afcpe extension pre-symposium€¦ · investing basics 5. estate planning. introduction to women...
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AFCPE Extension Pre-Symposium
Impactful Financial Education: How Cooperative Extension is Making a Difference
Money Mentors: A Successful Peer-to-Peer
Approach to Teaching Financial LiteracyLightning Presentation
Amanda H. ChristensenMargie MemmottStacey MacArthurAFCPE 2017: San Diego, California
PROGRAM OBJECTIVE
Partner with experts to provide financial literacy
education—including a technology learning
component—to underserved youth audiences
in hopes to positively impact the financial
knowledge, skills and attitudes of program
participants.
PROGRAM DESCRIPTION
USU Extension Grant TeamStacey MacArthurPaul HillDave FrancisAmanda ChristensenZuri GarciaSheri AndersonMargie Memmott
TARGET AUDIENCES
Direct:
–High School youth volunteers (TRY Teams)
–Elementary and Middle School youth participants
Indirect:
–Fidelity employee volunteers, parents of participating youth.
CURRICULUM
CURRICULUM
utah4h.org/discover
S.C.R.A.T.C.H. TECH COMPONENT
scratch.mit.edu
TRAINING FIDELITY VOLUNTEERS
TRAINING HIGH SCHOOL YOUTH (TRY TEAMS)
TEACHING MIDDLE/ELEMENTARY YOUTH
TEACHING MIDDLE/ELEMENTARY YOUTH
TRY TEAM EVALUATION METHODS
1. TRY Team
participants
– Pre/Post at Money
Mentors training.
– Cumulative, online
survey after the
teaching
experience.
RESULTS/IMPACTS
MIDDLE/ELEMENTARY EVALUATION METHODS
1. Youth
participants
– Survey at
conclusion of
summer camp,
afterschool
series, day
camp, etc.
– Control group
survey
RESULTS & IMPACTS
RESULTS & IMPACTS
RESULTS & IMPACTS
RESULTS & IMPACTS
SUMMARY
CONTACT INFO
• [email protected]@FAMFINPRO
• [email protected] @MARGIEFCSPRO
• [email protected]@4HVOLPRO
Up Next – Martie GillenOn Deck – Mary Jo Katras
2012 – 2016 Women and Money: Unique Issues
Martie Gillen
University of Florida
Why? Less Income
• National Institute on Retirement Security (2016)
Why? Poverty
• National Institute on Retirement Security (2016)
Why? Motherhood Affects Social Security Benefits
• Center for Retirement Research (2017)
Why? Gender Gap
• World Economic Forum (2017)
Why? Financial Blind Spots
• Center for Retirement Research (2017)
Women and Money: Unique Issues
• Key action areas1. Life cycle transitions and gender
differences
2. Money basics
3. Protecting assets
4. Investing basics
5. Estate planning
Introduction to Women and Money
Money Basics
Protecting Assets
Investing Basics
Estate Planning
Pilot StudyResults 2012 (N=91)
• 100% of the participants learned about unique money issues facing women today
• 100% of the participants identified and set financial goals
• 97% of the participants developed household spending plans
Sample Characteristics 2013-2016 (N=192)
• Age range (n=142)
19-85, M = 49.6
• # of children (n=156)
M = 2
• Race (n=152)72% White 20% Black5% Hispanic
3% Other
Sample Characteristics 2013-2016 (N=192)
• Marital status (n=155)
36% Married
25% Divorced/separated
11% Widowed
21% Single/never married
7% Living w/a partner
• Income (n=132)
11% < $10,000
5% $10,001 - $20,000
24% $20,001 - $30,000
18% $30,001 - $40,000
21% $40,001 - $50,000
21% > $50,000
Summary of Behaviors 2013-2016 (N=192)
– 90% of the participants developed a spending plan.
– 79% of the participants developed an investment plan.
– 63% of the participants developed an estate plan.
Methods
• Retrospective pre/post test
• Paired sample t-tests
Results 2013-2016 (N=192)
Note: *=p<.05; **=p<.01; and *** = p < .001
3.16
3.12
3.28
2.80
3.28
4.36
4.40
4.40
4.28
4.64
Identify family transitions & life cycle issues affecting women’s finances**
Be confident about my ability tomake successful financial
decisions***
Efficiently & effectively organize myfinancial documents*
Set SMART financial goals***
Understand how my emotionsinfluence how I use my money***
Before After
Results 2013-2016 (N=192)
Note: *=p<.05; **=p<.01; and *** = p < .001
3.32
2.64
2.56
2.64
2.92
4.56
4.24
4.08
4.04
4.56
Develop a spending plan**
Understand different investmentoptions***
Evaluate investment options***
Choose a financialprofessional/advisor*
Develop an estate plan***
Before After
Questions or Comments
Martie Gillen, Ph.D., MBAAssociate Professor
Family and Consumer Economics for Older Adults Specialist
Department of Family, Youth and Community SciencesUniversity of Florida
Up Next – Mary Jo KatrasOn Deck – Barb O’Neill and Martie Gillen
Student Loan
Repayment TIPs
Texting Intervention Project for
Students
North Central Cooperative Extension
Family Resource Management Team
• Illinois: Kathy Sweedler
• Indiana: David Evans
• Iowa: Suzanne Bartholomae
• Kansas: D. Elizabeth Kiss
• Michigan: Erica Tobe &
Terry Clark Jones
• Minnesota: Joyce Serido &
Mary Jo Katras
• Missouri: Graham McCaulley &
Andrew Zumwalt
• North Dakota: Carrie Johnson
• Ohio: Lauren Jones
• South Dakota: Lorna Saboe-
Wounded Head
• Wisconsin: Peggy Olive
What are the Common Issues Facing All States?
Student Loan Debt
$1,545,549,513,318.96
Student Loan Debt Clock
(As of November 3rd, 2017)
Student Loan
Debt by
Status
*Source: Federal Student
Loan Portfolio (Dept. of Ed.)-In billions of dollars – Includes FFEL and Direct Loans
Mapping
The
Process
Student
Loan
Repayment
TIPs
Reaching
Student
Loan
Borrowers
Research Says….
√Personalized messages
√Consider behaviors
√Differentiate between text recipients
√“Bite Sized” messages
√Use baseline survey data
√Embed evaluation into text question
√Message frequency is important
Drafting Messages
Getting Feedback
Text
Content :
Initial
Questions
Do you have federal or private student loans?
Do you know your total student loan debt?
Do you know your monthly federal student loan payment?
Federal student loans will default to a 10 year repayment
unless a different option is chosen. T/F
Does your monthly payment amount feel affordable?
Do you know where to send your student loan payment?
Have you had a chance to figure out when to make your
first payment?
Do you know the consequences of not making your student loan payment?
Text Content:
7 Months
After
Graduation
Have you made your first
payment yet?
Do you have any additional questions
about making your student loan
payments?
The
Process
Pilot Study
Participants took the
baseline survey
Took part in the
text campaign
Baseline
Survey
Sample TextsPlace your screenshot here
ResourcesPlace your screenshot here
Videos
Extension Resources
Preliminary Data
Loan Types:
3 with federal loans
2 with both
3 unknown
Know Payment Amounts:
4 reported yes
2 reported no
62
The Future is Bright!
Up Next – Barb O’Neill and Martie GillenOn Deck – Erica Tobe
Evaluation Methods, Metrics, and Outcomes for eXtension
Military Families Learning Network (MFLN) Webinars
Who We Are
Our History
• One of eight MFLN Concentration Areas (CAs)
• Began work in 2012
• First webinar held 2/2/12
Target Audiences• Military Personal Financial Management
Program (PFMP) personnel
• Cooperative Extension educators who serve military families
• Others interested in personal finance topics and/or obtaining certification CEUs
What We Do
• Live/Archived Webinars
• Blog Posts
• Social Media Engagement
Upcoming Webinars
Some Past MFLNPF Webinar Titles
Sample Blog Post
MFLNPF Social Media
Facebook Live Events
Military Families Learning Network Personal Finance
3rd Quarter, 2017 Statistics
• PF produced three webinars during the third quarter, including one collaborative session with Military Caregiving.
3rd Quarter, 2017 Overview
• 584 registrants and 287 live event participants
– overall registrant attendance rate of 49%
• 57% engaged in the chat pod during live sessions
• Largest reported employer affiliations
– Extension/University and “Other,” each with 18% of the quarterly total.
Behavioral Ethics and Personal Finance: A Discussion of Morality,
Framing, and Bias• 64 participants, with 52% of the 122 registrants
attending the live session.
• Extension/University was the highest reported employer affiliation at 22%.
• During the event, 85% of non-MFLN participants engaged in the chat pod.
Estate Planning for Families with Special Needs
• The live event attracted 112 participants, with 50% of the 224 registrants attending the live webinar.
• Extension/University and “Other” were the highest reported employer affiliations, each at 19% of the total.
• During the session 53% of non-MFLN participants engaged in the chat pod.
Investing Basics and Beyond
• Of the 238 registrants, 111 attended the live event establishing an attendance rate of 47%.
• The largest reported employer affiliations were DOD and Non-Federal Entity, each with 19% of the total.
• During the session 44% of non-MFLN participants engaged in the chat pod.
30 Days of $avings Challenge
• 615 participants registered for the event, which included 4 Facebook Live events.
• Posts about the event did well, with one graphic achieving a Facebook reach of 3,500.
PF Archived Webinars
Social Media
• 679 Facebook likes
– 88 new Facebook likes
• 624 Twitter followers
– 42 new Twitter followers
Connect With Us
Up Next – Erica Tobe
“Education = Results: Your Tax Dollars at Work”
Using Evaluation to Assess MSU Extension’s Foreclosure
Prevention Program
Meet Amber and Brandon
$300 monthly payment to the Treasurer’s Office for 2014 back property taxes
Owed 2015-2016 taxes
Total Debt: $7,000 Interest Rate: 18%
No chance to catch up; 3 years behind at all times
Difficult
Situation
Unemployed in 2013-2014
Can’t Make Ends Meet
Unaffordable Repayment
Plan
What’s the Problem?
Referred to MSU Extension
• Met with Rob Weber, Educator, HUD and MSHDA Certified Housing Counselor
• Developed a Monthly Budget = -$100 disposable income
• Reviewed possible options
Results
$98 tax lien from 2011
Referred to Accounting Aid Society
Found $100/month in ATM Fees
Changed financial institutions
Results
Found tax returns to prove hardship;
Qualified for Step Forward Michigan
Past due taxes paid in full $7100
Adjusted spending plan to $185 for Emergency Fund
Background
Macomb County MSU Extension started
foreclosure prevention efforts in
2008
MSU Extension received $5 million
from National Mortgage Foreclosure Settlement funds in
2010
Partnership with Macomb County
Treasurer’s Office started in 2013
After Three Years of Delinquency…
A homeowner receives a notice of tax foreclosure
Homeowner learns about housing counseling from the
Treasurer
Homeowner contacts MSU Extension
Treasurer enters agreement with homeowner
to suspend foreclosure with stipulations
Homeowner completes the intake paperwork and
gathers financial documents
Homeowner attends an appointment with counselor to create an action plan to
resolve housing issue
Extension of Redemption and
Suspend the Foreclosure
Sale if…
Monthly repayment plans,
and…
Financial Counseling &
Apply for Rescue Funds
• Timely monthly payments and appointment with MSUE
• County suspends foreclosure 6 to 12 months
Stipulations of the Agreement when visiting with MSU Extension…
• Federally funded• Up to $30,000 loan• Must have experienced an
involuntary qualifying hardship (ex: medical emergencies, job loss, or divorce, etc.)
• Must have enough income to afford their property taxes going forward
Step Forward Michigan/ Hardest Hit Rescue Funds
• Help on 3 years of delinquent taxes
• Interest-Free Loan• No monthly payments • Forgivable over a five-year period
After the homeowner lives in the house as his/her principal
residence for five years, the loan will be forgiven
Step Forward Michigan/ Hardest Hit Rescue Funds
What’s the impact?
What’s the Data Say?
Client
MSU Extension Client Case
Files
Treasurer Property
Tax Records
Step Forward Michigan
Client Case Files
98
Nobody was talking to each other
Started Talking…
County Treasurer
• Who received Step Forward Funds and How Much
• Who Paid Back Taxes and How Much
MSU Extension
• Compared Treasurer Records with Client Case Files
• Tracked Step Forward Applications and Amounts
99
…And we Learned Some Things
What Did We Learn?
2017 Results
$322,065
56% of the Total Funds Macomb County has received from Step Forward this year!
43 Homeowners
in 2017
Next Steps…
• Conducting an evaluation of 200 tax counseling case files – What predicts a successful or unsuccessful
tax repayment plan
• Talking to Michigan State Housing Development Authority about data driven models and funding
Remember Amber and Brandon…
“I came to you scared and worried that I was about to lose my family home due to a hardship that was out of my control. You helped me get all of my back income taxes filed, (and for free…) so that I could apply for the Step Forward Program…”
“We went over my monthly budget and I realized a lot of ways that I could save money better…
I was approved… and this home that I have grown up in and lived in for 34 years is saved!!”
Questions:• Robert Weber, Extension Educator
• Erica Tobe, PhD., Extension Specialist [email protected]
For more information about MSU Extension programs, please visit: www.mimoneyhealth.org
MSU is an equal-opportunity employer. Michigan State University Extension programs and materials are open to all without regard to race, color, national origin, gender, gender identity, religion, age, height, weight, disability, political beliefs, sexual orientation, marital status, family status or veteran status.
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