milfamln@gmail.com.
APAN Connect (direct interaction with presenters and audience)
To get the URL for the webinar, register in the grey box at the top-right of this page
Go mobile by viewing on the Adobe Connect app (Android & iPhone compatible)
If you cannot access APAN Connect, view via YouTube Live
YouTube Live (broadcast only, limited interaction)
Watch at https://www.youtube.com/user/MilFamLN/live
Go mobile by viewing on the YouTube app
Visit our How to Join page for full information on viewing options and troubleshooting tips.
Speaker
Barbara O’Neill, Ph.D
America Saves Week Presentation for IndividualsAmerica Saves
Information for consumers about America Saves Week. Great for sharing at events. includes information about: why you should be saving, how to save more effectively, and how individuals can get involved.
1) The University of Illinois at Urbana-Champaign saw growing participation in its savings competition over 9 weeks, with the number of participants doubling and the population percentage reaching 0.67%.
2) The University of Illinois at Chicago also experienced increasing involvement, with the participant population percentage reaching 0.256% and the number of student participants growing 15-fold.
3) Both universities engaged students and staff in a savings competition during America Saves Week and Money Smart Week to motivate people to set savings goals and develop positive financial habits.
How Financial Institutions Can Participate in America Saves WeekAmerica Saves
America Saves Week is coordinated annually by America Saves and the American Savings Education Council to encourage Americans to assess their financial goals and habits. During the week, typically the last week of February, organizations promote savings and provide savings opportunities. Financial institutions can participate by offering no-fee or low-balance savings accounts, encouraging customers to save automatically, and promoting savings through events and materials provided on the America Saves Week website.
Farla Medical, one of the UK's largest supliers of medical technologies, commodities and consumables shared best practices from the UK. Including in infection prevention and control, tooling HRH and improving heath service delivery efficiencies.
This document discusses non-traditional students at Lambuth University. It describes how Judy Pugh formed the Lambuth Non-Traditional Students Organization (NTSO) to help combat the marginalization of non-traditional students. It profiles several non-traditional students who juggle responsibilities like families, jobs, and health issues with their studies. These students demonstrate determination and tenacity in pursuing their educational goals, despite facing greater obstacles than traditional students. The NTSO provides support and a sense of community for non-traditional students.
The document discusses the verb "to be" in English. It is one of the most common and tested verbs. It can be an auxiliary verb or a linking verb used to indicate characteristics. Examples are given of using "to be" in affirmative, negative and interrogative sentences with subjects like I, you, we, they, she, he, and it. Contractions with "to be" like you're and I'm are also discussed.
This document provides the syllabus for an English 1500 course titled "Experiences in Literature" with a theme of "Dysfunctional Families". The course will be taught in spring 2016 by Professor Levine and will meet on Tuesdays and Thursdays from 9:30-10:45 am. It will introduce students to critical reading, literary analysis, and academic writing through exploring a range of literature from different time periods, genres, and cultural contexts focused on the theme of dysfunctional families. Students will complete reading responses, two 4-6 page essays, a documented research essay, a presentation, and a final portfolio. Grading will be based on essays, class participation, assignments, a midterm, and the final portfolio
The document provides an economic review and outlook covering various regions and countries. It discusses slowing global economic growth but reduced risks. Foreign direct investment declined globally in 2012 but some countries like Africa saw growth. The US Fed announced a possible tapering of quantitative easing which initially caused market selloffs but markets recovered. Eurozone risks were lowered by ECB actions though risks remain. Germany's economy slowed due to weakening Chinese demand. China's growth declined for two successive quarters due to weak overseas demand.
Presentatie van de zesde Meet Up. Thema's: David Bowie en george Orwell, Frans van Tilburg (van boekhandel Derijks) over Charlotte salomon, Boeken die door Martijn Aslander & Erwin Witteveen in hun boek 'Nooit af' worden genoemd, de Trendrede 2016 en Lucas De Man (over In search of Europe & De Man Door Europa).
TRENDnet's extreme performance AC3200 Tri Band Wireless Router, model TEW-828DRU, produces three concurrent wireless networks - Two separate 1300 Mbps Wireless AC networks and a 600 Mbps Wireless N network.
The document provides recommendations for sights and activities around Montreal for visitors staying at the Ritz-Carlton hotel, including visiting Old Montreal sites like the Notre Dame Basilica and Bonsecours Market, exploring Mount Royal Park, and going to the Olympic Park, Biodome, or Underground City. Contact information is provided for each location. The document encourages contacting the hotel's concierge or reservations director for assistance with plans.
Este documento explica qué son las energías limpias. Define la energía limpia como un sistema de producción de energía sin contaminación que utiliza fuentes naturales como el viento, el agua y el sol. Luego describe varias formas principales de energía limpia como la eólica, hidráulica, solar y geotérmica. Finalmente, discute las ventajas de usar energías limpias como no dañar el medio ambiente y ser recursos renovables, así como algunos desafíos para su mayor implementación.
Beyond Facebook: Institutional Approaches to Emerging Social MediaNicole Lentine
Presented at the 2016 College Board New England Regional Forum by Nicole Lentine of Champlain College and Ashley Gunn, Emmanuel Tejeda, and Amanda Waite of The University of Vermont.
This document provides a summary of Drew Bryan's continuing education training history from 2003 to the present. It lists over 100 courses taken, ranging from 8 hours to 720 hours, covering topics like patrol procedures, investigations, use of force, racial profiling, and legislative updates. The majority of training was taken between 2005-2011 during his initial years as an officer.
1) An Iodhlann is a historical center on the island of Tiree, Scotland that houses over 12,000 catalogued items relating to the island's history and heritage.
2) Due to limited mobile signal and crowds of visitors, an offline HTML5 mobile app was developed to provide access to An Iodhlann's collection to more people both on and off the island.
3) In its first season, the app had over 1,800 downloads and was associated with a 20% increase in visitors to An Iodhlann and doubled traffic to their website.
Este documento describe las diferencias entre energías renovables, limpias, no renovables y contaminantes. Explica que las energías renovables se regeneran naturalmente y no se agotan, mientras que las no renovables como el carbón y el petróleo son fósiles con recursos limitados. Las energías limpias no generan residuos, aunque algunas como el gas natural los generan en menor medida. Luego detalla varias fuentes renovables como la hidráulica, biomasa, mareomotriz, solar, eólica y geotérmica, señalando
Este documento describe diferentes tipos de análisis de costos para las empresas, incluyendo clasificaciones de costos fijos y variables, directos e indirectos, así como ejemplos de cada tipo de costo. Explica que el costo representa el sacrificio económico para adquirir un bien o servicio y que los costos se pueden clasificar por su comportamiento, identificación, área de consumo y momento de cálculo.
This document lists 10 Indian scientists and inventors: Sake Dean Mahomed, Amar Gopal Bose, Satyen Bose, Radha Gobinda Chandr, Radhanath Sikdar, FR Khan, Upendranath Brahmachari, Meghnad-Saha, Zamor, and Azizul Haque.
This document discusses strategies for promoting savings behavior during America Saves Week. It provides data on current savings rates and financial fragility in the US. Research on characteristics of successful savers is presented, such as using savings rules and visualizing long-term goals. Suggestions are made for how to encourage savings, including automatic savings, financial education, matching programs, prize-linked savings accounts, and motivational text messages. The document encourages organizations to participate in America Saves Week activities and outlines available resources.
This webinar discusses strategies for catching up on retirement savings for those who started saving later in life. It covers retirement planning realities like how many people have less than $25,000 saved excluding their home and pension. Catch-up strategies discussed include increasing retirement plan contributions, paying down debt to free up money for savings, taking on a side job to boost income, investing more aggressively in stocks when time allows, and maximizing available tax breaks. The webinar aims to encourage action and provide optimism that late savers still have options.
NJCFE Webinar-How to be Money Smart-12 Things to Know-04-14Barbara O'Neill
This document provides information on financial literacy and personal finance topics. It begins by outlining the importance of financial capability as a life skill. It then presents a 5 question financial literacy quiz. Next, it introduces the JumpStart Coalition for Personal Financial Literacy and their 12 principles for financial success. The principles are then each summarized individually and include topics like budgeting, saving, investing, credit, insurance and planning for the future. Resources for additional information are provided throughout.
Financial Planning for the Second Half of LifeBarbara O'Neill
The document discusses financial planning considerations for older adults in the second half of life. It covers major financial concerns like health care costs, investing strategies, avoiding fraud, and creating a retirement income stream. Research findings are presented on topics like declining wealth, underestimating life expectancy, and lack of retirement savings. Fifteen key financial issues for older adults are also outlined.
This document discusses non-traditional students at Lambuth University. It describes how Judy Pugh formed the Lambuth Non-Traditional Students Organization (NTSO) to help combat the marginalization of non-traditional students. It profiles several non-traditional students who juggle responsibilities like families, jobs, and health issues with their studies. These students demonstrate determination and tenacity in pursuing their educational goals, despite facing greater obstacles than traditional students. The NTSO provides support and a sense of community for non-traditional students.
The document discusses the verb "to be" in English. It is one of the most common and tested verbs. It can be an auxiliary verb or a linking verb used to indicate characteristics. Examples are given of using "to be" in affirmative, negative and interrogative sentences with subjects like I, you, we, they, she, he, and it. Contractions with "to be" like you're and I'm are also discussed.
This document provides the syllabus for an English 1500 course titled "Experiences in Literature" with a theme of "Dysfunctional Families". The course will be taught in spring 2016 by Professor Levine and will meet on Tuesdays and Thursdays from 9:30-10:45 am. It will introduce students to critical reading, literary analysis, and academic writing through exploring a range of literature from different time periods, genres, and cultural contexts focused on the theme of dysfunctional families. Students will complete reading responses, two 4-6 page essays, a documented research essay, a presentation, and a final portfolio. Grading will be based on essays, class participation, assignments, a midterm, and the final portfolio
The document provides an economic review and outlook covering various regions and countries. It discusses slowing global economic growth but reduced risks. Foreign direct investment declined globally in 2012 but some countries like Africa saw growth. The US Fed announced a possible tapering of quantitative easing which initially caused market selloffs but markets recovered. Eurozone risks were lowered by ECB actions though risks remain. Germany's economy slowed due to weakening Chinese demand. China's growth declined for two successive quarters due to weak overseas demand.
Presentatie van de zesde Meet Up. Thema's: David Bowie en george Orwell, Frans van Tilburg (van boekhandel Derijks) over Charlotte salomon, Boeken die door Martijn Aslander & Erwin Witteveen in hun boek 'Nooit af' worden genoemd, de Trendrede 2016 en Lucas De Man (over In search of Europe & De Man Door Europa).
TRENDnet's extreme performance AC3200 Tri Band Wireless Router, model TEW-828DRU, produces three concurrent wireless networks - Two separate 1300 Mbps Wireless AC networks and a 600 Mbps Wireless N network.
The document provides recommendations for sights and activities around Montreal for visitors staying at the Ritz-Carlton hotel, including visiting Old Montreal sites like the Notre Dame Basilica and Bonsecours Market, exploring Mount Royal Park, and going to the Olympic Park, Biodome, or Underground City. Contact information is provided for each location. The document encourages contacting the hotel's concierge or reservations director for assistance with plans.
Este documento explica qué son las energías limpias. Define la energía limpia como un sistema de producción de energía sin contaminación que utiliza fuentes naturales como el viento, el agua y el sol. Luego describe varias formas principales de energía limpia como la eólica, hidráulica, solar y geotérmica. Finalmente, discute las ventajas de usar energías limpias como no dañar el medio ambiente y ser recursos renovables, así como algunos desafíos para su mayor implementación.
Beyond Facebook: Institutional Approaches to Emerging Social MediaNicole Lentine
Presented at the 2016 College Board New England Regional Forum by Nicole Lentine of Champlain College and Ashley Gunn, Emmanuel Tejeda, and Amanda Waite of The University of Vermont.
This document provides a summary of Drew Bryan's continuing education training history from 2003 to the present. It lists over 100 courses taken, ranging from 8 hours to 720 hours, covering topics like patrol procedures, investigations, use of force, racial profiling, and legislative updates. The majority of training was taken between 2005-2011 during his initial years as an officer.
1) An Iodhlann is a historical center on the island of Tiree, Scotland that houses over 12,000 catalogued items relating to the island's history and heritage.
2) Due to limited mobile signal and crowds of visitors, an offline HTML5 mobile app was developed to provide access to An Iodhlann's collection to more people both on and off the island.
3) In its first season, the app had over 1,800 downloads and was associated with a 20% increase in visitors to An Iodhlann and doubled traffic to their website.
Este documento describe las diferencias entre energías renovables, limpias, no renovables y contaminantes. Explica que las energías renovables se regeneran naturalmente y no se agotan, mientras que las no renovables como el carbón y el petróleo son fósiles con recursos limitados. Las energías limpias no generan residuos, aunque algunas como el gas natural los generan en menor medida. Luego detalla varias fuentes renovables como la hidráulica, biomasa, mareomotriz, solar, eólica y geotérmica, señalando
Este documento describe diferentes tipos de análisis de costos para las empresas, incluyendo clasificaciones de costos fijos y variables, directos e indirectos, así como ejemplos de cada tipo de costo. Explica que el costo representa el sacrificio económico para adquirir un bien o servicio y que los costos se pueden clasificar por su comportamiento, identificación, área de consumo y momento de cálculo.
This document lists 10 Indian scientists and inventors: Sake Dean Mahomed, Amar Gopal Bose, Satyen Bose, Radha Gobinda Chandr, Radhanath Sikdar, FR Khan, Upendranath Brahmachari, Meghnad-Saha, Zamor, and Azizul Haque.
This document discusses strategies for promoting savings behavior during America Saves Week. It provides data on current savings rates and financial fragility in the US. Research on characteristics of successful savers is presented, such as using savings rules and visualizing long-term goals. Suggestions are made for how to encourage savings, including automatic savings, financial education, matching programs, prize-linked savings accounts, and motivational text messages. The document encourages organizations to participate in America Saves Week activities and outlines available resources.
This webinar discusses strategies for catching up on retirement savings for those who started saving later in life. It covers retirement planning realities like how many people have less than $25,000 saved excluding their home and pension. Catch-up strategies discussed include increasing retirement plan contributions, paying down debt to free up money for savings, taking on a side job to boost income, investing more aggressively in stocks when time allows, and maximizing available tax breaks. The webinar aims to encourage action and provide optimism that late savers still have options.
NJCFE Webinar-How to be Money Smart-12 Things to Know-04-14Barbara O'Neill
This document provides information on financial literacy and personal finance topics. It begins by outlining the importance of financial capability as a life skill. It then presents a 5 question financial literacy quiz. Next, it introduces the JumpStart Coalition for Personal Financial Literacy and their 12 principles for financial success. The principles are then each summarized individually and include topics like budgeting, saving, investing, credit, insurance and planning for the future. Resources for additional information are provided throughout.
Financial Planning for the Second Half of LifeBarbara O'Neill
The document discusses financial planning considerations for older adults in the second half of life. It covers major financial concerns like health care costs, investing strategies, avoiding fraud, and creating a retirement income stream. Research findings are presented on topics like declining wealth, underestimating life expectancy, and lack of retirement savings. Fifteen key financial issues for older adults are also outlined.
Current Issues for Financial Practitioners 2014-2015milfamln
This document summarizes a webinar on current personal finance issues for financial practitioners in 2014. It discusses key findings from 2014 personal finance studies and government data, including rising bank fees and health care costs, low savings rates, increasing retiree debt, and growth of inexpensive financial advisors. It also outlines significant financial events in 2014 like health care reform and the launch of MyRA retirement accounts. The objectives and agenda of the webinar are provided.
The document summarizes a financial wellness program at the University of Colorado aimed at empowering employees to engage with their finances. It discusses the program's inception, goal of building financial confidence, and strategy of providing accessible and enjoyable resources. It also outlines the program's pedagogical philosophy, types of programming provided (seminars, workshops, consultations, events), methods for finding and vetting speakers, logistics, and communication channels used.
The document summarizes statistics on Americans' financial literacy and habits from a 2017 survey. It finds that many Americans lack savings and budgets. While credit card and other debt is high, spending is decreasing. Younger adults are more likely to save than older generations. The document also provides an overview of free online personal finance courses and resources that cover topics like spending, credit, income, investing, insurance, and financial decision-making. Course materials are aligned with state and national standards. Additional supplemental resources for teaching personal finance are also referenced.
Financial Planning for Second Half of Your LifeBarbara O'Neill
This document provides information to help people plan financially for the second half of their lives. It discusses topics like assessing financial needs at ages 50+, common financial mistakes of older adults, health care and long-term care costs, creating retirement income, and required minimum distributions. The document emphasizes the importance of financial basics, diversifying investments appropriately, avoiding fraud, and getting help from financial professionals.
Cliffs Notes from the Journal of Financial Planning & Counseling milfamln
This document provides an overview and summary of a webinar on summarizing research articles from the Journal of Financial Counseling and Planning (JFCP). The webinar aims to discuss key findings and implications from JFCP articles published between 2004-2013 on various personal finance topics. It outlines the objectives, benefits of producing and consuming research, and summarizes several articles on topics like money management, saving, and retirement planning in 3 sentences or less. The webinar also includes polls to engage participants and discussions on applying research findings to practice.
While employers largely support retirement savings, defined contribution plan participants want more guidance from employers to improve their savings habits. A study found that participants aged 25-54 and those aged 55-65 acknowledged they could save more for retirement but said expenses get in the way of their savings goals. Participants recognized they are not saving enough on their own and would comply with mandatory savings requirements set by employers, but many employers take a hands-off approach. Participants want clear guidelines from employers around automatic enrollment and default contribution rates.
How To Manage Finances & Funding for Educational InstitutionsProcurify.com
Every organization and every person has a spend culture.
Spend culture is a set of shared beliefs and practices that informs a person how, why and when money should be spent.
Whether planned or random, all organizations have a spend culture.
Culture is fluid. It evolves with time and with each additional person. Understanding your spend culture and how it affects the people who work in your organization will influence how much value you get out of your spending.
Find out what your Spend Culture is: https://spendculture.procurify.com/
This document proposes a "Checking Savings Program" to help increase the personal savings rate in the US. It would automatically transfer a percentage of deposits from checking accounts into linked savings accounts, with the transfer percentage gradually increasing over time from 2% to 10% over two years. This would leverage defaults and automatic enrollment to overcome behavioral biases that contribute to undersaving, like loss aversion and procrastination. Rewards would incentivize participation and penalties would discourage early withdrawals. By making saving the default option and easing people into it gradually, this program aims to significantly boost personal savings without requiring changes to individual saving habits.
Financial Literacy Today: NJBTEA and NJAFCS-10-15Barbara O'Neill
This document provides an overview of financial literacy education. It discusses the importance of financial literacy for students and outlines 12 key topics for students to learn, such as budgeting, saving, and credit. It also shares national survey results showing low levels of financial knowledge. Resources for teaching financial education are presented, including lesson plans from JumpStart Coalition and websites with tools and quizzes.
This document outlines action items schools can take to lower their cohort default rates. It recommends filing challenges and appeals, analyzing defaulter data to find patterns, reviewing enrollment reporting processes, synchronizing retention and default prevention plans, committing to financial education, creating or revising student success plans, and considering outsourcing borrower communication to USA Funds. The document provides context on why cohort default rates matter and consequences of high rates, and gives examples from Iowa community colleges of insights gained from analyzing defaulter data.
This 90-minute webinar will discuss “hot button” personal finance issues in 2015 that will continue to be of interest to consumers and financial practitioners in 2016. Some key topics include increasing rates of personal data hacking and tax refund identity theft, changes in credit scoring, stock market volatility, and continued implementation of the Affordable Care Act. The webinar will conclude with a discussion of strategies to reduce federal and/or state income taxes while there is still time and preview 2016 changes in income tax, estate tax, Social Security, and other government regulations.
The Personal Finance and Nutrition and Wellness teams of the Military Families Learning Network will be joining together to present this 90-minute webinar that will focus on the crossover effect of positive health behaviors and positive financial behaviors. As Drs. Ensle and O’Neill will discuss, research has found a strong correlation between health and wealth. This webinar will discuss those correlations and ways to motivate clients to adopt positive behaviors in both parts of their lives.
Financial Planning for the Second Half of Lifemilfamln
The United States has an increasingly aging population including baby boomers age 50 to 68 (in 2014). Older adults face unique financial planning challenges. These include making irrevocable decisions about claiming Social Security benefits, selecting Medicare supplement health insurance and long-term care insurance, selecting income-based investments (e.g., annuities), making sustainable retirement asset withdrawals, and calculating required minimum distributions (RMDs) due on tax-deferred savings plans such as traditional IRAs and the Thrift Savings Plan (TSP). This 90-minute webinar will “package” together 15 key later life financial planning topics that older adults and the practitioners who serve them need to understand and address. Topics that will be covered in the webinar include:
Common financial errors of older adults
Statistics about older adult finances
Common later life financial characteristics and required decisions
15 key later life financial planning topics (e.g., creating a retirement “paycheck,” required minimum distributions, untitled property transfers, and leaving a legacy)
Personal finance resources for older adults and financial practitioners
Participant interaction will include discussing workable financial planning strategies for older adults, older client errors and “blind spots,” older client success stories, and more.
Join this live session Sept. 23 at 11 a.m. ET. More info: https://learn.extension.org/events/1653
What is Financial Fitness & How is it Measured?milfamln
Financial fitness is a goal for many people, but achieving fitness in terms of money management may require a combination of financial education, coaching, and financial access. After reviewing the components of financial fitness, this session will provide an overview of measures of financial capability and well-being, as well as practical applications of program measures in the field. The session will include discussion, interactive polling and Q&A.
To register, join & for resources: https://learn.extension.org/events/2591/
Speaker: Dr. J. Michael Collins
Similar to Savings Strategies for Military Families (20)
This document provides the syllabus for a Personal Finance course at Rutgers University. The key details include:
- The course covers topics like financial planning, banking, credit, investing, and retirement planning to help students develop important money management skills.
- Students' grades will be based on exams, assignments analyzing financial tools and products, and a group case study presentation.
- The goal is for students to gain knowledge and confidence to take control of their financial futures and make wise personal financial decisions.
Inflation Causes, Impacts, Mitigation Strategies, and BenefitsBarbara O'Neill
60-minute webinar for AFCPE on 05/11/23 that discusses the causes and impacts of inflation and several dozen strategies to mitigate the effects of higer prices on household budgets.
Income Tax Issues for Older Adults-02-23-UPDATED.pptxBarbara O'Neill
This document provides information about taxes and retirement planning for older adults in 2023. It discusses the standard deduction amounts for single and married filers both under and over age 65. It also summarizes the required minimum distribution percentages that must be withdrawn from retirement accounts each year starting at age 72, and how those percentages increase with the account owner's age. Lastly, it mentions the increased contribution limits for employer retirement plans and IRAs for those over age 50.
Barbara O'Neill has over 40 years of experience in personal finance education and research. She holds a Ph.D. in resource management and family economics and has authored or co-authored seven books. As an Extension Specialist at Rutgers University, she developed numerous personal finance programs and educational resources. She has received many awards for her contributions to the field and has held leadership roles in major professional associations.
This document provides strategies for older adults to fight inflation, including reducing spending on groceries, eating out, gas, utilities, clothing, and big ticket items. It recommends saving and investing strategies like laddering fixed income securities and considering I bonds, fixed annuities, and high yield savings accounts. Positive aspects of inflation include Social Security COLAs and the impact of inflation on debtors. The document outlines additional lifelines for all ages, like government benefits, and for older adults, like reverse mortgages and working in later life. It concludes by emphasizing developing an individual inflation-fighting plan through small, consistent habits.
This document discusses common sources of retirement income for farm families. It lists seven main sources: 1) Social Security, 2) income from off-farm jobs like pensions or retirement plans, 3) rental income from land/buildings/equipment, 4) individual retirement accounts, 5) simplified employee pensions for self-employed individuals, 6) investment income, and 7) continued income from the farm like crop/animal payments or agritourism. It also promotes an online course on later life farming from Rutgers Cooperative Extension.
The document lists entries for a cookie contest divided into 4 categories: Children Under 7 had 4 entries, Children 7-12 had 5 entries, Teens 13-18 had 3 entries, and Adults 19+ had 12 entries. The document organized the entries by category and included the age of some entrants.
This document provides a resource list on personal finance topics in 2022, including inflation, interest rates, savings, housing, taxes, credit, student loans, and cars. It summarizes over 30 articles from sources like The Wall Street Journal, Federal Reserve, IRS, and CFPB on these issues. The articles discuss rising inflation, gas and food prices, the Federal Reserve raising interest rates, declining home sales as mortgage rates increase, student loan forgiveness programs, and high used car prices.
This document provides a resource list on personal finance topics in 2022, including inflation, interest rates, savings, housing, taxes, credit, student loans, and cars. It summarizes over 30 articles from sources like The Wall Street Journal, Federal Reserve, IRS, and CFPB on these issues. The articles discuss rising inflation, gas and food prices, the Federal Reserve raising interest rates several times to combat inflation, slowing housing market activity due to high mortgage rates, tax filing statistics and credits, medical debt reporting changes, student loan forgiveness programs and lawsuits, and decreasing used car prices after prior spikes.
Income Tax Issues for Older Adults-MTP-02-22.pdfBarbara O'Neill
This document discusses income tax issues that are especially relevant for older adults. It covers 13 tax topics, including required minimum distributions from retirement accounts that must begin at age 72, the increased standard deduction for those aged 65 and older, taxation of Social Security benefits, catch-up contribution limits for those over 50, and the elimination of early withdrawal penalties for retirement funds after age 59.5. It provides examples and explanations for each topic to help older adults understand and plan for their unique tax situations.
Beyond legal documents, there are 12 additional planning strategies that can help ensure a "good ending" for someone at the end of their life. These strategies include simplifying assets, creating a financial notebook, compiling digital and beneficiary asset inventories, writing letters of instruction, planning end-of-life communications, and considering lifetime gifts. Taking steps like these can provide peace of mind for the individual and make the tasks of executors and family less difficult during a stressful time. The presentation provides templates and examples for implementing many of the suggested strategies.
Give Yourself a Financial Check-Up-Older Adult VersionBarbara O'Neill
This document provides various financial check-up tools and methods for assessing an individual's financial health, with a focus on tools for older adults. It outlines 25 different check-ups across several categories, including financial statements, financial planning, investments, later life planning, personal characteristics, and assessment/comparison tools. For each check-up, worksheets and calculation examples are provided. The goal is to help individuals evaluate their financial strengths and weaknesses and identify areas for improvement.
Five Tips to Flip Your Retirement Switch-06-22.pdfBarbara O'Neill
This document outlines five tips for adjusting one's spending and finances in retirement. It discusses flipping the switch from saving to spending by stepping outside one's comfort zone with spending and automating savings withdrawals. It also addresses creating a steady income stream through withdrawal plans, adjusting to changes in income by potentially working, spending less, or tapping home equity, managing income taxes strategically, and ramping up philanthropy in retirement.
Dr. Barbara O'Neill discusses leveraging LinkedIn for career advancement and professional development. She shares that maintaining an active LinkedIn profile with regular posts, 500+ connections, engaging with others, and adding visuals can help professionals build their personal brand and be visible to recruiters. LinkedIn is important as both a job searching and information sharing tool for professionals.
Digital Assets Inventory Presentation-BMO-04-22.pdfBarbara O'Neill
This document discusses how to inventory and protect your digital assets. It defines digital assets as any personal information stored electronically, and notes that the average American has 25 logins and $55,000 worth of digital assets. It recommends creating a detailed digital asset inventory, determining goals for your digital assets, considering revisions to estate planning documents, and regularly reviewing your inventory. Key steps include identifying asset categories, using a password manager, and designating a digital executor to access accounts after death.
Creating Attractive Graphics for Documents and Social Media discusses various types of graphics that can be used, including stock images, personal photos, hand drawings, grayed out images, Canva graphics, PowerPoint images, Bitmojis, photo collages, charts and infographics, GIFs, and memes. It provides tips for using each type, such as using Pixabay for free stock images, graying out images in PowerPoint for a soft effect, and using apps like PicCollage or websites like Giphy to make collages and find GIFs. The document encourages selecting a few new visual types to try based on one's needs and interests.
The document describes 35 useful personal finance websites organized by topic such as calculating investments, checking credit reports, learning about taxes, and monitoring accounts. It provides the URL for each site and a brief one sentence description. Additional resources from meeting participants are requested at the end. Common reasons people visit financial websites are also outlined, such as doing calculations, learning about topics, and following respected leaders. Features of good sites mentioned are being mobile friendly, having intuitive designs, and including financial literacy resources.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
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Applying the Global Internal Audit Standards_AIS.pdf
Savings Strategies for Military Families
1. Savings Strategies for
Military Families
https://learn.extension.org/events/2344
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
Readiness Policy, U.S. Department of Defense under Award Numbers 2010-48869-20685, 2012-48755-20306, and 2014-48770-22587.
8. 8
Americans Unprepared for
Retirement: Asset Withdrawals
• Almost 7 in 10 (69%) surveyed adults said they could withdraw 7% of savings
annually while preserving principal (MetLife Mature Market Institute Survey,
2008)
• Financial experts generally recommend a withdrawal rate of no more than 4% to
5% annually (even less for conservative investors)
11. Types of Savings
• Emergency fund (3-6 months expenses)
• “No-Touch” money for long-term goals
• Savings for short/intermediate term goals
• “Accumulation fund” for large bills
13. Key Reasons To Save
• To cope with emergencies
• To purchase “big ticket” items
• To fund high-cost future goals
• To generate income
• For security and peace of mind
• For the good of the country
15. Why People Don’t Save
• Overspending and outstanding debt
• No goal or plan
• Lack knowledge about how/where to save
• High cost of living
• Lack of motivation/external locus of control
16. To Save, People Need...
To see their “potential future” through tools
such as…
– Rule of 72
• 72 divided by interest rate = years to double
• 72 divided by doubling time = interest rate
– 401(k) Booster Calculator and other slide rules
– Handheld financial calculators
– Online calculators
17. To Save, People Need...
To have SMART financial goals
– Specific
– Measurable
– Achievable/Attainable
– Realistic
– Time-Related
Example: “Save $10,000 for new car in four years”
http://njaes.rutgers.edu/money/pdfs/goalsettingworksheet.pdf
18. To Save, People Need...
• Role models: true stories to learn from
– “$11 savings story”
– “Millionairess story”
– Family and friends
– Case study newspaper articles
– Other successful program participants
• To believe in the future
• Specific money-saving strategies
20. America Saves Sound Bite:
Not Just a Slogan but
Informed by Research
Set a Goal.
Make a Plan.
Save Automatically.
21. Research Study Topics
• Savings behaviors of Americans
• Characteristics of successful savers
• Barriers to saving money
• Resources for saving money
• Other relevant research
22. Savings Behavior
• 8th Annual Savings Survey
(national) by CFA & ASEC (2012):
http://consumerfed.org/press_rele
ase/annual-savings-survey-
reveals-across-the-board-
improvement-in-past-year/
• Having a savings plan with
specific goals has beneficial
financial effects, even for lower-
income families (< $25,000)
• Those with a savings plan are
much more likely to spend <
income and save (90% of all
1,009 respondents vs 50%)
Implications
•Provide planning tools and
encourage future-mindedness
– http://www.americasavesweek
.org/for-individuals/picture-
your-savings-goal
•Provide successful savings role
models…people with “street cred”
23. Savings Behavior
• Study of 1,000 retirement plan
participants indicates gaps between
awareness and action: http://www.fa-
mag.com/news/gap-exists-between-savings-
knowledge-and-action-11328.html
• 78% know they should determine
how much to save for retirement but
only 33% know how
• 65% believe investment
diversification is important but only
1/3 know how to do it
• 67% know they should adjust
investments over time but only 30%
know how to do it
Implications
•Beware of using technical jargon that
people don’t understand
•Break recommendations into a series
of action steps
•Help people find and use planning
and saving resources
http://www.choosetosave.org/ballpark/
https://personal.vanguard.com/us/insights/retire
ment/tool/retirement-expense-worksheet
https://www.tiaa-cref.org/public/pdf/advice-
planning/tools-
calculators/A125820_budgeting_worksheet.pdf
24. Savings Behavior
• 2015 Retirement Confidence Survey
(EBRI): 57% of U.S. workers have <
$25,000 in total savings including 28%
that have < $1,000 (excluding a primary
residence and DB pension plan)
• Only 14% have saved $250,000 +
• 7 in 10 (69%) of workers say it is
possible to save $25 a week more than
they are currently saving
https://www.ebri.org/pdf/surveys/rcs/2015/
EBRI_IB_413_Apr15_RCS-2015.pdf
Implications
•Stress the benefits of employer
savings plans
•Sign people up at workplace
seminars or auto-enroll them
•Fine line between educating
people and scaring them so they
say “Why bother? I’ll never be
able to save enough money”
25. Savings Behavior
• The fewer the number of savings goals,
the better (Soman & Zhao, 2011):
– http://connection.ebscohost.com/c/
articles/67729139/fewer-better-
number-goals-savings-behavior
• Presenting a single savings goal leads
to greater savings intention and actual
savings than multiple savings goals
• Multiple goals increase the likelihood of
deferring action (“analysis paralysis”)
Implications
• “Saving is easier when multiple
savings goals are integrated rather
than competing among
themselves”
• Automate goal savings amounts
so you only have to “deal” with
them once
26. Characteristics of
Successful Savers
• Okech et al. (U of Georgia): Paying
rent with cash, using VITA to prepare
taxes, and witnessing parents save
money in financial institutions were
positively associated with likelihood
of having a motivation to save:
http://www.tandfonline.com/doi/abs/10.
1080/15588742.2013.766917#.UuARJ
00o6M8
Implications
•Encourage parents to model good
financial management practices for
children
•Foster deliberate parent-child
interaction about savings; use
normal events as “teachable
moments”
•Coordinate savings outreach
programs with tax preparation
outreach
27. Characteristics of
Successful Savers
• When kids have even a small
savings account in their name, it
increases the chance that they will
persevere and do what it takes to
graduate from college
• Those who have an account are
about 7 times more likely to attend
college than youth without savings
• The correlation between savings
and college graduation is
particularly strong among young
adults in families earning < $50k
http://link.springer.com/article/10.1007/s10834
-012-9341-0#page-1
Implications
•Even modest savings can be
empowering and has aspirational
effects: gives people a sense that they
have control over their destiny
•Having money saved for college
reinforces the message to go to college
and work hard for good grades
•Encourage youth savings and stress
the psychological benefits
28. Characteristics of
Successful Savers
• Grinstead et al. (2011) study of IDA
program participants in American
Dream Demonstration
• 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
http://www.afcpe.org/assets/pdf/vol_
22_issue_2_grinstead_mauldin_sabi
a.pdf
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
29. 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 person’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
http://www.afcpe.org/assets/pdf/vol-1722-self-
control-mechanisms.pdf
Implications
• Behavioral variables affect savings
behavior at all income levels
• Help people establish realistic
personal “savings rules”
• Teach financial goal-setting and
provide tools with which to do it
30. Savings Barrier:
Scarcity of Attention
• Urgent current expenses trump
saving for future priorities
• Scarcity engrosses people in
current needs
• If financially distressed: less
mental capacity to address
problems & future goals
• Eldar Shafir (Princeton): Why
Having Too Little Means So
Much:
http://money.cnn.com/2013/12/01/lea
dership/saving-money.moneymag/
Implications
• Automated savings
• Auto escalation (e.g., Save More
Tomorrow)
• Form 8888 for automatic tax refund
savings
• www.futureme.org (send e-mail to
your future self)
• Target-date lifecycle funds
31. Savings Barrier:
Exponential Growth Bias
• “Tendency to linearize exponential
functions when assessing them
intuitively”
–People severely underestimate
how much interest they earn on
savings or pay on credit cards
• Biased people borrow more, save
less, and favor shorter maturities
Stango, V. and Zinman, J. (2009),
Exponential Growth Bias and
Household Finance. The Journal of
Finance, 64: 2807–2849.
Implications
• Teach The Rule of 72 so people
understand “doubling periods”
• Use hands-on activities to illustrate
the effects of compound interest on
debt and savings
– http://rci.rutgers.edu/~boneill/assignme
nts/sliderule1.html
– http://rci.rutgers.edu/~boneill/assignme
nts/sliderule2.html
32. Savings Resource:
Visualizing the Future
• People need to visualize the
future impact of their savings
• Many people are not good with
long-term decisions
• Hal Hershfield (NYU) et al.:
people save more money after
being shown digitally altered
pictures of themselves at older
age
• http://www.marketingpower.com/
aboutama/documents/jmr_forthc
oming/increasing_saving_behavi
or.pdf
Implications
• Show people what they could look like:
– http://faceretirement.merrilledge.com/
– http://in20years.com/
• Show people how much money they
can lose by not saving:
http://rci.rutgers.edu/~boneill/assignments/sliderule
2.html
33. Savings Resource: Workplace
Savings Planning Aids
• Lusardi et al. study: simplifying the
process of enrolling in employer plan
motivates employees to save
• Used flyer that broke the process
down into 7 steps and video program
• 56% increase in election behavior
within 30 days of viewing
communication programs vs.
employees not exposed to them
• Differences were sustained after 60
and 90 days
http://www.nefe.org/Portals/0/WhatWeProvide/Pri
maryResearch/PDF/DartmouthStudy.pdf
Implications
• Design initiatives that overcome
barriers to save
• Make “how to” information “sticky”
• Break down financial
recommendations to save into “baby
steps”
• Develop videos that feature actors
from the target audience being
reached
34. Savings Resource:
Future Forecasts
• People are motivated to save by
knowing how much income they
can withdraw from 401(k) in
retirement
• Study by Gopi Shah Goda
(Stanford) et al.: Workers who
received brochure showing
increased income from increased
savings saved $1,150/year more
than those that didn’t get pamphlet
http://crr.bc.edu/wp-
content/uploads/2013/04/IB_13-4-
508.pdf
Implications
• Lobby employers or plan providers
for personalized retirement income
projections
• Use retirement income calculator
tools such as
http://www.bankrate.com/calculators/r
etirement/retirement-plan-income-
calculator.aspx and
http://money.cnn.com/calculator/retire
ment/retirement-need/
• Translate savings RATES into
savings INCOME
35. Savings Resource:
Text Messages
• Karlan et al. (Yale): conducted
experiments with text messages
• Even low-income bank customers
managed to save part of their
income when nudged by regular text
messages
• “Reminders will be more effective
when they increase the salience of
a specific expenditure”
http://karlan.yale.edu/p/Top-of-Mind-
April2010.pdf
Implications
• Regular “nudges” can motivate
people to save
• Text messages are an effective
motivational tool
• Reinforce the connection between
saving and specific financial goals
• Brain studies: imaging a future goal
is almost as powerful a “zing” as
achieving it (e.g., buying a car)
37. 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”)
http://www.carlsonschool.umn.edu/as
sets/118359.pdf
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:
http://www.bauer.uh.edu/drude/Net.
Worth.Worksheet.pdf
38. 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
http://harbaugh.uoregon.edu/Readings/UGBE/Mischel%201989
%20Science,%20Delay%20of%20Gratification.pdf
Implications
•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
•Foster trust by learners
41. 1. Collect Coins
• This is something many people do
• “Kick it up a notch”: $1 a day plus change
• Use see-through containers for motivation
42. 2. Anticipate “Extra”
Paychecks
• Paid weekly: 4 months with 5 paydays
• Paid bi-weekly: 2 months with 3 paydays
• Mark paydays on calendar
• Use “extra” money to:
– Reduce debt
– Save
43. 3. Automated Employer
Retirement Savings Plans
• 401(k) plans- corporations
• 403(b) plans- schools and non-profits
• Section 457 plans- state/local government
• Thrift Savings Plan (TSP)
44. 4. Other Automated
Savings Opportunities
• Mutual fund AIPs (automatic investment
programs)
• Direct stock purchase plans
• Credit union (payroll savings)
• Holiday clubs
• Other?
45. 5. Continue Paying a
Loan or Bill: To Yourself
• Continue making monthly payments- to
savings- after a loan or expense ends
– Car loan
– Mortgage
– Child care
• Does not affect lifestyle
• Don’t feel “deprived”
46. 6. Accelerate Debt
Repayment
• Always pay more than the minimum payment
• Aim for at least double the minimum payment
• Use “windfall” money to repay even more
• Do a PowerPay analysis: https://powerpay.org/
47. 7. Track and Slash
Expenses
• Carry a tracking form or notebook:
http://njaes.rutgers.edu/money/pdfs/expensetracker.pdf
• Write down everything you/family spend
• Get monthly total for all categories
• Study numbers and identify “leaks”
48. 4
8
8. Fund IRAs on the
“Installment Plan”
• Don’t need to save contribution all at once
• Simply need to meet minimum of IRA
custodian
• Can fund with- or like- a “holiday club”
– 50 weeks x $10 = $ 500
– 50 weeks x $20 = $ 1,000
– 50 weeks x $40 = $ 2,000
– 50 weeks x $60 = $ 3,000
49. 9. Take Advantage of
“Free Money”
• Employer 401(k) or 403(b) match
• Tax credit for low income savers (2016)
– 50% singles < $18,500; mfj < $37,000 AGI
– 20% singles: $18,501-$20,000
mfj: $37,001-$40,000
– 10% singles: $20,001-$30,750
mfj: $40,001-$61,500
• 50% credit means half of deposit is subsidized by the
federal government
50. 10.Take Advantage of
Catch-Up Contributions
• Extra amounts for persons age 50+
– IRAs: + $1,000
– Employer plans: + $6,000
– HSAs (age 55+): +$1,000
• Can result in tens of thousands more by 65
51. 11. Reinvest Lump Sum
Payouts
• EBRI Study: Even small payouts add up!
– $5,000 distribution at 25, 35, 45, 55
– 8% return
– Almost $200,000 at 65 if all 4 distributions are
rolled over into tax-deferred accounts
– If age 25 lump sum is cashed out, only $84,000
• Research shows small sums more likely to
be cashed out and spent
52. 12. Reinvest Cash
Distributions
• Dividends and capital gains on
– Mutual funds
– Stock purchases
• Check appropriate box on application form
• Painless way to “grow your money”
54. 14. “Kick It Up a Notch”
• Whatever you’re doing to save, do more
– Example: 3% of pay in 401(k) instead of 2%
– $2 a day plus change instead of $1 a day
– $100 EE bond instead of $50 EE bond
• Best times to do:
– When expenses end
– When income increases
55. 15. Increase Yields on
Savings
–Online banks
–Credit unions
–Higher-yielding savings alternatives:
savings bonds, Treasury notes, short-
term bond funds
–Laddered certificates of deposit (CDs)
61. Save 10 empowers employers to help put their employees on the
path to save, eventually saving a minimum of 10% of their
income, and ultimately providing for a more secure retirement.
63. SaveYourRefund makes YOU a winner this tax season–
win one of ten $100 prizes each week (100 total prizes)
or a Grand Prize of $25,000 by saving just $50 of your
federal refund!
64. How to Qualify for
SaveYourRefund
Must be at least 18 years old
Due a federal tax refund
Split and save $50 of your refund
67. myRA from the U.S.
Treasury
myRA | my Retirement Account | U.S. Department of the
myRA (my Retirement Account) was developed by
the U.S. Department of the Treasury to make saving
for the future easy.
It can help people take a step toward a more secure
retirement in a way that’s simple, safe, and
affordable.
68. myRA is a Roth IRA1
Contributions are invested in a new U.S. Treasury savings bond that
earns interest at the same rate as investments in the Government
Securities Fund available to federal employees2
People can choose to transfer or roll over their myRA into a private-
sector Roth IRA at any time so they can continue to grow their
savings
myRAs can have a maximum account balance of $15,000, or a lower
balance for up to 30 years. When either of those limits is reached,
savings will be transferred into a private-sector Roth IRA
myRA | my Retirement Account | U.S. Department of the
1Annual and lifetime contribution limits and annual earned income limits apply, as do conditions for tax-free withdrawal of earnings. To learn
about key features of a Roth IRA and for other requirements and details, go to myRA.gov/roth-ira.
2Accounts earn interest at the same rate as investments in the Government Securities Fund, which returned 2.31% in 2014 and had an
average annual return of 3.19% over the ten-year period ending December 2014.
69. myRA | my Retirement Account | U.S. Department of the
Saving with myRA is…
No cost to open and no
fees
Savers contribute an
amount they choose
every payday ($2, $20,
$200 –whatever fits their
budget!)2
Savers can enjoy the tax
advantages this type of
investment brings2
No risk of losing
money
The investment is
backed by the U.S.
Treasury
The account safely
earns interest1
Set up automatic
contributions
If changing jobs, the
account stays with the
saver
Withdraw money put
in (contributions)
without tax and
penalty1
1 Interest earned can be withdrawn without tax and penalty five years after your first contribution if you are over age 59 1/2 or meet certain other conditions, such as
using the funds for the purchase of your first home. Accounts earn interest at the same rate as investments in the Government Securities Fund, which returned 2.31%
in 2014 and had an average annual return of 3.19% over the ten-year period ending December 2014.
2Annual and lifetime contribution limits and annual earned income limits apply, as do conditions for tax-free withdrawal of earnings. Limits listed are for 2015 and may
be adjusted annually for cost-of-living increases. To learn about key features of a Roth IRA and for other requirements and details, go to myRA.gov/roth-ira.
70. What’s new: expanded funding options for savers
Three Ways to Contribute
to a myRA Account
70myRA | my Retirement Account | U.S. Department of the Treasury
77. Council for Economic
Education EconEdLink
Compound Interest Calculator
http://www.econedlink.or
g/interactives/tools/eel-
compound-interest-
calculator/EconEdLink-
2-Compound-Interest-
Calculator.swf
78. The Ball Park Estimate
• Six easy steps; can do online or download worksheet
• Tells savings amount to reach retirement goal
• Can do on paper or online: www.choosetosave.org
• Flexible annual retirement income and life
expectancy figures
• Assumes a 3% constant real rate of return
• Can use various life expectancies
83. Strategies to Increase
Retirement Savings
• Increase retirement plan contributions
• Accelerate debt repayment and spend less
• “Moonlight” for extra income
• Invest assertively (more stock in portfolio)
84. More Strategies to Increase
Retirement Savings
• Maximize tax breaks
• Reduce investment expenses
• Diversify and dollar-cost average
• Invest in multiple savings plans
• Preserve lump sum distributions
85. Strategies to Stretch
Retirement Income
• Trade down to a smaller home
• Move to a less expensive location
• Delay retirement
• Work after retirement
• Reverse mortgages and sale-leaseback
• Tax-efficient asset withdrawals
87. Military Savings Programs
• Military Saves: Take the Pledge
• Briefings at military installations
• Thrift Savings Plan (TSP): http://www.tsp.gov
• Savings Deposit Program (SDP)
– $10k per deployment earning10% annually
– 10% adds up, even for short-term deposits
– http://www.dfas.mil/militarymembers/payentitlements/sdp.html
• Civilian Plans: IRAs, SEPs, taxable accounts, etc.
88. SDP Growth Illustration
Source: Preparing Your Finances for Deployment:
http://www.saveandinvest.org/military-everyday-
finances/preparing-your-finances-deployment
89. Key Take-Aways
• Many U.S. households have financial “issues”
• Savings increases financial resiliency and likelihood
of goal attainment
• Research findings inform savings knowledge
• There are many available savings strategies,
motivational programs, and resource materials
90. Key Take-Away
Applications
• Identify financial goals that require savings
• Review savings research studies
• Implement one or more new personal
savings strategies
• Review savings motivational programs
and resource materials