afcpe extension pre-symposium€¦ · investing basics 5. estate planning. introduction to women...

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

• amanda.christensen@usu.edu@FAMFINPRO

• margie.memmott@usu.edu @MARGIEFCSPRO

• stacey.macarthur@usu.edu@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

mgillen@ufl.edu352-392-0404

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

weberro2@msu.edu

• Erica Tobe, PhD., Extension Specialist tobee@msu.edu

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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