![Page 1: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/1.jpg)
Cooperative ExtensionState ConferenceOctober 19, 2010
Madison, WI
ExploringFinancial Education
& Outreachwith Head Start Families
![Page 2: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/2.jpg)
Presenters:
J. Michael CollinsUniversity of [email protected]
Peggy OliveUW Extension Richland [email protected]
Ruth SchrieferUW Extension Iowa [email protected]
![Page 3: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/3.jpg)
Today’s Agenda
Financial Literacy: What is it? Modes & Methods
Head Start Financial Education Pilot
Surveys Newsletters Workshops Financial Coaching
![Page 4: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/4.jpg)
Financial Literacy
What is it? Not like reading literacy?
“Capability” or “Capacity”… More than knowledge Applied knowledge and decisions Result: Financial Security
Not focused on income level or wealth
![Page 5: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/5.jpg)
Core Competencies
Budgeting Finding financial information Use of credit Using financial services Saving for special purposes Filing taxes Using benefits
![Page 6: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/6.jpg)
How do we learn?
School Family – Parents & siblings
Positive & negative Social groups / peers Financial Providers Community-based programs Other?
![Page 7: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/7.jpg)
Tapping into existing systems
Tax preparation Home ownership New employees School-work transitions Pre-school?
Working parents Focused on children’s future Goal setting
![Page 8: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/8.jpg)
Modes of education Passive: media & social networks Technology: web, mobile phones Print: targeted publications &
newsletters Workshops: group education One-on-One
Counseling – problem solving Coaching – goal achievement
![Page 9: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/9.jpg)
Information Matters
Financial Literacy Education Classes Can provide consumers with tools and knowledge
Context and details matter (a lot)
Counseling one-to-one Knowledge transfer versus behavior change
Problem that needs to be solved
Coaching Ongoing over time Non-directive (do not need to be an expert)
One-to-one - sometimes mixed with group work
![Page 10: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/10.jpg)
Money Smart in Head Start
UW-Extension Financial Education Project
![Page 11: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/11.jpg)
7 Counties: Crawford Grant Iowa Jackson Lafayette Richland Trempealeau
3 CAP agencies
191 families participating
![Page 12: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/12.jpg)
Project Overview
Baseline survey Educational outreach:
Newsletters Workshops Financial Coaching
Follow-up survey Purpose: measure changes in goal setting and
self-reported financial status
Support from Annie E. Casey Foundation
![Page 13: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/13.jpg)
Baseline Survey (Sept 2009)
• 434 families enrolled in Head Start/Early Head Start programs in 7 counties invited to participate
• Survey Dissemination
• Baseline survey 191 (44%) responded.– 60% high school education or less– 31% own their homes– 50% married– 23% have 1 child, 33% two, and 44% 3 or more
Source: UW Cooperative Extension SW Wisconsin Head Start Family Surveys
![Page 14: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/14.jpg)
Baseline Survey (Sept 2009)
Financial behavior:
• 70% have checking accounts • 62% have savings accounts • 42% have a credit card • 23% have a retirement account• 15% have money automatically deposited
into savings/investment account
Source: UW Cooperative Extension, Head Start Family Surveys
![Page 15: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/15.jpg)
Baseline Survey (Sept 2009)
Financial Planning:
• 67% do not have a budget or spending plan • 78% do not have a written plan to save for
themselves, their children, or their family’s future.
• 18% had gotten a copy of their credit report in the last 3 months.
Source: UW Cooperative Extension, Head Start Family Surveys
![Page 16: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/16.jpg)
Baseline Survey (Sept 2009)Financial Distress:• Financial stress scale (0= no stress; 10 =
overwhelming stress) = 6.6– 14% feeling of overwhelming stress
• 87% of respondents say they worry about meeting normal monthly living expenses.
• 67% have little to no confidence that they could find the money for a financial emergency which costs $1000.
• 58% responded that they had paid a late fee on a bill in the last 6 weeks.
Source: UW Cooperative Extension, Head Start Family Surveys
![Page 17: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/17.jpg)
Educational outreach:
• Newsletters» 5 and ½ counties
• Workshops» 4 counties (kind of)
• Financial Coaching» 2 counties (sort of)
![Page 18: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/18.jpg)
Newsletters
One method to reach and teach Raise awareness Provide basic information Reinforce educational messages
![Page 19: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/19.jpg)
Newsletters Have Limitations… People tend to scan rather
than read Not the best resource for
detailed info Timelines & production
schedules
Newsletters
![Page 20: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/20.jpg)
Written by UW-Extension Family Living staff
8 Topics based on the goals for the Head Start Financial
Education project Distributed monthly
Newsletters
![Page 21: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/21.jpg)
Limitations
Findings
Next Steps
Newsletters
![Page 22: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/22.jpg)
Workshops
Presented by UW-Extension Family Living staff
Topics based on the goals for the Head Start Financial Education project
Saving Money Credit & Debt
![Page 23: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/23.jpg)
Workshops
Format – Evening vs. Daytime Limitations Findings Next Steps
![Page 24: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/24.jpg)
Financial Coaching
UW-Extension Family Living Educators in Trempealeau & Richland
What is Coaching?
![Page 25: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/25.jpg)
Working Definition of Coaching“a collaborative solution-focused, result-oriented and systematic process in which the coach facilitates the enhancement of life experience and goal attainment of normal, non-clinical clients” (Grant, 2003).
Key Elements of Coaching a focus on long-term outcomes collaborative process to
change behavior practice new skills based on the client’s unique
needs and goals
Steps:
1. Goal setting
2. Action planning
3.Monitoring
![Page 26: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/26.jpg)
Financial Coaching
Goal setting & monitoring
Examples of goals: Open bank account Make budget and stick to it for 2 pay periods Sign-up for benefits Fund savings accounts
Not an ‘expert’ –goal setting and monitoring Accountability
![Page 27: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/27.jpg)
Financial Coaching
Format: 2+ home visits October – May Monthly follow-up
Limitations Findings Next Steps
![Page 28: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/28.jpg)
• Coded surveys mailed to 191 households
• 92 surveys returned (48%)
• Incentive drawing
Follow-up Survey (May 2010)
![Page 29: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/29.jpg)
Surveys• 190 Wave 1
• 91 Wave 2
• 60 questions
• 2 waves – lessons…– Attrition
– Questions changed
![Page 30: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/30.jpg)
Generally Improving…
![Page 31: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/31.jpg)
Many Unbanked
![Page 32: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/32.jpg)
Younger Parents
![Page 33: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/33.jpg)
Have Goals
![Page 34: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/34.jpg)
Education
![Page 35: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/35.jpg)
Financial Issues
![Page 36: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/36.jpg)
Use of Services
![Page 37: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/37.jpg)
Financial Literacy
![Page 38: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/38.jpg)
Newsletters
![Page 39: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/39.jpg)
2010-2011
18 Counties11 Head Start
Agencies1600+ Families
invited
(399 surveysreturned so far!)
Next Steps
![Page 40: Exploring Financial Education and Ourtreach with Head Start Families](https://reader036.vdocuments.net/reader036/viewer/2022070320/55865a4cd8b42a94688b464a/html5/thumbnails/40.jpg)
Center for Financial SecurityResearch on consumer financial behavior Improving financial education and adviceFinancial Literacy Research Consortium of Social Security Administration Financial Coaching Training December 2, 2010 - Madison
http://www.familyfinancialsecurity.org/
Contact:
J. Michael Collins, Faculty [email protected]