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ProceedingsofTheAssociationforFinancialCounselingandPlanningEducationEditedbyMaryM.BellPh.D.CFPAFCandVivianJ.MasonPh.D.2013AnnualResearchTrainingSymposiumNovember20-22 ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposiumiContentsContents...........................................................................................................................................iEditorsNote..................................................................................................................................vi2013ConferenceReviewers..........................................................................................................vii2013AFCPEBoardofDirectorsandTaskForceList................................................................viiiPosters.............................................................................................................................................1AdventuresinEducationAIEwebsiteAIE.org........................................................1RichardSappTGDirectorofPre-collegeSuccessAssetBuildinginRuralCommunitiesWallsWindowsofOpportunity.......................2RosemaryK.HeinsandPatriciaD.OlsonUniversityofMinnesotaExtensionCynthiaNeedlesFletcherandJeanneWarningIowaStateUniversityExtensionandOutreachandLynetteFlageNorthDakotaStateUniversityExtensionServiceBehaviorChangeUsingWhatWorks...............................................................................3AlenaC.JohnsonLucyDelgadilloCindyStokesUtahStateUniversityLukeEricksonUniversityofIdahoCooperativeExtensionBonuIncomePlanADirectiveSavingsTool..................................................................4LucasMartinUtahStateUniversityBuildingaProgramBrandHowBrandingImpactsCollegeFinancialEducationPrograms.............................................................................................................................6ErinWirthAFCUniversityofNebraskaLincolnCommunityBasedParticipatoryActionResearchProcessinFinancialEducation...........7LoriHendricksonExtensionEducatorUniversityofMinnesotaExtensionCindyPetersenExtensionEducatorUniversityofMinnesotaMaryMarczakEvaluationResearchSpecialistUniversityofMinnesotaEbonyRuhlandGraduateStudentUniversityofMinnesotaPatriciaOlsonFamilyRelationsandFamilyResourceManagementProgramLeaderUniversityofMinnesotaConsumersHealthInsuranceLiteracyvs.OverallFinancialLiteracy..............................9CathyFaulconBowenProfessorandSarahOsmaneGraduateStudentPennsylvaniaStateUniversityDoesRaceMatterfortheBankAccountOwnershipofYoungPeople..........................10JinheeKimPh.D.JungEunKimPh.D.andUiJeongMoonPh.D.UniversityofMarylandCollegeParkEffectivenessofPeerEducatorsinDeliveringFinancialLiteracyInformation...............11PamelaChowStacy-annMiyashiroRositaChangBarbaraWatanabeDeanNushidaUniversityofHawaiiExaminingFactorsthatIncreaseCashiersID-CheckingBehaviorASystemicFieldStudy.................................................................................................................................13ChristopherO.DowningJr.MeganTuckerNicoleCapriolaE.ScottGellerVirginiaPolytechnicInstituteandStateUniversityFinancialEducationandCounselingwithVITATaxpayersinNorthwestMissouri.......14 ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposiumiiRebeccaJ.TravnichekPh.D.AFCFamilyFinancialEducationSpecialistUniversityofMissouriExtensionFinancialEducationLiteracyandCapabilityEvolvingConceptsandDefinitions.......15ElizabethKissKansasStateUniversityFinancialLiteracyandBehaviorofCollegeStudentsintheUnitedStatesandJapan.....16MakikoHashinagaM.S.TokyoGakugeiUniversityTakaoNishimuraPh.D.YokohamaNationalUniversityHirokoKamataPh.D.HokkaidoUniversityofEducationHowFinancialPlannersandEducatorscanAccessFederalRecordsthroughtheFreedomofInformationAct............................................................................................................17AndrewZumwaltUniversityofMissouriExtensionAdamM.MakslIndianaUniversitySoutheastInTheirOwnFinancialWordsThe2QInitiative.........................................................18DanielleChampagneM.B.A.AssistantDirectorStudentMoneyManagementCenterUniversityofNorthTexasKameronLewellenOperationsAssessmentSpecialAssistantformerStudentMoneyManagementCenterUniversityofNorthTexasLearningthroughServingPreparingTodaysStudentstoBecomeTomorrowsProBonoFinancialPlanners.............................................................................................................19DorothyB.DurbandTexasTechUniversitySashaWhitleyUniversityofIllinoisExtensionLossofJoborPlantClosingsDontPanicTakeControlofYourFinances..................20VivianMasonPh.D.FamilyFinancialEducationSpecialistGrahamMcCaulleyMAExtensionAssociateMichaelRavenscraftCPACFPFamilyFinancialEducationSpecialistRebeccaJ.TravnichekPh.D.AFCFamilyFinancialEducationSpecialistUniversityofMissouriExtensionMoneyMattersPersonalFinanceforEntrepreneurs........................................................21JessicaHillCFCSFamilyConsumerSciencesDeKalbCountyExtensionAgentUniversityofGeorgiaParentingStyleSelf-ControlandtheUseofAllowanceTheImpactonMoneyManagementandFinancialEfficacy................................................................................22SuzanneBartholomaePh.D.JonathanFoxPh.D.andShinyoungJeonGraduateStudentIowaStateUniversityPromotingAmericaSavesWeekThroughCommunityEngagement...........................23SharonPowellMaryJoKatrasandLoriHendricksonUniversityofMinnesotaExtensionEducatorsPurposiveBudgetingSocializationEffectsofMaternalCharacteristicsonCollegeStudentsFinancialOutcomes..........................................................................................24TaylorSpanglerMichaelGutterandDavidDiehlUniversityofFloridaRaschAnalysisofaFinancialLiteracyMeasurementTool.............................................25AnthonySetariandR.ReneeSetariUniversityofKentuckySpendingTrackingHabitsofPersonalFinancialPlanningStudents................................26AngelaMazzoliniM.A.AFCStudentLoansStudentPaymentsProvidingGuidancewithRepaymentPlanOptions...........................................................................................................................................27RachelGrimesAFCStudentMoneyManagementCenterUniversityofNorthTexas ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposiumiiiTheImpactoftheEarnedIncomeTaxCreditontheEconomicWell-beingofRuralLow-incomeFamilies.......................................................................................................28KarenP.VarcoePh.D.UniversityofCaliforniaSheilaMammenPh.D.UniversityofMassachusettsandFrancesLawrencePh.D.LouisianaStateUniversityTheValueofEngagingYouthinDecisionMakingLifeSkillDevelopment...................29SaraCroymansandCarrieOlsonUniversityofMinnesotaExtensionUpdatingtheNationalNormsforthePersonalFinancialWellnessScalePFW....31AimeeD.PrawitzProfessorEmeritusNorthernIllinoisUniversityJudithCohartPresidentandCEOPersonalFinanceEmployeeEducationFoundationWhoGetsTheseLoansAnAnalysisofPredatoryLendingSaturationinMissouri......33GrahamMcCaulleyMAExtensionAssociateUniversityofMissouriExtensionPractitionersForum....................................................................................................................35BarteringaTruceUtilizationofaBusinessNegotiationModeltoReduceConflictinMarriages..........................................................................................................................35MichaelKothakotaCFPAFCCDFAWolfBridgeFinancialCorporationBudgetingfromtheHeartAddressingEmotionalDecisionsinMoneyManagement....36DanielleChampagneM.B.A.AssistantDirectorStudentMoneyManagementCenterUniversityofNorthTexasCollegeFinancialLiteracyandFinancialAidThePerfectPartnership..........................37MarkMielkeMPACFPFinancialAidAdvisorandMoneyWiseAggieCoordinatorTexasAMUniversityCreatingaComprehensiveAssessmentPlanforFinancialCounselingandEducation...38DanielleChampagneM.B.A.AssistantDirectorStudentMoneyManagementCenterUniversityofNorthTexasCreatingaWebBasedFinancialChallenge......................................................................39ElaineCourtneyBarbaraONeillRickiMcWilliamsMichaelGutterFinancialTherapyHelpingClientswithMoneyaswellasMentalHealthProblems.....40JeanTheurerUniversityofFloridaandMichaelS.GutterPh.D.UniversityofFloridaGame-ifyingandApp-ifyingFinancialCapabilityandFinancialAccessExploringhowgamesandappsarechangingthelandscape.............................................................42NickMaynardDirectorofInnovationDoorwaystoDreamsFundD2DCarolynHallMcMahonInnovationStrategistDoorwaystoDreamsFundD2DGoodCreditTheGame...................................................................................................44SybleSolomonandLeeGimpelLifeWiseStrategiesLLCGuidingParticipantsthroughHomebuyerEducation.......................................................45NancyStehulakM.Ed.OhioStateUniversityExtensionMelindaHillCFCSCFLEOhioStateUniversityExtensionCurriculumAuthorsNancyStehulakLoisClarkNancyReckerCoraFrenchRobinsonMargaretJenkinsKathyMichelichInsandOutsofStudentLoanRepayment........................................................................46JoeBraxtonTGSeniorDefaultAversionConsultantJumptartCoalitionTeacherTrainingAllianceModelHelpingTeachersBuildKnowledgeandConfidenceinPersonalFinance.............................................................47 ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposiumivDanHebertDirectorofProfessionalDevelopmentInstructionandNortheasternRegionalDirectorJumptartCoalitionforPersonalFinancialLiteracySusanSharkeyDirectorHighSchoolFinancialPlanningProgramNationalEndowmentforFinancialEducationNEFEandJumptartCoalitionnationalpartnerLYFELivingYourFinancialExperience.......................................................................48JeanetteTuckerPh.D.andKimJonesLouisianaStateUniversityAgriculturalCenterKimBourgeoisMiaPerezSandyLambertandAnthonyLandreneauLouisianaFederalCreditUnionLoveYourMoneyNewToolsforEducators..................................................................49BarbaraMetzgerM.S.-FamilyEconomicsSpecialistDenaWisePh.D.-ProfessorConsumerEconomicsSpecialistAnnBerryPh.D.-AssociateProfessorandFamilyEconomicsSpecialistTheUniversityofTennesseeExtensionMilitaryFamilyLearningNetworksOnlineProfessionalDevelopmentforPersonalFinanceManagersFinancialPositionAnalysisWebinarandCaseStudy......................50MichaelS.GutterPh.D.UniversityofFloridaBarbaraONeillPh.D.CFPRutgersUniversityandMollyHerndonUniversityofFloridaMoneyManagementCoachingCreditCounselingUsingthe8-StepCounselingCycle...........................................................................................................................................51JimMurphyMarineFamilyProgramsHeadquartersServiceBattalionHeadquartersU.S.MarineCorpsMoneySmart--IdeasThatWork.....................................................................................52LukeW.ReynoldsFederalDepositInsuranceCorporationFDICBobbieN.GrayFederalDepositInsuranceCorporationFDICMoneymartinHeadStartIncreasingFinancialCapabilityofLimitedIncomeHouseholds........................................................................................................................53PeggyOliveandKristiCuttsUniversityofWisconsin-ExtensionProvidingaPathwayOutofPovertyforSingle-Mothers.................................................55JoanneRouecheMACFCSCPFFEUtahStateUniversityExtensionSavingfortheUnexpectedInnovationstoHelpConsumersManageEmergencies.......57MelanieKwonDuchShaheenHasanDoorwaystoDreamsFundTheCultureofPersonalFinanceWhatFinancialPractitionersNeedtoKnow..............58BarbaraONeillRutgersUniversityUniqueMoneyIssuesFacedbyWomen..........................................................................60MartieGillenLyndaSpenceandDiannDouglasUniversityofFloridaUsingTechnologytoChangeFinancialBehaviors..........................................................62JinheeKimLynnLittleMiaRussellNancyLewisMichaelElongeandAllisonSchroederUniversityofMarylandUsingTherapeuticCommunicationtoHelpClientsinTransition...................................63SusanZimmermanLMFTChFCSteveZimmermanCFPChFCMindfulAssetProgramsWhatDotheRecentChangesandTrendsinReverseMortgagesMeanforProfessionalsWorkingwithSeniors.......................................................................................................64CindyR.StokesM.S.AFCandAlenaC.JohnsonM.S.AFCUtahStateUniversityYouandHealthInsuranceTheWhyWhatandHowforMakingaSmartChoice........66 ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposiumvLynnLittleBonnieBraunVirginiaBrownTeresaMcCoyMiaBaytopRussellMeganONeilJinheeKimUniversityofMarylandExtensionandMariaPippidisUniversityofDelawareCooperativeExtensionResearchPapers...........................................................................................................................67DescribingRiskToleranceDoesaRiskCharacterizationPortraitExist.......................67JohnE.GrablePh.D.CFPAbedRabbaniM.S.TheUniversityofGeorgiaEvaluationofanInvestorEducationProgram..................................................................76KristilynJ.WilkinsonUtahDivisionofSecuritiesJeanM.LownUtahStateUniversityLisaK.BoyceUtahStateUniversityWhatMakesWealthGrow..............................................................................................80IvanF.BeutlerBrighamYoungUniversityStudentPapers..............................................................................................................................96TheFinancialBehaviorsofSoldiersBeforeandAfterDeployment................................96MaryM.BellPh.D.SonyaL.BrittPh.D.andBrianaS.Nelson-GoffPh.D.KansasStateUniversityAFCPEMaryONeillFinancialEducation2013Mini-GrantProjectReport...........................109MoneyMatterTrain-the-TrainerVideoforYouthAdultswithAutismSpectrumDisorder...........................................................................................................................109PaulF.GoebelSeniorDirectorTheUniversityofNorthTexasRachelGrimesAssistantDirectorTheUniversityofNorthTexas ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposiumviEditorsNoteWelcometothe2013AFCPESymposiumProceedings.Thebroadrangeofitemsselectedbytheprogramtaskforcesforposterspractitionersforumsresearchpapersandstudentpapersforthe2013AnnualResearchandTrainingSymposiumrepresentstheexpertiseandcommitmentofourmemberstofinancialcounselingplanningandeducationacrossthelifespaninavarietyofvenues.Wewouldliketothankallwhosubmittedandreviewedpaperspractitionerforumsandpostersforthe2013AnnualResearchandTrainingSymposiumofAFCPE.TheProceedingsincludealloftheresearchpapersstudentpaperspractitionerforumsummariesandposterabstractspresentedattheAFCPESymposiuminGreenvilleSouthCarolinaNovember20-222013.WewouldespeciallyliketothankKatieTornowAFCPEOperationsOfficerwhopatientlyandgraciouslyansweredourmanyquestionsduringthepreparationoftheProceedings.IthasbeenaprivilegeaswellasaneducationalexperiencetoeditandformattheProceedingsforthisyearsAFCPEsymposium.Theopportunitytoreadeachofthesubmissionspriortotheconferencehasbeeninvigorating.Wearelookingforwardtoattendingasmanyofthepresentationsaspossible.ThecommitmentoftheAFCPEmembershipisreflectedintheirsubmissionofqualityresearchandpresentationsforthisyearsconference.The2013symposiumexemplifiesAFCPEsmissionofprovidingoutstandingprofessionaldevelopmentexperiencesforfinancialeducatorspractitionersandresearcherstoimprovetheeconomicwellbeingofindividualsandfamiliesworldwide.Pleaseconsidersubmittingyourworkforpublicationinthe2014AFCPEProceedingsandforpresentationatthesymposiuminBellevueWashingtonNovember19-212014.PleasevisittheAFCPEwebsitewww.afcpe.orgforsymposiumdetailsandsubmissionguidelines.MaryM.BellPh.D.CFPAFCNACoFinancialServicesCentermbellnaco.organdVivianMasonPh.D.UniversityofMissouriExtensionmasonvmissouri.edu ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposiumvii2013ConferenceReviewersCarolAllisonJanieBrightSarahCoatsLauraColemanHollisColquhounCatherineDevineBrighamDormanFredFernattEmilyFlemmingDemetriusGonzalezDennisGravittFayeGriffiths-SmithRosemaryHeinsAshleyKampfeMaryJoKatrasLanetteKellyElizabethKissLaurenLeach-SteffensAlexanderLoudonDanaMcCammonChristelMcDuffleNeelMcKinneyNicholeMonzonAngelaMooreRichardMosesJamesMuhammad-MasonAmandaMurphyRitaOlsonSherriOverbyTinaPollardKarenRichelLoriRupertMarySaundersJoelSchumacherSybleSolomonElizabethSpeckNicoleStork-HestadMargaretSwankLyssaThadenDawnTorres-GaleRebeccaTravnichekKristyVienneGregWardLisaWareErinWilcherMonikaWoodsEricaZeiger ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposiumviii2013AFCPEBoardofDirectorsandTaskForceListBoardofDirectorsRebeccaTravnichekCo-PresidentBarryWilkinsonCo-PresidentSharonCabeenPastPresidentMichaelGutterTreasurerVirginiaZuikerSecretaryKelliJoAnthonMaryannBarryJanGarkeyJinheeKimIreneLeechDoraMaysSybleSolomonMichaelWoodSymposiumTaskForceProgramChairMichaelDunnPractitionersForumShirleyAnderson-PorischandAmyBayliffResearchPaperPaulGoebelErinWirthStudentPapersMarkStanfordPostersStephanieGreenRegionalCo-ChairsBrendaVaughnandDeanObenauerOtherTaskForcesAwardsTaskForceChairLeslieGreenPimentelCertificationTaskForceChairAlenaJohnsonMembersBarbaraLangRyanLawDeborahHaynesDevelopmentTaskForceChairRebeccaTravnichekMembersMarshaGoettingCynthiaCrawfordBarbaraONeillElectronicCommunicationsChairJoanieHammonsFinanceTaskForceChairMeganONeillMembersJerryBuchkoMartieGillenRachelFarrisDenaWiseInvestmentTaskForceChairMichaelGutterMembersSteveShagrinJamesMurphyJournalTaskForceChairFranLawrenceMemberServicesTaskForceChairKellyWillettMembersGaleJohnsonKentThompsonJuanitaMcKeown ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposiumixMonthlyMinuteEditorChristineJuliusNewsletterTaskForceChairAndiWrennMemberJillLadouceurNewsletterEditorPaulRichardLauraLeachKarenHeislerStaciMintzJerryBuchkoNominationTaskForceChairSharonCabeenSymposiumProgramChairMikeDunnSymposiumProceedingsCo-ChairsMaryBellandVivianMason30thAnniversaryConferenceTaskForceChairJoyceCavanaghMembersJanieBrightIreneLeechBeckyTravnichek ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium1PostersAdventuresinEducationAIEwebsiteAIE.orgRichardSapp1TGDirectorofPre-collegeSuccessKeyWordsonlinewebsitescholarshipscareersadmissionsAbstractTGisapublicnonprofitorganizationwhosevisionistobethepremierproviderofinformationproductsandservicestohelpstudentsandfamiliesrealizetheireducationandcareerdreams.InalignmentwithitsvisionTGprovidesfreeresourcesforstudentsandparentsthathelpconnectfamiliestoinstitutionsofhighereducation.Theseresourcesarealsoavailableforcounselorscommunityandfaithbasedorganizationsandotherserviceprovidersthathelpfamiliesnavigatethetransitiontohighereducation.TGresourcesincludeTGspublicservicewebsiteAdventuresinEducationAIEfoundatwww.AIE.org.MostAIEwebsitematerialispresentedinbothEnglishandSpanishandcontentincludesfivemajorsections.ManagingYourMoneyThissectionprovidesinformationandtoolsthataddressreal-worldfinancessuchasspendingplanworksheetsacreditcardskillsbuilderinteractivecreditreportexercisesandacreditcalculator.PlanningforCollegeThissectionfeaturesanintroductiontothefinancialaidprocessmotivationalvideopresentationstitledIamCollegeReadyandotherhelpfulinformation.PayingforCollegeInthissectionstudentsandfamiliescanaccessascholarshipsearchtoolinformationonloansandevenaloancalculatortoillustraterepaymentoptions.FindingaCareerThissectionfocusesoncareerswithresourcessuchasU.S.DepartmentofLaborstatisticsandcareerprofilevideosthatorientstudentstodifferentcareerchoices.Inadditionaprominently-placedTopQuestionssidebarhelpsstudentsandtheirfamiliesaccessanswerstosomeofthemost-askedquestionsaboutthecollege-planningprocess.TGisanonprofitorganizationanddoesnotofferthird-partymarketingontheAIEwebsite.TGshowcasesAIEatnumerousTexasCollegeAwarenesseventsandinNextStepUmagazineanationalpublicationforhighschoolstudentsthatisdistributedinover20000highschoolsinall50states.1RichardSappTGDirectorofPre-collegeSuccessPOBox83100RoundRockTexas78683-3100800252-9743ext.2865richard.sapptgslc.org. ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium2AssetBuildinginRuralCommunitiesWallsWindowsofOpportunityRosemaryK.Heins2andPatriciaD.OlsonUniversityofMinnesotaExtensionCynthiaNeedlesFletcherandJeanneWarningIowaStateUniversityExtensionandOutreachandLynetteFlageNorthDakotaStateUniversityExtensionServiceKeyWordsassetbuildingbarriersruralassetbuildingopportunitiesruralpoverty-reductionruralfamilyfinanceCommunity-basedapproachestoassetbuildingholdpromisebutlessisknownaboutwhichstrategiesmaybemostusefultoruralfamiliesandcouldbesupportedandsustainedbythecommunity.In2012anappliedresearchprojectwasconductedtoidentify1prioritiesforasset-buildingeffortsthatareperceivedtobeofgreatestbenefittoruralfamiliesinbuildingfinancialstability2barriersfacedbyruralfamiliesintheirattemptstobuildassets3opportunitiesthatcouldbeshapedbycollaborationsamongindividualsandfamiliesandcommunityleaderstoenhanceassetbuildinginruralcommunitiesand4strategiesthatruralcommunitiesmightinitiatetostrengthenfamilyassetbuilding.Theprojectdrewuponresearchandpracticeinbothruralcommunitydevelopmentandfamilyeconomics.Althoughoneemphasizesthecommunityorregionallevelandtheotherfocusesonthehouseholdtherearesynergiesbetweenthetwo.Bridgingthefieldsofcommunitydevelopmentandfamilyeconomicsyieldsamoreholisticapproachtoshapingeffectivecommunity-basedfamilyasset-buildingstrategies.Ruralassetbuildingundoubtedlyoffersopportunitieswindowsandconstraintswallsthataredifferentfromassetbuildinginurbanareas.SixruralcommunitiesinIowaMinnesotaandNorthDakotatookpartinthestudy.ThesecommunitieshadparticipatedinHorizonsaninitiativecarriedoutbyExtensionandfundedbytheNorthwestAreaFoundation.Twofocusgroupinterviewsonewithcommunityleadersandonewithlow-tomoderate-incomeworkingparentswithchildrenwereconductedintwocommunitiesineachstate.ThethreegeneralresearchquestionswereWhatassetsdoruralfamiliesperceivetobeofgreatestvalueWhatbarriersdoruralfamiliesfaceintheirattemptstobuildassetsandfinancialstabilityWhatresourcesexistwithinruralcommunitiestofacilitateasset-buildingeffortsWhatprogrammingexampleswithinthecommunitieswereseenashelpfulThefocusgroupsinterviewtranscriptswereanalyzedforcontentandsummarized.Theanalysisofthefamilyandthecommunityleaderfocusgroupsyieldedsimilarresultsandwerereportedtogetherinkeyfindings.Fourkeyfindingswereidentified.Brieflytheyare1focusgroupparticipantshadmodestdefinitionsoffinancialsuccessassetbuildingoftenwasmentionedasimportantingettingahead.2Studyparticipantsidentifiedpersonaldecisionslifestylechoiceslimitedfinancialmanagementskillslackofpost-secondaryeducationandjobskillsassignificantindividualorfamily-levelfactorsthathindergettingaheadfinancially.3Communityinfrastructuredirectlyaffectsfamilyassetbuildinginsubtleways.Goodpayingjobsareakeytosuccessbutarelimitedinsmalltownsasaregoodsandservicesatthelowerpricesoftenfoundinlargernearbycommunities.Thesocialfabricofsmalltownlifeneedstobeaconsideredaswellindesigningcommunity-basedassetbuildingprograms.And4broadsocialandeconomicfactorsandfamilyeconomicmobilitywereidentifiedasmajorinfluencescreatingsignificantbarrierstocreatingandsustainingfamilyassetbuilding.ThisresearchprojectwasfundedbytheNorthCentralRegionalCenterforRuralDevelopment.ADecember2012recordedwebinarreportisavailableathttpncrcrd.msu.eduncrcrdtopic_area_sustainable_communities2RosemaryK.HeinsUniversityofMinnesotaExtensionRegionalOffice550BunkerLakeBlvd.NWSuiteL-1AndoverMN55304Phone763767-3879Fax763767-3885Emailheins002umn.edu ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium3BehaviorChangeUsingWhatWorksAlenaC.Johnson3LucyDelgadilloCindyStokesUtahStateUniversityLukeEricksonUniversityofIdahoCooperativeExtensionKeyWordsbehaviorchangefinancialbehaviormoneymanagementprogramsAsmanyknowgoodfinancialmanagementisnotjustaboutnumbers.Manyfinancialcounselorscoachesplannersandeducatorshavediscussedtheimportanceofhelpingclientsmakepositivehabitualbehaviorchangeinordertoimprovetheirfinances.ThepurposeofthispaperistoinvestigateabehavioralchangeprogramWeightWatchersthathasbeensuccessfullyworkingforyearsandtosuggestpossibleapplicationsofthismodeltofinancialmanagementprograms.Therearelikelymanykeyaspectsoftheirsuccessfulprogramthatcouldapplytofinancialbehaviorchangeaswell.AsanexampleCarolat54weighed210pounds.HerhusbandsworkprovidedaprogramthroughinsurancethatpaidforfamilymemberswhowereoverweighttoenrollinWeightWatchers.OveraoneyearperiodCarollost80poundsandhaskeptitoffforsevenyears.CarolfoundthatseveralpartsoftheWeightWatchersprogramhelpedherchangeherdailyhabitsandlifestyleandthusachieveandsustainhergoals.TheWeightWatchersprogramhasvariouscomponentsthathelpindividualsmakepositivebehaviorchangessuchasWeeklyinformationalmeetingsdiscussingtipsformakingpositivebehaviorchangeandmakinglifestylechangesWeeklyweigh-inMonthlychargeFriendshipsofothersworkingtowardcommongoalssocialaccountabilityFlexibleoptionsforprogramsandeatingplansLife-timemembershipatnocostuponreachingandmaintaininggoalsAfocusonlifestylechangesnotdietingFinancialprofessionalscanlearnfromthesuccessofWeightWatchersandapplymostofthesameprinciplestoafinancialmanagementprogram.Afinancialmanagementprogramcouldincludeashortweeklymeeting.Clientscouldcomeandreporttheiractivitiesfortheweekindebtreductionspendingbehaviorsavingsetc.Theshortmeetingcouldincludetipsandideasaboutincreasingthechancesofmakingpermanentpositivefinancialbehaviorchanges.SomeofWeightWatchersmotivationaleducationinvolvesmakingrealisticgoalschangingbeliefsgettingintouchwithhelpfulresourcesrehearsinggoodbehaviorinyourmindreframingbehaviorandpositiveself-talkallofwhichcouldapplytofinancialbehaviorchange.Programadministratorscouldchargeafeeforsuchprogramsandcouldencourageparticipantstoengageinfriendshipsthatwilllikelyimprovechancesofsuccess.WeightWatchershasmeetingsavailableinmostmajorcities.Theyalsohaveanonlineoptionparticipantscanchoosetheprogramdeliverybestsuitedtotheirneeds.Financialprogramscanofferthesame.Onlinefinancialprogramsmaybebetterforsome.Furthermorewhenindividualsaccomplishtheirgoalstheycouldbeincludedinalifetimemembershipprogramgivingthembenefitswithoutcost.Thelifetimemembershipalongwiththeweeklyeducationcouldfocusonlifestylechangesnottemporarychanges.Thiscouldhelpmotivateclientstolearnandcontinuegoodsavingsinvestingandspendingbehaviorsovertheirlifetime.Financialprofessionalsareoftenlookingforwaystohelpclientsimprovetheirfinancialbehaviors.WhynotlearnfromaprogramthathasbeensuccessfulforyearsathelpingpeoplechangetheirbehaviorsuchasWeightWatchers2AlenaC.JohnsonUtahStateUniversity2905OldMainHillLoganUtah84322Phone435797-1562Emailalena.johnsonusu.edu ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium4BonuIncomePlanADirectiveSavingsToolLucasMartin4UtahStateUniversityKeyWordsgoalsfinancialbehaviorssavingsThepurposeofaBonuincomeplanistoassisthouseholdsinprioritizingcashwindfallstogetahead.TheBonuIncomePlanutilizestheoreticalconceptstohelphouseholdsmakebetteruseofcashwindfalls.Throughidentifyingbonusincomesettingtwotothreefinancialgoalsbasedontheirneedsandthenassigningapercentagetoeachgoalwecreateaplanthatminimizestheimpactofimpulsivebehaviorinspendingcashwindfalls.Afungoalcoupledwithoneortwolongtermfinancialgoalsinfluencestemporaldiscounting.Thenetresultisatoolthatestablishesclearfinancialgoalsinwritingencourageshouseholdstostaywithintheirmonthlybudgetspendingplanpre-emptivelyallocatescashwindfallstemperstemporaldiscountingtendenciesincreasesaccountabilityandencourageswisespendingthatsupportstheconsumersgoalsandvalues.Thetoolhasbeenutilizedprimarilybylowtomoderateincomeclientstoassisttheminbuildingemergencysavingseliminatedebtprepareforlargepurchasessuchasacarorhomeandtosaveforretirement.Itcanbelayeredwithotherdebtandsavingstools.TheBonuIncomePlanwasdevelopedasanorganicprocessofworkingwithclientsinaclinicalfinancialcounselingsetting.ThetooltakesintoaccountbudgetingtheoriesandconceptsincludingmentalaccountingThaler1985.AmbiguityinmentalaccountingcanleadtojustifyingoverspendingorrobbingonecategorytopayforanotherCheemaSoman2006overspendingonexpensesthatonlyhappenafewtimesayearsuchasabirthdayorvacationandoncategoriesthathavegreateractivitysuchasfoodandentertainmentSussmanAlter2012.CashwindfallsaredisproportionatelyspentonnondurablegoodsandluxurypurchasesespeciallyforlowincomehouseholdsJohnsonParkerSouleles2004.Italsoutilizestheoriesintemporaldiscounting.WhenmakingdecisionsconsumersoftenchoosebetweenspendingthathasanimmediaterewardsuchasbuyingabigscreenTVafuturerewardsuchaspayingdowndebtearlyorsavingforretirementKirbyHerrnstein1995.ResearchhasfoundthatmakingdecisionsinadvanceandincreasingaccountabilitycaninfluenceifwechoosetheimmediaterewardorthemoresignificantfuturerewardsThalerSunstein2008.TheBonuIncomePlanallocatescashwindfallsthustriggeringthisdecisionmakingprocess.FinallysettingfinancialgoalscaninfluencespendingbehaviorShefrinThaler1988.IngenerallimitingthenumberoffinancialgoalswehaveatonetimeincreasesoursuccessatmeetingthosegoalsSomanandZhao2011.Cleargoalsalsoprovideanadditionallayerofaccountability.TheBonuIncomePlanhelpsestablishthesegoals.ReferencesCheemaA.SomanD.2006.MalleablementalaccountingTheeffectofflexibilityonthejustificationofattractivespendingandconsumptiondecisions.JournalofConsumerPsychology16133-34.JohnsonD.S.ParkerJ.A.SoulelesN.S2004.Householdexpenditureandtheincometaxrebatesof2001.NationalBureauofEconomicResearch.Retrievedfromhttpwww.nber.orgpapersw10784.pdfnew_window1KirbyK.N.HerrnsteinR.J.1995.Preferencereversalsduetomyopicdiscountingofdelayedreward.PsychologicalScience683-89.ShefrinH.M.ThalerR.H.1998.Thebehaviorallifecyclehypothesis.EconomicsInquiry26609-643.SomanD.ZhaoM.2011.ThefewerthebetterNumberofgoalsandsavingsbehavior.JournalofMarketingResearch486944-957.4LucasMartinStatewideFamilyFinanceExtensionFacultyAssistantProfessorUSUFamilyLifeCenterRoom203493N700ELoganUT84321UMC2700435-797-9108 ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium5SussmanA.B.AlterA.L.2012.TheexceptionistheruleUnderestimatingandoverspendingonexceptionalexpenses.JournalofConsumerResearch.394.800-814.ThalerR.H.1985.Mentalaccountingandconsumerchoice.MarketingScience4199214.ThalerR.H.SunsteinC.R.2008.NudgeImprovingdecisionsabouthealthwealthandhappiness.LondonEnglandPenguinBooks. ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium6BuildingaProgramBrandHowBrandingImpactsCollegeFinancialEducationProgramsErinWirth5AFCUniversityofNebraskaLincolnKeyWordscollegestudentsfinancialeducationBrandingisimportantespeciallyforcollegefinancialeducationprograms.Abrandoranorganizationsimagehelpsstudentsrecognizethatafinancialeducationprogramandtheprogramrepresentativesareknowledgeableandunderstanding.TheUniversityofNebraskaLincolnUNLStudentMoneyManagementCenterSMMChasfoundsuccesswithbuildingaprogrambrandthatincludestheaforementionedelementsaswellrelevancefunandapproachability.MarketresearchhelpeddeterminethatUNLstudentsperceivedfinancialeducationasnotrelevanttotheirlivesandboringandfinancialeducatorsasunapproachable.ThustheSMMCfocusedonbuildingapowerfulbrandthatwouldpositiontheprogramasrelevantfunandapproachable.OthermotivesforbuildingabrandwereincreasingcredibilityamongtheUniversityandstate-widecommunityinordertogainmoreprogrampartnershipsandmediaexposurestoordertosupportUNLrecruitmentefforts.ThispostercoversbrandingactivitiescompletedfromJanuary2012toDecember2012.Brandingactivitiesincludedresourcedevelopmentandeventdevelopment.PrintresourcedevelopmentfocusedonmakingfinancialeducationtopicsrelevanttothetargetaudiencesuchasaresourcetitledTheBiggestMoneyRip-offs.Resourceswerealsocreatedtotieintocampus-wideeventsthatconnectedtostudentsvaluessuchasaresourcefocusedonbeinggreen.ElectronicresourcesalsohelpedchangethetargetaudiencesperceptionoffinancialeducationbyshowcasingfinancialeducationresourcesindifferentformatssuchaspinsonPinterest.Socialmediacampaignsfocusedonbuildinguptheapproachablequalityofthebrandandincreasingthenumberofbrandambassadors.Financialeducationeventshelpedpositiontheprogramasrelevantandfun.Toavoidboringeventsalleventsincludedcompetitivegamesmoneypersonalityquizzesandpiggybankdecorating.Eventsponsorshipswerealsoanimportantpartofbranddevelopmentandhelpedchangestudentsperceptionsoffinancialeducation.ForexampleapartnershipwiththeUNLHealthCentersStressFreeZonehelpedstudentsrealizethattheycouldrelievestressthroughmoneymanagement.Additionallyeducationalactivitieswereofferedinhigh-trafficareas.Theseactivitieswerefocusedonhelpingbusystudentsquicklygetfinancialtips.StudentscompletedshortactivitiessuchasFinancialHorrorStoriesandwerethenenteredintoprizedrawings.Thesetacticswereproventopositiontheprogramasrelevantfunandapproachable.Duetosuccessfulbrandingeffortstherewasa24increaseinthenumberofstudentswhotookadvantageofprogramservicesincludingone-on-onecounselingsessionsandworkshopscomparedtotheprioryear.StudentswhocompletedsurveysafterparticipatinginprogramservicesdescribedtheSMMCasapproachablefriendlyunderstandingfunpracticalknowledgeableandhelpful.Additionallyaccordingtoarandomsurveyofprogramparticipants84indicatedtheyusedprogramservicesbecausetheyviewedSMMCservicesasrelevant.Theprogramformedpartnershipswithanadditional32Universityorganizations.TheseorganizationspartneredonofferingfinancialeducationworkshopsandresourcesforUNLstudents.Accordingtoarandomsurveyofprogrampartners100ofthepartnersdecidedtoworkwiththeSMMCduetotheirperceptionthatSMMCrepresentativeshadexpertisedeliveringfinancialeducationtocollegestudentsinformatsandlanguagethatcollegestudentsprefer.PartnerswhocompletedsurveysdescribedtheSMMCasknowledgeablecreativefunentertainingandpractical.Additionallynationalpublicityexposureswereestimatedtobeover1millionandwererecognizedbyUniversityofficials.Brandingisimportantespeciallyforcollegefinancialeducationprograms.Collegefinancialeducatorsneedtotakethetimetodeterminehowtheywantcollegestudentstoperceivetheirprogram.Ifeducatorscanuncoverthereasonsbehindnegativeperceptionstheycancraftabrandingstrategythatwillhelpchangetheirimageandhelpthembuildaprogramthatstudentswillfeelcomfortableutilizing.Successfulbrandingeffortscanhavesignificantpositiveeffectsonprogramusageprogrampartnershipsandpublicityopportunities.5ErinWirth5311VanDornSt.LincolnNE68506Phone308-219-0130Emailewirthunl.edu. ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium7CommunityBasedParticipatoryActionResearchProcessinFinancialEducationLoriHendrickson6ExtensionEducatorUniversityofMinnesotaExtensionCindyPetersenExtensionEducatorUniversityofMinnesotaMaryMarczakEvaluationResearchSpecialistUniversityofMinnesotaEbonyRuhlandGraduateStudentUniversityofMinnesotaPatriciaOlsonFamilyRelationsandFamilyResourceManagementProgramLeaderUniversityofMinnesotaKeyWordscommunitybasedparticipatoryactionresearchactionresearchcommunityengagementcurriculumdevelopmentCommunityBasedParticipatoryActionResearchCBPARisaresearchmethodologythatvaluestheexperienceandknowledgethatexistsaroundanissuewithincommunities.ThismethodologyValuescommunityagenciesasourpartnersineducationaldeliverytoendusersRecognizescommunityagenciesaskeyinformantstocontenttopicsEngagescommunitypartnersasco-creatorsincurriculumdevelopmentandprogramimplementationEstablishesandgrowspartnershipstocreatesustainablecommunitybasedprogramsBecauseofthesecharacteristicsCBPARwaschosenasavaluablemethodologyinpersonalfinanceresearchandcurriculumdevelopment.TheCBPARprocesswasusedbyUniversityofMinnesotaExtensionEducatorsinreviewingassessingandrevisingatenanteducationcurriculum.ChanginghousingmarketsandchangingdemographicsinrentalpopulationsinMinnesotamadeitnecessarytoupdateandrevisetheRentWisetenanteducationcurriculum.Educatorssearchedforanappropriatemodeltoassessthecurriculumandtorevisethecontentmakingitrelevanttotheagencystaffteachingandultimatelythepotentialtenantsasend-users.TheCBPARmodeladdressededucatorsconcernsrelatedtoRelevanceofcontenttotenantsCulturalsensitivityIncreasingcommunityinvolvementSustainabilityoftheprogramwithincommunitiesTheCBPARprocessfortheRentWisecurriculumadaptationinvolvedIdentificationandselectionofcommunitygroupstoparticipateTeammeetingtolearnaboutthecurriculumandagencyandUniversityrolesTeachingobservinginterviewingcommunityworkshopparticipantsCriticalreviewofcurriculumTeammeetingtoreviewdatacollectedAdaptationofcurriculumtoreflectteamsinputTheCBPARprocessshowedthatlearnersgainedknowledgeofbeingaresponsiblerentervalidatingthecurriculumlearningobjectives.ReferencesGustavsenB.2003.Newformsofknowledgeproductionandtheroleofactionresearch.ActionResearch12153-164.KemberD.GowL.1992.Actionresearchasaformofstaffdevelopmentinhighereducation.HigherEducation233297-310.SmallS.A.UttalL.2005.ActionorientedresearchStrategiesforengagedscholarship.JournalofMarriageandFamily674936-948.StoeckerR.2008.Challenginginstitutionalbarrierstocommunity-basedresearch.ActionResearch6149-67.6LoriHendrickson1861E.Hwy169GrandRapidsMN55744218.327.5958ext.3007218.327.4126lhendumn.edu ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium8WhiteheadJ.2009.Generatinglivingtheoryandunderstandinginactionresearchstudies.ActionResearch7185-99. ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium9ConsumersHealthInsuranceLiteracyvs.OverallFinancialLiteracyCathyFaulconBowen7ProfessorandSarahOsmaneGraduateStudentPennsylvaniaStateUniversityKeyWordshealthinsuranceliteracyfinancialliteracyBeginningOctober12013manypreviouslyhardtoinsureconsumersmayhaveaccesstohealthinsurance.Manyoftheseconsumerswillbechallengedtolearnhealthinsurancetermsandassemblepiecesoftheinsurancepuzzleinawaythatmakessense.Agenciesaregearinguptohelpconsumersselectinsuranceandeducatorsarecreatingresourcestohelpdecipherunfamiliartermsandconceptsrelatedtohealthcare.ReportsabouthealthinsurancehaveidentifieddemographiccharacteristicshealthstatusanduseofhealthcareasfactorsassociatedwithhealthinsuranceliteracyMcCormacket.al.2009Nelsonet.al.2000Ryanet.al1998.Olderadultsthosewithlowereducationandincomeandthosewithpoorerhealthhadlowerlevelsofhealthinsuranceliteracy.Financialliteracyistheabilitytouseknowledgeandskillstomanageonesfinancesandresourceseffectivelyforlifetimefinancialsecurity.Healthinsuranceliteracyisasubsetofoverallfinancialliteracyandthereforeshouldbesimilartooverallfinancialliteracy.Thisposterdescribestheresultsofasurveytodeterminetaxpayersperceivedknowledgeoftheirhealthinsuranceplani.e.healthinsuranceliteracyandtheiroverallfinancialknowledge.Aconveniencepopulationof648taxpayerswhohadreturnscompletedatauniversity-basedvolunteerincometaxassistanceprogramVITAwassurveyedanonymouslyusingSurveyMonkeySM604oramailedsurvey44.ReturnedmailedsurveyswereenteredintoSM.DatasetsweremergedintoonefileandanalyzedusingSPSS.Morethanhalfofthetaxpayers388or60respondedtothesurveyandthemajoritywereCaucasian.Thoserespondingbymailwerelikelytobeage65orolderwithahighschooldiploma.ThoserespondingbySMwereyoungerage18-34andthehighestlevelofeducationcompletedwasabachelorsormastersdegree.Lessthan50workedfull-timeandnearlyhalfwerefull-timestudents.AlthougheligibleforVITAmanyrespondentsweretemporarilylowincome.Themajorityhadaccesstohealthinsurance86.9and44indicatedtheyreviewedtheirhealthplansatleastonceayear.Themajorityover70ratedthemselvesasfairtogoodontheirperceivedknowledgeoftheirhealthinsuranceplanandoverallfinancialliteracy.Thishighlyeducatedgroupofrespondentsperceivedtheirknowledgeabouttheirhealthinsuranceplanandoverallfinancialliteracytobefairgoodonascalewherethetopchoiceswereverygoodexcellentandexceptional.Consumerwhohaveorhavealwayshadhealthinsurancemaynotdevotemuchtimelearningtheplandetailsuntiltheyhavetouseit.TheoverallfinancialliteracyoftherespondentsisinlinewiththatofthegeneralU.S.population.ReferencesMcCormackL.BannC.UhrigJ.BerkmanN.RuddR.2009.HealthInsuranceLiteracyofOlderAdults.TheJournalofConsumerAffairs432223-248.NelsonD.E.ThompsonB.L.DavenN.J.PenalozaL.J.2000.Whatpeoplereallyknowabouttheirhealthinsuranceacomparisonofinformationobtainedfromindividualsandtheirinsurers.AmericanJournalofPublicHealth90.RyanS.A.MillsteinS.G.KangM.EnsmingerM.StarfieldB.IrwinC.E.1998.AdolescentsKnowledgeofTheirHealthInsuranceCoverage.JournalofAdolescentHealth224293-299.7CathyFaulconBowenPh.D.ThePennsylvaniaStateUniversityDepartmentofAESE8BFergusonBuildingUniversityParkPA16802Phone814-863-7870Fax814-863-4753cbowenpsu.edu ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium10DoesRaceMatterfortheBankAccountOwnershipofYoungPeopleJinheeKim8Ph.D.JungEunKimPh.D.andUiJeongMoonPh.D.UniversityofMarylandCollegeParkKeyWordsBankaccountownershipyoungadultsracialdisparityWealthdisparitybetweenBlacksandWhiteshasbeenincreasingoverthepastyearsespeciallyaftertherecenteconomiccrisisintheUnitedStates.BankaccountownershipisoftenregardedasanindicatorofmainstreamsocioeconomicparticipationandofanaccesstoadditionalfinancialopportunitiesHeflinPattillo2002.Blacksoverrepresentintheunderbankedandunbankedpopulation.RecentlythebankaccountownershipofyoungpeopleespeciallyunderrepresentedgroupssuchaslowtomoderateincomehouseholdshasgainedsomeattentionElliott2012.SomeresearcherssuggestthatwealthinequalitymaybeginearlyassomechildrenmaynotreceivethefinancialsocializationtoachievefinancialattitudeandknowledgeKimLaTailladeKim2011andalsomaynothaveexperienceofmanagingmoneyinchildhoodsuchasbankaccountownershipElliott2012.ThedisparityofbankaccountownershipseemstolastduringyoungadulthoodElliott2012whichmayimpedelife-longwealthbuildingforyoungadults.Thepresentstudyexaminespredictorsofbankaccountownershipofindividualsasadolescentsandyoungadults.RacialdifferenceshavebeendocumentedinbankaccountownershipHefflinPattillo2002butwhenthedisparitybeginsorhowitpersistsinyoungadulthoodhasnotbeenexplored.ResultsusingdatafromthePanelStudyofIncomeDynamicsChildDevelopmentSupplementandTransitionintoAdulthoodareasfollows.HavingabankaccountasachildwassignificantlyassociatedwiththebankaccountownershipinyoungadulthoodforbothWhitesandBlacksandaswehadexpectedolderyoungadultswere10morelikelytoownabankaccountthanyoungeradults.WithregardtoracialdifferencesBlackchildrenweresignificantlylackinginbankaccountownershipwhichcouldimpedegettingbenefitsofparticipatinginfinancialmarkets.BlackswerelesslikelytoownabankaccountownershipcomparedtoWhitesduringadolescenceandyoungadulthood.InadditiontheassociationoffamilyincomeassetownershipandchildhoodbankaccountownershipwassignificantlydifferentbetweenWhiteandBlack.FindingssuggestthatfinancialeducatorsandcounselorsmayneedtoinformBlackparentswithmiddleorhigherassetsandincomeregardingthebenefitsofchildhoodsavingsaccountownershipsothatchildrencanlearntomanageandsavemoneyfortheirfuture.MeanwhileadditionalanalysisusingStructuralEquationModelfoundnoracialdifferencesintheeffectofpredictorsofbankaccountownershipduringyoungadulthood.Blacksaresignificantlylaggingintermsofbankaccountownershipduringyoungadulthoodduetostructuraldifferences.WiththeimportanceofparentaleducationinbankaccountownershipthroughouttheyearslowereducationalattainmentofBlackyoungadultsmayhinderbankaccountownershipleadingtolaborincomeandwealthbuildinginthefuture.Financialeducationtoenhancebankaccountownershipneedstotakeplaceinchildhoodbeforeindividualsapproachtheiryoungadulthood.ReferencesElliottW.2012.DoesstructuralinequalitybeginwithabankaccountCreatingaFinancialStakeinCollegeReportII.WashingtonDCNewAmericaFoundationSt.LouisMOWashingtonUniversityCenterforSocialDevelopment.HeflinC.PattilloM.2002.KineffectsonBlackWhiteaccountandhomeownership.SociologicalInquiry722220-239.KimJ.LaTailladeJ.KimH.2011.Familyprocessandadolescentsfinancialbehaviors.JournalofFamilyandEconomicIssues32668-379.8JinheeKimAssociateProfessorDepartmentofFamilyScienceUniversityofMaryland1142PSchoolofPublicHealthCollegeParkMD20852Phone301405-3500Emailjinkimumd.edu ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium11EffectivenessofPeerEducatorsinDeliveringFinancialLiteracyInformationPamelaChow9Stacy-annMiyashiroRositaChangBarbaraWatanabeDeanNushidaUniversityofHawaiiKeyWordsfinancialliteracycollegestudentspeereducatorsManystudieshavedocumentedtheneedtopreparecollegestudentswithfinancialskillsfortheirnewlyfoundindependenceawayfromdirectparentalsupervisionaswellasforlifeaftergraduation.Astudyconductedin2005attheUniversityofHawaiiatManoaUHMhighlightedspecificfinancialliteracyconcernsofstudents.BasedonthisinformationaFinancialLiteracyprojectwascreatedthroughacollaborationoffacultyandstaffmembersfromdiverseunitsthatrecognizedtheneedforfinancialliteracyeducation.DuetosuccessfulresultstheUHMadministrationadvancedtheUHMFinancialLiteracyprojectintoanofficialprogramoftheOfficeofUndergraduateEducationOUE.Thisposterfocusesonwhetherpeereducatorscanbeeffectiveindeliveringfinancialliteracyinformation.OneofthemostimportantelementsoftheUHMFinancialLiteracyprogramistheutilizationanddevelopmentofapeereducatormodelamethodologysuccessfullyimplementedatotherhighereducationcampuses.AtUHMinterestedstudentswhosuccessfullycompletedtheirfreshmanstudieswereinvitedtobecomeinvolvedaspeereducatorswhowouldbeassistingunderclassmenthroughfacilitatedinstruction.Underguidanceoftheprogramcoordinatorwithconsultationfromfacultyandstaffteammembersstudentsweretrainedinbasicfinancialliteracyconceptsandaskedtoplanpresentationsontopicsincludingbudgetingsmartspendingandmanagingcreditusetoconductinavarietyofforums.DuringJuly2012toMay2013peereducatorspresentedtheworkshopsforaudiencesrangingfrom10to160studentsatatime.WorkshopswereconductedatallUHMNewStudentOrientationfreshmenopeningsessionsandconcurrentseminarsfortransferstudentsaswellasWeekofWelcomestudentorientationheldtheweekpriortothestartofschool.TheyalsoworkedwithfreshmenlearningcommunitiesandconductedsessionsfortheStudentParentsatManoaAthleticsandStudentSupportServices.Manyothercampusorganizationsalsorequestedspecialfinancialliteracypresentationsfortheirspecificprograms.Studentparticipantswereaskedtocompleteatwo-pagereflectiveprepostevaluationsurveyattheconclusionofeachsession.Forthiselevenmonthperiodatotalof938evaluationswereincludedinthisreview.Preliminaryfindingssuggestthatpeereducatorswereeffectiveinpresentingfinancialliteracyinformationtootherstudents.Therewere855studentswhoattendedfacilitatedsessionsonBudgetingandGoalSettingbypeereducators.Aspartoftheworkshopthestudentparticipantswerealsoaskedtodetermineastudentbudgetasagroupandorindividuallyaswellasapplyoneofthe3RsRefuseReduceandReplacetoanitemoftheirchoice.Resultsfromtheanalysisindicatedsignificancedifferencesbetweenpreandposttestsforallitems.Studentparticipantsagreedthattheinformationwillbeusefultome96.1thoughtthatthediscussionswereeasytorelatetomylife94.4andfeltthatthesessionleaderswerehighlyeffective95.TheevaluationsofsessionsaddressingUsingCreditWiselywereanalyzedfor83studentparticipants.Studentswereprovidedinformationthroughfacilitatedsessionsbypeereducatorsaskedtodeterminetheadvantagesanddisadvantagesasagroupandlearnaboutthecostsofcreditusingcreditcarddisclosurestatements.Resultsfromtheanalysisindicatedsignificancedifferencesbetweenpreandposttestsforallitems.Participantsagreedthattheinformationwillbeusefultome97.6thoughtthatthediscussionswereeasytorelatetomylife97.5andfeltthatthesessionleaderswerehighlyeffective97.6.9PamelaChowUniversityofHawaiiDepartmentofFamilyConsumerSciencesCooperativeExtensionService2515CampusRoadHonoluluHI96822Phone808-956-7212Fax808-956-2241Emailpchow2hawaii.edu ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium12TheevaluationsurveysprovidedinformationontheeffectivenessoffinancialliteracyworkshopspresentedbypeereducatorsatUHMforspecificindicatorsdevelopedforthisstudy.Thesefindingssuggestpositiveimplicationsforfinancialliteracyprogramsdeliveredbypeereducatorsoncollegecampuses. ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium13ExaminingFactorsthatIncreaseCashiersID-CheckingBehaviorASystemicFieldStudyChristopherO.DowningJr.10MeganTuckerNicoleCapriolaE.ScottGellerVirginiaPolytechnicInstituteandStateUniversityKeyWordscashierscredit-cardfraudID-checkingWiththeU.S.economyinarecessionAmericansareexhortingtodifferenttacticsofsurvival.Unfortunatelythisincludesidentity-theftcriminalswhoengageincredit-cardfraud.Credit-cardfraudoccurswhenathiefillegallychargesgoodsandservicesinanotherpersonsnamebyusingacreditcardoranysimilarpaymentmechanism.Credit-cardfraudisoneofthemostfrequenttypesofidentity-theftcrimescommitted.Ofthe369132complaintsreportedtotheFederalTradeCommissionFTCin2012credit-cardfraudmadeup13.4ofthosecasesFederalTradeCommission2012.Ithasalsoforcedcardholdersandcredit-cardissuerstopayasmuchasatotalof500millionayearduetofraudulenttransactionsSpamLaws2012.Withthegrowingexpansionoftechnologymorespecificallytheuseofmobilecardreaderscredit-cardfraudwilllikelyincreaseasaserioussocietalproblem.Aspeoplelobbyforlawstohelpcredit-cardfraudvictimsresearchalsoneedstobeconductedtopreventcredit-cardfraudandprotecttheseindividuals.Unfortunatelytheinterventionresearchoncredit-cardfraudislimitedbutresearchersandlawenforcementAndersonDurbinSalinger2008Mather2006Sovern2004arguetheinstancesofcredit-cardfraudcouldbedecreasedifcashierswouldcheckcustomersfortheiridentification.Thusoneinterventionapproachtopreventcredit-cardfraudistoincreasecashierscheckingoftheidentificationIDofcredit-cardusers.HoweverlittleisknownaboutthefactorsthatincreasecashiersID-checkingbehavior.ThusthegoalofthepresentstudywastoexaminethevariousfactorsthatcouldinfluencecashierstocheckcustomersIDduringcredit-cardpurchases.UsingnumerousresearchassistantsdatawerecollectedfromcashiersinvariousbusinesseslocatedinasouthwestVirginiauniversitycommunity.Researchassistantswentintobusinessesandmadecreditpurchases.ThenafterleavingthestoretheyrecordedonastandardizedchecksheetwhethercashiersaskedfortheirIDwhilenotingthecashiersdemographicinformationthestoresinformationandthecharacteristicsofthecreditcardused.UsingalogisticregressiontheresultsrevealedwhetherthecashiersswipedthecreditcardandthetypeofstorevisitedwasinfluentialinpredictingwhethercashierscheckedcustomerscreditpurchasesforID.Customerswere4.04timesmorelikelytobecheckedforIDwhentheircreditcardwasswipedbythecashiercomparedtowhentheyswipedit.Converselycustomerswere4.12timesmorelikelytobecheckedforIDwhentheymadeacreditpurchaseinaretailstoreversusarestaurant.TheresultsfromthepresentstudycanhelpinformcounselorsandeducatorsaboutfactorsthatcanincreasecashiersID-checkingbehaviortodecreasecredit-cardfraud.MoreimportantlytheresultscanhelpresearchersandeducatorsdesigninterventionstoincreasecashiersID-checkingbehavior.ReferencesAndersonK.B.DurbinE.SalingerM.A.2008.Identitytheft.JournalofEconomicPerspectives222171-192.FederalTradeCommission.2013February20.Consumersentinelnetworkdatabookforjanuary-december2012.Retrievedfromhttpwww.ftc.govsentinelreportssentinel-annualreportssentinel-cy2012.pdf.MatherM.2006.PoliceCredit-cardfraudcouldbecutinhalfifmerchantscheckedi.d.RetrievedJanuary262007fromhttpwww.wtkr.comGlobalstory.asps5747797.SovernJ.2004.Stoppingidentitytheft.JournalofConsumerAffairs382233-243.SpamLaws.2012November17.Creditcardfraudstatisticsandfacts.Retrievedfromhttpwww.spamlaws.comcredit-fraud-stats.html.10ChristopherDowningJr.M.S.DepartmentofPsychologyVirginiaTech202WilliamsHallBlacksburgVA24061Emailcdowningvt.edu ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium14FinancialEducationandCounselingwithVITATaxpayersinNorthwestMissouriRebeccaJ.TravnichekPh.D.AFCFamilyFinancialEducationSpecialist11UniversityofMissouriExtensionKeyWordsVITAMoTaxpre-taxeducationfinancialcounselingCooperativeExtensionServiceInternalRevenueServiceandtheCenteronBudgetandPolicyPrioritiescollaboratetoincreasetheavailabilityoffreetaxassistanceprogramsinruralAmerica.MissouriwasinvitedtoparticipateasoneofsevenstatestopilotaVolunteerIncomeTaxAssistanceVITAprograminruralareas.Collaboratorsandparticipatingstatescoordinatedatacollectionandworktogethertoevaluatetheprogramandrecommendstrategiesforfutureexpansion.VolunteerIncomeTaxAssistanceprogramvolunteersprovidefreetaxassistanceforlowtomoderate-incomedisabledhomeboundandEnglish-as-a-second-languagetaxpayers.IRSprovidesallmaterialsrelatedtotaxpreparationandallIRSguidelinesarefollowed.Inadditionstate-specificeducationalpacketsandfinancialcounselingaresharedwithtaxpayers.TheMissouriTaxpayerInitiativeMoTaxoffersagatewaytofinancialeducationthroughtaxpayerassistance.MoTaxofferspreparationoffederalandstatetaxreturnstolow-incomefamiliesandusesthisopportunitytoemphasizetheimportanceoffinancialplanningmanagement.UniversityofMissouriExtensionalongwithfederalandlocalpartnerssupportthetaxpreparationhoweverourfocusisonefinancialeducation.FinancialcounselingwasaddedthisyearbythisMoTaxsitecoordinatortaxpreparer.MoTaxprogrambeginseachfallwithpre-taxeducationwhichprovidesinformationandoutreachmaterialstoinformtaxpayerswhoareeligibleforfederalandstatetaxcredits.Pretaxseasoneducationprovidesmoneymanagementworkshopsdefinitionandexplanationofthevarioustaxcreditsandinformationongoalsettingforthosewhomaybereceivinglargerefunds.The2012taxreturnpreparationseasonofferedanewopportunitytoworkwithtaxpayersandtheirtaxrefundswithfinancialcounseling.TaxpayerswereaskedquestionsbytheVITAsitecoordinatortaxpreparerwhoisanAFCtoascertainfinancialgoalsbudgetspendingplanusagepossiblecreditissuesandfinancialoutlook.Dependinguponanswersresponsespotentialchangesandoutcomesweresharedbythecounselor.VITAandMoTaxprovidesavaluableservicetorurallow-incomeworkingfamiliesandlow-incomeelderly.ItisespeciallyvaluableforfamilieswithchildrenwhoareeligiblefortheEarnedIncomeTaxCreditwhichcanamounttothousandsofdollarsaswellasthosewhoareeligiblefortheMissouriPropertyTaxCreditwhichallowsacreditonrealestatetaxesorrentpaidduringtheyear.TheMoTaxprogramcanbeanimportanteconomicdevelopmenttoolforcommunitiesaswell.Manytimesfamilieseitherdontknowaboutthecreditsearnedincomecreditchildtaxcreditdependentcarecreditetc.orhavemultiplebarrierstoreceivingthem.Inadditionfamilieswhofileforthesecreditsoftenpayanaverageof250intaxpreparationfeestheycannotafford.Asthiswasapilotforfinancialcounselingnoresultsareavailabletoshare.Taxpayerswereveryreceptivetothecounselingaswellasthecontinuedfinancialeducation.Follow-upwithspecifictaxpayersisplannedforthe2013taxseason.PosterpresentationwillincludedetaileddescriptionoftheMissouriTaxpayerInitiativetaxpayerdemographicsandrefundtotalsovera7-yeartimeperiodoftaxpayersandrefundamountsalmostdoublingeachyearandexamplesofeducationalandcounselingmaterialsusedwithtaxpayers.11Dr.RebeccaJ.TravnichekFamilyFinancialEducationUniversityofMissouriExtensionUniversityofMissouriExtension-AndrewCountyPOBox32SavannahMO64485-0032816.324.3147TravnichekRmissouri.edu. ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium15FinancialEducationLiteracyandCapabilityEvolvingConceptsandDefinitionsElizabethKiss12KansasStateUniversityKeyWordsfinancialeducationfinancialknowledgefinancialliteracyandfinancialcapabilityIn2013theAssociationforFinancialCounselingandPlanningEducationcelebrates30yearsdedicatedtotheimprovementofpersonalfinancialmanagementeducationandtrainingforcounselorseducatorsandrelatedpractitioners.Thismilestoneisanappropriatetimetoreflectontheevolutionoftheconceptsandtermsusedtodescribeouractivitiesandtheendgoalsweworkwithindividualsandfamiliestoachieve.ThisexploratorystudyidentifiedandanalyzedconceptualandoperationaldefinitionsoffinancialeducationfinancialknowledgefinancialliteracyandfinancialcapabilityastheyhaveappearedinresearcharticlespublishedintheJournalofFinancialCounselingandPlanningsince1990.Israelsen1990reviewedfamilyresourcemanagementresearchfrom1930-1990involumeoneoftheJournalofFinancialCounselingandPlanning.Ascanofthebibliographicinformationfortheitemsrevealsthatresearchrelatedtofinancialmanagementeducationhasbeenconductedsinceatleastthe1960s.Financialliteracyisalaterconceptdatingfromasrecentlyasthe1990s.Anevenmorerecentconceptisfinancialcapability.Whilethedistinctionbetweenfinancialeducationfinancialknowledgeandfinancialliteracyisoftenblurredfinancialcapabilityhasbeenusedasacontrasttofinancialeducationandfinancialliteracy.OnerecentreportdescribedfinancialeducationassetofprovideroutputsandfinancialcapabilityasasetofconsumeroutcomesSledgeTescherGordon2010.AnotherreportdepictedfinancialeducationasabuildingblockoffinancialcapabilitySherraden2010.AthirdreportdescribedfinancialliteracyorlackofasoneoftwobarrierstoasoundfinancialfutureRogers2012.Financialcapabilitywasidentifiedasthesecondbarrier.AshiftawayfromfinancialliteracytofinancialcapabilityisalsoseenatthefederallevelwherethePresidentsAdvisoryCouncilonFinancialLiteracycreatedin2008becamethePresidentsCouncilonFinancialCapabilityin2010.ArticleswereidentifiedusingthesearchfunctiononthejournalarticlespublicationpageontheAFCPEwebsite.Forty-twouniquearticleswereidentified.Inseveralinstancesmorethanonesearchtermisassociatedwithasinglearticle.Financialeducationappeared30times.Financialknowledgeandfinancialliteracyeachappeared11times.Financialcapabilityasasearchtermreturnednoresults.ResultsoftheanalysisdocumenthowresearcherspublishingintheJournalofFinancialCounselingandPlanninghaveusedbothconceptualandoperationaldefinitions.Implicationsforstudentsresearchersandpractitionerswerediscussed.ReferencesIsraelsenC.L.1990.Familyresourcemanagementresearch1930-1990.FinancialCounselingandPlanning1337.RogersB.2012.ExecutivesummaryFromfinancialliteracytofinancialcapability.MadisonWIFileneResearchInstitute.MargaretSherrardSherraden.2010.FinancialcapabilityWhatisitandhowcanitbecreatedWorkingPaperSeries-WP10-17UniversityofMissouri-St.LouisCenterforSocialDevelopment.Retrievedfromhttpcsd.wustl.eduPublicationsDocumentsWP10-17.pdfSledgeJ.TescherJ.GordonS.2010.FromfinancialeducationtofinancialcapabilityOpportunitiesforinnovation.CenterforFinancialServicesInnovation.Retrievedfromhttpwww.cfsinnovation.comsystemfilesResearch_Paper_Financial_Capability_Mar2010.pdf12ElizabethKissKansasStateUniversity343JustinHallManhattanKS66506Telephone785-532-1946E-maildekiss4ksu.edu ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium16FinancialLiteracyandBehaviorofCollegeStudentsintheUnitedStatesandJapanMakikoHashinaga13M.S.TokyoGakugeiUniversityTakaoNishimuraPh.D.YokohamaNationalUniversityHirokoKamataPh.D.HokkaidoUniversityofEducationKeyWordsfinancialliteracyfinancialbehaviorcollegestudentsThisresearchprojectaimedtoidentifydifferencesbetweenU.S.andJapanesecollegestudentsintermsofileveloffinancialknowledgeandiifinancialbehaviorinordertoclarifyfinancialareasthatJapanesecollegestudentshavelessunderstanding.ThedevelopmentoffinancialliteracyprogramsforJapanesecollegestudentsisstillinitsinfancywhencomparedwiththenumbervarietyandqualityofprogramsofferedinU.S.universitiesandcolleges.Thereforetherehasbeenincreasingvariousconsumertroublesandover-debtissuesamongJapanesecollegestudentswhichmaybecausedbylackoffinancialliteracy.TohelpthemtakeindependentandreasonableactiontoadvocateandenhancetheirbenefitstheJapanesegovernmenti.e.theMinistryofEducationCultureSportsScienceandTechnologyMEXTissuedanofficialrecommendationthatcollegestudentsbeprovidedwithconsumereducationemphasizingboththeskillsnecessaryforfuturelifeplanningandthesignificanceofsocialparticipationin2011.AtthelegislativeleveltootheActonPromotionofConsumerEducationof2012obligednationalgovernmentandlocalauthoritiestopromoteconsumereducationforcollegestudents.Followingsuchrecommendationandlegislationthefocushasmovedtothestagetoidentifywhatsubjectsubstanceshouldbetaughttocollegestudentsfordevelopmentoffinancialliteracyprogramsuitableforthem.Thissurveyanalyzeddatacollectedfromsamplesof684JapanesecollegestudentsinJanuary2013and395U.S.collegestudentsinApril2012.Itutilizedmultimethodanalysisfollowingface-to-faceclassroomsessions.Resultswerealsocomparedforreferencewiththedatafromasampleof1030studentsintheJumptartnationalsurvey2008SurveyofPersonalFinancialLiteracyAmongCollegeStudents.ThissurveyindicatedmeaningfuldifferencesbetweenU.S.collegestudentsandJapanesecollegestudentsintermsofitheleveloffinancialknowledgeandiifinancialbehavior.U.S.collegestudentsdemonstratedsignificantstrengthintheirknowledgeofthekeyelementsforfuturemoneymanagemente.g.investmentsfinancialplanninglifeinsuranceandtax.WithregardtofinancialbehaviortheU.S.participantsachievedhighermeanscoresthantheJapaneseinalltenrelatedquestionsindicatingthatU.S.participantsweremoreaccustomedtohandlingfinancialmattersandmoreresponsibleindealingwithsuchmattersthanJapaneseparticipants.InparticularthegreatestmeandifferenceinscoreswasfoundinthecategoryIdentifyneedswantsseparatelyfollowedbyConsidereffectsofpresentspendingonfuture.BasedonthesefindingsenhancedfinancialliteracyeducationwithanemphasisoninvestmentandtaxshouldbeofferedtoJapanesecollegestudentsanditisalsocrucialtomakethemawareoftheneedtosaveregularlytoachievefinancialgoals.ReferencesMandellL.2011.TheFinancialLiteracyofYoungAmericanAdultsWashingtonTheJumptartCoalitionforPersonalFinancialLiteracy1-253.MinistryofEducationCultureSportsScienceandTechnologyinJapan2011.GuidelinesonConsumerEducationinUniversitiesCollegesandforConsumersinGeneralandothers.13MakikoHashinagaDoctoralStudentTheUnitedGraduateSchoolofEducationTokyoGakugeiUniversity4-1-1NukuikitamachiKoganei-shiTokyo184-8501JAPANPhone81-42-329-7705Fax81-42-329-7706Emailr139003sst.u-gakugei.ac.jp ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium17HowFinancialPlannersandEducatorscanAccessFederalRecordsthroughtheFreedomofInformationActAndrewZumwalt14UniversityofMissouriExtensionAdamM.MakslIndianaUniversitySoutheastKeyWordsFOIAFreedomofInformationActFundingForm5500TheFreedomofInformationActFOIAprovidesresidentsoftheUnitedStateswithauniqueviewintoFederalGovernmentoperations.Thisposterhastwomainobjectives1.providesomebackgroundinformationonhowthepersonalfinancecommunityandfinancialeducatorscanuseFOIArequestsintheirworkand2.explaintheFOIArequestprocess.ThisposterusesconcreteexamplesfromtheauthorsFOIArequests.JournalistsandotherinterestedpartieshaveusedtheFreedomofInformationActFOIAtorequestFederalrecordsfromexecutivebranchagenciessinceLyndonBJohnsonsignedtheactintolawonJuly41966.FOIArequestscanuncoverwastefulgovernmentspendinghiddengovernmentpracticesandotheropaquefederalinformation.WhilethisseemsunrelatedtopersonalfinanceFOIArequestscanintersectwiththeinterestsofthepersonalfinancecommunity.PersonalfinanceprofessionalsalreadybenefitfromFOIArequestsalbeitindirectly.CompaniesthatofferbenefitsregulatedbytheEmployeeRetirementIncomeSecurityActERISAgenerallymustfileform5500withtheDepartmentofLabor.Thisformprovidesinformationaboutplanassetscompensationpaidtoplanadvisorsandindividualscoveredundertheplan.Withinthebenefitsadvisoryindustryfirmshavespecializedinrequestingform5500fromtheDepartmentofLaboranalyzingthedataandofferingtheresultstofinancialplanners.Forexampleafinancialprofessionalmightreviewthefilingsfindaplansweaknessexcessivefeespoorreturnsetc.andofferacompetitivesolutionaddressingtheweaknesstothecompanyofferingtheplan.TheauthorsoneafinancialeducatorhavebenefitedfromFOIArequestsrelatedtofederalgrantsandcontracts.ApplicationsforfederalgrantsbecomerecordsoftherelevantagencyandaresubjecttoFOIArequests.One-timegrantsmaynotbethatusefultorequestbutifagrantisavailableonanongoingbasisfinancialeducatorsmayfinditusefultorequestcopiesofapplicationsthatreceivedfunding.Fundersoftenprovidefeedbacktobothsuccessfulandunsuccessfulapplicationsbutreviewingsuccessfulapplicationscanhelpstrengthenweakportionsofsubsequentapplicationsespeciallyiffeedbackwaslimitedorifthegrantsevaluationcriteriawasinterestinglyapplied.SubmittingaFOIArequestiseasyshepherdingarequestthroughtheappropriateagencyisharder.GenerallyFOIArequestsneedtoidentifytheactualrecordssoughttheagencyfromwhichtherecordsaresoughtalimittotheout-of-pocketcoststherequesteriswillingtopayforthesearchandhowtherecordsshouldbedelivered.Severalnot-for-profitsagenciesprovideonlinetoolstocreateFOIArequestlettersusingfill-in-the-blanktemplates.Planfortherequesttotakeseveralweeksorlongerfederalagenciesmaytakelongerthanallowedbythelawtofindandreturnrecordstotherequester.ContinuallyfollowingupwiththeFOIAofficeratthefederalagencymayberequired.Asimplerequestcouldtakemonths.TheusefulnessofFOIArequestsisnotlimitedtojournalistsandotherwatchdogprofessions.Financialplannerscanusethemtogenerateleadsfinancialeducatorscanusethemtoreviewsuccessfulgrantapplicationsforinsightintoafederalfundersidealapplication.14AndrewZumwaltUniversityofMissouriExtension162StanleyHallColumbiaMO65211Phone573-884-1690ZumwaltAmissouri.edu ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium18InTheirOwnFinancialWordsThe2QInitiativeDanielleChampagne15M.B.A.AssistantDirectorStudentMoneyManagementCenterUniversityofNorthTexasKameronLewellenOperationsAssessmentSpecialAssistantformerStudentMoneyManagementCenterUniversityofNorthTexasKeyWordscollegestudentassessmentmoneyattitudesfinancialgoalsInprovidingfinancialeducationcounselingandloanassistancetheStudentMoneyManagementCenterSMMCattheUniversityofNorthTexaspridesitselfinstudent-centeredprogrammingaddressingstudentsneeds.Withfinancialdifficultiesaccountingformanyissuesrelatedtopersistenceandwithdrawalitisessentialtodeveloppersonalizedandneeds-orientededucationandinterventions.IndividualdifferencesaboutfinancescandictatebehavioraldecisionsasmoneyfunctionsasamotivatorMitchellMickel1991.InFall2012theSMMCbegantocollectinformationaboutstudentsindividualbeliefsandgoalsaboutmoneyinordertodevelopnewprogramsandtolearnmoreaboutthestudentsweserve.Knowingthetop-of-mindissuesstudentsofalldemographicscanhelptheSMMCcreatetargetedintentionalprogrammingaddressingissuesdeemedmostimportantandbeneficialtostudentsduringtheirtimeincollege.SincefinancialissuesandgoalsareuniversaltotheadultpopulationthisstudycanbereplicatedtoanypopulationservedbyAFCPEmembers.ItisthehopeoftheSMMCthatotherpopulationswillparticipateinthestudysoresultscanbecross-analyzedtodeterminecommonalitieswithinpopulationsub-groupsandacrossdemographicconstituencies.TwoquestionsareaskedofeachstudentparticipatinginSMMCprogramsandservicesincludingoutreacheventspresentationsandworkshopsindividualconsultationsandemergencyloanprogramapplications.Thetwoquestionsare1InONEworddescribewhatmoneymeanstoyouand2Whatsyour1financialgoalrightnowThesestraightforwardquestionsservetwopurposestosuccinctlyidentifystudentsbeliefsaboutmoneyandtheirimmediatefinancialpriority.Studentidentificationnumbersarerequestedfordemographicdata.Thisdataisdisaggregatedtodeterminewhetherdifferentaffinitygroupsclassificationethnicityfamilyincomecollegemajoretc.mighthavedifferingattitudesandgoalsregardingtheirfinances.Additionallythetypeofservicepointiscross-analyzedtodeterminewhetherthetypeofinteractionwiththeSMMCwillbecorrelatedwithdifferentmoneyattitudes.Todate949studentsattendingprogrammingeventshavebeentabulatedandadditionalresultsfromconsultativeservicesandloanprogramswillbeincludedinthepostersession.Totalswillincludeallparticipantsforthe2012-2013academicyear.The2QInitiativehasbeenwell-receivedbystudentsandisthefirststepfortheSMMCtocompleteamoredetailedbreakdownofstudentdemographicsasrelatedtotheirattitudesofmoneyanditsroleintheirlives.FurtherstudyofaffinitygroupsandexaminationofdifferencesinstudentsperspectivesastheyutilizedifferentservicesoftheSMMCmayyielddifferentvariationsonthesefinancialthemes.Theresultsofthisyear-longstudywillbeutilizedinstrengtheningtheSMMCsintentionalprogrammingallowingtargetedeventsandeducationalsessionstobetterservetheimmediateissuesofconcernforstudents.Targetedinformationgearedtowardtop-of-the-mindissueswillattractstudentswhoseethetopicstheycareaboutmostaddressedbytheircollegeandtheStudentMoneyManagementCenter.15DanielleChampagneStudentMoneyManagementCenterUniversityofNorthTexas1155UnionCircle305237DentonTX76203Phone940.369.7761Emailchampagneunt.eduWebsitehttpmoneymanagement.unt.edu ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium19LearningthroughServingPreparingTodaysStudentstoBecomeTomorrowsProBonoFinancialPlannersDorothyB.Durband16TexasTechUniversitySashaWhitleyUniversityofIllinoisExtensionKeyWordscollegestudentsprobonofinancialplanningThispostersessiondescribesAppleSeedanewcurriculumtargetingstudentsincollegeoruniversitylevelfinancialplanningeducationprograms.Anadditionalpurposeistocreateopportunitiestodiscussideasforimplementingprobonofinancialplanningexperiencesforstudents.Withthemovementofthefinancialplanningprofessiontoincreasinglyofferingprobonoservicesanopportunityexiststointroducefinancialplanningstudentstosuchservicesbyincorporatingexperientiallearningintocollegeanduniversityprograms.Inbriefprobonofinancialplanningprovidesameansforvolunteersinthiscasestudentstoprovidefreeservicestounderrepresentedpopulationsorindividualswiththeleastaccesstofinancialplanning.Probonofinancialplanningistypicallyprovidedonetimeoronashort-termbasise.g.oneononesessionsworkshopsseminarsphonebankandfinancialplanningdays.Itisserviceprovidedwithoutanexpectationforremunerationornostringsattached.AppleSeedcontainsinstructionalmaterialsandactivitiesforusebystudentsinpreparationtobecomeprobonofinancialplanners.Thecurriculumisintendedtoprovideguidanceandresourcesincludingareviewoffundamentalinterpersonalskillsforclientmeetingsandarefresherforpersonalfinancetopicsthatstudentsmayfacewithpotentialprobonoclients.Theinstructionalmaterialswillpreparestudentstoprovidesupervisedprobonofinancialplanningaspartofaformalcoursepracticumorstudentleadershiporganization.AppleSeedcontainssevenunits1ProBonoCultureandStructure2MeetingMaterials3PresentationMaterials4CashManagement5DebtManagement6PlanningforMajorPurchasesand7UsingFinancialServices.Withineachuniticebreakersandenergizersareprovidedaswellastemplatesandworksheetsareavailableforcustomizationbyfacilitatorsandstudents.PowerPointpresentationsworksheetscasestudiesindividualandsmallgroupactivitiesandhands-onexperiencesareprovidedtointroduceorreinforcecontentelementstostudentsandtheirfacilitatorse.g.facultyadvisorswhosupervisethemwhiletheyprovideprobonofinancialplanningservices.AnaccompanyingFacilitatorsGuidetoAppleSeedisavailabletohelpfacilitatorsdevelopandimplementprobonoprogramsontheircampusesandintheirlocalcommunities.ThedevelopmentofthiscurriculumwasmadepossiblebyagrantfromtheFoundationforFinancialPlanning.Itisanticipatedthatparticipationinprobonofinancialplanningwillaprovidestudentswithlinkstotheirfutureprofessionandblaytheframeworkforanenvironmentofvaluingtheimportanceofandneedforprobonofinancialplanningservicestohelpindividualsfamiliesandthecommunity-basedorganizationswhoservethem.Throughincorporatingtheirclassroomknowledgeintohands-onservicestudentswilllearnthroughservingothersandwillplantseedsofknowledgetohelptheirclientsgrowfinancially.16DorothyB.DurbandPh.D.DepartmentofPersonalFinancialPlanningBox41210LubbockTexas79409.806-742-3060ext.234dottie.durbandttu.edu. ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium20LossofJoborPlantClosingsDontPanicTakeControlofYourFinancesVivianMasonPh.D.FamilyFinancialEducationSpecialistGrahamMcCaulleyMAExtensionAssociateMichaelRavenscraftCPACFPFamilyFinancialEducationSpecialistRebeccaJ.TravnichekPh.D.AFCFamilyFinancialEducationSpecialist17UniversityofMissouriExtensionKeyWordsunemploymentfinancescareercentersfinancialworkshopsThedevelopmentofDontPanicTakeControlofYourFinancesTCYFbeganinearly2010whenfacultyfeltaspecializedworkshopofthisnaturewasneeded.TheStateDivisionofWorkforceDevelopmentapproachedUniversityofMissouriExtensionsCareerOptionsProjectwhichexiststohelpdislocatedworkers.AttheinceptionofourprogramplanningeffortUnitedStatesDepartmentofLaborreporteda9.5nationalunemploymentratethehighestin16years.Missourisratewasslightlybelowthenationalrateatthetime.Asaresultunemploymentinsurancebenefitsbecamethesolesourceofincomeformanylaid-offindividualsandhouseholdsandMissouriCareerCenterswereservinganincreasingpopulationofclientswithfinancialproblemsmanywereonthevergeoflosingpropertyfilingforbankruptcyorbecominghomeless.UniversityofMissouriExtensionPersonalFinancialPlanningDepartmentwaspreparedtoworkwithcareercentersandemployerstoaddresstheincreasedfinancialneedsoftheworkforce.OurobjectiveforTCYFwastoaddressthefollowinglearningoutcomegoalsfilingforunemploymentbenefitscommunicatingwithfamilyreviewingfamilyfinancialresourcescreatingandreviewingaspendingplanbudgetbringingincomeandexpensesintobalancereviewingoutstandingdebtdevelopingadebtreductionplancommunicatingwithcreditorsavoidingfinancialpredatorsandutilizingcommunityresources.Asaresultdatashowthatover1500participantshaveattendedworkshopstodatetakingplaceatnumerousjobsitesandcareercentersacrossthestate.AsaresultoftheseworkshopsparticipantoutcomesincludeSetfinancialgoals92Identifyingwaystocuttheirspending96Planningtotrackspendinganddevelopabudget90andIntentionstocommunicatewithcreditors80.ParticipantsalsocommittedtotakingspecificfinancialmanagementactionsasaresultofTCYFprogrammingwithanalysisoftheseopen-endedresponsesfindingcommonthemestoinvolveparticipantsreassessingneedsversuswantsinspendingandplanstobetterorganizeandmonitordailycashflow.ConcerningworkshopsatisfactionthevastmajorityofTCYFparticipantsfindworkshopleadersknowledgeabletheworkshopusefultheformatappropriateandfeeltheinformationreceivedwillpositivelyimpacttheirfamilyfinancialsituations.ThisposterpresentationreviewsfrombothadministrativeandteachingperspectivesrelatedtotheTCYFprogrambestpracticesforpersonalfinanceinterventionswithdislocatedworkersaswellasputsforthlessonslearnedconcerningthefinancialsituationsoftherecentlyunemployed.17Dr.RebeccaJ.TravnichekFamilyFinancialEducationUniversityofMissouriExtensionUniversityofMissouriExtension-AndrewCountyPOBox32SavannahMO64485-0032816.324.3147TravnichekRmissouri.edu ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium21MoneyMattersPersonalFinanceforEntrepreneursJessicaHill18CFCSFamilyConsumerSciencesDeKalbCountyExtensionAgentUniversityofGeorgiaKeyWordsentrepreneurfinancialliteracyextensionSmallbusinessescreatemorejobsthanlargeemployershoweverittakesmoneytostartabusiness.Manyindividualsinterestedinstartingabusinesshavenosavingsandorlowcreditscores.TheoverallobjectiveoftheMoneyMattersPersonalFinanceforEntrepreneursprogramistoenhanceaccesstocapitalandcreditforaspiringentrepreneursthroughfinancialliteracyeducation.1.Participantswilllearnhowtosetandachievegoals2.Participantswilllearnhowtoplanspending3.Participantswilllearnhowtousefinancialinstitutions4.Participantswilllearnabouttheinsandoutsofcredit5.Participantswilllearntoplanfortheunexpected6.ParticipantswilllearnhowtotakestepstoprotecttheirassetsMoneyMattersisabasicpersonalfinanceworkshopforpeoplewhoareplanningtostarttheirownbusiness.Thisfivetosixhourworkshopteachesthebasicsoffinancialmanagementandhelpsparticipantstodecideiftheyarereadytoopentheirownbusiness.Fourmodulesareusedtoteachtheworkshopaccompaniedbynumeroushandoutsandfactsheets.Aspiringentrepreneursandindividualswhodesiretostarttheirownbusiness.LowtomoderateincomeindividualsandfamiliesinthestateofGeorgia.TheMoneyMattersPersonalFinanceforEntrepreneursprogramisaonedayworkshopconductedforfiveorsixhours.18JessicaHillUniversityofGeorgiajesshilluga.edu ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium22ParentingStyleSelf-ControlandtheUseofAllowanceTheImpactonMoneyManagementandFinancialEfficacySuzanneBartholomae19Ph.D.JonathanFoxPh.D.andShinyoungJeonGraduateStudentIowaStateUniversityKeyWordsparentingstyleself-controlallowancemoneymanagementskillsfinancialefficacyAllowancegivingcanbeconsideredpurposivefinancialsocializationwhereparentsareintentionalanddirectiveabouttheirsocializingeffortsGudmunsonDanes2011.Educatorsandpractitionersalikeextolthebenefitofreceivingaregularallowancetohelpchildrenlearnaboutmoneymanagementandparentsembracethisadvice.Inarecentstudy47ofparentswhoprovideanallowanceindicatedtheydosototeachtheirchildrenhowtohandlemoneyDoughMain2012.ThereismixedempiricalevidenceabouttheeffectivenessofallowancegivingBeutlerDickson2008yetsurveysfind51to61ofparentsuseanallowancesystemAmericanInstituteofCPAs2012DoughMain2012.ArecentcriticalreviewoffamilyfinancialsocializationconcludesthatmanymysteriesremainabouthowfinancialsocializationprocessestransmittheeffectofindividualcharacteristicsonfinancialoutcomesGudmunsonDanes2011.Inthecurrentstudythefinancialpracticesofemergingadultsareexaminedinrelationtoparentingstyleandself-controlwithinanallowanceandnon-allowancecontext.Wemodelparentingstylesasinfluentialonchildself-controlwhichinturnaffectsfinancial-efficacyandmoneymanagementskills.Wetestfordifferencesforthosewhodidordidnotreceiveanallowance.Thesampleconsistsof358collegestudentsfromamid-westernuniversity35.2ofthestudentsreceivedanallowancefromtheirparents.Structuralequationmodelingtestedhypothesizedpathwaysbetweenparentingstyleself-controlandfinancialpracticesandcomparedafullyunconstrainedmodelforallowanceandnon-allowancereceivers.Ashypothesizedmaternalandpaternalparentingstylesrespectivelyaffectadolescentchildself-controlwhichinturnaffectsfinancialefficacyandmoneymanagementskills.Examiningthepathbetweenmaternalandpaternalparentingstylesandemergingadultchildsself-controlintheallowancegroupthepathwayindicatedthatauthoritativeandpermissivepaternalparentingstylesnegativelyaffectself-control-.40p ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium23PromotingAmericaSavesWeekThroughCommunityEngagementSharonPowell20MaryJoKatrasandLoriHendricksonUniversityofMinnesotaExtensionEducatorsKeyWordsAmericaSavesWeekfinancialliteracycommunityengagementsocialmediaAbstractAmericaSavesWeekASWsponsoredbytheConsumerFederationofAmericaisanationalcampaigndesignedtomotivateandsupportlowtomoderateincomehouseholdstosavereducedebtandbuildwealth.UniversityofMinnesotaExtensions2013ASWcampaignwastopromotecommunityengagementthroughsocialandelectronicmediaandface-to-faceeventsatthestateandcountylevel.TheexperiencerequiredExtensioneducatorstothinkstrategicallyandcreativelywhichprovidedvaluablelessonsineffectiveoutreachtoreachthelargestnumberofparticipants.BothUniversityofMinnesotaregionalandcountyExtensioneducatorsparticipatedallowingthecampaigntohavemultipletargetaudiences.20SharonPowellUniversityofMinnesotaExtensionCarverCounty11360Highway212WSuite4CologneMN55322 ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium24PurposiveBudgetingSocializationEffectsofMaternalCharacteristicsonCollegeStudentsFinancialOutcomesTaylorSpangler21MichaelGutterandDavidDiehlUniversityofFloridaKeyWordsbudgetingsocializationcollegestudentsgenderAmericanfamiliesfacefinancialdecisionsofincreasingcomplexityandfinancialcounselorsplannersandeducatorsmustaddresshowfinancialbehavioristransferred.CarlsonGrossbartandStuenkelfoundthat93ofmothersofelementary-agedstudentsthoughttheyweretheprimaryindividualinvolvedintheirchildrensconsumersocialization1992p.38.ParentsarenotonlyimportanttothefinancialsocializationofchildrenbuttheirinfluenceonfinancialbehavioralsoreachesintoyoungadulthoodPalmerPintoParente2001.Theobjectiveofthisstudyistodetermineifthepurposiveactionsthatmothersusedtoteachtheirchildrenaboutfinanceswhiletheyweregrowingupimpacttheirchildsbudgetingbehaviorduringcollege.GudmunsonandDanesdefinedpurposivefinancialsocializationasintentionaleffortsfamilymembersusetofinanciallysocializeeachother2011p.649.Thisresearchinvestigatesbothmaternalreportsoftheirowneffortstoteachbudgetingandcurrentbudgetingbehavioroftheirchildrenlaterinlifeduringcollege.Thisresearchisuniquebecausebothparentsandtheiradultchildrenwillbesurveyedseveninstrumentswillbeusedtomeasurecharacteristicsandbehaviorsofmothersandtheircollege-agedchildren.100dyadsincludingundergraduatecollegestudentsatalargeSoutheasternuniversityandtheirmotherswillcompleteanonlinesurvey.Themotherswillanswerquestionsabouttheirpurposivebudgetingsocializationbargainingpowerandgenderideology.Childrenwillanswerquestionsabouttheirfinancialdelayofgratificationfinancialwell-beingbudgetingbehaviorandtheirmothersparentingstyle.Thedatawillbecollectedsummerandfall2013.Theproposedhypothesesarethefollowing1a.Motherswithhigherbargainingpowerinthehouseholdwithengageinmorepurposivebudgetingsocializationwiththeirchildren.1b.Motherswithmoreegalitariangenderideologywillengageinmorepurposivebudgetingsocializationwiththeirchildren.2.Childrenwillhaveimprovedbudgetingbehavioriftheirmothersengagedinmorepurposivebudgetingsocialization.3.Budgetingbehaviorbychildrenwillbemoderatedbyparentingstyleofmotherandfinancialdelayofgratificationofchild.4.Financialwell-beingofchildrenwillbehighlycorrelatedwiththeirbudgetingbehavior.OLSregressionwillbeusedtoaffirmthehypotheses.Whiletherearenoresultsyettherearepotentialimplicationsfromthisresearchproject.Financialcounselorsplannersandeducatorscouldbenefitfromabetterunderstandingofhowbudgetingbehaviorispassedthroughgenerations.ReferencesCarlsonL.GrossbartS.StuenkelJ.K.1992.TheroleofparentalsocialisationtypesondifferentialfamilycommunicationpatternsregardingconsumptionJournalofConsumerPsychology1131-52.GudmunsonC.G.DanesS.M.2011.FamilyfinancialsocializationTheoryandcriticalreview.JournalofFamilyEconomicIssues.32664-7.PalmerT.S.PintoM.B.ParenteD.H.2001.CollegestudentscreditcarddebtandtheroleofparentalinvolvementImplicationsforpublicpolicy.JournalofPublicPolicyMarketing201105-113.21TaylorSpangler3002McCartyHallDPOBox110310UniversityofFloridaGainesvilleFL32611352273-3513tspanglerufl.edu ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium25RaschAnalysisofaFinancialLiteracyMeasurementToolAnthonySetari22andR.ReneeSetariUniversityofKentuckyKeyWordsRaschMeasurementFinancialliteracyEvaluationFinancialliteracyeducationisinhighdemandespeciallyforyoungadultsWalstadRebeckMacDonald2010.Financialliteracyreferstotheknowledgeonepossessesandappliestomakingself-benefitingfinancialdecisionssuchasknowinghowtopaybillsorpurchaseahouseHuston2010.Themajorityofyoungadultslacktheabilitytomakeeffectivefinancialdecisionswithlessthanone-thirdofyoungAmericanspossessingknowledgeoftopicssuchasinterestratesandinflationLusardiMitchellCurto2010.Withoutaptknowledgeoffinancialtopicsconsumerscannotconfidentlyavoideconomicchallengessuchasover-indebtednessunderemploymentorbankruptcy.YetdespitetheoverwhelmingcallforfinancialliteracyeducationtoimprovethedecisionsofconsumersnostandardexistsforevaluatingtheeffectivenessofthefinancialliteracyprogramsHastingsMadrianSkimmyhorn2013.OneofthemostwidelyusedtoolsfortestingfinancialliteracyistheJumptartCoalitionsurveywhichisdistributednationallyeachyearMandell2008.ThissurveytestsbothknowledgeandapplicationasitasksparticipantstoselectthecorrectdefinitionoftermsaswellassolvefinancialproblemsbyapplyingskillsMandell2008Walstadetal.2010.ForthesereasonsquestionsfromtheJumptartCoalitionsurveywereusedtoevaluatetheeffectivenessofthefinancialeducationcurriculumtheHighSchoolFinancialPlanningProgramHSFPP.TheHSFPPisoneoftheearliestcomprehensivemodule-basededucationtoolsaimedatimprovingthefinancialliteracyofyoungadultsMandell2008.TheprogramisnationallyavailabletosecondaryschoolsandisdistributedbytheNationalEndowmentforFinancialEducation.ThepurposeofthisstudyistoevaluatethetesttoolbeingusedtomeasuretheeffectivenessoftheHSFPPspecificallyexaminingtheJumptartCoalitionquestionsusedtodeterminefinancialliteracy.ARaschanalysiswillbeperformedonstudentspost-testresponsestotheJumptartCoalitionquestionsusedintheinstrument.TheRaschanalysiswillidentifyifquestionsarebeingansweredcorrectlyinanexpectedmannerbasedondifficultyandifthequestionsareappropriateforthemeasurementtool.ResultsofthisstudywilleitherconfirmtheappropriatenessoftheJumptartquestionsasameansofmeasuringfinancialliteracyoridentifywaysinwhichthetoolcanberevampedtobuildastrongermeasurementtool.Inadditiontheresultsofthestudywillhelpbuildaclearermeasurementoffinancialliteracy.ReferencesHastingsJ.S.MadrianB.C.SkimmyhornW.L.2013.Financialliteracyfinancialeducationandeconomicoutcomes.AnnualReviewofEconomics513.1-13.27.doi10.1146annurev-economics-082312-125807HustonS.J.2010.Measuringfinancialliteracy.JournalofConsumerAffairs44296-316.LusardiA.MitchellO.CurtoV.2010.Financialliteracyamongtheyoung.JournalofConsumerAffairs44358-380.MandellL.2008.Financialliteracyofhighschoolstudents.InJ.J.XiaoEd.HandbookofConsumerFinanceResearchpp.163-183.NewYorkSpringer.WalstadW.B.RebeckK.MacDonaldR.A.2010.Theeffectsoffinancialeducationonthefinancialknowledgeofhighschoolstudents.JournalofConsumerAffairs44336-357.22AnthonySetari116EricksonHallUniversityofKentuckyLexingtonKY40506859-257-3887 ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium26SpendingTrackingHabitsofPersonalFinancialPlanningStudentsAngelaMazzolini23M.A.AFCKeyWordspersonalfinancebehaviorchangestudentstrackingexpensesAllPersonalFinancialPlanningmajorsandsomeminorsatTexasTechUniversityarerequiredtotakeaclasscalledFinancialProblemSolving.IntheSpring2013semestertheclasswasrequiredtotracktheirindividualexpensesforthreemonths.Thestudentsweregivenapre-andpost-assessmenttodiscoverwhatifanymethodswerebeingusedtotrackexpensesandtoidentifywhetherornotbeingforcedtotracktheirexpenseswouldchangebehaviorseitherpositivelyornegatively.Nineteenstudentstookboththepre-andpost-assessmentssoonlythoseresponsesweretabulated.Tenoutofthe19studentsindicatedthattheywerecurrentlytrackingexpensesbeforetheprojectbeganand17studentsrespondedintheaffirmativewhenaskediftheywouldcontinuetotracktheirexpensesaftertheprojecthadconcluded.SeveraldifferentmethodswereusedbeforetheprojectbeganonlinebankingpapersavingreceiptsExcelandaccountstatements.ThestudentswererequiredtochooseoneofthefollowingthreemethodsfortheprojectMint.comExcelorpaper.AftercompletingtheprojectthemajorityofstudentswhoindicatedthattheywouldcontinuetotracktheirexpensewoulduseeitherMint.comorExcel.Otherinformationaboutthetrackinghabitsofthestudentswerealsodiscoveredthroughtheassessments.Sixofthe10studentswhowerealreadytrackingtheirexpensessaidthattheydidsobecausetheywantedtoknowhowmuchtheywerespendingortheyhadafearofoverspendingthreestudentssaidtheytrackedoutofhabitsmodeledbytheirparentsonestudenttrackedtoavoidoverdraftfees.Categoriesonwhichstudentsspenttheirmoneydidnotvarymuchbetweenthepre-andpost-assessmentandincludedthefollowingfoodeatingoutvacationtravelentertainmentrentschoolexpensesgasinsurancecarexpensesutilitiesbillsclothesandshoppingandpersonalitems.Duringoralpresentationsinclassthestudentsindicatedthattheywereawareofthecategoriestheyspentmoneyinbuttheywerenotawareofhowmuchoftheirincomewasgoingtowardseachcategory.Studentswereaskedtoevaluatetheirtrackingexperienceonthepost-assessment.Onascaleof1to5withonebeingThisexperiencewasnotbeneficialatallandfivebeingThisexperiencewasoneofthemostbeneficialthingsIhaveeverdonesixstudentsrankedtheexperiencea5sevenstudentsrankedtheexperiencea4fivestudentsrankedtheexperiencea3andonestudentrankedtheexperiencea2.Perhapsmoretellingwasthatwhenaskediftheywouldasktheirfutureclientstotrackexpensesoneascaleof1to51beingneverand5beingalways10studentsanswereda5fivestudentsanswereda4andfourstudentsanswereda3.AsaneducatorIfoundtheresultsofthepost-assessmenttobeveryencouragingeventhoughthesamplesizeissmall.While10studentsindicatedthattheyweretrackingsomeofthoseresponseswheresortofandkindof.Tohave90ofthestudentsindicatethattheywouldcontinuetrackingtheirexpenseswasveryencouragingandshowedthatattitudesifnotbehaviorschangedasaresultofthetrackingproject.Itwasalsoencouragingtoseethatallofthestudentswouldhavetheirfutureclientstrackexpensesatleastsomeofthetime.Thebigimplicationofthisprojectisthattrainingstudentstotracktheirexpensesleadsthemtobemorelikelytohaveabetterunderstandingoftheirownpersonalfinanceswhichcanleadtohavingabetterunderstandingoftheirclientspersonalfinances.Ibelievethisprojectcouldbereplicatedonalargerscaleacrossmanycollegesanduniversitiesinamoreformalizedstudy.Thereisalsotheopportunitytofollow-upwiththestudentparticipantsoverthenextfewyearstofindoutiftheycontinuetotracktheirexpensesandhowoftentheyrecommendtheirclientstrackexpenses.23AngelaMazzoliniM.A.AFCMS1210TexasTechUniversityLubbockTexas79409806-742-9781angela.mazzolinittu.edu ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium27StudentLoansStudentPaymentsProvidingGuidancewithRepaymentPlanOptionsRachelGrimes24AFCStudentMoneyManagementCenterUniversityofNorthTexasKeyWordsstudentloansplansrepaymenttrendsIntroductionExaminationofstudentsunderstandinganduseofvariousfederalstudentloanrepaymentplans.Empiricalevidencedemonstratesthataminorityofstudentsunderstandthenumberofrepaymentplansavailabletoaddresstheirfederalfundedstudentloandebtobligations.DescriptionofContentandMethodStudentLoansStudentPaymentsisanin-depthassessmentofthevariousstudentloanrepaymentplansdevelopedbythefederalgovernment.UtilizedatagatheredbyNationalConsumerLawCenterandtheNationalCenterforEducationStatisticstouncovertheusageofvariousloanrepaymentprogramsandtheeducationalresourcesprovidedtoborrowers.Understandhowvariousrepaymentplansimpactanindividualsabilitytoaddressotherpersonalfinancegoals.TargetAudienceIndividualswhoprovidefinancialcounselingtocurrentandrecentcollegegraduateswithstudentloans.24RachelGrimesUNTStudentMoneyManagementCenter1800ChestnutSte.313DentonTX76203Rachel.grimesunt.edu ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium28TheImpactoftheEarnedIncomeTaxCreditontheEconomicWell-beingofRuralLow-incomeFamiliesKarenP.Varcoe25Ph.D.UniversityofCaliforniaSheilaMammenPh.D.UniversityofMassachusettsandFrancesLawrencePh.D.LouisianaStateUniversityKeyWordsEITCEarnedIncomeTaxCreditruralfamilieslow-incomefamiliesThefederalEarnedIncomeTaxCreditEITCisnowthelargestantipovertyfederalprogramtargetedatworkinglowtomoderateincomefamilieswithabout27millionworkingfamiliesandindividualsreceivingtheEITCinthe2010taxyear.TheaverageEITCamountreceivedbyafamilywithchildrenwas2805CBPP2013.InadditiontheEITCliftedatleast4millionindividualsabovethepovertylinein2007Meyer2010.Thetaxcredithasbeenshownto1incentivizelaborforceparticipation2reduceincomeinequality3increasefamiliespurchasingpowerandbuildsavings4offsetfederalpayrollandincometaxesand5bethelargestprogramtodecreasechildpovertyMammenLawrenceSt.MarieBerryKnight2011MammenLawrence2006.ThepurposeofthecurrentstudyistoassesstheimpactoftheEITConrurallow-incomefamiliesusingspecificindicatorsofeconomicwell-being.DatausedforthestudycamefromtheUSDA-fundedmulti-statelongitudinalprojectNC1711InteractionsofIndividualFamilyCommunityandPolicyContextsontheMentalandPhysicalHealthofDiverseRuralLow-IncomeFamilies.Thesampleconsistedof415rurallow-incomemotherswhohadannualincomesatorbelow185ofthefederalpovertylineandhadatleastonechildundertheageof13years.Theywerefrom30countiesin13statesCaliforniaHawaiiIllinoisIowaKentuckyMassachusettsNebraskaNorthCarolinaNewHampshireSouthDakotaTennesseeTexasandWashington.Themotherswererecruitedthroughprogramsthatservelow-incomefamiliessuchastheFoodStampProgram.Ofthe415mothers41170familieshadparticipatedintheEITCprogramtheremaining59245familiesincludedmotherswhowerenoteligibleforthetaxcreditaswellasthosewhowereeligiblebutdidnotparticipateintheprogram.Themedianageoftheentiresamplewas31.WehypothesizedthatcomparedtomotherswhodidnotreceivetheEITCthemotherswhoreceivedthetaxcreditwouldbelesslikelytohave1hadahardtimepayingfortheirbasicneedsandforvariousotherhouseholdexpense2saidthattheirincomewasinadequateand3reporteddepressivesymptomology.InadditionthemotherswhoreceivedtheEITCwouldbemorelikelytobe4satisfiedwiththeirlifeand5foodsecure.Theresultsshowedthatamongrurallow-incomemothersalargerpercentofthosewhoreceivedtheEITC66reportedthattheyhadahardtimepayingfortheirbasicneedscomparedtothosewhodidnotreceivethetaxcredit57.AmongthosewhoreceivedtheEITC63reportedthattheirincomewasnotatalladequateorcouldonlymeetnecessitieswhile35ofthemcouldaffordsomeofthethingstheywantbutnotalltheywant.Incomparisonamongmotherswhodidnotreceivethetaxcredit70reportedthattheirincomewasnotatalladequateorcouldonlymeetnecessitiesand27couldaffordsomeofthethingstheywantbutnotalltheywant.Motherswhoreceivedthetaxcreditweremorelikelytoreportbeingsatisfiedorverysatisfiedwiththeirlives65comparedtothosewhodidnotreceiveit59.Therewasnodifferenceinthepercentagefrombothgroupswhowerefoodsecure59.Interestinglythosemotherswhoreceivedthetaxcreditweremorelikelytobefoodinsecurewithhunger22vs.13.Eligiblerurallow-incomefamilieswouldbenefitfromthetaxcreditandshouldbeencouragedtoparticipateintheEITCprogram.ReferencesMammenS.LawrenceF.C.St.MarieP.BerryA.A.KnightS.E.2011.TheEarnedIncomeTaxCreditandruralfamiliesDifferencesbetweennon-participantsandparticipants.JournalofFamilyandEconomicIssues323461-472.MammenS.LawrenceF.C.2006.HowruralworkingfamiliesusetheEarnedIncomeTaxCreditAmixedmethodanalysis.FinancialCounselingandPlanning1751-63.MeyerB.D.2010.TheeectsoftheEarnedIncomeTaxCreditandrecentreforms.TaxPolicyandtheEconomy24153-180.J.R.Browneditor.UniversityofChicagoPress.httpwww.nber.orgchaptersc11973.TheEarnedIncomeTaxCredit.2013.CenterforBudgetandPolicyPrioritiesPolicyBasicswww.cbpp.org.25KarenP.VarcoePh.D.UniversityofCaliforniaRiverside92521Karen.varcoeucr.edu ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium29TheValueofEngagingYouthinDecisionMakingLifeSkillDevelopmentSaraCroymans26andCarrieOlsonUniversityofMinnesotaExtensionKeyWordsdecisionmakinglifeskillsyouthMakingconsumerdecisionscanbechallenging.TeensseetheirgenerationsmoneyissuesasbeingdifferentfromthoseoftheirparentsgrandparentswithmorefinancialdecisionstomakeCharlesSchwab2011.MostAmericansdonotcomparisonshoporconductonlylimitedsearchesforthebestpricesortermsFINRA2009.InadditionthefinancialliteracyofhighschoolstudentshasfallentoitslowestleveleverMandell2009.YoungadultshaveidentifiedthatmakingbettermoneymanagementchoicesisthesinglemostimportantissueforAmericanstodayCharlesSchwab2009.ThePresidentsAdvisoryCouncilonFinancialCapabilityrecommendsintegratingfinancialeducationintolocalcommunitiesNEFE2013.TeensindicatetheydratherlearnaboutmoneymanagementinaclassbeforemakingmistakesintherealworldCharlesSchwab2011.Decisionmakingisanimportantskillyoungpeopleneedtolearnbecauseofthemultipledecisionsmadedaily.LearningandusingadecisionmakingprocesshelpsyouthgrowuptobeindependentresponsiblehappyadultsWelker1998.ManydecisionsmadeduringadolescenceshapeexpandorlimitoneslifeMannHarmoniPower1989.The4-HConsumerDecisionMakingCDMprogramusesexperientiallearningtoteachdecisionmakingskills.Inajudgingcontestyouthrankconsumeritemsbasedoncriteriaorganizetheirthoughtsanddefenddecisions.Youthalsoparticipateinagroupprocessactivitytogainexperiencewithdecisionmakingaspartofateam.Thejudgingcontestformatiseffectiveinteachinglifeskills.Astudywith4-HlivestockjudgingalumnifoundtheprograminfluencedthedevelopmentofdecisionmakingskillsRuskMartinTalbertBalshweid2002.Decisionmakingcanbetaughtinavarietyofcurriculumareasincludingresourcemanagement.Resourcesareneededtoeffectivelyteachthedecision-makingprocesstoensureyouthunderstandandpracticetheskillsMincemoyerPerkins2003.Asurveywasconductedwith70currentandformerparticipantsoftheCDMprogramtodeterminetheimpacttheprogramhadonlifeskilldevelopment.Participantssharedtheirperceptionsabouttheirdevelopmentoflifeskillshowtheygatherinformationpriortomakingpurchaseshowtheyusethedecisionmakingprocessandthelevelofinfluencetheprogramhadonpositiveyouthdevelopmentoutcomes.ThestudyparticipantsreporttheCDMprograminfluencedthedevelopmentofmultiplelifeskillsincludingdecisionmaking.Moreimportantlytheseskillsarebeingutilizedasadultsinmakingkeypurchasingdecisions.Thestudyfoundparticipantsareutilizingcoredecisionmakingstepsandamajorityindicatedtheprogramhashelpedthembecomemorecompetentandconfidentconsumers.Thereisvalueinprovidingopportunitiesforyouthtolearndecisionmakingskills.Engagingyouthindecisionmakingopportunitieswithstructuredguidancehasbeenshowntoaidindividualsininternalizingthekeystepswhenmakingfuturepurchasingdecisions.Thisuniqueworkcontributestothefinancialcounselingandplanningliteraturebecauseitremindsusthatengagingyouthindecisionmakingskillbuildingactivitiescananddoesmakeadifferenceinlifeskilldevelopment.ReferencesCharlesSchwab.2009.YoungAdultsMoneySurvey.CharlesSchwab.2011.2011TeensMoneySurvey.FinancialIndustryRegulatoryAuthority.FINRA2009.FinancialCapabilityintheUnitedStatesNationalSurvey-ExecutiveSummary.WashingtonD.C.MandellL.2009.ThefinancialliteracyofyoungAmericanadultsresultsof2008NationalJumptartCoalitionsurveyofhighschoolseniorsandcollegestudents.UniversityofWashingtonandtheAspenInstitute.MannL.HarmoniR.PowerC.1989.Adolescentdecision-makingThedevelopmentofcompetence.JournalofAdolescence123265-278.MincemoyerC.C.PerkinsD.F.2003.AssessingDecision-makingSkillsofYouth.TheforumforfamilyandconsumerissuesFFCI81.Availableat26SaraCroymansUniversityofMinnesotaExtension46352StateHwy.329MorrisMN56267Phone320-589-1711Emailcroym001umn.edu ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium30NEFE.2013.FinancialCapabilityCouncilPresentsReporttoPresidentObama.RuskC.P.MartinC.A.TalbertB.A.BalshweidM.A.2002.AttributesofIndianas4-Hlivestockjudgingprogram.JournalofExtensionOn-line402.WelkerE.1998.DecisionMakingProblemSolvingwithTeens.OhioStateUniversityExtension. ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium31UpdatingtheNationalNormsforthePersonalFinancialWellnessScalePFWAimeeD.PrawitzProfessorEmeritusNorthernIllinoisUniversityJudithCohart27PresidentandCEOPersonalFinanceEmployeeEducationFoundationKeyWordsfinancialdistressfinancialwell-beingfinancialwellnessThePersonalFinancialWellnessScalePFWisan8-itemtoolmeasuringperceivedfinancialdistressfinancialwell-being.OriginallycalledtheInChargeFinancialDistressFinancialWell-BeingScaletheinstrumentanddetailsaboutitsdevelopmentandestablishmentofvalidityandreliabilitywerepublishedin2006Prawitzetal.2006aPrawitzetal.2006b.SincethattimethePFWhasbeenusedbyover250researchersandpractitionersin11countries.NationalnormsforthePFWwereestablishedin2004andsincethattimetheUShasundergoneasevereeconomicrecession.Asthenationcontinuestomovetowardeconomicrecoveryitiscrucialtodeterminetheleveloffinancialwell-beingofitscitizensastheymaynotyethavereachedpre-recessionlevelsoffinancialwellnessexperiencedpriortothestartoftheeconomicdownturnin2008.ThepurposeofthisstudywastoestablishnewnormstoprovideacurrentbenchmarkforcomparisonbyresearchersandpractitionersusingthePFW.Testingalsowasdonetoensurethatthescalecontinuestoreliablymeasureasingleconstruct.Arepresentativenationalsampleof1039USadultswasobtainedthroughanonlineresearchfirm.SurveydatawerecollectedonlineduringDecember2012.Participantswere65malen675and35femalen364.Meanagewas43.5yearsandthemajority63hadsomecollegeortechnicaleducation.Themediangrossannualhouseholdincomewas55000.SimilartotheinitialtestingofthePFWPrawitzetal.2006aaprincipalcomponentsanalysisrevealedaone-factorextractionwhichexplained74ofthevariance.Cronbachsalphawas.95indicatinghighinternalconsistency.AccordingtoNunnallyandBernstein1994forscore-baseddecisionsaboutindividualsratherthangroupsasisoftenthecasewhenthePFWisusedbypractitionersthedesirablestandardforreliabilityis.95.ThemeanSDPFWscoreonascaleof1overwhelmingfinancialdistresslowestfinancialwell-beingto10nofinancialdistresshighestfinancialwell-beingwas5.22.2significantlylowerthanin20045.72.4p.05.ThisindicatedthatfollowingtheeconomicrecessionAmericansonaveragefeltmorefinanciallydistressedthantheydideightyearsearlier.Thedistributionacrossscorerangeswasdifferentfromthatof2004withthepercentageofthoseexperiencingthemostfinancialdistressscores1-4at32upslightlyfrom30in2004.Thepercentageofthoseintherangeofaveragefinancialdistressscores5-6increasedfrom28in2004to44in2012.Incontrastthepercentagewithlittlefinancialdistressscores7-10decreasedfrom42in2004to24in2012.ThecurrentdistributionofscoresindicatesthatoverallAmericansareexperiencingincreasedpersonalfinancialdistress.ThenewnationalnormsforPFWscoresforAmericanadultsaresignificantlylowerthanin2004.ThePFWitemstogethercontinuetomeasureonlyoneconstructfinancialdistressfinancialwell-beingandexplain74ofthevarianceinthisconstruct.Thereliabilityforscaleitemscontinuetomeetthedesirablestandardof.95NunnallyBernstein1994forusewithscoresappliedtoindividuals.ResearchersandpractitionerscancontinuetocountonPFWscoresasvalidreliablemeasuresoffinancialdistressfinancialwell-being.ReferencesNunnallyJ.C.BernsteinI.H.1994.PsychometricTheory3rded..NewYorkMcGrawHill.PrawitzA.GarmanT.SorhaindoB.ONeillB.KimJ.DrenteaP.2006a.InChargeFinancialDistressFinancialWell-BeingscaleDevelopmentadministrationandscoreinterpretation.FinancialCounselingandPlanning17134-50.27JudithCohartPFEEF1875IStreet5thFloorWashingtonDC20006Phone202-679-1384jcohartpfeef.org ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium32PrawitzA.GarmanT.SorhaindoB.ONeillB.KimJ.DrenteaP.2006b.InChargeFinancialDistressFinancialWell-BeingscaleEstablishingvalidityandreliability.ProceedingsoftheAssociationforFinancialCounselingandPlanningEducation77-89. ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium33WhoGetsTheseLoansAnAnalysisofPredatoryLendingSaturationinMissouriGrahamMcCaulley28MAExtensionAssociateUniversityofMissouriExtensionKeyWordspaydayloanspredatorylendinglow-incomecommunitieslow-incomefamiliesPredatorylendingpracticestypicallyinvolvehighinterestratesexcessivefeesdeceptiveandaggressivemarketingandagenerallackofconcernforaborrowersabilitytorepay.ThisposterfocusesonthemostcommonsmalldollarloanproductsinMissourithatcarrypredatorycharacteristicsi.e.paydaycartitleconsumerinstallment.Researchconsistentlyshowsthatpaydaylenderstargetlow-incomecommunities.Forexamplepaydaylendersaremorelikelytobelocatedinlow-incomeneighborhoodsGravesPeterson2008andAfrican-AmericanneighborhoodsaresignificantlymorelikelytohavemorepaydaylendingstorespercapitathanwhiteneighborhoodsevenwhenneighborhoodcharacteristicsofincomehomeownershippovertyunemploymentandothercharacteristicsarecontrolledforKingetal.2005.FurtherthetypicalpaydayloanborrowerhaslowtomoderateincomeWoodstockInstitute2000andweknowthatlow-incomeconsumerstypicallylackfinancialknowledgehavelittleornoassetsandhaveshorterfinancialplanninghorizonsZahnetal.2006.Datacollectedandanalyzedforthisposterseemtosupportthesefindings.SpecificallypredatorylenderlicenseedatawasmappedbygeographyandcomparedtoindicatorsforthesameareareportedbytheUSCensusBureau..Whenlookingatdataonpredatorylendinglicensesi.e.activelicensesforpaydaycartitleandconsumerinstallmentlendersforallMissouricountiescorrelationsshowthatcountiesaremorelikelytohaveahighersaturationofpredatorylendersi.e.activepredatorylendinglicensescurrentcountypopulationwhenhomeownershipratesarelowermedianincomesarelowerpovertyratesarehighertherearemoresinglemotherhouseholdswithchildrenunder18thereisagreaterproportionofnon-WhiteindividualsandtherearemorefamiliesonpublicassistanceMissouriDivisionofFinance2013U.S.Census2010U.S.Census2011abc.Thesecorrelationsseemtocontradictindustryclaimse.g.Linafelt2007andinsteadsuggestsinglemothersonpublicassistancelivinginrentalhousingaremorelikelytobetargetedbypredatorylendersusersofpredatoryloansthanothers.Althoughcorrelationsdonotalwaysindicatecausationitdoesappearthathighersaturationsofpredatorylendersmaycontributetopoorerfinancialoutcomesforfamilies.Highersaturationsofpredatorylendersincountiesappeartouniquelycontributetoexplaininglowerratesofhomeownershiponlyamosresultsevenwhenpovertyratesmedianincomesandhouseholdtypei.e.singlemotherhouseholdswithminorchildrenareaccountedfor.PredatorylendingsaturationalsoappearstouniquelycontributetohigherpercapitafederalfundsreceivedforTANFassistanceincountiesevenwhenhouseholdtyperacepovertyratesandmedianincomesforthecountyarecontrolledfor.Indeedpredatorylendinglikelydrainsthewealthofalreadyfinanciallychallengedfamilies.ForexamplecountieswithhigherratesofsinglemotherhouseholdsaresignificantlymorelikelytohavehigherratesofTANFusagepercapitaacorrelationthatmaybepartlyexplainedbyhighersaturationsofpaydaylendersi.e.partialmediationfoundusingpreviouslyoutlinedmethodology.ReferencesGravesS.M.PetersonC.L.2008.UsurylawandtheChristianrightFaith-basedpoliticalpowerandthegeographyofAmericanpaydayloanregulation.CatholicUniversityLawReview57637-700.KingU.LiW.DavisD.ErnstK.2005.RacemattersTheconcentrationofpaydaylendersinAfrican-AmericanneighborhoodsinNorthCarolina.CenterforResponsibleLending.RetrievedSeptember222011fromhttpwww.responsiblelending.orgnorth-carolinanc-paydayresearch-analysisracemattersrr006-Race_Matters_Payday_in_NC-0305.pdfLinafeltT.2007March29.OpencolumnPaydayloancompaniesservecustomersneeds.ColumbiaDailyTribune.RetrievedSeptember272012fromhttparchive.columbiatribune.com2007mar20070329comm012.aspMissouriDivisionofFinance.2013.Banklicenseesearch.RetrievedApril32013fromhttpfinance.mo.govlicenseesearch28GrahamMcCaulleyMAExtensionAssociateUniversityofMissouriExtension162StanleyHallColumbiaMO65211emailmccaulleygmissouri.eduphone573-882-2005 ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium34USCensusBureau.2010.AnnualestimatesoftheresidentpopulationforcountiesofMissouriApril12000toJuly12009CO-EST2009-01-29.RetrievedOctober32011fromhttpquickfacts.census.govqfdstates29000lk.htmlU.S.CensusBureau.2011a.Summarytable1Detailedtablesfor2010Census.RetrievedMay42013fromtheMissouriCensusDataCenterwebsitehttpmcdc1.missouri.edusf1_2010sf1_2010_menu.htmlU.S.CensusBureau.2011b.Table12009povertyandmedianincomeestimatescounties.RetrievedMay52012fromhttpwww.census.govdidwwwsaipedatastatecountydata2009.htmlU.S.CensusBureau.2011c.Consolidatedfederalfundsreports-Missouri.RetrievedMay22013fromhttpwww.ers.usda.govDataFederalFundsWoodstockInstitute.2000.Unregulatedpaydaylendingpullsvulnerableconsumersintospiralingdebt.RetrievedSeptember62012fromhttpwww.woodstockinst.orgdocumentalert.pdfZahnM.AndersonS.ScottG.2006.Financialknowledgeofthelow-incomepopulationEffectsofafinancialeducationprogram.JournalofSociologyandSocialWelfare3353-74. ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium35PractitionersForumBarteringaTruceUtilizationofaBusinessNegotiationModeltoReduceConflictinMarriagesMichaelKothakota29CFPAFCCDFAWolfBridgeFinancialCorporationKeyWordspersonalfinancescommunicationnegotiationmaritalconflictMaterialwillbepresentedinamulti-mediamethodutilizingslides.Speakerwilluserinteractivemethodsandusereal-worldexamplestoillustratethetechniquesdiscussed.Eachparticipantwillreceiveapacketofinformationthatprovidesresourcesonmaterialandadditionaltrainingswherepractitionerscanconductadditionalresourcesandconstructtheirownmodelsforreducingmaritalconflict.Practitionerswilllearnhowtoadaptinterest-basednegotiationmodelstoworkingwithcouplesontheirfinances.Theywillutilizenon-violentcommunicationandself-identifiedlanguagetofacilitatethefree-flowofinformationbetweencouplesanduseafour-stepprocesstomovepeoplepasttheirpreconceivednotionsaboutpersonalfinance.Thetargetaudienceforthispresentationispractitionersandpara-professionalfinancialexpertswhoworkwithmarriedcouplesofallincomelevels.Educatorsandresearcherswillalsofindtheprograminterestingandwillhopefullyspurresearchintotheefficacyofinterest-basednegotiationtechniques.Thispresentationwillrequireatleast45minutesofpresentationtimefollowedby15minutesofquestionandanswersession.Atmostthispresentationwilllast1hourandwillrequire20minutesofquestionandanswer.29MichaelKothakota4601LakeBooneTrailSuite3BRaleighNC27607Tel919-267-6740Fax919-267-6732michael.kothakotawolfbridgefinancial.com ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium36BudgetingfromtheHeartAddressingEmotionalDecisionsinMoneyManagementDanielleChampagne30M.B.A.AssistantDirectorStudentMoneyManagementCenterUniversityofNorthTexasKeyWordsmoneybudgetingdecision-makingbehaviorpsychologyTargetAudienceAllpractitionerseducatorscounselorsObjectivePurposeThepurposeofthissessionisforfinancialeducatorsandcounselorstolearnaboutthepsychologicalsideofmanagingmoneyandmakingfinancialdecisions.Wecanbetterserveourclientsbyaddressingtherootcausesoftheirfinancialdecisionswhenrootedtotheiremotionaltiesanddecisions.Addressingtheserootissueswhenrelatedtofamilyrelationshipsandemotionalcopingmechanismscanallowfinancialeducatorsandcounselorswithbettertoolstohelpclientsfacetheirfinancialdecisionswithmoreclarityandwithmoresounddecision-makingskills.Thesessionwillprovideattendeeswithsolidinformationregardingdecision-makingemotionaltiestomoneymanagementandhowtoguideclientstounderstandthewhybehindtheirdecisionsbothpastandfuture.Thesessionwillincludeinformationandinstructiononhowtheycanprovideamoreinnovativeapproachtoservingtheirclientele.Interactionandacasestudywillbeincluded.DescriptionofContentandMethodTherescontinuedanxietyabouttheU.S.economy.Fuelingthisisthenewsofconsumerspurchasingpowerbeingsappedbyhighenergyandfoodprices.Salariesremainstagnantwithmanyhighereducationinstitutionsfacingsignificantfundingchallenges.Accordingtopublicopinionpollsalmost6outof10peoplewerenotpreparedforarecession.HowdofinancialeducatorsandcounselorsaddresstheseemotionalissuestheirclientsarefacingWithcompassionandunderstandingeducatorsandcounselorscanaddresstheemotionaltiestomoneyandfinancialdecisionsoftheirclients.Financialcounselorsandeducatorscanteachtheirclientshardandfastrulestomanagetheirmoneyfromsettinggoalstocreatingabudgettorepairingtheircredit.Buttheserulesandprocedureswillnotalwaysworktotheirclientssuccessifweascounselorsandeducatorsdonotaddresstherootcausesofourclientsmismanagementofmoney.Wemustidentifytheemotionalsideofmoneymanagementanddecision-makingtohelpourclientsbetterfortheshortandlongterm.30DanielleChampagneStudentMoneyManagementCenterUniversityofNorthTexas1155UnionCircle305237DentonTX76203Phone940.369.7761Emailchampagneunt.eduWebsitehttpmoneymanagement.unt.edu ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium37CollegeFinancialLiteracyandFinancialAidThePerfectPartnershipMarkMielke31MPACFPFinancialAidAdvisorandMoneyWiseAggieCoordinatorTexasAMUniversityKeyWordsmoneyfinancialcounselingbudgetingTargetAudienceHighereducationfinancialpractitionerseducatorsadministratorsandadvisorsObjectivesPurposeExplaintheadvantagesofincorporatingfinancialliteracycounselingandtrainingwithinthecampusfinancialaidofficeEmphasizetheimportanceofknowledgeandauthorityinprovidingfinancialcounselingMotivatefinancialaiddirectorsandadvisorswhoareconsideringthisfinancialliteracymodelDiscussacasestudydemonstratinghowaknowledgeableadvisoronavarietyoffinancialaidandfinancialliteracytopicsprovidesexcellentcustomerserviceDescriptionAsaresultofTexaslegislationTexaspubliccollegesanduniversitieswillberequiredtoofferstudentfinancialliteracytrainingnolaterthanFall2013.Collegeadministratorsfromotherstatesarealsoexploringoptionsforeffectivecostefficientfinancialliteracyprograms.Theobviousneedtoestablishfinancialliteracytrainingandcounselingtoassiststudentswhoaresorelylackinginmoneymanagementskillswillbewithusuntilstudentsreceiveadequatetrainingbeforeenteringcollege.Thisneedforstartingcampusfinancialliteracyprogramscomesataninopportunetimeascollegesarefacingcontinuouspressuretokeepbudgetslow.Thegoodnewsisthatestablishinganexcellentfinancialliteracyprogramneednotbeexpensive.Thereareanumberofmodelsforestablishingcollegefinancialliteracyprogramsandeachhasitsownadvantagesordisadvantagesforpersonnelcostsfacilityrequirementsandservicetostudents.Onemodelthatscoreswellonalloftheseconsiderationsisincorporatingfinancialliteracycounselingwithinthefinancialaidoffice.Offeringfinancialliteracytrainingandcounselingtostudentsinconjunctionwithfinancialaidprovidesacomprehensiveone-stopshopthatdeliversexceptionalcustomerservice.Integratingfinancialliteracywithfinancialaidprovidesalogicaloptionforschoolsseekingtoestablishrobustfinancialliteracyprogramsatareasonableprice.Thesessionwillpresenteightreasonswhypartneringfinancialliteracywithfinancialaidmakessense.31MarkMielkeScholarshipsFinancialAidTexasAMUniversityP.O.Box30016CollegeStationTX77842-3016Phone979-458-5325Emailmmielketamu.eduWebsitehttpsmoneywise.tamu.edu ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium38CreatingaComprehensiveAssessmentPlanforFinancialCounselingandEducationDanielleChampagne32M.B.A.AssistantDirectorStudentMoneyManagementCenterUniversityofNorthTexasKeyWordsassessmentassessmentplansprogramreviewfundingTargetAudienceAllpractitionerseducatorscounselorsparticularlyinhighereducationObjectivePurposeThepurposeofthissessionisforfinancialeducatorscounselorsandplannerstodeveloptheassessmentplansthatwillprovidecontinuingimprovementforintentionalprogrammingandcounselingservicesthatbestservetheirconstituencygroupsanduserpopulations.Adviceandguidancewillbeprovidedforpractitionerswithalllevelsandexperiencewithassessment.LearningOutcomes1.Attendeeswillunderstandthecomponentsofacomprehensiveassessmentplan.2.Attendeeswillbeabletodesignandimplementacomprehensiveassessmentplanfortheirprogramsordepartments.Thesessionwillprovideanoverviewoftheimplicationsofcomprehensiveassessmentplanstheinteractionofassessmentfindingswithstrategicplanningeffortsthecomponentsofaneffectiveassessmentplandesignofthosecomponentsandreportingformatsfordecision-makersandexternalconstituencies.Interactionandsampleassessmentinstrumentswillbeincluded.DescriptionDoyourprogramsdriveyourdataordoyourdatadriveyourprogramsGetinthedriversseattounderstandandcreatethecomponentsofacomprehensiveassessmentplan.Assessmentplanswilladdressqualitycontrolprogrammingandstudentlearningoutcomesqualitativequantitativeassessmentquestionsandcraftingcomponentstocreateasuccessfulplan.Thissessionwillprovideanopportunityforfinancialliteracyeducatorsinallpositionsandassessmentknowledgelevelstoimproveyourassessmentefforts.Assessmentofprogramsandserviceswillprovidethreeareasofpotentialimprovementtoyoureffortseffectivenessefficiencyandevidence.Effectivenessofprogrammingandcounselingofferingscanimproveattendanceandcontinuedparticipationlearningoutcomesassociatedwithattitudesskillsbehaviorsanddecision-makingatthestrategiclevel.Efficiencyimprovementscanbemadetoaddressissuesoflimitedresourcesincludingtimestaffingandprogrammingcostsandwilldemonstrateaconcernforthevalueofyouraudiencestime.Evidenceprovidesdecision-makersinyourorganizationforyourcontinuedviabilityandfundingrequests.Theseissuescanmakeorbreakyoureffortstheyareessentialtoyourcontinuedexistence.32DanielleChampagneStudentMoneyManagementCenterUniversityofNorthTexas1155UnionCircle305237DentonTX76203Phone940.369.7761Emailchampagneunt.eduWebsitehttpmoneymanagement.unt.edu ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium39CreatingaWebBasedFinancialChallengeElaineCourtneyBarbaraONeillRickiMcWilliamsMichaelGutter33KeyWordsfinancialchallengemoneyCooperativeExtensionAmericaSavessavingsTargetAudienceThetargetaudienceforthisworkshopisadultfinancialeducationprofessionalsandfinancialcounselorsespeciallythosewhoteachandcounselclientsthatcomefromawidevarietyofethnicbackgrounds.ObjectivesPurposeParticipantswilllearnandunderstandthedevelopmentmethodologyandresultsofanonlinefinancialbehaviorchallenge.Participantswilllearntoreplicateandparticipateinanonlinefinancialchallenge.DescriptionofContentMethodPeopleliketoknowhowtheyaredoingcomparedtoothersandmakeprogresstowardtheirdesiredgoals.Toaddressthisneedtheauthorsdevelopedthefirstonlinefinancialchallengetopromoteandtrackfinancialbehavioroveraperiodoffiveweeks.ThepartnershipofUSDANIFACooperativeExtensionConsumerFederationofAmericaandAmericaSavesdevelopedtheproject.TheAmericaSavesFinancialChallengewaspatternedaftertheSmallStepstoHealthWealthon-linechallengedevelopedbyDr.BarbaraONeillandDr.KarenEnsleatRutgersUniversity.Duringafive-weekperiodindividualscompletedonlineregistrationanddailysubmissionofpositivefinancialactionscompletedforpointaccumulation.Theonlinevenueprovidedparticipantstheabilitytoseetheirprogressandcomparetoothers.Thedailypositivefinancialactionsincludedtrackingspendingsavingpocketchangesharediscussmoneywithothersetc.Weeklyincentiveawards25giftcardwereawardedthroughouttheprogram.Atconclusionparticipantswhoearnedthemostpointsreceiveincentiveawardsgiftcards.Marketingeffortsincludedsocialmediapostswebblogsprintedflyersnewsreleasesandemailblasts.111personsregisteredwith49completingfinancialactions.Eachindividualcompletedanaverageof99positivefinancialactionsoverthefive-weekperiod.Thisrepresentsanaverageof2.8dailypositivefinancialbehaviors.Anon-linesurveyassessedparticipantssatisfactionandaccomplishmentsatconclusionofprogram.Sixteenparticipantscompletedthesurvey75reportedtheChallengeexperiencewasverypositiveandmotivational.66reportedsaving251ormore33savedlessthan250.26.7eliminatedover500ofdebt.Participantswereabletosharespecificimpacts.OnesharedIkeepdailyspendinglogandsaveallmychange.Inowhaveover30inmycoinjar.Anotherfoundover300wastedinlatefees.Usingledgercalendarandauto-drafttomakeallpaymentsontimenow.Anotherparticipantbegandiscussingmoneywithherspouse.Anon-linefinancialchallengecanpromotepositiveresultsforparticipantsandprovidedailymotivationtoencouragetraditionalprogramclienteletoadoptpositivefinancialactions.Forumparticipantswilllearnhowtoincorporateafinancialchallengeintotheirfinancialprogramsandcounseling.Furtherdevelopmentwillincreaseparticipationandresults.33ElaineCourtneyUniversityofFloridaIFASExtension-OkaloosaCounty3098AirportRoadCrestviewFL32539Phone850-683-8431ecourtneufl.eduBarbaraONeillRutgersCooperativeExtensionCookOfficeBuilding55DudleyRoadRoom107NewBrunswickNJ08901Phone848.932.9126oneillaesop.rutgers.eduRickiMcWilliams-UniversityofFloridaIFASExtension-WaltonCounty732N9St.SuiteBDeFuniakSpringsFL32433-3804rickimufl.eduMichaelGutterAssociateProfessorUniversityofFlorida3002McCartyHallDPOBox110310GainesvilleFL32611-0310msgutterufl.edu ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium40FinancialTherapyHelpingClientswithMoneyaswellasMentalHealthProblemsJeanTheurerUniversityofFloridaandMichaelS.Gutter34Ph.D.UniversityofFloridaKeyWordsfinancialtherapymoneyfinancialtherapistfinancialstressorsTargetAudienceTheprogramthatwillbepresentedtargetsallpractitionerswhohelpclientschangetheirfinancialattitudesbeliefsorbehaviors.ObjectivePurposeThethreepurposesofthisproposedsessionareto1.Shareourexperienceofworkingwithclientswithbothpsychologicalandfinancialproblems.2.Discussthecomplexissueofhelpingclientschangetheirattitudesandbeliefsaboutmoney.3.Createaforumforpractitionerstosharehowtheyhaveconsultedorcollaboratedwithmentalhealthprofessionals.DescriptionofContentandMethodFewAmericanshaveescapedtheeffectsoftherecentfinancialcrisisandthesubsequentGreatRecession.Thesuddennessandseverityoftherecentglobalrecessionhasprecipitatedahistoricriseindebtandunemploymentlevels.WhileeitheroneofthesefinancialstressorsmaycontributetopsychologicaldistressmanyAmericanhaveexperiencedtheirconfoundingeffectsastheystrugglewithfallingnetworthintandemwithinsufficientincometomeetrisingexpenses.WithoutasteadypaycheckadequatehomeequityastableretirementportfolioorminimalsavingstomeethouseholdexpensesmillionsofAmericansareatincreasedriskformentalhealthoutcomessuchasdepressionanxietylowself-esteemandsuicide.Multidisciplinaryresearchshowsthatstressorssuchasunemploymentindebtednessforeclosureandbankruptcyareassociatedwithfinancialaswellaspsychologicalcosts.Assuchclientsmaybenefitfrompractitionersincorporatingknowledgeofthementalhealthconsequencesoffinancialstressorstotheirrepertoireofassessmentsandinterventions.Evenifnotasourceofstressmoneyisasubjectthatelicitsahostofmemoriesandreactionsthatareinfluencedbyapersonsgenderreligionculturesocioeconomicstatusandethnicity.Researchstudieshaverevealedthatattitudesandbeliefsaboutmoneyinfluencefinancialbehavior.Inadditionmessagesaboutmoneythathavebeenreceivedfromfamiliesoforiginhaveaprofoundeffectonintimaterelationships.Forexamplecoupleswhoquarrelovermoneyreportlowerrelationshipsatisfaction.Considerthethreerolesfinancialplannerfinancialcounselorandfinancialtherapist.Whileresearchandpracticeinfinancialtherapyisinthebeginningstagesofprofessionaldevelopmenttherelevanceandeffectivenessofthisapproachisgarneringattentionfrombothfinancialplannersandprofessionalmentalhealthcounselors.Thereforethissessionwillbeginwithabriefoverviewoftheresearchdocumentingtherelationshipbetweenfinancialstressandmentalhealthproblems.Asprofessionalsinthementalhealthandfinancialplanningfieldstheauthorswilldescriberecenteffortstoconsultandcollaboratewithprofessionalsinbothfields.Thesessionswillincludearobustdiscussionofthesimilaritiesanddifferencesintherolesobjectives34MichaelGutterPh.D.UniversityofFlorida3002CMcCartyHallDGainesvilleFL32611-0310Phone352-273-3529Emailmsgutterufl.edu ProceedingsoftheAssociationforFinanciSymposiumandskillsofmentalhealthcounselorsaffordedtothenatureofbusinessmodfields.ForexampleconsiderthefollowinglCounselingPlanningandEducation2013AnnualResearchndfinancialplannersandadvisers.FinallysomediscuslsthatmayservetheneedsofclientsengagingprofessiondTraining41ionwillbealsfromboth ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium42Game-ifyingandApp-ifyingFinancialCapabilityandFinancialAccessExploringhowgamesandappsarechangingthelandscapeNickMaynard35DirectorofInnovationDoorwaystoDreamsFundD2DCarolynHallMcMahonInnovationStrategistDoorwaystoDreamsFundD2DKeyWordsGamificationMobileAppsVideoGamesInnovationFinancialCapabilityTargetAudienceFinancialPlannersCounselorsEducatorsAcademicsNon-profitsandindividualsinterestedincutting-edgeinnovationrelatedtovideogamesgamificationandAppleAndroidappsasinnovativetoolsforfinancialcapabilityandfinancialaccess.ObjectivesPurposeThepurposeofthissessionistoeducatepractitionersregardingtheincreasingprevalenceofbothgamificationandsmartphoneappstobuildfinancialcapability.AfterattendingthissessionparticipantswillUnderstandtheopportunitythatgamificationandmobileappspresentforimprovingfinancialcapabilityandfinancialaccessLearnaboutinthestate-of-theartingamificationandmobilefinancialserviceswithlessonsfromthefieldandreviewofcurrentgamesandnewapps.Recognizehowtodeploygamesandappsindifferentpractitionersettings.DescriptionofContentandMethodThissessionwillexplorehowvideogameshavebecomeaplatformhelpingconsumersbuildfinancialcapability.Everyoneplaysgames69ofheadsofhouseholdplaycomputerandvideogames97ofyouthplaygamesandsurprisingly61ofsurveyedCEOsCFOsandotherseniorexecutivessaytheytakedailygamebreaksatwork.McGonigal2010GamesexistinawiderangeofformsfromsportssoccergolftocardgamesPokerboardgamesScrabbletovideogamesTetrisAngryBirdsCandyCrush.FinancialEntertainmentFEusesthepowerofvideogamestoengageconsumerscultivatefinancialself-efficacyandfinancialliteracyenableinitialactionsupportsustainedbehaviorandrealizepositiveeconomicoutcomes.DataandfieldexperimentsfromtheRANDworkingpaperCanGamesBuildFinancialCapabilitywillbereviewedanddiscussed.Inadditionwewillexploretheapplicationofgamificationtorealworldfinancialcapabilityandaccesschallenges.Ausefuldefinitionofgamificationistheuseofgameelementsandgame-designtechniquesinnon-gamecontextsWerbachHunter.InthehealthandwellnessindustryZombieRunandNikeRunningAppareprimeexamplesofgamificationappliedtoinfluencebehavior.Whilebothoftheseappsemploygameelementsforexamplerewardsforachievementneitherisavideogameorevenacompletegame.Inthissessionwewilldiscusswhatwehavelearnedfromthreecurrentgamificationprojectstacklingdifferentfinancialchallenges.Atthesametimethatgamificationhasgrowninpopularitysmartphoneadoptionhasskyrocketedandfromallaccountsisontherise.Greatersmartphoneadoptiontranslatesinto1morerobustwebaccessaswellas2moreaccesstoonlineproductsservicestoolsandmobileapplications.Thechallengeisnotthepotentialofthisplatformbuttheabilitytoharnessthetechnologyandtheinherentlypersonalandengagingmobileapplicationexperiencetosparkinnovationsinfinancialaccessandcapability.AttendeeswilllearnabouttheoutcomesgeneratedfromthenationalMyMoneyAppUpChallengeaswellastheFinancialCapabilityDevelopmentFinCapDevCompetition.Thesecompetitionshavegeneratedideasdesignsmobileappproposalsanddownloadableappsthatarerootedinthesubmittersownfinancialexperiencesand35NickMaynardnmaynardd2dfund.org ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium43challengeswithfinancialcapabilityandfinancialaccess.InparticulartheFinCapDevappsaddressahostoffinancialneedsfromsavingsforbig-ticketpurchasestocalculatingthetradeoffsofborrowingforcollegetomanagingmoneywithyourspouse.Theyembraceandembeduniquepropertiesofmobiledevicesfromgeolocationcapabilitiestoremotecaptureofphotosandvideos.DuringthissessionwewillshareourlearningsandprogressandmanyoftheresultingappsfromtheFinCapDevcompetition. ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium44GoodCreditTheGameSybleSolomonandLeeGimpel36LifeWiseStrategiesLLCKeyWordsTargetaudiencePeoplebuildingorrebuildingcreditcollegestudentsadultsstartingoutorrecoveringfrombadcreditandPeopleattendinggeneralfinancialeducationclassestolearnhowtomanagetheirmoneyandtheircreditwell.ObjectivesPurposeUsinginteractiveexercisesandanengaginggameformatparticipantswillidentifyWhatisinacreditreportHowthecreditreportbecomesaFICOscoreWhythescoremattersHowtousecreditresponsiblytohavethebestpossiblescore.Redflagstominimizesurprisesandunexpectedconsequences.DescriptionNewtoolstopromoteeffectiveengaginglearningaboutcreditThistoolboxofinteractivelessonspresentscreditinformationsoitisenjoyablepromotesconversationandreinforcesgoodpractices.InPartItheactivitiesbuildfrom1understandingwhatlendersarelookingforwhenmakingaloan2whatgoesintoacreditreportand3howthatreportbecomesacreditscoreto4whyacreditscoreisimportantinourlives.InPartIIaboardgamefocusesonfactsmythsandsurprisesrelatedtocreditreportscreditscoresandcreditcards.Knowingthisinformationcanhelppeoplebecomesmarterconsumers.Thegamealsoreinforcespositivebehaviorsandprovidesconsequenceforbehaviorsthatlowercreditscoresorincreasedebt.Theactivitieshavebeenfield-testedusingfocusgroupsofuniversitystudentsandadultsfromawiderangeofbackgrounds.Theprogramcanstand-aloneorcomplementotherprograms.Itcanalsobesubstitutedforthecreditsectioninanexistingprogram.Ideallyitwouldbetaughtinatwo-hourblock.Eachofthetwopartscanstand-alone.TodaysRealityAlthoughsomevoicesinthefieldofdebtmanagementwanteveryonetocutuptheircreditcardsthatisnotalwaysrealistic.Acreditcardmaybenecessarytorentacarorpayforahotel.Creditscoresinfluenceifsomeonecanrentanapartmentorgetajobespeciallyiftheywouldbehandlingmoneyorneedasecurityclearance.Creditscoreswillaffecthowmuchsomeonepaysforaloanandcanaffectinsuranceratesorhowmuchofadepositisneededtogetcellphoneorsignupforutilities.Althoughitisnotlegalinallstatesmanyemployersareusingcreditscoresasabenchmarkforpredictingreliabilityforhiring.SomedatingsitesareevenincludingcreditscoresasadatapointforchoosingapotentialmateRemovingthemysteryAvoidingthepitfallsUnfortunatelyunderstandingwhatgoesintoacreditreporthowthatreportbecomesaFICOcreditscoreandwhatbehaviorscanimproveorlowerthatscoreremainsamysterytomostofus.AccordingtotheUSTradeandDevelopmentAgencyadultsintheU.S.average3.5creditcardseachandtheaveragehouseholdcarriesbetween8000and14750increditcarddebt.Inspiteofthatmostofusrarelyreadthefineprintonourcreditcardagreementsorunderstandthefar-reachingconsequencesassociatedwithlowercreditscores.Theseactivitiesaimtode-mystifycreditreportsandcreditscoresandbuildawarenessofhowtousecreditcardsresponsiblyandavoidthepitfallsandtodoitinawaythatpeopleareengagedandenjoyingthemselvesformoreeffectivelearningandgreaterretention.Focusgroupoutcomesincludedparticipantsgoinghomeandgettingtheirreportscheckingtheirscorespayingmorethantheminimumusingcardslessandnotopeningnewcards.36SybleSolomonandLeeGimpelLifeWiseStrategiesLLC421WestBlackbeardRoadWilmingtonNC28409PhoneFax910-399-2200syblelifewise.usleelifewise.uswww.moneyhabitudes.com ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium45GuidingParticipantsthroughHomebuyerEducationNancyStehulak37M.Ed.OhioStateUniversityExtensionMelindaHillCFCSCFLEOhioStateUniversityExtensionCurriculumAuthorsNancyStehulakLoisClarkNancyReckerCoraFrenchRobinsonMargaretJenkinsKathyMichelichKeyWordshomeownershipfinancialeducationstandardsforhomeownershipeducationcertificationTargetAudienceTargetAudiencefortheHomebuyersGuideisadultscontemplatinghomeownership.Thissessionisappropriateforspecialistslookingforuptodateresourcestoworkwithclientsconcernedwithfinancialormortgageissuesaswellasconsumerissuesofhousing.ObjectivesPurposeProgrammingutilizingthecurriculumwillbenefitparticipantsby1.Reducingtheriskofforeclosure2.Greaterunderstandingoftheconsumerissuesofhousing3.Usingfinancialtoolstomanagelongtermpayments4.IncreasingfinancialstabilityofhomeownersDescriptionThispractitionersforumwillprovideanintroductiontothecurriculumtheHomebuyersGuide.ThiscurriculumissetagainsttheNationalStandardsforHomeownershipandissuitableasalowcostcurriculumtoguidehomeownershipeducation.Thiscurriculumhasbeenextensivelyreviewedandincludeschaptersonassessinghomereadinessmoneyforhousingmakinganofferonahomeselectingamortgageclosingthedealanddefiningsuccessasahomeowner.This65pageguidecanhelpthepractitionerworkwithconsumersinterestedinlearningalltheycantoreadythemselvesforhomeownership.Participantsofthisconcurrentsessionwillbeabletoreviewthispublicationandwillbeprovidedanopportunitytoexplorewaystopresenthomeownershipfortheirclientsusingthistoolthatisreadytogotowork.PresenterwillprovidetwoteachingactivitiesthatcorrelatewiththeHomebuyersGuide.Evaluationinformationisincluded.Worksheetsandcheckliststodetermineindividualconcernsareincludedinthepagesofthisguidetosupporthomeownershipeducation.Overforty-fivereferencesareincludedtoprovidebackgroundfortheclientorthepractitioner.Acompleteglossaryoftermsusedinhousingisincluded.Researchconductedwithhomeownersdemonstratesthatpeoplewhoattendhomeownershipeducationcansignificantlyincreasetheircreditscoresandpurchasingpower.Prepurchaseeducationhasbeendemonstratedtohelpreducetheprobabilityofdefaultorforeclosure.Thispublicationwasdesignedasastandaloneinformationsourceortobeusedasaparticipantcopyforhomeownershipeducation.Orderinginformationwillbeincludedinthepresentationorcanbefoundthroughhttpestore.osu-extension.orgindex.cfmTwocopiesoftheHomebuyersGuidewillbegivenawayinthissession.37NancyG.StehulakM.EdOhioStateUniversityExtension104E.WashingtonStreetSuite302HahnCenterNapoleonOhio43545Phone419.592.0806emailStehulak.1osu.edu ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium46InsandOutsofStudentLoanRepaymentJoeBraxton38TGSeniorDefaultAversionConsultantKeyWordsfinancialaiddebtandcreditcounselingfederalstudentloansTargetaudienceFinancialeducatorsandcounselorsObjectivesPurposeThegoalofthesessionistoprovidefinancialcounselorsandeducatorswithabetterunderstandingoftherepaymentoptionsavailabletohelpstudentandparentborrowersmanagementrepaymentoftheirfederalstudentloans.DescriptionTGisanonprofitorganizationwhosevisionistobethepremierproviderofinformationproductsandservicestohelpstudentsandfamiliesrealizetheireducationandcareerdreams.Whilestudentsreceiveinformationduringfederally-requiredstudentloancounselingtheyandtheirparentsoftenhavequestionsabouthowloanrepaymentworks.Thissessiondescribestherepaymentoptionsavailabletostudentsastheypreparetoentertheworkforce.Topicsincludetakinginventoryofstudentloansunderstandingtheavailablerepaymentplansincludingincome-driveplansandtheadvantagesofeachreviewingthedetailsofloanconsolidationandlearningaboutdefermentforbearanceforgivenessandcancellationoptions.Thissessionisaspeaker-ledpresentationwithpowerpointanddiscussion.38JoeBraxtonAFCTGSeniorDefaultAversionConsultantPOBox83100RoundRockTexas78683-3100800252-9743ext.4696Joe.braxtontgslc.org. ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium47JumptartCoalitionTeacherTrainingAllianceModelHelpingTeachersBuildKnowledgeandConfidenceinPersonalFinanceDanHebert39DirectorofProfessionalDevelopmentInstructionandNortheasternRegionalDirectorJumptartCoalitionforPersonalFinancialLiteracySusanSharkey40DirectorHighSchoolFinancialPlanningProgramNationalEndowmentforFinancialEducationNEFEandJumptartCoalitionnationalpartnerKeyWordsFinancialLiteracyTeacherTrainingPersonalFinanceJumptartTargetAudienceThisworkshopistargetedtoanypartnersofastateJumptartCoalitionorotherpractitionersinterestedindeliveringtrainingforK-12teacherswhoteachpersonalfinance.ObjectivesPurposeTheJumptartCoalitionforPersonalFinancialLiteracyisanumbrellagroupofmorethanonehundredgovernmentalagenciesnationalorganizationsandcorporationsdevotedinparttopersonalfinanceeducationforyoungpeople.TheJumptartTeacherTrainingAllianceJTTAisacollaborativeendeavorundertakenbytheJumptartCoalitiononbehalfofitspartnersinresponsetoindependentandwidelyquotedresearchconductedbytheUniversityofWisconsin-Madisonwhichfoundthatrelativelyfewpersonalfinanceteachersfeltadequatelypreparedtoteachthesubjectorusetheirstatesstandards.JTTAanditsModelisdesignedtohelplocalorganizationsprovideK-12teacherswithstandardconsistentandeffectiveprofessionaldevelopmentthatimprovestheirownleveloffinancialliteracyimprovingtheirconfidenceinandenthusiasmforteachingpersonalfinanceintheclassroom.Deliveredasatoolkitthisstandardizedmodelwillhelptoensureasufficientandconsistentlevelofcompetenceforteachersofpersonalfinanceacrossstatesandprofessionaldisciplinesregardlessofwhichorganizationorinstitutiondeliversthetraining.DescriptionDuringthisworkshopAFCPEmemberswillbeintroducedtotheJTTAModelandlearnhowtoutilizetheModelintheirownstatesandcommunities.TheModelincludessevenmoduleseachwithitsownlearningoutcomespresenterresourcesandlearningmaterials.ThreemodesofassessmentarealsoimbeddedintotheModelattitudinalbehavioralandqualitativetoenhanceprofessionaldevelopmentforteachersofpersonalfinance.SpecificallyworkshopparticipantswilldothefollowingExaminetheformatandbestpracticestocustomizeandimplementtheJTTAModel.Reviewassessmentresultsofpastteachertrainingeventsandbecomefamiliarwithstrategiestocompileassessmentdataforownevents.LearnhowtoapplyforfreeaccesstotheJTTAModel.OutlinestrategiesforAFCPEmemberstocollaboratewithlocalpartnerstoestablishandsustainqualityteachertrainingforK-12teachers.39DanHebertdhebert2001attn.etJumptartCoalitionforPersonalFinancialLiteracy91918thStreetN.W.Suite300WashingtonDC20006603-731-181240SusanSharkeyssharkeynefe.orgJumptartCoalitionnationalpartnerandDirectorHighSchoolProgramatNationalEndowmentforFinancialEducation133117thStreetSuite1200DenverCO80202303-224-3516 ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium48LYFELivingYourFinancialExperienceJeanetteTuckerPh.D.41andKimJonesLouisianaStateUniversityAgriculturalCenterKimBourgeoisMiaPerezSandyLambertandAnthonyLandreneauLouisianaFederalCreditUnionKeyWordsfinancialsimulationearningpotentialtechnologyfinancialcapabilityTargetAudienceThissessiontargetsfinancialeducatorsExtensioneducatorsYouthDevelopmentprofessionalsGovernmentFaith-BasedBankingandCommunityGroupsthattargetyouthorunderservedadultaudiences.ObjectivesPurposePractitionersForumparticipantswillExplorethecontentandmethodofacomprehensivenewfinancialeducationalprogrampackageincludingcurriculumresourceshands-onsimulationandevaluationstrategy.Experienceaturn-keysimulationresourcetobuildthefinancialcapabilityofyouth.AccessLYFEcurriculumresourcesandbemotivatedtoimplementtheprogram.DescriptionLivingYourFinancialExperienceLYFEaturnkeyfinancialeducationprogramtransportsyouthtothefutureworldofayoungworkerstartingtheirfirstfull-timejob.Theexperienceofearningmoneyandhavingbillstopaybuildsyouthfinancialcapabilityandunderstandingofhowpersonalbehaviorsanddecisionsaffectapersonsfinancesandqualityoflife.Thisprogramdiffersfromtraditionalfinancialsimulationsinthatitemphasizestheimpactofeducationoncareersandearningpotentialbyutilizingbothstandards-basedinteractiveclassroominstructionandthefunofparticipatinginadynamictechnology-basedfinancialsimulationutilizingrealisticscenarios.Althoughtechnologybasedtheprogramofferstheflexibilityoftraditionalprogrammingoptionsforsituationswheretechnologyisnotavailableorfeasible.Aninteractivefive-hourclassroomcurriculumhelpsstudentsdeterminetheircareeraptitudeexaminethelinkbetweeneducationandearningsunderstandpayrolltaxesanddeductionsdeveloprealisticbudgetsselectinsuranceproductsandpracticebankingskills.Real-lifesimulationsconductedattwolevelsutilizetabletanddesktopcomputersdebitcardsandon-linebankingtoenablestudentstoprioritizeneedsversuswantscreateaspendingplanandbalanceaccounts.Studentsassumearealisticcareerbasedontheirpersonalityassessmentandcareerinventory.Salariesarebasedoncurrentsalarydata.Participantsingrades6-8assumetheroleofa24-year-oldworkerlivingindependentlyinBasicLYFEsimulations.Theyvisiteightdifferentstorefrontstationstomakepurchasedecisionsrangingfromhousingandtransportationtoinsuranceandconnectivityservices.TheyalsoaddressunexpectedwindfallsandexpensesthroughThatsLYFEevents.HighschoolstudentstargetedbyAdvancedLYFEsimulationsassumetheroleofa24-year-oldmarriedwidowedworkerwithchildren.Additionalpurchasedecisionsrelatedtothecostofraisingachildage-appropriatenutritionneedsdiaperschildcareclothingenrichmentandcollegesavingsrepayingstudentloanscreditcarddebtandselectinghomegoodsenhancetheeye-openingexperience.Alsoincludedisaseriesofdebriefingquestionstechnology-basedclickerevaluationandfacilitatorsguide.Asamplingoffollow-upsurveyevaluationsrevealsthat92ofparticipantsplantodevelopandfollowabudget88willmakewisepurchasestolivewithintheirmeans75willconsiderpotentialearningswhenselectingacareerand100ofschooladministratorsrequestedthattheprogrambeofferedtotheirentirestudentbodywithinthenextyear.41JeanetteTuckerLouisianaStateUniversityAgriculturalCenter179KnappHall110LSUUnionSquareBatonRougeLA70803-0106Phone225-578-5398Fax225-578-2478Emailjtuckeragcenter.lsu.edu ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium49LoveYourMoneyNewToolsforEducatorsBarbaraMetzger42M.S.-FamilyEconomicsSpecialistDenaWisePh.D.-ProfessorConsumerEconomicsSpecialistAnnBerryPh.D.-AssociateProfessorandFamilyEconomicsSpecialistTheUniversityofTennesseeExtensionKeyWordsFinancialliteracyeducationonlinelearningTargetAudienceThetargetaudienceforthepresentationiseducatorstargetingcollegestudentsorolderhighschoolstudentswithfinancialeducationandforthoseimplementingonlinecoursesinfinancialeducation.ObjectivePurposeThepurposeofthepresentationistofamiliarizeeducatorswiththenewformatofthewebsiteandtheonlinecoursefamiliarizeeducatorstoolsandresourcesforcoursemanagementandclassroomsupportshareprojectlearningderivedfromteacherinputstudentinputandevaluationdataoftheprojectDescriptionManystudieshaveshownthatthereisadefiniteneedforsomekindofbasicfinancialeducationforcollegestudents.Theimplicationsofpoorfinancialmanagementcanaffectmorethanstudentsfinances.Itcanaffecttheiracademicperformancementalandphysicalwell-beingandeventheirabilitytofindemploymentaftergraduationBodvarssonWalker2004Lyons20032004.AsofthisyearthetotalamountAmericanstudentsandgraduatesoweonstudentloanswillsurpass1trillion.ThatsgreaterthanthetotalamountAmericansoweoncreditcardsanditshalfasmuchastheentireU.S.budgetfornationaldefensein2012.LoveYourMoneyhttploveyourmoney.orgisaprovenandsuccessfulonlinefinancialeducationprogramdesignedtoprovidestudentswiththetoolstheyneedtomanagemoneysetgoalsandsaveandinvestwisely.Firstimplementedin2009theonlinecoursewasredeployedin2012withnewfeaturesthatgreatlyexpanditsusefulnesstofinancialeducatorstargetingyoungadultsandcollegestudents.IncludedisAteachersdashboardthatallowstheteachertoquicklyandeasilysetupclassesandmonitorstudentprogress.Instructorshavetheabilitytorunprogressgradereportsandcandownloadclassroompresentationsandactivitiestoexpanduponandreinforcethelearningconceptsineachmodule.AstudentdashboardthatpopulatespersonaldataasstudentsmovethroughthecoursesettingfinancialgoalscalculatingnetworthmakingaspendingplanandbookmarkingotherwebsitesandpagesofinterestincludingCashCourseworksheetsandinformation.Thesiteoffersanonlinetutorialinastudent-friendlyformatandincludestopicssuchasbuildingwealthbudgetscreditcardsdebt401kprogramsemployerbenefitpackagesidentitytheftandmore.Itisaself-containedonlinefinancialeducationcoursewhichtakesapproximately2hourstocomplete.LoveYourMoneyspurposeistogetcollegestudentsmotivatedandinterestedinmanagingtheirfinancialfuturesstartingrightnowwhiletheyarestillinschool.Theprogramenticesstudentstolearnmoreaboutfinancialissueswithscenariosthatareinterestingandengaging.Onceinthelearningmodulesstudentsareintroducedtofellowstudentsfacingfinancialcrises.Theyfollowtheirstoriesthroughoutthelearningmodulescompletingactivitiesalongthewayincludingashortquizattheconclusionofeachmodulethatenhancesthelearningexperienceandhelpsstudentsretaintheinformation.42BarbaraMetzgerM.S.-FamilyEconomicsSpecialist218MorganHallKnoxvilleTN37996-4512865-974-1364bmetzge1utk.edu ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium50MilitaryFamilyLearningNetworksOnlineProfessionalDevelopmentforPersonalFinanceManagersFinancialPositionAnalysisWebinarandCaseStudyMichaelS.Gutter43Ph.D.UniversityofFloridaBarbaraONeillPh.D.CFPRutgersUniversityandMollyHerndonUniversityofFloridaKeyWordsMilitaryfinancialpositionprofessionaldevelopmentTargetAudienceTheprogramtargetsmilitaryPersonalFinancialManagementProgramprofessionalsthereservistcommunityandExtensionAgentswhoworkwithmilitaryclientele.ObjectivePurposeThetwopurposesofthisproposedsessionareto1.ShareourexperienceusingteachingfinancialratiosonlinetoPFMsandothereducators.2.Discusstheusecreationandanalysisofkeyfinancialstatementsincludingbalancesheetincomestatementbudgetstatementofcashflowsandstatementofchangesinnetworthforusewhenworkingwithmilitaryandnon-militaryfamilies.DescriptionofContentandMethodHavingadequaterecordsandunderstandinghowtoanalyzethesestatementsisessentialwhenfamiliesarestrivingtoimprovetheirfinancialpositionbothintermsofnetworthandcashflows.Manycounselorsandeducatorshavenothadformalaccountingtrainingsothisworkshopemphasizedtheuseoffivefinancialstatementsoverthetraditionalthree.TheworkshopalsoincludesassessingStrengthsWeaknessOpportunitiesandThreatsSWOTusingfinancialratiosanddecompositionstatements.Byfullyunderstandingclientsfinancialpositionpractitionersareabletohaveamoreaccuratepictureandmakestrategicdecisionsaboutthefuture.Properstatementsalsohelpfamiliesaccountforthebenefitsorallowancestheymightbereceiving.Furthersolidfinancialorganizationcanaidmilitaryfamilieswhomayeventuallyfacedeploymentorrelocation.ThemilitaryemploysPersonalFinancialManagementProgramPFMPmanagerstoprovidefinancialeducationandcounselingtoservicemembersandtheirfamilies.PFMPprofessionalshavein-depthknowledgeofservicememberexperiencesandtheirfamilysfinancialeducationandfinancialinformationneeds.ItisimportantforCooperativeExtensionprofessionalsandotherfinancialeducatorstopartnerwithPFMPsastheyarethecriticallinktoreachingourmilitaryfamilieswhorepresentauniqueculturewithuniquepersonalfinanceconcerns.TheFinancialSecurityforAllFSACommunityofPracticeCoPofeXtensionispartoftheMilitaryFamilyLearningNetworkwhichincludesLandGrantcampusandcountyfacultytheCommunityofInterestbothnewandexperiencedPFMPprofessionalsandaSocialMediaStrategistConcentrationLeader.Thissessionwillbeginwithabriefoverviewoftheproject.Nextdescribeamulti-lessonwebclasshostedbytheteam.ThepresenterwasanexperiencedfacultymemberandExtensioneducatorinFamilyFinancialEducation.ThewebconferencesattractedPFMPprofessionalspartnersandotherswhoworkwithmilitaryfamiliesoverhalfofattendeeswerefromthemilitary.Thepresentersharedagreatdealofinformationandjoinedtheaudienceinmeaningfuldialogueoncreatingfinancialstatementsmaintainingrecordsandanalyzetheinformationthroughtheuseofinteractionandacasestudyapproach.Manyparticipantssharedresourcestheyhaddevelopedorhadfounduseful.Infactseveralparticipantsfromthefirstsessionworkedwiththepresenterandcontributedtothecasestudyforthesecondsessionbycreatingwhat-ifbudgetsfordeploymentMostparticipantslearnedalotinthesesessionsandplannedtosharetheinformationthatwasprovidedwiththeirclientele.Asofthissubmission75attendedthefirstsessionand47viewedtherecording.Thesecondsessionhad93attendliveandtherecordinghasnotbeenpostedyet.Allattendeesindicatedtheywouldapplythisknowledgeintheirjob.Additionalevaluationresultswillbeshared.43MichaelS.GutterPh.D.UniversityofFlorida3002CMcCartyHallDGainesvilleFL32611-0310352-273-3529Emailmsgutterufl.edu ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium51MoneyManagementCoachingCreditCounselingUsingthe8-StepCounselingCycleJimMurphy44MarineFamilyProgramsHeadquartersServiceBattalionHeadquartersU.S.MarineCorpsKeyWordscounselingcounselingcyclecreditdebtcreditreportPowerPaydebtmanagementTargetAudienceConferenceattendeeswhohaveaninterestinthehands-onnatureoffinancialcoachingandcounselingofyoungadultswhoareexperiencingtheirfirstregularemploymentandtheirfirstseriousdilemmasintheuseofcredit.ObjectivesPurposeThepurposeofthissessionis1tohighlightchallengesinmoneymanagementandcreditmanagementcoachingandcounseling2toreviewlessonslearnedovereightyearsofcoachingandcounselingyoungServicemembersand3tounderscoretheimportanceofhavingaflexiblecounselingcycletoguideeachcounselingsessionfromtheinitialcontactwiththeclienttofinalfollow-upsubsequenttothecounselingsessionorseriesofsessions.DescriptionAsbackgroundfortunatelythepercentageofServicememberswhodevelopsignificantcreditobligationsandinsomecaseslegalfinancialobligationsbeforetheydevelopmoneymanagementskillsisrelativelysmall.Servicememberswhoareseriouslyindebtbecamesobyincurringcombinationsofcarloanscreditcardbalancesstudentloanschildsupportpaymentsindebtednesstothegovernmentandotherlegaljudgmentssubjecttogarnishment.Someobligationsaresecuredsomearenot.Somearedischargeableinbankruptcysomearenot.Almostalwaysthedebtshavepay-offhorizonsmanymonthsevenyearsintothefuture.Manyclientsfeelhelplessandhopeless.UnderstandingtheClientsSituationandExpectationsMostmeetingswithclientsstartasmoneymanagementandbudgetplanningsessions.Agoalinthefirstsessionistomakeanestimateoftheclientsrecentaveragemonthlyexpensesacrossallcategoriesofexpenses.Frequentlythemagnitudeoftheclientsindebtednessdoesnotbegintosurfaceuntiltheypresenttheirfinancialconcernsinthe3dand4thstepsofthecyclegatherdataprioritizeconcerns.Itisessentialtoconfirmallbillsforservicesrentandutilitiesandallcreditobligationsandotherdebtsesp.childsupportgovernmentindebtednessandlegaljudgmentsandthedatesthatpaymentsaredue.Itishighlydesirabletoreviewtheclientscheckingandsavingsaccounttransactionsforthepastsixtydays.Iftheclientshavenotalreadystatedtheyhavedebtissuestheissuesbecomeapparentatthispoint.Thecheckingaccountsinvariablyreflectfrequentperiodsofnegativebalancesexacerbatedbyinsufficientfundschargesorreturneditemfees.Frequentlyclientsarenotawareofalltheirdebts.Thusiftheclientshavenotbroughtrecentcreditreportsitisadvisabletogoonlinetoprocureoneormorereports.DevelopingCoursesofActionOccasionallytheclientssituationisworsethanpaycheck-to-paycheck.Theydonothaveenoughmoneytomakeittopayday.Theyareinacrisis-managementsituationandaclassicbudgetencompassingallnormalcategoriesofexpensesisnotarealisticoutcomeforthefirstsession.Theclientsarebetterservedifthecounselorcanhelpthem1layoutthedetailsoftheirdebtsbalanceAPRminimummonthlypayment2makeprojectionsofthemostefficientwaytopaytheobligationsusingPowerPayorasimilartool3facilitatecallstocreditorstoclarifytheclientsunderstandingofthesituationandnegotiatemorefavorablepaymentterms4makea12-monthprojectionofallincomedebtpaymentsandbelt-tightenedexpensesand5makeaseriesofone-monthday-by-dayspendingplansdesignedtomakeallpaymentswhilelivingonabelt-tightenedbudget.Thelatterismosteffectiveifitcombinesacalendartoplandailyspendingwithdebit-credit-balancecolumnstoshowtheeffectofeachpurchaseandeachdeposite.g.paytotheaccount.Thebalancecolumnshowsthemclearlywhentheyareabouttogonegative.Thechallengesarealways1thetimerequiredtoconfirmtheestimatedexpensesandpreparethebudgetand2thetimenecessarytoteachtheclienthowtotrackthebudget.ThepresenterincludesexamplesofPowerPayprojections12-monthprojectionsofincomepaymentsandexpensesandday-by-dayspendingplanswithdebit-credit-balancecolumns.ThepresenteralsoprovidesaDVDandhandoutsofallmaterials.44JimMurphyMarineFamilyPrograms1555SouthgateRoadArlingtonVA22214-5001.Phone703-614-6950emailjames.murphy2usmc.mil. ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium52MoneySmart--IdeasThatWorkLukeW.Reynolds45FederalDepositInsuranceCorporationFDICBobbieN.Gray46FederalDepositInsuranceCorporationFDICKeyWordsfinancialeducationaccesspersonalfinancebankingmoneymanagementTargetAudienceEveryonePersonalfinanceresearcherseducatorscounselorsandpractitionersObjectivePurposeAccordingtoFDICresearch29percentofhouseholdslackasavingsaccountwithcertaindemographicgroupsandlower-incomehouseholdsmuchlesslikelytohaveasavingsaccount.LongitudinalresearchindicatesthattheFDICsMoneySmartfinancialeducationprogramcanresultinsustainablebehavioralchangese.g.participantsweremorelikelytoopendepositaccountsandsavemoneyinamainstreamdepositproduct6to12monthsaftercompletingtheMoneySmartcoursecomparedtobeforebeginningthecourse.ThissessionwillequipAFCPEmemberstohelpyouthandadultsincludingthosefromfamilieswhodonothaveabankaccountlearnthebasicsofmoneymanagementandhowtoeffectivelyworkwithfinancialinstitutionsandothercommunitystakeholderstohelptheindividualsgainaccesstoappropriatesavingsandbankingvehicles.DescriptionofContentandMethodMoneySmartisFDICsawardwinningcomprehensivefinancialeducationcurriculumdesignedtohelpindividualsdevelopfinancialskillsandpositivebankingrelationships.TheFDIChasfarexceededitsoriginalcommitmenttoreachonemillionconsumershavingalreadyreachedover2.75millionconsumersoverthepast10years.Financialeducationandaccesstomainstreamfinancialservicesareacriticalingredienttoassistingindividualsandfamiliesreachtheirfinancialgoals.ThesessionwilloverviewbestpracticestodeliveringfinancialeducationandusingtheFDICsfreeMoneySmartcurriculumasanexamplediscusshowfinancialeducationlessonscanbeintegratedintoinstructiononcoreeducationalstandardsandpracticalapproachestolinkfinancialeducationtofinancialinclusioninitiativessuchasthepotentialroleoffinancialinstitutions.ThesessionwillprovidewaystofacilitatefinancialeducationusingtheMoneySmartcurriculum.Thesessionformatwillincludelecturefacilitateddiscussionandgroupinteractionwherebyparticipantswilldiscusspotentialchallengesandsolutionstoadvancingfinancialeducationandinclusioninitiatives.Highlightsoftheworkshopwillfocusonpracticalimplementationstrategiesforattendees.TakeawaysincludeknowledgeoftheMoneySmartfinancialeducationcurriculumandhowtouseitfinancialinclusionandcopiesofFDICfinancialeducationresources.45LukeW.ReynoldsFederalDepositInsuranceCorporationFDIC3501FairfaxDriveCH-11066ArlingtonVA22226Phone703.254.1045EmailLuReynoldsfdic.gov46BobbieN.GrayFederalDepositInsuranceCorporationFDIC3501FairfaxDriveCH-11086ArlingtonVA22226Phone703.254-2242EmailBgrayfdic.gov ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium53MoneymartinHeadStartIncreasingFinancialCapabilityofLimitedIncomeHouseholdsPeggyOlive47andKristiCuttsUniversityofWisconsin-ExtensionKeyWordsfinancialcapabilityHeadStartfinancialcoachingTargetAudienceMoneymartinHeadStartMiHSisbothanapproachandflexiblecurriculumforusebyextensioneducatorsfinancialcoachesandotherfinancialeducatorswhoprovidefinancialcapabilityoutreachforlimitedincomeaudiences.InadditiontoyoungfamiliesinHeadStartthisapproachandeducationaloutreachisapplicabletootherhumanservicedeliveryprofessionalsandprogramswherefinancialeducationisnotcurrentlyoffered.ObjectivePurposeThispractictionersforumwillexaminehowaccesstovariousmethodsoffinancialeducationmayimprovefinancialcapability-theabilitytomanageonesresourcesbasedonknowledgeskillsandaccessforlimitedincomefamilies.Baselineandfollow-upsurveyresponsesfromthisresearchprojectprovideinsightintotheextenttowhichfinancialnewslettersworkshopsandcoachingimpactfamiliesfinancialattitudesandbehaviors.Inadditionfinancialeducatorswillbenefitfromabetterunderstandingofapplicationsfortheemergingapproachoffinancialcoachingthesuccessfulintegrationoffinancialeducationintoexistinghumanserviceprogramsandidentificationofadditionalopportunitiestoincreasethefinancialcapabilityoflimitedincomehouseholds.DescriptionTheMoneymartinHeadStartMiHSinitiativeisacollaborationbetweencommunity-basedHeadStartagenciesandUniversityofWisconsin-ExtensionFamilyLivingEducatorsandoffersanarrayoffinancialcapability-buildingeducationtoparents.Thissessionwillshareareplicableandaffordablecommunitypartnershipthatsucceededinsignificantlyincreasingfinancialcapabilitybehaviorsandconfidenceofparticipatinglimitedincomehouseholds.ThispractitionersforumwillincluderesourcesandlessonslearnedduringtheMiHSpilotandresearchprojects.Additionalapplicationsandimplicationsforthisfinancialcapabilityoutreachapproachwillalsobediscussed.Thisfinancialcapability-buildingprojecttargetedfamilieswithchildrenenrolledinHeadStartin16primarilyruralcountiesthroughoutWisconsin.Atthestartofthe2010-2011schoolyear1536householdswithchildrenenrolledinHeadStartchilddevelopmentserviceswereinvitedtoparticipateinthisresearchproject.Ofthesehouseholds507consentedtopartipateandcompletedabaselinesurveyregardingcurrentfinancialpracticesandattitudes.BaselinesurveyswereeitherdistributedbyHeadStartstaffduringhomevisitsorbyExtensioneducatorsatHeadStartevents.Themajorityofthe507participantswerewhite88andfemale92betweentheagesof18-64years.Approximatelyhalfwereunmarried57andhadattendedsomecollege48whileone-fourthwerehomeowners28.Themeantake-homeincomefellintherangeof801-1200permonth.Approximately75ofthe507householdsreceivedoneormoremethodsoffinancialeducationthroughExtensionwhile25ofhouseholdsweredesignatedthecontrolgroupandreceivednofinancialeducation.Thefinancialcapabilityeducationofferedover6-8monthsduringtheschoolyearincluded1Eightfinancialeducationnewslettersmailedore-mailedmonthly.Thetwo-pagenewsletterscoveredtopicssuchassettingfinancialgoalssavingandcreditmanagement.2Twoone-hourworkshopsonthetopicsofsavingandcreditmanagement.3Twoin-personfinancialcoachingsessionsonefallonespringwithmonthlyfollow-up.Theextentoffollow-upwasdeterminedbythehouseholdsfinancialgoalsandincludedphonecallse-mailsadditionalofficeorhomevisits.47PeggyOliveUniversityofWisconsin-ExtensionRichlandCounty1000Highway14WestRichlandCenterWI53581Phone608-647-6148Emailpeggy.oliveces.uwex.edu. ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium54Allparticipantswerethenmailedafollow-upsurveyattheendoftheschoolyear.Matchingbaselineandfollow-upsurveyresponsesthereporteddifferencesbetweenhouseholdswhoreceivednewslettersandmayalsohavetakenpartinworkshopsorcoachingwerecomparedtohouseholdswhodidnotreceiveanyfinancialeducationduringthepreviouseightmonths.Parentsintheeducationalgroupreportedpositivechangesincludingan18decreaseindebtlevelsa46increaseinorderingcreditreportsanda92increaseinhavingawrittenbudget. ProceedingsoftheAssociationforFinanciSymposiumProvidingaJoanneRoueche4KeyWordssingle-motherspovertyTargetAudienceSinglemothersaretheprimaryaudienchavebeenusedtoreachthesinglemotHeadStartDomesticAbuseSheltertrObjectivePurposeAccordingtoCaseyandMaldonado2belowthepovertylineinthestateofUlivinginsingle-motherfamiliesMaththeriskofdroppingoutofschoolbecTherearemanyservicesavailableforsChildrenWIChousingassistanceSTheseprogramshoweverdonotprovCooperativeExtensionprogramsandccommunitysupportnecessaryforbehatocomeandcreatethesteppingstonesContentMethodTheinitialprogrambeganwithanIndiprogram.Thefour-weekseriesprovideDevelopmentAccountIDAsavingsatowardahomeeducationorsmallbusiknowledgegainedandcompletedafinknowledgegained.48JoanneRouecheMACFCSCPFFFarmingtonUtah84025Ph801-451-00.511.522.533.544.55lCounselingPlanningandEducation2013AnnualResearchathwayOutofPovertyforSingle-Mothers8MACFCSCPFFEUtahStateUniversityExtensionndividualDevelopmentAccountIDAsavingsehoweverthematerialwillapplytoageneralaudience.eraudiencesuchasreligiousandchurchgroupstheFansitionalhousingandtheHillAirForceBaseFamilyRe12single-motherhouseholdsaccountfornearly50perah.Twentyfourpercentofthe75millionchildrenunderr2010.Theeffectsofgrowingupinasingleparenthomingteenparentsdifficultyintheworkforceandfoodiingle-motherhouseholdstoincludefoodstampsWomenpplementalNutritionAssistanceProgramSNAPandudetheeducationnecessarytoprovideapossiblepathwammunitynetworkingcanprovidetheresearchbasedediorchange.Changesinbehaviorcanhavelongtermeffeecessarytogetoutofpoverty.idualDevelopmentFinanceclassforsinglemothersinasparticipantswithnecessaryfinancialeducationtobeginccount.Theaccountprovidesathreetoonematchonmoness.Allsinglemotherscompletingtheclassesdidaprencialbinder.ThefollowinggraphshowssignificantincrUtahStateUniversityExtension28EastStateStreet3404Fax801-451-3572joanne.rouecheusu.edu.ndTraining55ManyavenuesilySupportCenteradinessCenter.entoffamiliestheageof18areseholdincreasessecurity.Infantsandilityassistance.outofpoverty.cationclassesandctsforgenerationstransitionalhousinganIndividualiessavedtogopostevaluationonaseinfinancial107P.O.Box618BeforeAfter ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium56Additionalclassesfollowedtoeducateandmentortheparticipants.ClassesincludedFoodSenseNutritionalEducationFSNEresearch-basedparentingclassesparentingandrelationshipeducationinformationaboutcouponingandstretchingtheirbudgetideasforinexpensiveactivitiesforchildrenandsuggestionsonhowtomakethemostofyourmoneyfortheholidays.ReferencesASPEResearchBrief2008.Economicpatternsofsinglemothersfollowingtheirpovertyexits.DepartmentofHealthandHumanServices.Retrievedfromhttpaspe.hhs.govhsp07PovertyExitsrb.pdfCaseyT.MaldonadoL.2012.Worstoff-singleparentfamiliesintheUnitedStatesAcross-nationalcomparisonofsingleparenthoodintheUnitedStatesandsixteenotherhigh-incomecountries.LegalMomentum.Retrievedfromhttpwww.legalmomentum.orgour-workwomen-and-povertyresources--publicationsworst-off-single-parent.pdfMatherM.2010.DataBriefU.S.childreninsingle-motherfamilies.Retrievedfromhttpwww.prb.orgpdf10single-motherfamilies.pdf ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium57SavingfortheUnexpectedInnovationstoHelpConsumersManageEmergenciesMelanieKwonDuchShaheenHasanDoorwaystoDreamsFund49KeyWordsEmergencysavingsproductinnovationprepaidcardsprize-linkedsavingsassetbuildingTargetAudienceFinancialcounselorsandeducatorsparticularlythosepractitionersservingclientsthatarenotregularlysavingObjectivePurposeThepanelwillprovidefinancialeducatorsandcounselorswithbackgroundonthepressingneedforshort-termsavingsandshowcaseinnovationsthatcanhelptheirconsumersplanformanagingshort-termneedsincludingfinancialemergencies.TheDoorwaystoDreamsFundD2Dwilldiscussinsightsfromitsworkonsavingsinnovationsonprepaidcardsandprize-linkedsavingsPLSthathavehelpedconsumerssaveandclosethegapbetweentheneedforandaccesstoanemergencyreserve.Participantswillwalkawaywithproductdesigntoolsthatcanhelpthemintheirpractitionerwork.SavingsonPrepaidCardsGiventheireaseofaccessandincreasingpopularityespeciallyamonglowtomoderateincomeconsumersprepaidcardscanserveasavehicletohelphouseholdssetfundsasideforemergencysavings.D2DwillshareinsightsfromitspartnershipwithBankingUptotestanddesignaRainyDayReserveRDRsavingspocketontheirUPsideprepaidcardwithaspecificinterestinhelpinghouseholdssaveforemergencies.PromisingfindingsrevealthatnotonlyhastheRDRsavingsfeaturereachedconsumersandprovidedthemwithasavingstoolbutconsumershaveusedthatfeatureasarevolvingsavingspockettomeetshort-termneeds.PLSD2DhasalsoseenfavorableresultswithitsPLSworkwhichhassuccessfullyengagedconsumersinsavingsandbuildingashort-termemergencyreserve.D2DwillsharefindingsfromtheSavetoWinSTWPLSproductinfourstatesedmorebroadlytohelpconsumersbuildsavingsforfinancialemergencies.TheSTWproducthasbeenfoundtomotivateconsumerstostartandmaintainanemergencysavingsfundrebuildthefundafterwithdrawingmoneyandleadingevidencesuggeststhatconsumersarebuildingahabitofsmalldollarsavings.DescriptionofContentandMethodNearlyhalfofAmericanhouseholdsarevulnerabletofinancialshockswitha2011studybyleadingresearchersfindingthat46lackconfidenceintheirabilitytocomeupwith2000in30days.Withouttherighttoolstomanagetheseemergenciesfamiliescanexperiencehardships.Thesizeoftheshockmaybesmallbuttherelativeimpactlargelong-lastingandpotentiallyforeverdamaging.Usinginnovativeproductstohelpclientsprepareforemergencieshasanoutsizedimpactonthefinancialstabilityofhouseholdbalancesheets.InthispanelD2Dwillhighlightproductinnovationsthathavehelpedconsumerssuccessfullysaveforemergencieswhentheywerenotregularlysavingbefore.Giventhatthereisnouniversalsolutiontohelpconsumersmeettheirneedsforshort-termemergencysavingsD2Dhasbeenworkingonvariousinnovationstohelphouseholdscopewithemergenciesincludingasavingsonprepaidcardsaswellasbprize-linkedsavingsaninnovationthatrewardsconsumersforsavingwithchancestowinprizesbasedontheirdepositactivity.ReferencesLusardietal.FinanciallyFragileHouseholdsEvidenceandImplications.NBERWorkingPaperNo.17072May2011.49DoorwaystoDreamsFund114WesternAvenueAllstonMA02134877642-3167 ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium58TheCultureofPersonalFinanceWhatFinancialPractitionersNeedtoKnowBarbaraONeillRutgersUniversity50KeyWordspersonalfinanceculturevaluesethnicityTargetAudienceThetargetaudienceforthisworkshopisadultfinancialeducationprofessionalsandfinancialcounselorsespeciallythosewhoteachandcounselclientsthatcomefromawidevarietyofethnicbackgrounds.ObjectivesPurpose1.ParticipantswilllearnaboutmajorculturalshiftsthathavetakenplaceintheU.S.2.Participantswilllearnaboutresearchfindingsrelatedtocultureandpersonalfinance.3.Participantswillcompletethreeactivitiestoexploreculturalinfluencesontheirpersonalfinancialbehaviors.4.Participantswilllearnaboutfinancialattitudesandpracticesofspecificethnicgroups.5.ParticipantswilllearnaboutfinancialculturaldividesintheU.S.bygenderandincome.DescriptionofContentandMethodThisworkshopwillpresentinformationabouttheimpactofcultureuponpersonalfinanceattitudesandpractices.Culturedefinedascollectionofsociallytransmittedbehaviorsandbeliefsisalensthroughwhichpeoplevieweventsandmakedecisions.Thisworkshopwilldiscussteachingpersonalfinancefromamulticulturalperspectiveandfinancialcharacteristicsofspecificethnicgroups.By2043theU.S.willnolongerhavearacialmajoritygroupaccordingtotheU.S.CensusBureau.Ratheritwillbeapluralitynationwithnoethnicgroupinmajority.Nowmorethaneverfinancialeducatorsmustdevelopstrongculturalcompetencyskills.Itisnotenoughtohavepersonalfinancesubjectmatterexpertisewhendeliveringfinancialinformationtodiverseaudiences.Educatorsmustalsohavefinancialculturalcompetencei.e.understandinghowdifferentculturesviewfinancialissuesandmanagemoney.Valuesi.e.beliefsaboutwhatisimportantorhighlyregardedaboutmoneyaffectfinancialdecisionsandcultureaffectsmoneyvalues.Forexamplesomeculturese.g.NativeAmericansandHispanicsplaceanhighvalueonhelpingfamilymemberswhoexperienceemergenciesorarelesswell-offnomatterhowdistantthebloodrelationship.Familymemberswhoareconsistentlypressuredtosupportorbailoutothersmayunderstandablydecidenottosavemoneylesttheirsavingscontinuallybecomeacommunalemergencyfund.PeopleoftheMuslimfaithdonotbelieveinpayinginterestandthereforeusealternativenon-interestfinancingmethodsconsistentwiththeirbeliefs.Specificfinancialchallengesformanyforeign-borncitizensincludeestablishingacredithistorycash-onlyfinancialmanagementlackoftrustoffinancialinstitutionsandlanguageandculturalbarriers.Financialeducatorswithculturalcompetencecanhelplearnersfeellessstigmatizedandmakewisefinancialdecisions.Thisworkshopincludesa24-slidePowerPointpresentationandthreehands-onactivities.Itwasdevelopedforaprofessionalconferenceforfinancialeducators.TheslidesdiscusstheimpactofcultureonpersonalfinanceculturalshiftsintheU.S.whyallAmericansneedtocareaboutthefinancialsecurityofimmigrantpopulationsandresearchfindingsaboutthefinancialstatusofdifferentethnicgroups.TheworkshopalsoincludesadiscussionoffinancialcharacteristicsofspecificpopulationsincludingHispanicsAfrican-AmericansMuslimsIndiansChineseandJapanese.InadditiongenderandincomediversityintheU.S.withrespecttopersonalfinanceandthewideningincomeandculturegapbetweenhavesandhave-notswillbediscussedasAmericansindifferentincomestrataincreasinglyhavelessincommonwitheachotherthaneverbeforee.g.tastesinfoodandmassmediause.Thethreeworkshopactivitieswillbedemonstrated.InthefirstactivityparticipantswillcompleteaFinancialCultureCoatofArmsbyprovidingresponsesforthefollowingsectionsoftheworksheet1.thebestmoneyhabitthatIlearnedfrommyparents2.theworstmoneyhabitthatIlearnedfrommyparents3.mymoneymottoor50RutgersCooperativeExtensionCookOfficeBuilding55DudleyRoadRoom107NewBrunswickNJ08901Phone848.932.9126Fax732.932.8887Emailoneillaesop.rutgers.edu ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium59philosophy4.howmycultureandorreligionaffectsmypersonalfinancesand5.mygreatestfinancialhopeandfinancialfear.Inthesecondactivityparticipantswillcreateabucketlistofdesiredpersonalaccomplishments.Thethirdactivityisavaluesclarificationactivityusingaforcedchoicemethodologytoprioritizedesireditems.Alloftheseactivitiescanbereplicatedbyworkshopattendeeswithclientsorstudentstouncoverculturalinfluencesontheirfinanciallives. ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium60UniqueMoneyIssuesFacedbyWomenMartieGillen51LyndaSpenceandDiannDouglasUniversityofFloridaKeyWordswomenfinancialplanningmoneyissuesTargetAudienceEducatorsadvocatesfinancialplannersfinancialcounselorsandthosewhoareinthehelpingprofessionsworkingwithclients.ObjectivePurposeThegoalsofthissessionaretoprovideattendeeswithevidencebasedinformationregardingtheeconomicstatusofwomenincludingtheimpactoflifecyclechanges.Attendeeswillalsoreceiveresourcesandactivitiesthatcanbeusedintheirclientwork.DescriptionChangingrolesofwomenhavereshapededucationandcareeraspirationsmarriagepatternschildbearingcaregivingresponsibilitiesforchildrenandelderlyparentshousingdecisionsandinmanycasesredefinedthefamilyaltogether.Witheverchangingsocietalgenderrolesandfamilystructurestherecomesaneedforfinancialmanagementeducationtoaddressuniqueissueswomenencounter.Thissessionwillfocusonthechangeswomenmayexperiencethroughouttheirlifecycleandtheimpactofthesechangesontheireconomicstatusincludingrecenttrendsinthelaborforceandsignificantissuessuchasthegenderwagegap.Theseissuespervadefamilytransitionsandspanthelifecycle.Nearlytwo-thirdsofU.S.womenages40to79havealreadydealtwithamajorfinanciallifecrisissuchasjoblossdivorcethedeathofaspouseorseriousillnessDuke2010.WomeningeneralearnlessUSCensusBureau2011leavetheworkforcemoreoftenDuke2010arelesslikelytoparticipateinpensionplansDuke2010investmoreconservativelyDuke2010aremorelikelytoexperiencepovertyUSCensusBureau2011andlivelongerthanmenNationalCenterforHealthStatistics2012.IncreasinglywomenaresolelyresponsibleforfinancialdecisionmakingatsomepointintheirlivesyettheyknowlessaboutmoneythantheirmalecounterpartsDuke2010.UniquelypositionedFamilyandConsumerScienceshasrespondedprogrammaticallytothechangingrolesandresponsibilitiesofwomenintheseuncertaineconomictimesbydevelopingeducationprogrammingthataddressestheuniquemoneyissuesfacingwomentoday.Programparticipantslearnhowfinancialfamiliarityandmanagementpositivelyinfluencetheirqualityoflifeandunderstandhowemotionsinfluencehowtheyusetheirmoney.Participantsstrengthentheirskillsandchangebehaviorsthatinthepastmayhaverenderedtheminsecureillinformedindifferentunawareorunabletosave.Thisten-hourcourseprovideswomenwithinformationandencouragementaboutbeingfinanciallysuccessful.Establishingtheuniqueissuesthemulti-sessioncurriculumbuildsonfinancialorganizationmoneycommunicationfinancialgoalsettingassetprotectionestateplanningandconcludeswithretirement.Theworkshopsincreasetheparticipantsconfidenceintheirabilitytomanagefinancesby1identifyingfamilytransitionsandlifecycleissuesaffectingpersonalfinances2organizingpersonalfinancedocuments3strategizingassetprotection4settingSMARTfinancialgoals5understandinginvestmentoptionsand6developingupdatingorrevisinganestateplan.Thecurriculumdevelopmentteamconsistedofastatespecialistandtwocountyfacultymembers.Thecollaborationbetweenstateandcountyfacultyaidedinthedevelopmentofevidencebasedcurriculumthatalignswiththetargetaudiencesneedsatthecountylevel.WiththiscomprehensivecurriculumExtensionfacultyguideprogramparticipantstotransitionfromtheproverbialfinancialsidelinestoprimarydecisionmakersfortheirrespectivehouseholds.ReferencesDukeE.2010.WomenandMoneyChallengingtheMyths.51MartieGillenPh.D.MBAPOBox110310FamilyYouthandCommunitySciencesUniversityofFloridaGainesvilleFL32611Phone352-392-0404Emailmgillenufl.edu ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium61NationalCenterforHealthStatisticsHealthUnitedStates2011WithSpecialFeatureonSocioeconomicStatusandHealth2012Table21.Retrievedfromhttpwww.cdc.govnchsdatahushus11.pdf021.USCensusBureau.2011.IncomePovertyandHealthInsuranceCoverageintheUnitedStates2010.Retrievedfromwww.census.govprod2011pubsp60-239.pdf ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium62UsingTechnologytoChangeFinancialBehaviorsJinheeKim52LynnLittleMiaRussellNancyLewisMichaelElongeandAllisonSchroederUniversityofMarylandKeyWordsworkplacefinancialeducationonlineeducationretirementinvestmentBackgroundNumerousfinancialeducationandcounselingprogramsexisttodayinvariousformatsincludingface-to-faceprogramsbooksandmanualsandincreasinginpopularityareonlineprograms.AlthoughitistoosoontosaywhetheronlinefinancialeducationiseffectiveinitialresearchindicatesthattoolssuchasFinancialEntertainmentgamesincreaseparticipantsfinancialknowledgeaswellastheirself-efficacywhichsupportsreal-worldbehaviorchangeintermsofsavingsandinvestmentbehaviorMaynardMehtaParkerSteinberg2012.Therearevariousfreeonlinefinancialeducationresourcesavailabletoprovidelearnerswithbasicfinancialliteracyknowledgeonawidevarietyoftopics.Onlinetoolssuchascalculatorsapplicationsgamesandlifescenarioshelptofacilitatethelearningprocessandmaybevaluablecomplementstoclassroomoronlineinstruction.TargetaudienceOurprogramistargetedtoemployeesattheirworkplacesandisappropriateforemployeesofallages.ObjectivesPurposeWehavedevelopedanonlineprogramtoengageadultlearnersbyprovidingabalancedmixofcontentandbehaviorchangereinforcement.Thepurposeistoincreaseparticipantsfinancialknowledgeattitudesandintentionstochangetheirbehaviorsaroundretirementinvesting.Theprogramengagesavarietytoolssuchasonlineapplicationsandtextingtomotivateandsustainbehaviorchange.DescriptionTheprogramemploysarichvarietyofmediatoeffectivelyengageadultlearners.Contentiscommunicatedviaonlinevideoswebinarsdownloadablepresentationshandoutsandotherinteractivetools.Wealsoconnectlearnerstothevastarrayofonlinepersonalfinancialmanagementandbehaviorchangetoolsthathavebeendevelopedsuchaswww.Mint.comwww.MySpendingPlan.comwww.SmartyPig.comandwww.Stickk.com.OnlinemodulescoverthefollowingsubjectareasFinancialCheck-UpParticipantsassesstheirpersonalfinancialsituationandlearntipsforfinancialplanningassessinginsurancecoveragereviewingsavingsandinvestmentsretirementplanningandotherbasicmoneymanagementskills.SavingandInvestingfortheFutureThismoduleguidesparticipantstobeginandorincreasesavingsunderstandthedifferencesbetweensavingsandinvestmentsandrecognizethepre-requisitestoinvestingUnderstandingInvestmentsThismodulefocusesonkeyinvestmentconceptsandprincipleshowtochooseinvestmentsappropriatetoonesgoalsriskvs.returnsandhowtoselecttherightinvestmentprofessional.PlanningforRetirementParticipantslearnabouttheneedsandsourcesofretirementincometax-deferredretirementsavingsplansandhowtoestimatetheamountofmoneythatneedstobesavedforretirement.ReferencesMaynardN.W.MehtaP.ParkerJ.SteinbergJ.2012.CanGamesBuildFinancialCapabilityFinancialEntertainmentAResearchOverview.Retrievedfromhttp192.5.14.43contentdamrandpubsworking_papers2012RAND_WR963.pdf52JinheeKimPhDUniversityofMaryland1142SchoolofPublicHealthBld.255CollegeParkMD20742Phone301-405-3500Emailjinkimumd.edu ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium63UsingTherapeuticCommunicationtoHelpClientsinTransitionSusanZimmermanLMFTChFCSteveZimmermanCFPChFCMindfulAssetPrograms53AbstractInthissessioncommunicationtoolsfromthetherapyworldaresharedtohelpclientsmoreeffectivelynavigatethroughtransitionsandmakehealthymodificationswhenneeded.AsfinancialpractitionerswearetypicallytrainedextensivelyaboutmanagingfinancialassetsandliabilitiesbutlacktraininginHumanAssets.Humanassetsrefertoclientemotionsthoughthabitsdecisionstylesandrelationshipdynamics.Thissessionuseseightmoneymotivestocreateacommunicationstructureforclientshelpingthemgainprosperityclaritytoenhancetheirabilitytomoveforwardinpositiveandlastingwaysespeciallyduringtoughtransitionssuchasjoblossordivorce.53MindfulAssetPrograms14530PennockAvenueAppleValleyMN55124952432-4666www.MindfulAssetPrograms.comSusanmindfulassetprograms.com ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium64WhatDotheRecentChangesandTrendsinReverseMortgagesMeanforProfessionalsWorkingwithSeniorsCindyR.Stokes54M.S.AFCandAlenaC.JohnsonM.S.AFCUtahStateUniversityKeyWordsreversemortgageRMHomeEquityConversionMortgageHECMhousingcounselingTargetAudienceProfessionalswhoworkwithpre-seniorsseniorsprivatepractitionerseducatorsfinancialcounselingagencieshousingcounselingagencies.ObjectivePurposeAsmoreandmoreBaby-BoomersentertheirsenioryearsmanyunpreparedforretirementtheneedforfinancialplannersandcounselorsincreasesStokesLownDelgadilloPfister2011.Todaysfinancialplannersandcounselorsarebetterpreparedtoassistseniorswhentheyareknowledgeableaboutfinancialoptionsavailabletotheclientstheyserve.OneprevalentoptionforseniorsistheReverseMortgageRM.Eachyeartensofthousandsofhomeownersage62yearsandolderobtainRMsatotalof808035HomeEquityConversionMortgagesHECMsasofMarch2013hadbeenoriginatedsincetheprogramslaunchinFY1989-90NationalReverseMortgageLendersAssociationNRMLA2013.TheHECMisthemostpopularversionoftheRMandisFHAinsured.Anaverageof86781HECMswereoriginatedannuallyoverthepastfiveyearswith27953thusfarinFY2012-13October12012throughMarch312013accordingtotheNRMLA2013.OnestudyfoundthenumberofhouseholdsseekingtherequiredRMcounselingtobetwicethenumberofhouseholdsthatactuallyfollowedthroughwiththeRMStokesetal.2011.ThereareseveralconcerningtrendswithRMsincludingthedecreaseinborrowersageandtheincreaseincoupleborrowersbothindicatingthatyoungerseniorcouplesareusingaRMatahigherfrequencyoftenthesecouplesextracttheirfullequitytopayoffanexistingmortgageStokesJohnson2012.EarlierthisyeartheU.S.OfficeofHousingandUrbanDevelopmentHUDdroppedthefixedinterestrateStandardHECMloanpartiallybecauseofthelargeriseindefaultsbyfixed-rateborrowerswhoextractedthemaximumequityfromtheirhomeKitces2013.DescriptionofContentandMethodThispresentationseekstoaddresstheconcernssurroundingtheincreaseinRMdefaultsandthelossoftheHECMStandardfixedinterestrateloanoptionaswellastoincreasepractitionerunderstandingofRMsasanoptionforseniorhomeownerslookingforfinancialhelp.ItisimportantfornotonlyplannerscounselorsandeducatorsbutanyprofessionalworkingwithseniorstobeawareofandhaveadequateknowledgeaboutRMs.ProfessionalsalsoneedtobeabletoreferseniorclientsasneededtoaqualifiedandunbiasedRMcounselorforadditionaldetailedandrequirededucationsothatseniorscaneffectivelymakethebestdecisionspossibleandbesuccessfuliftheychooseaRM.ReferencesKitcesM.2013.NerdseyeviewCommentaryonfinancialplanningnewsanddevelopments.Retrievedonlinefromhttpwww.kitces.comblogarchives491-HUD-Eliminating-Fixed-Rate-HECM-Standard-Reverse-Mortgages-But-HECM-Saver-Option-Remains.htmlNationalReverseMortgageLendersAssociationNRMLA.2013.AnnualHECMproductionchart.Retrievedfromhttpwww.nrmlaonline.orgRMSSTATISTICSDEFAULT.ASPXarticle_id601StokesC.R.JohnsonA.C.2012.ReversemortgagesAblessingorpitfallforseniorsinfinancialdistress.ProceedingsoftheAssociationforFinancialCounselingandPlanningEducationNovember14-1644.54CindyR.StokesUtahStateUniversity2905OldMainHillLoganUtah84322-2905Phone435797-8997Fax435797-3845Emailcindy.saggiemail.usu.edu ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium65StokesC.R.LownJ.M.DelgadilloL.M.PfisterR.M.2011.Boostyourincomewithreversemortgagecounseling.ProceedingsoftheAssociationforFinancialCounselingandPlanningEducationNovember16-182. ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium66YouandHealthInsuranceTheWhyWhatandHowforMakingaSmartChoiceLynnLittle55BonnieBraunVirginiaBrownTeresaMcCoyMiaBaytopRussellMeganONeilJinheeKimUniversityofMarylandExtensionandMariaPippidisUniversityofDelawareCooperativeExtensionKeywordshealthinsuranceinsurancepersonalfinancehealthinsuranceliteracyaffordablecareactdecision-makingTargetAudienceIndividualsandfamiliesfacedwithmakinghealthinsurancedecisionsthatareagoodmatchfortheirhealthneedsandtheirfinancialresources.ObjectivePurposeToexploretheinformationyouneedtomakethebesthealthinsurancedecisionforyouandyourfamilybasedonyourneedsandhowmuchyoucanafford.AnticipatedshorttermoutcomesforconsumersparticipatingintheHealthInsuranceLiteracyInitiativeHILISmartChoiceeducationprogramwillbeabletoaskkeyquestionsmakesenseoftheanswersusesimpletoolstochooseselectsmartchoicesandfeelgoodabouttheirsmartchoicedecision.DescriptionofContentandMethodThepassingoftheAffordableCareActACAhascreatedanewworldforpurchasersofhealthinsuranceandover200Mfamiliesareat-riskofnotmakingahealthplanchoicethatisagoodmatchfortheirhealthneedsandfortheirfinancialresources.NationalresearchsuggeststhatmostAmericansdonotunderstandhealthinsuranceplaninformationandthereforethechoicesavailabletothem.AnationalassessmentofthehealthliteracyofU.S.adultsfoundthat88cannotcalculateanemployersshareofhealthinsurancecostsusingatablebasedonincomeandfamilysize.SeizingontheopportunityaUniversityofMarylandandUniversityofDelawareExtensionteamdevelopedahealthinsuranceliteracyinitiativeHILIincludingaSmartChoicecurriculumtoincreaseandorimproveconsumercompetencyskillsandknowledgetomakewisehealthinsurancedecisionssmartchoice.Thecurriculumisdesignedtohelpreducetheconfusionincreaseconsumercapabilityandconfidencesoconsumerswillbeabletomakeasmartchoicetheirhealthinsurancedecision.TheSmartChoicecurriculumhasintegratedtheAmericanInstitutesonResearchmeasureofhealthinsuranceliteracycombiningfinancialandhealthliteracyandcontainspresentationmaterialseducatortoolkitandconsumerworkbookonlineeducatorandconsumerresourcesandevaluationtools.Thecurriculumisdesignedtoteachconsumerswhatquestionstoaskandhowtofindanswerstohelpmakeasmarthealthinsurancechoice.Participantsleavetheprogramwithtoolstheycanusetoselectaplanthatbestfitstheirneedsandconfidencetheycanmakeasmartchoice.Theprogramisdesignedtoeffectivelyengageadultlearnerswithgoalsofprovidingknowledgegainskilldevelopmentandenhancementandbehaviorchangereinforcement.Formoreinformationvisitwww.extension.umd.eduinsure.55LynnF.LittleLLittleumd.eduUniversityofMarylandExtensionWashingtonCounty7303SharpsburgPikeBoonsboroMD21713301-791-1504 ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium67ResearchPapersDescribingRiskToleranceDoesaRiskCharacterizationPortraitExistJohnE.GrablePh.D.CFP56AbedRabbaniM.S.TheUniversityofGeorgiaAbstractThispaperreportsfindingsfromastudydesignedtodetermineifportraitsofrisktolerancecouldbedevelopedforanationallyrepresentativesample.Itwasdeterminedthatrisktoleranceisnotentirelydomainspecificbutratherageneralizedattitudeheldbyindividuals.Alatentrisk-toleranceconstructwasdevelopedconsistingofdrivingfinancialoccupationalhealthinterpersonalromanticandmajorlifechangerisktolerance.Thesesevenitemswerefoundtobepositivelyassociated.Eachoftheitemsalsoloadedhighlyontoonefactorwithinaprincipalcomponentsanalysis.Additionallyportraitsofrisktolerancewerefoundtobebothvalidandreliableusingacombinationofttestandresidualpredictionmethodologies.Opportunitiesforfurtherresearchbasedonthisstudyarepresented.IntroductionThetypicalAmericanencountersandengagesinmultiplerisk-takingsituationsonadailybasis.RiskscangenerallybeclassifiedintooneoffivedomainsWeberBlaisBetz2002afinancialbhealthsafetycrecreationaldethicalandesocial.Somerisksregardlessofthedomaincanbeavoidedminimizedortransferred.Itiscommonhoweverforindividualstoalsoactivelyengageincertainriskyactivities.Thatispeopleoftenseekoutrisksorwhenfacedwithariskydecisiontheyusetheirexperienceandacquiredskillstodealwiththesituation.Asmightbeexpecteddecisionsrelatedtoparticipationinaparticularactivityandwhentheengagementwilltakeplacetendtobeshapedbyeachpersonsuniqueexperiencespreferencesandperceptions.Animportantaspectassociatedwithfinancialcounselingandplanningprocessesinvolveshelpingclientsidentifyanalyzeandmanagerisk.Ofthefiveprimaryriskdomainsfinancialriskisoftenacentraltopicofconcernforclientswhoworkwithfinancialcounselorsandplanners.Nearlyallfinancial-orientedrecommendationsandimplementationstrategiesthatafinancialcounselororplannermayrecommendentailsomedegreeoffinancialrisk.Assuchitisimportantforfinancialcounselingandplanningpractitionerstohavebothaconceptualunderstandingandapracticalappreciationfortheconceptsofgeneralandfinancialrisktolerance.GrableandJoo2004notedthatrisktolerancecanbestbethoughtofasapersonswillingnesstotakepartinabehaviorinwhichoneormoreoutcomesarebothuncertainandpotentiallynegative.Althoughasimpleconceptdebateregardingthestabilityandspecificityoftherisk-toleranceconstructhasbeennearlyconstantoverthepasttwodecades.Inonecamparethosewhosuggestthatrisktoleranceisdomainspecific.Thosewhomakethisargumentpointtoexampleswheresomeoneappearstobeveryconservativeinseveralareasoflifeonlytoexhibitverylowriskaversioninanotherarea.Anexamplewouldbesomeonewhoisunwillingtoinvestinhighriskinvestmentsyetiswillingtoengageinariskyrecreationalactivitysuchasflyingorskydiving.Thistypeofexampleillustratesforthosewhoarguethatrisktoleranceisdomainspecificthatpastexperienceandenvironmentalfactorsinfluenceriskydecisionchoices.Intheothercamparethosewhoarguethatwhileitistruethatindividualsarenotuniversallyrisktolerantorriskaverseinallareasoftheirlifeindividualscanbecharacterizedbyageneralrisk-toleranceportrait.Thisconceptualrisk-tolerancesketchcanaccordingtothosewhomakethisargumentbeusedtodifferentiatepeopleaccordingtotheirgeneralizedwillingnesstoengageinriskybehaviors.Itisimportanttonotethatthosewhomakethisargumentarenotsuggestingthatitisimpossibleorevenunlikelythataparticularpersonwouldforexampleavoidrisky56ContactInformation205DawsonHallHouseBUniversityofGeorgiaAthensGA30602Phone706-542-4758Emailgrableuga.edu ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium68investmentsandconcurrentlyengageinariskyathleticevent.Ratherthisargumentispremisedonabroadercharacterizationthatindividualsontheaverageexhibitconsistentrisk-toleranceattitudesacrossawidevarietyofdomains.Assuchaccordingtothislineofthinkingitwouldbehighlyimprobablethatalargepercentageofpeopleatanyonetimewouldexhibitwidelydivergingbehaviorsthatruncountertotheirgeneralizedrisk-toleranceportrait.Thepurposeofthispaperistoreportteststhatweredesignedtodeterminewhetherornotarisk-toleranceportraitcouldbedevelopedthatisaccurateincharacterizingindividualsalongageneralspectrumofrisk.Inthisstudysevenrisk-toleranceitemswhichfitwithinthefivedomainsofriskasdescribedbyWeberetal.2002wereevaluated.Theanalysisbeganwithatestofthelevelofnon-causalassociationbetweenandamongtheitems.Giventhegeneralagreementamongresearchersthatwomenandmentendtodifferintheirappraisalsofriskandthewillingnesstoparticipateinriskyactivitiesgenderdifferencesweretestedonthesevenitems.Additionallystepsweretakentodetermineifrisktoleranceisdomainspecificorwhetherageneralizedriskcharacterizationportraitexistsandwhetherindividualsdoareasonablygoodjobofevaluatingtheiroveralltoleranceforrisk.ReviewofLiteratureRiskToleranceDomainDependentorCross-SituationalAccordingtoCorterandChen2006socialandorganizationalpsychologistshavebeendebatingwhetherriskattitudesandrisk-takingbehavioriscontextdependentorcross-situationalforquitealongtime.Thereisevidencesupportingbothsidesoftheargument.ForexampleEysenckandEysenck1978arguedthatapersonspropensitytotakeriskisageneralpersonalitytrait.ResearchersstudyingsensationseekinghaveoftennotedthatpeoplewhoaredrawntocomplexandnovelbehaviorshareacommonpersonalityprofileWongCarducci1991Zuckerman1994.OthershavereportedthatrisktakingcannoteasilybeexplainedbyageneralappetiteforriskCorterChenSlovic1964.Insteadtheseresearchersarguethatrisktakingisdomaincenteredwithexperienceandknowledgeaccountingformuchofthevariationinrisktakingwithindomains.ItisusefultonotehoweverthatwhatsomeresearcherscalldomainspecifictoleranceforriskmayactuallyberelatedtothewayapersonsvaluesgoalsandbeliefsoverlapCallanJohnson2002.Itispossiblethatwhenbroadlyconceptualizedpeoplemayexhibitgreaterconsistencyacrossdomainseventhoughtheymaysometimesengageinbehaviorthatappearsinconsistent.Thereislittleempiricalevidencewithintheliteraturetoindicatewhetherpeoplesinconsistenciesoccursystematicallyorwhetherinconsistenciesareshort-terminnaturewithalongertermrevisiontoapersonsgeneralizedrisk-tolerancecharacterization.Itisalsopossiblethatinconsistenciesthathavebeenreportedintheliteratureandmediaareanartifactofsmallsamplesizesorsamplesthatarepronetoexhibitbiases.TakeforexampleaWallStreetJournalreportShellenbarger2013thattoldstoriesofpeoplewhowerelivingrelativelymundanelivesbutsuddenlyengagedinanimpulsivebehavior.Whatmakesthesestoriesinterestingisthefactthatthepeoplehighlightedarenottypicalornormal.Statisticallythosehighlightedinsuchstoriesmaybestatisticaloutliers.Whileitmaybeusefultoidentifythosewhoarelikelytobebiasedinrelationtorisktolerancethesingularfocusonthisgroupwhichislikelyverysmallmaydistractresearchersandfinancialcounselingandplanningpractitionersfromevaluatingthemoreimportanthomogenousnatureofpeoplesgeneraltoleranceforrisk.Inthefinalanalysisfinancialcounselorsandplannersneedriskcharacterizationtoolsthatworkwithawidesegmentofsociety.Whileitiseasiertodismisstheprospectthatpeoplehavearisk-toleranceportraitbasedonstoriesofoutlyingbehavioritbehoovesthecounselingandplanningprofessionstolookmoredeeplyintothisconceptasawaytohelpmoreclientsdealwithriskdecisions.GenderandRiskToleranceWhenaskednearlyallfinancialcounselorsandplannerswillindicatethatwomentendtoexhibitlowerrisktolerancethanmenwhenfacedwithafinancialdecision.Thenotionthatwomenandmendifferintheirtoleranceforriskacrossdomainsmaybeexplainedinpartbythedifferentgoalsvaluesandexperiencesheldbywomenandmen.Thisisthereasongendertendstobeaneffectivetoolforvalidatingriskmeasures.IntermsofrisktolerancementendtoexhibitagreaterwillingnesstoengageinbehaviorwherepotentialnegativeoutcomesarelikelyAranoParkerTerry2010Grable2008Neelakantan2010.ThisobservationistrueacrossthespectrumofriskyactivitiesbutespeciallyinrelationtofinancialdecisionsYaoHanna2005.AdditionallymentendtooverestimatetheirrisktolerancewhilewomenarepronetounderestimatetheirtoleranceforriskRoszkowski ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium69Grable2010.TheseestimationbiasesappeartoberobustacrossdomainsbutcertainlywithinthecontextoffinancialrisktakingGilliamGrable2010.Thisdoesnotmeanthatgendershouldbeusedasastereotypicalriskprofilingtoolwithinthefinancialcounselingandplanningprocesses.Adviserswhostereotypeinthiswaycanonlystatethatgiventwoidenticalindividualsonebeingfemaleandtheothermalei.e.sameagesocioeconomicbackgroundexperienceetc.themaleshouldexhibitagreaterwillingnesstotakerisk.AsindicatedbyMartin1987suchgenderstereotypesmaybetruetoanextentbutthetendencytooverexaggeratetheassociationisalwayspresent.FurthermoreitisentirelypossiblethatgenderdifferencesaresimplyareflectionofapersonsknowledgeandexperienceGrable2000.Thislastpointisofparticularimportance.Whileitistruethatwithinanexperimentalcontextwomenoftenreportalowerwillingnesstoengageincertainbehaviorsitisalsotruethatoncewomenareexposedtoinformationknowledgeandappropriaterisk-adaptionstrategiesdifferencesinrisktolerancebetweenwomenandmenshrinkGrableJoo2004.Thisisanimportantinsightforpractitionerswhodealwithclientsonadailybasis.Wheregenderdifferencesinrisktolerancecomeintoplayandarequiteusefulareresearchsituations.Thisisparticularlytruewhenwomenandmenareaskedaseriesofrisk-toleranceassessmentitemswithlittlepreparationortimetocontemplateoutcomesassociatedwithresponses.Inthesetypicalresearchdesignsituationsitisreasonabletohypothesizethatwomenwillbemoreriskaversethanmen.PortraitsofRiskToleranceandEstimationBiasMuchoftheresearchdevotedtounderstandingthedeterminantsandoutcomesassociatedwithrisktoleranceparticularlyfinancialrisktolerancehasfocusedonexaminingtheroledemographicfactorsplayinshapingriskattitudesandinlinkingrisktolerancetoconsequencesofapersonalnatureHannaWallerFinke2008.ThishelpsexplainwhysomuchisknownatleastdescriptivelyabouttherelationshipbetweenrisktoleranceandgenderbutasGrable2008highlightedtheuseofdemographicfactorsasproxiesforrisktoleranceshouldbeavoided.Ratherfactorssuchasgendershouldbeusedprimarilyasmeasurementtoolsforresearchratherthanpractice.Thisisonereasonmuchoftheresearchthathasattemptedtocreatedemographicandsocioeconomicprofilesofrisktakershasfailed.Thesetypesofvariablesdonotworkeitherindividuallyorjointlybecausethereislittletheoreticalreasonthattheyshould.Whatresearchersandpractitionersneedisinformationaboutwaysthatcanbeusedtocharacterizetherisk-toleranceattitudesofindividuals.Ashasalreadybeendiscussedthereisnodefinitiveevidenceregardingthepossibilitythatarisk-toleranceportraitcanbedevelopedforindividuals.Howeverthereisgoodreasontobelievethatportraitsofrisktolerancecanandshouldbedeveloped.Anytoolthatcanprovideabroaderperspectiveregardingsomeonesattitudetowardstakingriskaddstothetoolsandtechniquesthatacounselorandplannercanusewhenworkingwithclients.Ofcoursethisistrueonlyifageneralcharacterizationisvalidandreliableandstatisticallyassociatedwithbehaviorsofinterest.Oneimportantoutcomeassociatedwiththisstudyistohelpanswerquestionsrelatedtothevalidityandreliabilityofageneralizedportraitofrisktolerance.MethodsDataSourceDataforthisstudywereobtainedfromthe2010NationalLongitudinalSurveyofYouth1979sampleNLSY79.TheNLSY79isconductedbytheUSDepartmentofLaborsBureauofLaborStatistics.Thesampleconsistsofmenandwomenbornintheyears1957and1964.ThesurveywasdesignedtogatherinformationatmultiplepointsintimeonsignificantlifeeventsofseveralpopulationsamplesofU.S.citizens.TheNLSY79isanationallyrepresentativesampleN12686whowere1422yearsoldwhentheywerefirstsurveyedin1979.Theseindividualswereinterviewedannuallythrough1994andarecurrentlyinterviewedonabiennialbasis.TheNLSY79originallycontainedthreesubsamplesaacross-sectionalsampleof6111respondentsdesignedtoberepresentativeofthecivilianU.S.youthpopulationbasupplementalsampleof5295respondentsdesignedtooversamplecivilianHispanicBlackandeconomicallydisadvantagednon-Blacknon-HispanicU.S.youthandcasampleof1280respondentsdesignedtorepresentthepopulationages1721whowereenlistedinthemilitary.Thesurveycontainsanexpansivesetofquestionsrangingbasicdemographicdatatopsychosocialandattitudinalassessments.Forexamplethesurveyincludesdetailedquestionsoneducationalattainmenttraininginvestments ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium70incomeandassetshealthconditionsworkplaceinjuriesinsurancecoveragealcoholandsubstanceabusesexualactivityandmaritalandfertilityhistoriesaswellasmeasuresofrisktaking.Inthisstudy7504respondentsansweredatleastoneoftherisk-assessmentitems.VariablesForthepurposesofthisresearchsevendomainspecificrisk-toleranceassessmentitemsonegeneralriskassessmentandthegenderofrespondentswerecodedandanalyzed.Asdiscussedinthereviewofliteraturepeoplecanbehavedifferentlyinunusualsituations.OneadvantageassociatedwiththeuseoftheNLSY79forthistypeofanalysisisaccessingrespondentsresponsestothesevenrisk-tolerancequestions.RespondentswereaskedHowwouldyourateyourwillingnesstotakerisksinthefollowingareasThesevendomainswereadrivingbfinancialmatterscoccupationdhealtheinterpersonalfromanticrelationshipsandgmajorlifechanges.Foreachofthesituationslistedrespondentswereaskedtoratethemselvesonthefollowingwillingnessscale0to10where0meansunwillingtotakeanyrisksand10meansfullypreparedtotakerisks.DescriptivedataforeachitemareshowninTable2.InadditiontoquestionsaboutdrivingfinancialoccupationalhealthinterpersonalromanticandmajorlifechangerisktakingrespondentswerealsoaskedthefollowingitemAreyougenerallyapersonwhoisfullypreparedtotakerisksordoyoutrytoavoidtakingrisksRespondentswereaskedtoratethemselvesonthesamerisk-tolerancescalewhere0meansunwillingtotakeanyrisksand10meansfullypreparedtotakerisks.Basedon7504casesthemeanmedianandstandarddeviationdataassociatedwiththisquestionwere4.825.00and2.96respectively.Answerstothisquerywereusedtovalidateportraitsofrisktoleranceasestimatedinthispaper.Genderwasalsoevaluatedinthisstudy.Thevariablewascodeddichotomouslywith1maleand2female.Thesamplewasnearly50femaleand50male.DataAnalysisProceduresFourdataanalysisprocedureswereusedtodetermineifageneralizedrisk-toleranceportraitcharacterizationcouldbedevelopedforrespondents.Non-causalassociationsbetweenandamongthesevenrisk-toleranceitemswereassessedusingPearsoncorrelationcoefficients.Genderdifferencesamongthesevenitemswereevaluatedusingttests.Principalcomponentanalysiswasemployedtodeterminewhetherarisk-toleranceportraitcouldbedevelopedtocharacterizerespondents.Finallyaresidualpredictionmodelingtechniquewasusedtodeterminehowwellthoseinthesamplewereabletoevaluatetheirgeneraltoleranceforrisk.Differencesinresidualscoresbetweenwomenandmenwereestimatedusingttests.Residualpredictionisatermusedtodescribeatechniqueinwhichscoresononetestareusedtopredictaself-assessment.Thedifferencebetweentheself-assessmentscoreandthepredictedscoreindicatethedegreetowhichanestimationbiasexists.Inthisanalysisscoresonthesevenrisk-toleranceitemswerecombined.Thissummationwasbasedinpartonresultsfromtheprincipalcomponentsanalysisandtheresultingreliabilityestimationbothofwhicharedescribedlaterinthispaper.Thesummedscorewasusedtopredicteachrespondentsanswertothegeneralrisk-toleranceitemi.e.Areyougenerallyapersonwhoisfullypreparedtotakerisksordoyoutrytoavoidtakingrisks.Reportedandpredictedscoresafterroundingrangedfrom0to10.Predictedscoresi.e.residualsweresavedandsubtractedfromreportedscores.Thedifferencewashypothesizedtorepresentthelevelofestimationbiasexhibitedbyrespondents.Forexampleapositivedifferencewasindicativeofsomeonewhooverestimatedtheirgeneralrisktolerance.AnegativescoreindicatedanunderestimationofrisktolerancewhileascoreofzerosuggestedaccurateestimationResultsCorrelationResultsThefirststepintheanalysistodeterminewhetherageneralizedrisk-toleranceportraitthatischaracteristicofanindividualcouldbeestimatedinvolvedassessingnon-causalassociationsbetweenandamongthesevendomain-specificrisk-tolerancevariables.AsshowninTable1thesevenitemswerefoundtobecorrelatedtosomeextent.Theeffectsizeassociatedwiththemajorityofcorrelationswassmallhoweverseveralassociationsshowedamoderateeffectsizeincludingadivingandhealthrisktolerancebfinancialandoccupationalrisktoleranceandcoccupationalandlifechangerisktolerance.Alloftheassociationswerestatisticallysignificant.Overall ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium71resultsfromtheanalysissuggestthatapersonsdomain-specificwillingnesstoengageinriskybehaviorappeartobepositivelyassociatedwithotherformsofrisktolerance.Table1.Non-causalassociationsbetweenandamongthesevenrisk-toleranceitems.DrivingFinancialOccupationalHealthInterpersonalRomanticLifeChangeDriving1.00Financial.441.00Occupational.45.571.00Health.50.38.421.00Interpersonal.29.37.38.331.00Romantic.32.35.39.33.401.00LifeChange.34.49.50.33.39.471.00Notesp.05p.01tTestResultsWhiletheresultsshowninTable1indicatethatageneralizedrisk-takingportraitmayexistthenextstepintheanalysisinvolveddeterminingiftherisk-toleranceitemswereontheirfacevalid.Asdiscussedinthereviewofliteratureitisreasonabletohypothesizethatwomenandmenshouldscoredifferentlyonthesevenitems.Table2presentstheresultsfromtteststhatweredesignedtoevaluatethedifferencesinmeanscoresbetweenwomenandmenonthesevenitems.Asshownmenscoredstatisticallysignificantlyhigheronsixofthesevenitems.SimilartoWeberetal.2002nodifferenceswerenotedontheinterpersonalriskitem.Overalltheseresultshelptoconfirmthattherisk-toleranceitemsdoappeartobeeffectiveindiscriminatingacrossascaleofapersonswillingnesstoengageindifferentriskbehaviors.Table2.Testsofgenderdifferencesinrisk-toleranceitems.GenderNMSDStd.ErrortdfStd.ErrorDifference95ConfidenceIntervalsLowerUpperDrivingMaleFemale360037962.821.933.072.78.05.0513.047394.07.751.02FinancialMaleFemale362538433.993.252.822.66.05.0411.757466.06.62.87OccupationalMaleFemale356637584.243.613.323.13.06.058.357322.08.48.78HealthMaleFemale362038532.852.272.962.79.05.058.627471.07.44.70InterpersonalMaleFemale360938064.084.112.842.93.05.05-.547413.07-.17.10RomanticMaleFemale356537753.793.223.433.32.06.057.237338.08.42.72LifeChangeMaleFemale359238304.404.122.972.91.05.054.067420.07.14.41Notesp.05p.01p.001PrincipalComponentsAnalysisResults ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium72Theprevioustwotestsindicatedthatthesevenriskitemswerepositivelyassociatedandthatingeneraltheitemsdidarelativelygoodjobofdifferentiatingamonglevelsofrisktoleranceindifferentdomainsbetweenwomenandmen.Giventhesefindingsaprincipalcomponentsanalysiswasundertakentodetermineifoneormorefactorswouldemergewhentheitemsweresubjectedtothisdatareductionmethodology.Priortotheanalysisitwashypothesizedthatifmorethanonefactoremergedthiswouldaddsupporttotheargumentthatrisktoleranceisprimarilyadomainspecificattitude.Ifontheotherhandonlyonefactorwasderivedthiswouldaddcredencetotheargumentthatageneralizedrisk-toleranceportraitcanbeestimatedthatcharacteristicofanindividual.TheprincipalcomponentsanalysiswasconductedusinganEigengreaterthan1with25iterationscriteria.Datawereinitiallyrotatedusingvarimaxrotation.TheKaiser-Meyer-Okinmeasureofsamplingadequacywasstrong.86andBartlettstestofsphericitywasnotsignificant214618df21.Table3indicatestheresultsfromthetest.Asshowninthetableonlyonefactorwasextracted.Alloftherisk-toleranceitemsloadedata.60orhigherlevelontheonefactor.Becauseofthisuniquefindingasecondprincipalcomponentsanalysiswasconductedusinganobliminrotationalcriterion.Itwasthoughtthattheinitialresultsmayhavebeenduetotherelativelyhighintercorrelationsamongthesevenitems.Howeverresultsfromthisfollow-upanalysiswereexactlythesamenamelyonegeneralizedrisk-toleranceportraitemerged.Table3.Principalcomponentsanalysisresults.Risk-ToleranceItemFactorWeightDrivingRiskTolerance.68FinancialRiskTolerance.75OccupationalRiskTolerance.77HealthRiskTolerance.67InterpersonalRiskTolerance.64RomanticRiskTolerance.66LifeChangeRiskTolerance.73NotesVarimaxandObliminRotationEstimationAccuracyFindingsfromtheprincipalcomponentsanalysisprovidedclearsupportforthenotionthatwhileanindividualswillingnesstoengageindifferentriskybehaviorsmayvaryarisk-toleranceportraitcanbepaintedthataccuratelycharacterizespeoplealongaspectrumofriskattitude.Giventhisfindingscoresfromthesevenrisk-toleranceitemsweresummedintoarisk-tolerancescale.ThereliabilityofthisscalewasestimatedusingCronbachsalpha.Theresultingalphawasstrong0.82.Attestwasusedtoconfirmthatgenderdifferencesexistedonthescale.Asexpectedthemeanscoreforwomenwas22.52whilethemeanscoreformenwas26.15.Thedifferencewasstatisticallysignificantt10.47df7013.Nextscoresonthesummatedscalewerecorrelatedwitheachrespondentssubjectiveresponsetothegeneralrisk-tolerancequestion.Thetwoitemsweresignificantlyassociatedr.81.FindingsfromtheresidualpredictionarereportedinFigure1.Datarepresenttheresultsofregressingeachrespondentssubjectiveestimateoftheirgeneralrisktoleranceonsummatedscalescores.Theregressionmodelwasstatisticallysignificant.Summatedscoressignificantlypredictedgeneralrisk-toleranceresponsesb.59t700360.38p.001.SummatedscoresalsoexplainedasignificantproportionofvarianceingeneralsubjectiveevaluationsR2.34F170033645.71p.001.DatainFigure1representresponsefrequenciesforrespondentstothesubjectivegeneralrisk-tolerancequestioncomparedtofrequenciesofresponsetopredictedscores. ProceedingsoftheAssociationforFinanciSymposiumFigure2showshowaccuraterespondefigurewerecalculatedbysubtractingrNegativescoresrepresentatendencytoverestimation.Althoughthevarianceevaluatingtheiroverallrisktolerance.thegroupingofestimationbiasscoresAfinaltestofvaliditywasconductedbandmen.AssuggestedbyGrableandwouldbeexhibitedbywomenandmerisktoleranceM-.12whilemenobeenpublishedintheliteraturewhichtoofferarelativelyhighdegreeofvaliDiscussionTheprimarytakeawayfromthisstudyanother.Ratheritdoeslookasifaporrisk-toleranceportraitischaracteristicintuitive.Nearlyeveryoneatsomepoisomethismightbesomethingliketryihavinganextra-maritalaffair.Asthesefromtheirgeneralpatternofrisktakinassessmentitems.Howeverwhenvietheirwillingnesstoengageinbehaviordomains.lCounselingPlanningandEducation2013AnnualResearchtswerewhenestimatingtheirgeneralizedtoleranceforportedpredictedrisk-tolerancescoresfromthegeneralriunderestimaterisktolerancewhereaspositivescoresarnaccuracywaswideingeneralrespondentsdidareasohisisevidencedbyameanestimationbiasscoreof.000rom-3to3.ycomparingrisk-toleranceestimationbiasscoresinttesoszkowski2007itwasreasonabletohypothesizethat.Asignificantdifferencewasnoted.WomentendedtouerestimatedtheirtoleranceforriskM.13.Theseresundicatesthatthesummatedmeasurei.e.portraitofriskityasageneralizedmeasureofrisktakingattitudes.sthatrisktolerancedoesnotappeartovarydramaticallyraitofrisktolerancecanbedevelopedthatisbothvalidfapersonsgeneralwillingnesstotakerisk.Insomerestintheirlifedoessomethingthatdeviatesfromtheirnogskydiving.Forothersitmayinvolveinvestinginastexamplesillustrateitisreasonabletoanticipatethatpeofromtimetotime.ThisexplainsthevarianceinscoresoedholisticallytheevidencesuggeststhatpeoplearemowhereoutcomescanbebothnegativeandlargesimilarlndTraining73isk.Datainthesk-toleranceitem.indicativeofablygoodjobofSD2.38andsbetweenwomenbiasesinestimationderestimatetheirtsconfirmwhathastoleranceappearsfromonedomaintondreliable.Thisectsthisfindingisrmallifecourse.Forrtupventureorlewilldeviatenthesevenrisk-elikelytoassess.Thisistrueacross ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium74Whileitistruethatingeneralfinancialrisktolerancewaspositivelyassociatedwithdrivingr.44occupationalr.57healthr.38interpersonalr.37romanticr.35andlifechanger.49risktolerancefinancialcounselorsandplannersarecautionedtonotethatfindingsdonotsuggestthatageneralrisk-toleranceportraitshouldsolelybeusedwhendevelopingportfoliosorincalculationsthatrequirespecificinformationaboutapersonswillingnesstotakefinancialrisk.Inthesesituationsfinancialcounselorsandplannersoughttousemeasuresspecificallydesignedforafinancialriskassessmentpurpose.Thisisnotonlyprudentbutitmaybealegalrequirementaswell.Insteadresultsfromthisstudyprovidesomeevidenceandsupporttothenotionthatpeoplecangenerallybecharacterizedbyaportraitofrisktolerance.Thatispeopledoappeartoholdrelativelyconsistentattitudesacrossrisksituations.Thisknowledgecanassistfinancialcounselorsandplannerswhentheybegintodiscussconceptsrelatedtorisktakinganddecisionoutcomes.Knowingforinstancethatsomeoneiswillingtotakedrivingandhealthrisksmaybeacluethatthepersonwhengivenappropriateinformationandguidancemayalsobewillingtoengageinriskyfinancialbehavior.Knowingaboutaclientsgeneralrisk-toleranceportraitmayhelpacounselororplannerbettermatchproductandservicerecommendationstowhatdrivesaclientsfearsandexpectationsaboutthefuture.Inthefinalanalysisitdoeslooklikeportraitsofrisktolerancecanbedevelopedforindividuals.Thisdoesnotmeanthatsomeindividualswillnotmakerashbiasedillogicalorinconsistentdecisionsfromtimetotime.TheseresultsindicateratherthatforthemajorityofAmericansaged45to53yearsaremorelikelytoexhibitconsistencyacrossrisksituations.Futureresearchshouldbefocusedondetermininghowwellaportraitofrisktolerancecomparestodomainspecificrisk-assessmenttools.Itmayturnoutforinstancethateventhoughboththegeneralriskportraitandsayafinancialrisk-tolerancemeasurearepositivelyassociatedwithfinancialrisktakingthefinancialmeasuremayexplainvarianceinriskybehaviortoagreaterextent.Additionallyresearchisneededtodetermineifpeoplesinconsistenciesinriskattitudesandbehaviorsoccursystematicallyorwhetherinconsistenciesareshort-terminnaturewithalongertermrevisiontoapersonsgeneralizedrisk-tolerancecharacterization.ReferencesAranoK.ParkerC.TerryR.2010.Gender-basedriskaversionandretirementassetallocation.EconomicInquiry48147-155.CallanV.J.JohnsonM.2002.Someguidelinesforfinancialplannersinmeasuringandadvisingclientsabouttheirlevelsofrisktolerance.JournalofPersonalFinance1131-44.CorterJ.E.ChenY-J.2006.DoinvestmentrisktoleranceattitudespredictportfolioriskJournalofBusinessandPsychology20369-381.EysenckS.B.G.EysenckH.J.1978.ImpulsivenessandventuresomenessTheirpositioninadimensionalsystemofpersonalitydescription.PsychologicalReports431247-1255.GilliamJ.GrableJ.E.2010.RisktoleranceestimationbiasDomarriedwomenandmendiffer.JournalofConsumerEducation27145-58.GrableJ.E.2000.Financialrisktoleranceandadditionalfactorsthataffectrisktakingineverydaymoneymatters.JournalofBusinessandPsychology14625-630.GrableJ.E.2008.RiskTolerancepp.1-20.InJ.J.XiaoEd.AdvancesinConsumerFinancialBehaviorResearch.NewYorkSpringer.GrableJ.E.JooS-H.2004.Environmentalandbiopsychosocialfactorsassociatedwithfinancialrisktolerance.JournalofFinancialCounselingandPlanning15173-82.GrableJ.E.RoszkowskiM.J.2007.Self-assessmentofrisktolerancebywomenandmen.PsychologicalReports100795-802.HannaS.D.WallerW.FinkeM.2008.Theconceptofrisktoleranceinpersonalfinancialplanning7196-108.MartinC.L.1987.Aratiomeasureofsexstereotyping.JournalofPersonalityandSocialPsychology52489-499.NeelakantanU.2010.Estimationandimpactofgenderdifferencesinrisktolerance.EconomicInquiry48228-233.RoszkowskiM.J.GrableJ.E.2010.GenderDifferencesinPersonalIncomeandFinancialRiskToleranceHowMuchofaConnectionBriefReport.TheCareerDevelopmentQuarterly58270-275. ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium75ShellenbargerS.2013May22.Whatmakesarisk-takerTheWallStreetJournal.AccessedMay232013online.wsj.comarticleSB10001424127887324102604578497133593217870.htmlSlovicP.1964.Assessmentofrisktakingbehavior.PsychologicalBulletin61220-233.WeberE.U.BlaisA-R.BetzNE.2002.Adomain-specificrisk-attitudescaleMeasuringriskperceptionsandriskbehaviors.JournalofBehavioralDecisionMaking15263-290.YaoR.HannaS.D.2005.Theeffectofgenderandmaritalsatisfactiononfinancialrisktolerance.JournalofPersonalFinance4166-85.ZuckermanM.1994.Behavioralexpressionsandbiosocialbasesofsensationseeking.CambridgeCambridgeUniversityPress. ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium76EvaluationofanInvestorEducationProgramKristilynJ.WilkinsonUtahDivisionofSecuritiesJeanM.Lown57UtahStateUniversityLisaK.BoyceUtahStateUniversityKeywordsprogramevaluationretirementeducation.LogicmodelAbstractPolicymakersareconcernedaboutthelowleveloffinancialliteracyofmanyAmericansfuelingincreasedrecognitionoftheneedforfinancialeducation.Inadditiontotheerraticeconomymanynewandcomplicatedfinancialproductsareconfusingtoconsumers.Althoughthereisaplethoraofinformationontheinternetaboutinvestmentsitishardforconsumerstojudgeiftheinformationisreliable.Financialeducationprogramsdisseminateinformationbutwhetherornottheyresultinimprovedfinancialpracticesisnotclear.Evaluationiscriticaltothedesignandimplementationofaneducationalprogram.Manyfinancialprogramsfocussolelyonimprovingfinancialknowledgeyetfinancialeducationthatmotivateschangeislikelytobemoresuccessfulatcreatinglong-termbeneficialaction.Programevaluationisnecessarytohelpfinancialeducatorsdetermineiftheirprogramismeetingtheneedsofparticipantsandiftheyexperiencepositivebehaviorchange.Financialpractitionersandeducatorscanusethisstudyasamodeltoevaluatetheirfinancialeducationprograms.ThepurposeofthisstudywastoevaluatetheeffectivenessoftheInvestorEducationSeminarstaughtbytheUtahDivisionofSecurities.Inorderforeducatorstohelpindividualsachieveinvestingcapabilitytheyneedtounderstandthemechanismsofbehaviorchange.TheTranstheoreticalModelofChangeTTMdemonstrateshowindividualsprogressthroughthestagesofbehaviorchangeprecontemplationcontemplationpreparationactionandmaintenanceandprovidedtheconceptualframeworkforthestudy.Logicmodelsareusedtodefinehowaprogramintendstoachieveitsobjectivesbyprovidingaconceptualframeworktoguidetheprogramandtoincreasethecredibilityofevaluationresults.TheNEFEFinancialEducationEvaluationManualwasdesignedtohelpfinancialeducatorsassessprogramoutcomes.Thefollowingresearchquestionsguidedtheprogramevaluation.1.HowsatisfiedwereparticipantswiththeInvestorEducationSeminars2.Didfinancialknowledgeconfidenceandattitudesincreasemoreforthoseparticipantsthanforacomparisongroup3.ThreemonthsaftertheSeminarsdidparticipantsimprovetheirfinancialpractices4.WasparticipationassociatedwithbehaviorchangetoahigherstageofchangeintheTTMforsomeparticipantsIfsoforwhichparticipantsTheresearchdesignwasaquasi-experimentalpretestinterventionposttestcomparisongroupdesign.Alogicmodelavailablefromauthorswasdevelopedtoguidetheprogramevaluation.UsingtheInvestorEducation2020Curriculumthe1hourclassesweretaughtonceaweekforfourweeksbyDivisionemployees.Theconveniencesampleconsistedofindividualswhoself-selectedtoattend.Toestablishacomparisongroupemailaddresseswereobtainedfromnon-profitorganizationsinthecomparisongroupcounty.Surveysweresentviaemailresponsesweretrackedbyemail.Pre-andposttestsurveysassessedchangesinparticipantsfinancialknowledgeconfidenceandattitudestowardsinvestingandsatisfactionwiththecourse.The3-monthfollow-upalsomeasuredandbehaviorchange.Demographicinformationwasgatheredongenderagemaritalstatusemploymentstatuseducationlevelraceorethnicityhouseholdincomeandinvestmentassets.Crosstabulationswereconductedforthecategoricaldemographicvariablestoidentifydifferencesbetweentreatmentandcomparisongroups.Chi-squareshowedthetreatmentgroupwassignificantlyyoungerthanthecomparisongroupmorelikelytobeWhiteandtobestudents.57JeanM.Lownjean.lownusu.eduPhone435-797-1569Fax435-797-3845. ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium77Thedependentvariableswerefinancialknowledgeconfidenceattitudessatisfactionandfinancialbehaviorchange.Knowledgewasassessedusingtwomeasures.Thefirstmeasurewasaself-ratingofindividualsperceivedinvestmentknowledge.Thesecondmeasurewasa22-itemtruefalseandmultiplechoiceinvestmentquiz.Financialconfidencewasassessedwithtwomeasures.Thefirstassessedrespondentsconfidenceintheirabilitytomakeinvestingdecisionswithfivequestions.Thesecondfinancialconfidencemeasurewasa12-itemself-efficacyscale.FinancialattitudesweremeasuredusingtheshortversionoftheFinancialPlanningPersonalityTypescaletoestablishparticipantsTTMstageofbehaviorchange.SatisfactionwasmeasuredwithHowwouldyourateyouroveralllevelofsatisfactionwiththeInvestorEducationSeminarFouradditionalopen-endedquestionsassessedparticipantsatisfaction.Thethreemonthfollow-upsurveymeasuredFinancialBehaviorbyaskingrespondentswhatactionstheyhadtakenasaresultoftheSeminars.Actionsincludedsettingspecificinvestinggoalsreviewingorrevisinginvestinggoalsandorcalculatingtheamountofmoneyneededforaspecificgoal.FinancialBehaviorStageofChangewasmeasuredusingtheFPPTquestions.Pretestsurveyswereemailedpriortotheseminar.Theposttestsurveywassenttothetreatmentgroupimmediatelyfollowingthelastseminarthefollow-upsurveywasadministeredthreemonthsaftertheposttest.Agiftcarddrawingwastheincentivetocompletingallthreesurveys.Seventy-oneparticipantsregisteredfortheseminars.Forthetreatmentgroup46individualsrespondedtothepretestforaresponserateof64.8.Theposttestresponseratewas61.0thefollow-upsurveyresponseratewas54.0.Forthecomparisongroup35peoplerespondedtothepretestinvitation.Thetreatmentgroupsamplewas46andthecomparisongroupsamplewas35.Treatmentandcomparisongroupmeanageswerecomparedusinganindependentsamplesttest.Thetreatmentgroupwassignificantlyyoungerthanthecomparisongroup.Crosstabulationswereconductedforthecategoricaldemographicvariablestoidentifydifferencesbetweentreatmentandcomparisongroups.Chi-squareshowedthetreatmentgroupwassignificantlyyoungerthanthecomparisongroupmorelikelytobeWhiteandtobestudents.Themajorityofrespondentsweresatisfiedorverysatisfied95.4saidthattheywouldrecommendtheseminar.Someparticipantswantedmoredepthonstocksbondsandhowtoinvestinamutualfund.AdditionalcommentsfromtheposttestwereveryeducationalandusefulinformationdonereallywellforbasicinvestorknowledgeswitchingteacherseachweekmadeitmoreinterestingthelecturerswereknowledgeableanddidagoodjobofansweringquestionsIwouldhavelikedmoreopportunitytoaskquestionsIdidntevenknowaDepartmentofSecuritiesexistedandIwishwecouldgointofurtherdetailaboutinvestingandhowtodoityourself.Halfthetreatmentgroupself-ratedtheirpretestfinancialknowledgeasfairorgoodnoneratedtheirknowledgeasexcellent.Inthetreatmentgroupposttest9.3reportedapoorknowledgelevel.Similarly90.7reportedafairorgoodleveloffinancialknowledge.Thecomparisongrouppretestreportedthat37.2ofrespondentsfelttheyhadfairorgoodlevelsoffinancialknowledgeontheposttest54.6rankedtheirknowledgeasfairorgood.Onthe22financialknowledgequestionsthetreatmentgrouppretestscoresrangedfrom9to21andfrom15to21ontheposttest.Theaveragetreatmentgroupfinancialknowledgescoreincreasedfrom18.2onthepretestto20.5ontheposttest.Theaveragecomparisongrouppretestscorewas17.4withanaverageposttestscoreof17.2.HierarchicalregressionanalyseswasusedwheretherewasanincreasefrompretesttoposttesttodetermineiftheSeminarcontributedtofinancialknowledgeconfidenceandattitudegainsaboveandbeyondpre-testscores.Ageethnicityandemploymentstatuswereincludedascovariatesintheregressionmodelstocontrolforgroupdifferences.UsingstandardizedtscoresresultsfromthefinancialconfidencescaleindicatethatthetreatmentgroupimprovedtheirfinancialconfidencefromthepretestM12.9totheposttestM18.3.Sincefinancialconfidencesignificantlyincreasedfrompretesttoposttesthierarchicalmultipleregressionwasusedtodetermineifparticipationcontributedsignificantlytofinancialconfidencescoresaboveandbeyondpretestconfidenceageethnicityandemploymentstatus.Ageethnicityandemploymentstatuswereenteredascovariateswithpretestconfidenceinthefirststeptostatisticallycontrolforgroupdifferences.Groupstatuswasenteredonthesecondstep.Participationintheretirementseminarwasassociatedwithincreasedfinancialconfidenceatposttestaboveandbeyondpretestscoresoffinancialknowledgeageethnicityandemployment ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium78statusaccountingforanadditional25ofthevariance.Bothpretestfinancialconfidencescoresandemploymentstatusremainedsignificantpredictorsofposttestfinancialconfidence.Inadditiontoevaluatingimmediateimprovementsinfinancialknowledgeconfidenceandattitudesimprovementsinfinancialpracticeswereassessedatthethreemonthfollow-upwithquestionsabouttheimplementationoffinancialactionsthatwereencouragedduringtheseminars.Morethanhalfofparticipantssaidthattheyhadcalculatedtheamountneededforaspecificgoaland41.1hadreviewedorrevisedtheirfinancialgoals.Forty-threepercenthadsetaspecificinvestinggoaland41.5reviewedoradjustedtheirinvestments.Twenty-sevenpercentstartedinvestingorincreasedtheirinvestmentsand8ofparticipantsopenedaretirementaccount.BehaviorchangesbasedontheTTMmodelwereexaminedinrelationtoseminarparticipation.ThemostcommonpretestTTMstageforthetreatmentgroupwasstrugglers44.4followedbysavers33.3planners13.3andimpulsives8.9.ThemostcommonTTMstageforthepretestcomparisongroupwasplanners40.7followedbysavers28.1andstrugglers25.Onthefollow-upthetreatmentgroupincreasedinsavers59.5anddecreasedinstrugglers29.7.ThecomparisongroupdidnotchangeTTMstage.ThedemographicsofparticipantswhomovedtoahigherTTMstagewereexaminedtodeterminewhichindividualswerelikelytoprogresstoahigherstage.Oftheparticipantswhoprogressedtoahigherstage50.0werestudents57.0wereincollegeand85.7wereWhite.Totalhouseholdincomeoflessthan50000forthosewhochangedwas57.1and78.6ofparticipantswhoindicatedbehaviorchangehadlessthan100000inassets.ChisquarerevealednodemographicdifferenceinparticipantswhochangedTTMstageandthosewhodidnot.Overallparticipantsweresatisfiedwiththeseminarandwouldrecommendittoothers.FinancialconfidenceimprovementsweregreaterforthoseattendingtheInvestorEducationSeminarsthanthoseinthecomparisongroupaftercontrollingforpretestfinancialconfidencescoresageethnicityandemploymentstatus.ThegreatestshiftinTTMstagethetreatmentgroupwasfromstrugglertosaver.Mostimportantlymorethanhalfofparticipantsreportedthattheyhadmadepositivefinancialbehaviorchanges.TheresultsprovideevidencethattheInvestorEducationSeminarswereeffectiveinimprovingparticipantsfinancialconfidenceandinitiatingbehaviorchange.Whileseminarattendancedidnotincreasefinancialknowledgethisresultisdueinparttohighpretestfinancialknowledgescoreswhichleftlittleroomforimprovement.Thisfindingisconsistentwithresearchthatpersonswhoseekfinancialeducationarelikelytohaveahigherleveloffinancialknowledgethanindividualswhodonotparticipate.Mostpreviousstudiesreportthatfinancialeducationincreasesparticipantsknowledge.Eventhoughthetreatmentgroupsfinancialknowledgescoresdidnotincreaserespondentsreportedthattheirfinancialknowledgehadimprovedsuggestingthatthemeasureusedinthisstudymaynotbesensitiveenoughtopickuponperceivedfinancialknowledgeincreases.Theincreaseinfinancialconfidenceispromisingandconsistentwithpreviousresearch.Thisincreaseinconfidencecanhelpparticipantsbuildontheknowledgetheyalreadyhadandpromoteinvestingcapability.IncreasingfinancialcapabilitycanimproveAmericansfinancialsecurity.TheresultsofthisstudyareconsistentwithProchaskasTranstheoreticalModelofChangeTTM.Inthetreatmentgrouptherewasashiftfromstrugglertosaveri.e.preparationtoaction.TreatmentgroupparticipantseithermaintainedorincreasedtheirTTMstagefrompretesttofollow-up.Increasedconfidenceresultingfromtheseminarsmayhavemotivatedthemtomakepositivebehaviorchanges.IncontrastthecomparisongroupdidnotchangeTTMstage.Themajorityofparticipantswerealreadyinthepreparationactionormaintenancestagespriortotheseminars.Mostofthetreatmentgroupparticipantsappearedtobemotivatedtolearnandmakechanges.Thisisconsistentwithpreviousprogramevaluationresearch.Itisnotsurprisingthatfewseminarparticipantswereintheprecontemplationandcontemplationstages.OverallthemajorityofrespondentsindicatedthattheinformationwasusefulandweresatisfiedwiththeInvestorEducationSeminarsandwouldrecommendthemtoothers.Somesuggestionsweremadetoimprovetheseminarssuchasmoreindepthinformationonstocksandbondsandhowtoselectamutualfund.Financialeducationhasthepotentialtoassistindividualsinachievingfinancialcapability.Personswholackfinancialknowledgeandconfidencemaybemorevulnerabletofinancialstrugglesandinvestmentfraud.While ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium79theyhaveagreaterneedforfinancialassistanceandeducationtheyarelesslikelytoseekorparticipateinfinancialeducation.Thusoneareathatfinancialeducatorscounselorsandpolicymakersshouldconcentrateonisadvertisingtechniquesthatprovidetargetedincentivesforparticipationtopersonsintheearlystagesofchange.Oneoftheprimarystrengthsofthestudywastheuseofacomparisongroup.Becauseitwasnotfeasibleforthisprogramtorandomlyassignparticipantstothetreatmentorcomparisongroupatrueexperimentaldesigncouldnotbeused.Theuseofestablishedvalidandreliablemeasuresalsostrengthenedthestudy.Whilethemajorityofprogramevaluationsassessfinancialknowledgeandsomemeasurebehaviorchangeveryfewevaluateattitudesandconfidence.Thisprogramevaluationguidedbythelogicmodelmeasuredallfourcategories.Anadditionalstrengthofthisstudywastheuseofalogicmodelandthelongitudinaldesign.Manyfinancialeducationevaluationscollectdataatonlyonepointintime.Theuseofanindependentevaluatorfurtherstrengthenedthestudy.Mostprogramevaluationsareconductedbyindividualswithintheorganizationanindependentevaluatorcancontrolforbiaswhenassessingprogrameffectiveness.Futurestudiesshouldconsideraddingaqualitativecomponenttoprovideadditionalinformationaboutfinancialeducationeffectiveness.Qualitativedatacouldprovidearicherperspectiveonwhatparticipantsfoundusefulandwhatmotivatedthemtotakeaction.Mixedmethodsresearchisneededtobetterunderstandprogrameffectiveness.Alongerfollow-upperiodaswellasmultiplefollow-upswouldprovidemoreinformationabouthoweffectivetheseminarswereatchangingfinancialbehavior.The3-monthfollow-upwasusedbecauseitwasreasonedthatparticipantswerelikelytomakefinancialbehaviorchangesoonaftertheseminar.Howeveritispossiblethatthefollow-upitselfpromptedadditionalbehaviorchangeforsomeindividuals.Futurestudiesshouldincludeasecondbrieffollow-uptomeasureadditionalbehaviorchangepromptedbytheinitialfollow-up.Ashortsurveyaftereachclasswouldprovidedataontheeffectivenessofthedifferentinstructors.Insumtheinvestoreducationseminarsweresuccessfulinincreasingfinancialconfidenceandmotivatingparticipantstotakeaction.Confidenceiskeytohelpingindividualsprogressfromfinancialknowledgetofinancialcapability.Theseminarsempoweredmorethanhalfofparticipantstotakeactionandsomeparticipantsreportedimprovedfinancialknowledge. ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium80WhatMakesWealthGrowIvanF.Beutler58BrighamYoungUniversityAbstractWealthgrowthopportunitiesaredifficulttoobserveusingtraditionalfinancialstatements.Inthispaperawealthsensitivebalancesheetandincome-expensestatementispresentedtohelpidentifycorrectiveadjustmentsthatpromotewealthgrowth.Adjustmentsinvolvetheapplicationofstraightforwardfinancialpracticese.g.pay-offdebtlivewithinyourmeanssaveandinvest10ofearnedincomere-investallinvestmentincomeandconvertexcessivedepreciatingassetsintowealthproducingassets.Alsodemonstratedishowtoanticipatethedollaramountofwealthgrowthlikelytooccurfromundertakingasetofcorrectiveactions.KeyWordsconsumerlifestylewealthgrowthbalancesheetIntroductionWalkingbacktomyofficeIcouldnthelpfeelingpleased.Iwasjustreturningfromawealthgrowthseminarpresentedbymyupperdivisionfinancestudents.ThestudentshaddonewellandwereabletodemonstratethroughthebalancesheetandincomeandexpenditureanalysispresentedinthispaperhowtheDoverfamilycouldincreasetheirwealthinpreparationforretirementbymorethan60000annually.ThiswasaremarkableinsightfortheDovers.Onlytenyearsfromretirementtheserecommendationsifimplementedcoulddramaticallychangethelandscapeoftheirgoldenyears.ButtherealpleasureIfeltwasformystudents.Theyhadmatured.Especiallyconsideringthatinthefirstweekofclasswhenintroducedtothiscaseproblemtheironlyrecommendationtofindthemoneytoacceleratewealthgrowthwastoinvestpartofthegrocerymoneyandtheentireclothingallotment.Wealthgrowthforretirementandotherpurposesisatopicintroducedearlyinpersonalfinancecoursesandothervenues.Asearlyas1911financialsuccesshadgatheredaroundfivelifetimefinancialobjectivespursingmaximumearningsandwealthpracticingefficientconsumptionfindinglifesatisfactionreachingfinancialsecurityandaccumulatingwealthforretirementandanestatetoleavetoheirsKinley1911.TheseobjectivesaretheunderlyingcornerstonesforthefinancialmanagementtechniquesorrecommendedpracticesthathavebeentaughtsincethattimeMuskieWinter2003.Moneycomesinandgoesoutinourfinanciallives.Asinthepastsavingforabettertomorrowisthemantraoftodaysfinancialprofessionals.Wecantcontrolthestockmarketortheeconomybutwecanhaveavoiceinhowandwherewesaveforthefuture.Intodayshightechworldthereisagreatdealofinformationregardingwealthaccumulation.Howevermuchofitismisleadingbiasedandself-serving.Theinformationexplosionaccommodatedthroughtechnologyadvanceswithallofitsadvantageshasplacedmanydimensionsofourfinanciallivesinfluxandcontinuoustransition.Atatimelikethisthebasicsofasoundfinancialfoundationshouldnotbeoverlooked.Balancesheetandincomeandexpenditurestatementanalysiscontinuetobevaluableguidesinthecreationofwealth.NearlythreedecadesagoacolleagueandIco-authoredapaperonwealthgrowthwithinthecontextoftheemployedorwageearnerhousehold1984.Thatearlyworkspawnedinmeanenduringinterestinthetopicofwealthgrowthandhowitoccursoveragenerationoffamilylife.Inthatearlypaperthesourcesandpathsofhouseholdwealthaccumulationwereexplainedviaalgebraicequations.Theapproachillustratedhereistodemonstratehowagivenfamilyswealthcangrowandbeenhancedthroughadherencetosimplefinancialpractices.HavinglearnedfromexperiencehowimportantitistohelpstudentsrealizehowwealthgrowsIbeganmyinstructionalunitwithanassignmenttoreviewthecaseproblemcreateatraditionalbalancesheetandIEstatementandindicatethefinancialstrengthsandweaknessrevealedinthereviewofthestatements.Assemblingthetraditionalfinancialstatementsistypicallystraightforwardforthestudentsbuttheiranalysisisusuallyerroneousbecausetheyhaventyetlearnedtheimportanceofkeepingfinancessimpleandadherencetowealthgrowth58IvanF.Beutler2048JFSBBrighamYoungUniversityProvoUT84604Phone801-422-6416Emailivan_beutlerbyu.edu ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium81principles.Withoutknowledgeoftheseprinciplesthereisnowayforthemtorecognizewhentheyhavebeenviolated.Thisstudydemonstratesasidebysidereviewofthebalancesheetandincomeandexpenditurestatementfollowedbyanevaluationofthefinancialpracticesneededtoacceleratewealthgrowth.Thiswealthgrowthreviewprovidesamethodologythathelpsidentifycorrectiveadjustments.Theseadjustmentsinvolvetheapplicationofsimplefinancialpracticesandavoidhighpoweredorcreativefinancing.AswillbeshownthisapproachappliedtotheDovercaseincreasedwealthgrowthfromanannualizedrateof24000toarateof67000.TakingafamilystrengthsperspectivethispaperconsidersthefinancialsituationandpracticesoftheDoverfamilyahighincomefamilythatlikemanyAmericanshasdevelopedatasteforaconsumerlifestyle.Tenyearsfromretirementtheyhavelessthantheequivalentofoneyearsincomeallocatedforthatpurpose.RelatedLiteratureThisstudydrawsonaperspectivefromthefamilystrengthensliteratureasarticulatedintheworkofDeFrainStinnettandcolleaguesSkograndJohnsonHorrocksDeFrain2011DeFrainAsay2007DeFrainStinnett2002StinnettSandersDefrain1981.Focusisonthestrengthoffamiliesandwhattheycanuniquelyandindividuallydotomakeprogress.Ratherthantakingadeficitperspectivethatexplainswhypeoplefailthestrengthsperspectivetakenhereemphasizeswhatindividualsandfamiliescandotomoveforwardandatthesametimehelpotherstoprosperaswell.Inthisreviewfinancialpracticesandhouseholdvariablesassociatedwithwealthgrowthreceiveattention.Thesevariablesacttogetherlikeinstrumentsinalargeorchestra.Noneoftheinstrumentsgivetheirbestperformancealonenotanyofthemtellthewholestory.Whenallofthemareplayingtogethertheyproducearichandrobustsound.Suchisthecasewithhouseholdvariablesandwealthgrowth.Noneachievesmaximumsuccessaloneeachvariableaddsadimensionthatbuildsupontheotherandifproperlyappliedacceleratestheoutcome.Incomeisthefirstwealthgrowthvariable.Mostindividualsandfamiliesdependonearnedincomefortheirsourceofrevenue.Nonentrepreneurialfamilieswholiveoffearnedincomeneedtosavemoneyoutoftheirearnedincomesotheyhavemoneytoinvest.HigherincomeisassociatedwithacceleratedwealthgrowthBaekDevany2004Yaoetal.2002Moonetal.2002.Higherfamilyincomespawnsthelikelihoodofdiscretionaryincomedollarswithoutmarkeddestinationsallowingmorepotentialforaccumulatingsavingsandinvestments.HubermanIyengarandJiang2007foundthatanincreaseinfinancialcompensationresultedinincreasedparticipationratesinIRAscontributionsandsavings.EducationworkandindustryarevariablesfrequentlyassociatedwithwealthgrowthYaoetal.2002Moonetal.2002.InBaekandDeVaneyswork2004havingacollegeeducationcorrelatedwithothervariablesassociatedwithwealthgrowthsuchasearningahigherincomealwayspayingoffcreditcardbalancessavingregularlyandspendinglessthanonesincome.Typicallyduringyearsofintensiveeducationandpreparationforacareerinvitationstoliveaconsumerlifestyleshouldberesistedyearsofcareerearningsshouldbeyearsofwealthaccumulationyearsofpositivesavingandinvestingoutofearnedincome.StanleyandDanko1995reportthatfrugalityisthecornerstoneofwealthbuildingamongmillionairesandthatmostpeoplewhobuildwealthinAmericaareusedtoalifestyleofhardworkdisciplinesacrificethriftandsoundinvestmentshabits.Beingfrugalprovidesthemwiththedollarbasetoinvest.HigherlevelsofwealthgrowthareassociatedwithstrongandsuccessfulmarriagesSandersPorterfield2010.AccordingtoSkograndetal.2011greatmarriagesarethosewheredecisionmakingresponsibilityandfamilyworkwereshared.Threethemeswithimplicationsforwealthgrowthemergedfromthedata.Firstformostcouplesoneofthepartnerswasthemanagerandhandledtheday-to-dayfinances.Thisrequiredtrustandeffectivecommunicationbetweenspouses.TheresearchindicatesthatcoupleswithgreatmarriagestrusteachotherwithmoneyandareabletocommunicateeffectivelyaboutfinancialmatterssuchascheckingaccountmanagementinvestmentdecisionsandplanningforretirementMcConochaTully2001Stanleyetal.2002.Thesecondfindingwasthatthesecoupleshadlittleornodebtorhadagoalofpayingoffdebt.Thirdthesecoupleslivedwithintheirmeansandwerefrugal. ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium82Debtisanespeciallystickyissue.Bryantetal.2008reportedthattensionsgeneratedbydifficultieswithbudgetingcreditanddebtloweredmaritalsatisfactionandthuswealthgrowth.Inastudyofover21000couplesOlsonandOlson-Sigg2000foundthatdebtwasatopfivefinancialstumblingblockinmarriage.ConsumerdebtsuchasautomobileandcreditcarddebtnegativelyrelatetomaritalsatisfactionSkograndetal.2005.AlthoughfinancialeducationcanhelpcouplesincreasemaritalsatisfactionMuskieandWinter2001foundthatonlyaminorityofcouplesactuallyimplementfinancialpracticesthatimprovecouplerelationships.Debtisnotonlyproblematicintermsofwealthgrowthamongmarriedcouplesitisalsoproblematicamongcollegestudentsnotonlyintermsofwealthgrowthbutalsootherlifechoicesthataffectprosperity.In2009asurveyamongundergraduatecollegestudentsfoundthat84ofthempossessedoneormorecreditcards.Moretroublinginthatreportwasthat82ofthestudentssurveyedcarriedacreditcardbalancethataveraged3173SallieMae2009.Keepingacreditcardbalanceofmorethan1000isassociatedwithriskycreditbehaviorandotherunhealthybehaviorssuchaseatingpoorlyabusingdrugsandalcoholengaginginunsafesexanddrivingrecklesslyAdamsMoore2007Nelsonetal.2008.RobertsandTanner2000foundcorrelationswithcompulsivebuying.GrableandJoo2006foundthatheavycreditcarddebtamongcollegestudentsisalsoassociatedwithfinancialstress.Theabovefindingsareindirectoppositiontothosethatshowapositiverelationshipbetweenresponsiblefinancialbehaviorsincludingprudentborrowingpracticesandtheirconnectionwithincreasedwealthnotonlyintermsofretirementearningsbutinotherimportantwaysaswelllifesatisfactionandphysicalandemotionalwell-beingXiaoTangShim2009.MuskieandWinters20041999qualitativeworkamongaverageMidwesternfamiliesobservedthatfamiliesrelyonconsumerdebt.Debtwasviewedbythesefamiliesasanongoingnormalandacceptablewaytocontrolthefamilysfinancialsituation.Debtenabledcontinuity.Debtfortoysseemedaperfectlylogicalthing.Thefeelingamongstthemwasthatmostpeoplehaveacreditcardthatisneverpaidoff.Familymoneymanagerswantedflexibilityratherthantheconstraintstheyperceivedintheformalbudgetingprocess.Consumerdebtenhancedlifesatisfactionandallowedstabilityeaseandcomfort.Evenwhentheycouldpayitofffamiliescontinuedtousecreditreportingthatitgavethemasenseoffreedom.Thepracticeseemedharmlessandinexpensive.WhynotborrowsomemoneyandhavealittleextratodothethingstheywouldliketodonowDuetothedevastatingfinancialeffectsthatcanaccompanydeathdisabilityhealthchallengesandpropertylosstonameafewsoundriskmanagementmethodshaveahighpriorityinawealthgrowthplanGarmanandForgue2012asdorecommendationstokeepfinancessimple.SimplicityallowsyoutomoreeasilyknowwhenyouarelivingwithinyourmeansHibbertBeutlerandMartin2004.SimplicityininvestmentstylealsofacilitateseasyaccesstoreportsonreturnsandfeesQuinn2009.Youcantellwhenyouaremakingmoneyandwhenyouarenot.Thepurposeofthispaperistodemonstratethepotentialforthecreationofwealthwithinahouseholdthroughtheuseofaside-by-sidereviewutilizingawealthsensitivebalancesheetandincomeandexpenditurestatementfollowedbyadjustmentsthatdrawonfinancialvariablesestablishedinpersonalfinanceliterature.Intodayscomplexfinancialarenaitiseasyforfamiliestofeelthatthedaytodaydecisionsmaderegardingconsumerexpendituressavingsanddebthaveverylittleinfluenceontheirwealthgrowth.Certainlystockbrokersandmutualfundmanagerswouldlikeindividualshouseholdstofeelthatthecreationofpersonalwealthistotallyintheirhands.Butthatisfarfromtruethepurposeofthispaperistoillustratethatfamilymoneymanagerscanbekeyplayersinwealthgrowth.MethodologyItisdifficulttoobservemissedopportunitiesforwealthgrowthusingtraditionalfinancialstatements.ToremedytheseshortcomingsawealthsensitivefinancialstatementwascreatedasillustratedinFigure1.Thestatementconsistsoftwoworksheetsabalancesheetandanincomeandexpensestatement.WealthSensitiveBalanceSheetThewealthsensitivebalancesheetcontainsthesameinformationasthetraditionalbalancesheetbuttheinformationispresentedinadifferentformat.AsillustratedinFigure1theinformationforeachsub-categoryofcashandnearcashisenteredonasinglelineastheassetamountthedebtamountandtheequitydollaramount ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium83respectivelyfromleft-to-right.Thesamepatterniscontinuedforeachoftheremainingfivebalancesheetcategories.Figure1.WealthSensitiveFinancialStatementIllustratedFromawealthcreationperspectivetheroleofeachassetclasswaslabeledcashandnearcashfortransactionpurposesinvestmentassetsaswealthproducinghomeresidenceaswealthpreservingbusinessassetsasincomeproducinguseassetsaswealthdepreciatingandconsumerdebtaswealthdepleting.Viewedinthiswaysomeobviousimplicationsformakingwealthgrowthbecamemoreapparent.Forexampletheadvantageofconservingonthepurchaseofcertainuseassetsandinvestingthatamountinsteadinwealthproducingassetswasrecognizedasanobviouswealthcreationstrategy.TheWealthSensitiveIncomeandExpenseStatementThewealthsensitiveincomeandexpensestatementwasarrangedinthreecolumnsbytypeandamountincomeinthefirstorleftcolumnexpensesinthesecondcolumnandsavinginvestinginthethirdorrightcolumn.Asecondformattingdifferenceisthatearnedincomee.g.salarywagestheexpensespaidoutofearnedincomeandsavinginvestingoutofearnedincomearelistedinthetopsectionoftheIEstatement.Inthesecondorbottomsectionislistedinvestmentincomee.g.realizeddividendsinterestorrentalincomeexpensespaidoutofinvestmentincomeandre-investmentofrealizedinvestmentincome.WithIEarrangedasdescribedabovesavingandinvestingoutofearnedincomeprovidedadirectobservationofhowmuchearnedincomehadcontributedtowealthgrowthadirectlinktothebalancesheet.Likewisetheformattingprovidedadirectobservationofhowmuchinvestmentincomehadcontributedtowealthgrowthaseconddirectlinktothebalancesheet.BalanceSheetWorkSheet1IncomeExpenseStatementAssetsDebtEquitytotrackchangesinExpensesSavingInvest1.CashNearCashBalanceSheetTranactionsIncome-Expenses2.InvestmentAssetsExpensesSaveInvestWealthProducingInvestmentIncExpensesNetIncomeWealthPreserving4.BusinessAssets..IncomeProducing5.UseAssets..WealthDepreciating6.Non-Assets...WorkSheet2debtmanaementnotesconsumercreditdebtDebtYrlyWealthGrowthWealthDepletingpmtsListDebtIntpdprincpdAppreciationTotals3.HomeAsset..TotalsEarnedIncomeTotalInflowExpenseOutflowSaveInvestIncomeExpensesReinvestedb.taxdeferredIRA401kAssetsDebtEquityIncomea.nontaxdeferredEarnedIncomeTotalsInvestmentIncomeTotals ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium84WealthSensitive1providedawaytotrackadjustmentsmadeinthebalancesheetthatwouldalsoaffecttheIEstatement.2providedawaytotrackhowdebtadjustmentsinthebalancesheetaffectedchangesintheIEstatement.2wasalsoutilizedtotrackappreciationordepreciationofassets.TheDoverWealthAccumulationReviewDoverfinanceswereinitiallyreviewedusingtraditionalfinancialstatementsseeAppendixB.AlldatausedintheDoverwealthreviewweretakenfromtheDoverCaseproblemabriefnarrativefollowedbyasummarytableoftheirrelevantfinancialdataseeAppendixA.TheDoverdebtandassetappreciationdatatablewasthendevelopedasphase1ofthereview.Inphase2theappreciationdatatablewasintegratedintoawealthsensitiveformattedbalancesheetandIEstatementi.e.the2001Doverwealthsensitiveunadjustedfinancialstatement.Theunadjustedstatementwasthenadjustedinphase3tobecometheDover2002financialplan.Thisplanidentifiedthewaydebtsandassetswouldbemanagedtomakewealthgrowinthenext12monthswhilemaintaininglivingexpensesattheir2001level.GuidelinesusedinmakingtheseadjustmentsarecontainedinAppendixC.Inphase4anticipatedwealthgrowthwillbeillustratedinthefinalsummarytable.Phase1TheDoverDataTableADoverdebtmanagementandappreciationdatatablewasdevelopedasshowninTable1below.NotethatthefirstsectioncontainsallDoverassetvaluesthestatedinterestrateandtheprincipleoutstandingoneachdebt.ThedatawascurrentasofthedaytheDoverreviewwasconductedDecember312001thesamedateaswillbelistedontheirbalancesheetandthe2001rateswereacceptedasareasonableestimateofratesduringthenext12months.Table1.DoverDebtManagementandAppreciationDataTableThesecondsectionofthedatatabledetailsinformationregardingDoverdebtpaymentsmadeoverthecourseoftheprevious12monthsbrokenoutbyprincipleandinterestpaidduring2001.Alsoshownistherateanddollaramountofassetappreciationpositivenumbersordepreciationnegativenumbers.Thisinformationfortheyear2001isrepeatedfortheyear2002basedontheassumptionthattheDoverswillcontinuedebtpaymentsonscheduleasagreedandthat2001appreciationdepreciationrateswillcontinuein2002.Phase2DoverUnadjustedWealthSensitiveFinancialStatement.ThisphaseconsistedofcombiningdatafromtheDovertraditionalstatementsAppendixAwiththedatafromtheDoverdatatableTable1intoanintegratedwealthsensitiveformat.ButsincethedatahadnotbeenadjustedtoaffectthedualgoalsofthereviewitwaslabeledtheDoverUnadjustedFinancialStatement.Theanalysiswascompletedinaside-by-sidelandscapeformatbutisshownbelowinaportraitorientationseeTable2aand2b.InterestRates1449440Home7.125220742182821936597515961521402641515521224720HEquityLoan834900361433214752857----15982734--150000RentalHouse8.586394765918017557425343691910727045000StudentLoan6120010012001092108----116040--33000SUV6.5327545877044474622980.2825050641980660048000Beamer----------0.212000----960056000Winnebago----------0.21400011200225000P.Belongings--------------------CreditCard12.5110040480320160----363117--30124MMMF------------4.81380----6130000401kBondF.------------5.66894----72801121564Totals--3770903681441721536328809--205165102766268581infoleaseBusinessFinanceNibetMarketInterestRates1980-2002httwww.infolease.comiaA0908373.htmlStatedinterestrates.2httobservationsandnotes.blosot.comhousin-retirement-strateic-lannin.htmlObsrv01-07-13.3Ratesofarec.orderec.-.3PrinciplePaidpInterestPaidiAppreciationAmountMonthlYearlRate2Amt.Previous12Months-ear2001Next12Months-ear2002AssetValueDescriptionPrincipleBalancePmtAmountsPrinciplePaidInterestPaid ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium85AreviewofTable2wasconductedandthefollowingobservationsweremade.Checking2000andsaving7050totaled9050availablefortransactionpurchases.InvestmentassetequityincludedMMMF30124arentalhouse63606a401ktaxdeferredbondfund130000equivalenttoafter-taxvalueofapproximately90000.Thusinvestmentassetscombinedwerevaluedaftertaxatapproximately185000.Thehomeasset449440hadtwodebtsafirstmortgage220742andasecondmortgage34900withequityof193798228698-34900.TheDovershavetakenoverpaymentsontheirdaughtersstudentloan1200.Forlackofamorejustifiablespaceonthebalancesheetandperhapswithhopefulaspirationstudentloandebthasbeenlistedunderbusinessassetsheldforthepurposeofcreatingincome.ThebluebookmarketvalueoftheirvehiclesincludingWinnebagototals137000with32754ofdebtagainstDansrecentlypurchasedSUVandtheusevalueoftheirpersonalbelongingshavebeenlistedas225000.FinallytheDoverswealthdepletingcreditcarddebthasbeenpostedatamodest1100.Table2.DoverWealthSensitiveUnadjustedFinancialStatementUnadjustedUnadjustedX0AssetsDebtEquityEarnedIncome1.CashNearCash120000SueSalary2400Charity2000Checking0200042000DanSalary45384Taxes7050Saving0705079982LivingExp7958DiscritionarySvin2.InvestmentAssets34992Debtpmts7200Commited401ka.nontaxdeferred162000TotalEarnInc162758TotalLivExps758SaveInvestEInc30124MMMF30124150000RentalHouse863946360620420RentalhouseExp15020RentalExpenses15400317InterestIncome317b.Taxdeferred3600EmployerMatch3600130000401kBondFund013000024337TotalInvInc15020totalInExp9317savinv93173.HomeAssetTotalInflow449440Home220742H.Mortg2286980HomeEquityLoan34900349004.BusinessAssets0StudentLoan12001200pmtpiDebtsListedMrtgInsuriintpdpprincpdApprec.Deprec.5.UseAssets21936HomeMort--1596159752140248000Beamer--Sue0480004332HEquityL.28571475--33000SUV--Dan327542469180RentalH.--74251755436956000Winebago0560001200StudentLoan1081092--225000P.Belongings02250007044SUV229847468250Beamer----12000Winnebago----140006.Non-Assets480CreditCard160320--0CreditCardDebt11001100MMMF1380BondFund6894TotEq4417202880915363-2057535242Freed-upcashbypaidoffdebtviabalancesheetadjustmentsA0Appreciationduringprevious12monthsXcCurrentassetvalueX0DebtManagementanddetailsforprevious12months--2001WorkSheet1rAppreciationorDepreciationrateAppreciationA0Xcr1rDepreciationD0Xcr1-rBalanceSheetIncomeExenseStatementExenseOutflowSavinInvest1863371777788559TotalAssetsTotalDebt1130614377090Worksheet2DoverDanSueJan-Dec2001ExpensesSavingInvestInvestIncomeInvestExpenseReinvestmentDoverDanSueDecember312001 ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium86StrengthsoftheDoverendofyearDecember312001balancesheetwereobservedasimpressivetotalassets1130614relativelymodesttotaldebt377090andconsiderabletotalequity753524.Likewisefromtheirincomeandexpendituresovertheprevious12monthsampleearnedincome160000andsavinginvesting9317.Theseareindeedpositivefinancialstrengthstobuildon.Acriticalreviewfromawealthgrowthpointofviewfoundthefollowing.WithinthenexttenyearswhentheDoversretiretheyarefacingafinancialdisaster.Theirinvestmentassets185000aftertaxvaluewillbesufficienttoprovidethemwithnomorethan10000ofpurchasingpowerforaperiodof30yearsfromthepointatwhichtheyretiregiven3inflationperyearIsraelsen2010.That10000peryearplussocialsecuritywillnotmeasureupwellcomparedtothe170000thattheircurrentlifestyledependsonespeciallyconsideringthatwithoutacoursechangetheywillcontinuetocarryconsiderableoutstandingdebt.FromawealthgrowthperspectivefourcoursecorrectionswouldbeenormouslyhelpfultotheDovers.Firstkeepfinancessimpleandlivewithintheirmeans.ProgresstowardsimplificationwouldbemadebypayingofftheirhomeequityloanDansSUVautoloanandtheircreditcarddebt.Thisoutstandingdebthasallowedthemtolivebeyondtheirmeans.Secondsaveandinvest10ofearnedincomeannually.Thisisaneedsharedbymostifnotallemployeewageearningfamilies.InrecentyearstheDovershavepersistedinlivingbeyondtheirmeansbyatleast10000ayearlastyearwithvacationtravelandthisyear2001withaheavilyfinancedSUVpurchase.Inordertomakeher401kcontribution7200andqualifyforapartialemployermatchSueborrowed7200andanadditional758tocoverotherexpenses.ConsumerdebtfinancingallowedtheDoverstohide-from-themselvesthisformofoverspending.Thethirdcoursecorrectionwouldbetoreinvestasmuchoftheirnetinvestmentincomeastheycanworkingtowardstheidealtoinvestallofit.Fourthconserveonuseassetholdingandinvestthefreedupdollarsinwealthproducingassets.Inphase3thespecificeffectofthesecorrectionsonDover2002wealthgrowthwillbedemonstrated.Phase3DoverAdjustedFinancialStatementsSolutionAThefirsttaskinphase3wastoidentifycapitalincashnearcashnon-taxdeferredinvestmentassetsanduseassetsthatcanbeaccessedandusedinmoreproductivewaystosimplifytheirfinancesandacceleratewealthgrowth.Taxdeferredinvestmentassetswerenotconsideredforthispurposebecausetheyaretaxedascurrentincomeuponwithdrawalplusanadditionaltaxpenaltywouldbeleviedforearlywithdrawal.Conservativeamountsofcapitalwereaccessedintheearlydevelopmentofthisexercisebutitbecameapparentthattakingasmuchaswasneededcreatedthegreatestwealthgrowthwhichwasanover-archingpurposeforthisexercise.ForthisreasonandahopethattheDoverswouldrealizetheirdiresituationthereachforcapitalinthissectionwasdeep.CapitalwastakenfromDovernearcashsavings4348andfromthenon-taxdeferredMMMF30000asindicatedintheleftcolumnofworksheet1aunderthecashavailableheadingSeeTable3a.CapitalwasalsotakenfromthesaleofDoveruseassetstheirWinnebago56000SuesBeamer48000andDansSUV33000. ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium87Table3a.DoverAdjustedFinancialStatementBalanceSheetandWorksheet1aWealthSensitiveBalanceSheetAssetsDebtEquity1.CashNearCash2000Checking020002702Saving0270243482.InvestmentAssetsa.nontaxdeferred124MMMF12430000150000RentalHouse015000086394Pdoffmort.b.Taxdeferred130000401kBondFund1300003.HomeAsset449440Home220742H.Mortg2286980HomeEquityLoan0034900pdoffheq.4.BusinessAssets0StudentLoan001200PdoffSloan5.UseAssets10000Buicksedan--Sue1000010000BuyBuick0Beamer--Sue0048000SellBeamer0SUV--Dan003300032754SellSUV5000Honda--Dan50005000BuyHonda0Winebago0056000SellWineb.225000P.Belongings02250006.Non-Assets0CreditCardDebt001100payoffCCTotEqTAvailableTotalUsed753524171348171348A1Appreciationduringprevious12monthsXcCurrentassetvalueAdjustedStatement--Proected2002Worksheet1aDoverDanSueDateJan12002CashAvailableCashUsedDescriptionTotalAssetsTotalDebt974266220742BalanceSheet ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium88Table3b.DoverAdjustedFinancialStatementIncomeandExpensesandWorksheet1band2X1WealthSensitiveIncomeExenseStatementJan-Dec2002DescriptionDecreaseIncreaseIncomeUpcharity2400120000SueSalary4800Charity70007000daughterhomegift42000DanSalary45384Taxes79982LivingExpenseLessdebtmts1493722756DebtpmtsUpSaveEInc4367522DiscritionarySvinUpEmployeeContribution24009600Commited401k162000TotalEarnedIn159922TotalLivExp2078SavInvEarnedLessdebtmt16999699920420RentalhouseInc802112399Uprenthousereinvest122InterestInc1224800EmplerMatch480025342TotalInvInc8021totalInExp17321savinv173212193619235pmtpiDebtsListedMrtgInsuriintpdpprincpdApprec.Deprec.0220742021936HomeMort--1552164152247234900035120HEuitL100--86394069990RentalHouse1--00450022000012000StudentLoan00--Buick-Sue0020003275407044SUV----0Honda-Dan1000Winnebago----11004800CreditCard00--MMMF6BondFund728017714822074219235219360155216415312581Aftertaxamountgivenmtr302Freed-upcashbypaidoffdebtviabalancesheetadjustmentsX1rAppreciationorDepreciationrateAppreciationA1XcrDepreciationD1Xcr18734216794319399Worksheet2DebtPdOffTodaPrincipleBalanceCashFlowFreedu2DebtManaementanddetailsanticiatedfornext12months--2002ExpensesSavingInvestInvestIncomeInvestExenseReinvestmentT.CashFreeduT.CashAllocatedTotalInflowExenseOutflowSavingInvestWorksheet1bAdustedStatement--Projected2002IncomeExpenseAnticiatedCashFlowChaneDoverDanSue ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium89Capitalusedwasenteredinthesecondcolumnofworksheet1undertheheadingofcashused.Notethatthecapitalwasusedtopay-offdebtsuntiltherewereinsufficientfundstopay-offmoredebts.Thefollowingdebtswerepaidinfulltherentalhouse86394thehomeequityloan34900theirdaughtersstudentloan1200DansSUVautoloan32754andthecreditcard1100.MoremodestvehicleswerealsopurchasedforDana6000HondaandSue9000Buicksedansometimesthesteeppriceforlivingwithinonesmeans.Inworksheet1allcapitalwasaccountedforbycheckingtoseethattotalcashavailable171348equaledtotalcashused171348asshownatthebottomofworksheet1seeTable3a.AlladjustmentsdescribedinthisexercisewereassumedtoincurzerotransactioncostsanassumptionwhichcouldbestberealizedhadtheprincipleswhichunderliethisexercisebeenpracticedfromtheoutsetseeAppendixC.AlsoagaragesaleofsomeoftheDoverpersonalbelongingmighthavebeenusedtooffsettransactioncostsalbeittheywouldhavesoldwellbelowthevaluelistedonthebalancesheet.Thiscompletesthebalancesheetportionofthereviewprocess.Notethatthefirstportionconsistedofsellingassetstopay-offdebtnotjustpayitdown.TheresultwasthatDovernetworthdidnotchangethevalueoftotalassetswasreducedbutthevalueoftotaldebtwasreducedbythesameamount.Thiswasasecondcheckpointtoassurethattheaccountinghadbeencompletedcorrectlynetworthremainedunchanged.Parttwoofthephase3reviewconsistedofaccountingforchangesintheDoverincomeandexpenditurestatementTable3b.statementrightsidethatbecamenecessaryasaresultofdebtspaidinfullwithbalancesheetadjustmentsTable3a.statementleftside.Theserightsidechangeswerenextenteredonworksheet2Table3b.bottomrightsideundertheheadingDebtManagementDetailedNotes.AsindicatedthefirstmortgagepaymentsontheDoverhomefor2002willtotal219366415principlepaidand15521interestpaid.Alsobasedontheassumptionherethatratesofchangeinassetvaluesduring2001wouldbeacceptableestimatesforwhattoexpectinthenext12monthshomeappreciationisanticipatedtobe22472in2002.ThehomeequityloanwaspaidoffonJanuary1200234900freeingupaperpetualcashflowequaltotheeliminateddebtpaymentaftertax3512.Rentalhouseentriesincluded1appreciation45002debtpaid-offJanuary12002386394and3freed-upperpetualcashflow6999aftertax.ThestudentloanSUVandcreditcarddebtswerepaidoffresultinginadditionalfreed-upcashflowstotaling20055.Thisfreed-upcashflowwasthenenteredintoworksheet1badjacenttothe2002Doverincomeandexpenditurestatementandenteredthereasadecreasedanticipatedcashflowvialessdebtpaymentsi.e.comparedto20012002debtpaymentsmadeoutofearnedincomewouldbereducedby13056andtheremaining6999wouldbetheresultoflessdebtpaymentsaftertaxpaidoutofgrossinvestmentincomeontherentalhouse.With2002debtpaymentsscheduledtodecreaseitwasnecessaryforaccountingintegritytorecordhowtheresultingincreasedcashflowwouldbeallocated.Inaccordancetheseentrieswereenteredasshownunderthecolumnheadingincreaseinthecolumnimmediatelyrightofthedecreasecolumnwithinworksheet1bincreasedcharity2400daughterhomedownpaymentgift7000discretionarysaving436increased401kemployeecontribution2400andfreedupcashflowfrompaidoffrentalhousemortgage6999.Notethatthe2002IEstatementreflectedtheseadjustmentscomparedtothe2001statement.Phase4DoverWealthGrowthSummariesResultsInphase4thedrumrollsoundsItistimetounveilthewealthgrowthsummarieswhichsummarizethewealthgrowthachievedasaresultoftheDoverfinancialstatementreview.ShowninTable4arethewealthdimensionsandtheextenttowhichtheycontributedtotheoverallwealthgrowthoftheDoversinthepreceding12months2001andinthenext12months2002.During2001thesinglegreatestfactorthatcontributedtoDoverwealthgrowthwashomeandinvestmentassetappreciation34045.Thegreatestwealthgrowthdetractoruseassetdepreciation34250wassufficientlylargeastocompletelycancelouttheirgreatestcontributingfactor.Withthesetwofactorscancellingeachotheroutthenextimportantcontributortowealthgrowthwasprinciplepaidtoreducedebt15363followedbythereinvestmentofinvestmentincome5717.Anadditionaldetractorwassavingoutofearnedincomewhichwasnegative758.In2001Doverwealthgrewby23717.Aninterestingdetailcanbeobservedincolumn2002unadjusted.ThiscolumnrevealswhattheanticipatedwealthgrowthwillbeiftheDoversmakenoadjustmentsexcepttodiscontinuetheirpatternoftakingonnewconsumerdebteachyear. ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium90Makingthisadjustmenttheirwealthgrowthfor2002willbe30520anincreaseofnearly7000fromthissinglepositivefinancialpractice.Table4.DoverSummaryExamplesofMakingWealthGrowThenextcolumninTable42002AdjustedSolutionArevealsthestunningresultsthataccompanytheadjustmentsrecommendedinthewealthgrowthreviewpresentedhere.ThegreatestdetractortoDoverwealthgrowthin2001wasovercomein2002byshiftinguseassetdepreciationfromanegative34250toanegative3000.Thenextmostimportantfactorwastonearlydoublein2002theamountofreinvestedinvestmentincome.Itgrewfrom5717to12521in2002.Anotherveryimportantfactorwastheimprovementinsavingoutofearnedincomefromanegative758toapositive2078.Inadditiontheywereabletomeetallthreeoftheirfinancialgoals.Theypaidofftheremainingbalanceontheirdaughtersstudentloandoubledtheircharitablecontributionandcontributed7000towardahomedownpaymentfortheirdaughter.AdherencetothewealthgrowthreviewadjustmentsnearlytripledDoverwealthgrowthfrom23717in2001to66603in2002.Ifthispatterniscontinuedthiswillnotbeaonetimerushbutareoccurringwealthgrowthrealization.SolutionBinthelastcolumnisawhatif.TheDoversdidnthaveenoughcapitaltopayofftheirhomemortgageinsteadoftherentalhousemortgageasinSolutionA.HadtheybeenabletopursuethatcourseofactionSolutionBcouldhavebeenoperableresultinginnearly4000ofadditionalwealthgrowthcomparedtoSolutionA.ImplicationsandDiscussionThispaperdemonstratesthepotentialforthecreationofwealthwithinahouseholdthroughtheuseofaside-by-sidereviewutilizingawealthsensitivebalancesheetandincomeandexpenditurestatementfollowedbyadjustmentsthatdrawonfinancialvariablesandprinciplesestablishedinpersonalfinanceliterature.Intodayscomplexfinancialarenaitiseasyforfamiliestofeelthatthedaytodaydecisionsmaderegardingconsumerexpendituressavingsanddebthaveverylittleinfluenceontheirwealthgrowth.Certainlystockbrokersandmutualfundmanagerswouldlikeindividualshouseholdstofeelthatthecreationofpersonalwealthistotallyintheirhands.Butthatisfarfromtrue.Thispaperillustrateshowfamilymoneymanagersandthefinancialeducatorsandplannerswhoassistthemcanbekeyplayersinthecreationoftheirownwealthgrowth.ManyfamiliesaretoocasualaboutdecisionsthatinfluencewealthgrowthdramaticallyvaluingsatisfactionandcomfortoverfrugalityMuskieWinter1999.Financialdecisionsaboutsavingandspendingseemsmallwhileparticipationinconsumerdebtseemsinexpensive.Theonlycostforeseenistheinterestpaymentandgettingwhattheywantnowfaroutweighsthepriceofcreditorsoitseems.HoweverasdemonstratedbytheDovercase2001200220022002WealthGrowthdimensionsUnadusted1Unadusted2Adjusted3SolutionAAdjusted4SolutionBaFinaicalGoalmetIncreasedCharity0024002400Homedownpaymentgift--daughter0070007000bSavingInvestingoutofearnedincome7583158207819358cReinvestedInvestementIncome57175729125215522dEmployerMatch3600360048004800ePrinciplepaidtoreducedebt153631651064151910fUseAssetDepreciation342502740030003000gHomeInvestmentAssetAppreciation34045356983438934258Total237173097966603722484Dooveranticipatedwealthgrowthnext12monthsifcapitalhadbeensufficienttopayoffhomemortgagedebtinsteadofrentalhousedebt.1Doveractualwealthgrowthduringtheprevious12months2001.2Doveranticipatedwealthgrowthnext12monthsgivennofinancialadjustmentsexcepttodiscontinuetakingonadditionalconsumerdebt.3Doveranticipatedwealthgrowthnext12monthsgivenrefocusedassetsfromdepreciatingtowealthproducingafullemployermatchandreduceddebtload. ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium91decisionsaboutincurringconsumerdebtinvestmentincomespentandnotreinvestedsavingsthatneveraccrueandnotqualifyingforanemployermatchonanIRAaredecisionsthatreallydohaveagreatimpactonwealthgrowth.MuskieandWinter20041999conductedindepthinterviewswithrespondentstheydescribedasaverageAmericanfamilies.Theyreportedthatmostifnotallofthefamiliesinterviewedindicatedthattheylikedthefreedomofcarryinganoutstandingbalanceontheircreditcard.Whenaskedwhytheydidntpayitofftheyreasonedthatthecostwasnothighthatitgavethemfreedomandhelpedthemtomanage.TheirresponsesweresufficientlycompellingtoprompttheauthorstoraisethequestionShouldfinancialprofessionalscontinuetorecommendthelongstandingconservativepracticesregardingtheavoidanceofdebtandthefrugaluseofresourcesgiventhatthoseweseektoassistseemedtocaremostaboutcomforteaseandbeingabletopaytheirbillsintheshorttermTheresearchpresentedinthispaperprovidesananswerfortheDoversasitcouldforeachpersonseekingassistance.ThewealthsensitiveformsintroducedinthispaperhelpinansweringthequestionhowmuchwealthgrowtharewewillingtoforgoinexchangeforaconsumerlifestyleHavewerealizedthatthecostinforegonewealthgrowthmaywellbetwentytofortythousanddollarsayearIndividualsandfamiliesneedhelpfromeducatorsandplannerstobetterunderstandandimplementfinancialpoliciesandpracticesthatresultinadequatewealthgrowthtowardasimpleandsufficientfinancialfuture.Asdemonstratedherewealthgrowthanalysiscanhelpinthisregard.ItshouldntbelostonthereaderthatwhatthewealthgrowthreviewpresentedinthispaperaskedoftheDoverswastogiveuptheirconsumerlifestyleinexchangeforwhatStanleyandDanko1995documentedasthelifestyleofTheMillionaireNextDoorBibliographyAdamsT.MooreM.2007.High-riskhealthandcreditbehavioramong18-25year-oldcollegestudents.JournalofAmericanCollegeHealth562101-108.BaekE.DeVaneyS.A.2004.Assessingthebabyboomersfinancialwellnessusingfinancialratiosandasubjectivemeasure.FamilyandConsumerSciencesResearchJournal324321-348.BrooksA.C.2006.ThesurprisingtruthaboutcompassionateconservatismWhoreallycares.PhiladelphiaBasicBooks.BryantC.TaylorR.LincolnK.ChattersL.JacksonJ.2008.MaritalsatisfactionamongAfricanAmericanandBlackCaribbeansFindingsfromtheNationalSurveyofAmericanLife.FamilyRelations57239-253.DeFrainJ.AsayS.Eds..2007.StrongfamiliesaroundtheworldThefamilystrengthsperspective.NewYorkHaworth.DeFrainJ.StinnettN.2002.FamilyStrengths.InJ.J.Ponzettietal.Eds..InternationalencyclopediaofmarriageandfamilyVol.2.NewYorkMacmillanReferenceGroup.DewJ.2008.Debtandmaritalsatisfactionchangeinrecentlymarriedcouples.FamilyRelations5760-71.GrableJ.E.JooS.2006.Studentracialdifferencesincreditcarddebtandfinancialbehaviorsandstress.CollegeStudentJournal402400-408.GarmanE.T.ForgueR.E.2012.PersonalfinanceEleventhedition.MasonOhioSouth-Western.HibbertJ.R.BeutlerI.F.MartinT.M.2004.Financialprudenceandnextgenerationfinancialstrain.JournalofFinancialcounselingandPlanning152651-59.HubermanG.IyengarS.S.JiangW.2007.DefinedcontributionpensionplansDeterminantsofparticipationandcontributionsrates.JournalofFinancialServicesResearch311-32.IsraelsonC.L.2010.7TwelveAdiversifiedinvestmentportfoliowithaplan.NewJerseyJohnWiley.JenkinsJ.W.BeutlerI.F.1984.AdefinitionofmicroeconomicsavinginthecontextofhouseholdwealthgrowthInK.P.Goebeled.ConsumerResponsibilityCorporateResponsibilitypp.24-30.AmericanCouncilonConsumerInterests30thAnnualConferenceProceedings.KinleyD.1911.Aspectsofeconomicsofimportanceinhouseholdscience.InM.J.ListonEd..HistoryofFamilyEconomicsResearch1862-1962.Abiographicalhistoricalandanalyticalreferencebookpp.90-92.AmesIAUniversityPublicationIowaStateUniversity.McConochaD.TullyS.2001.HouseholdmoneymanagementRecognizingnontraditionalcouples.JournalofConsumerAffairs27258-283.MoonS.J.YuhY.HannaS.D.2002.FinancialratioanalysisofKoreanhouseholds.FamilyandConsumerSciencesResearchJournal304496-525. 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ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium93AppendixA.TheDoverCaseDanandSueDoverareintheirmidfifties.SueworksatSoftSkinInternationalinmanagementwithincomeof120000in2001.Sues401kretirementaccountcurrentbalance130000increasedduring2001fromthreesources1Sues2001employeecontributions72002heremployermatchequaltoforeach1shecontributesuptoamaximummatchof4and3appreciationintheassetvalueofherdiversifiedbondportfoliopostinganincreaseof6894in2001foraninvestmentreturnof5.6alittlebelowthefundstenyearaverage.Danworksasanursepractitioneratacarefacility42000salaryin2001withoutbenefits.TheDoversalsoreceivedincomefromadditionalsourcesin2001.Interestincometotaled317fromtheirsavingaccountwhichpays4.5interest7050currentbalance.TheDoversalsoownarentalhousecurrentmarketvalue150000whichproducedacashflowof5400ofnetincome20420income15020Expensesin2001andithasappreciatedatanannualrateofabout3overthelastseveralyears.Themortgagebalanceagainstthispropertyis86394withastatedrateof8.5andmonthlypaymentsof765.TheDoverscurrentcheckingaccountbalanceis2000.Theyalsohaveamoneymarketmutualfundwithabalanceof30124whichincreasedbyarateof4.8onitspreviousyearbalance.TwoyearsagotheDoverspurchaseda4000squarefoothomewhichtodayhasamarketvalueof449440andappreciatedinvalueduring2001byabout5.Theyhaveamortgageonthishomecurrentbalance220742withmonthlypaymentof1828andastatedannualinterestrateof7.125percent.Theirnicelyrefurbishedhomecontainspersonalbelongingswithreplacementvalueofaround225000.UseassetsownedbytheDoversincludeSueslatemodelBeamerbluebookvalue48000.AyearagotheytradedinDansagedToyotaTerceltowardthepurchaseofanewSUVcurrentvalue33754thatwasfinancedwitha6.5loanand587monthlypayments.TheyalsoownanewWinnebagoRVmotorhomebluebookvalue56000.Tohelpfinancetravelexpensesincurredlately10000andtorefinancealoantheyincurredafewyearsagointhepurchaseoftheirmotorhomewhichtheyusemuchlessthantheyanticipatedtheDovershaveaccumulatedahomeequityloancurrentbalance349008statedrateandmonthlypaymentsof361.Doverchildrenlivingathomeincludetwinsage16andanolderdaughterwithherhusbandandtwoyoungchildrenwholiveinthebasementwhiletheyarefinishingschoolandsavingforahomedownpayment.Expendituresduringthelastyearwere2400Charity45384taxes79982foodandotherlivingexpensesanddebtpaymentswithotherfinancialinformationdetailedbelow.Top2002financialgoalsfortheDoversareasfollowsassumingemploymentearningsremainat2001levels.1Maintaintheirpositivesavingstokeeptheirwealthgrowingandpreparefinanciallyforretirement.2Maintainlivingexpensesattheir2001anddoublecharitablecontributionsin2002.3Payoffdaughtersstudentloanasdetailedbelowandgift7000towardherhomedownpayment.DoverCaseDetailsDecember312001AssetValueDescriptionInterestRates1PrincipleOutstandingMonthlyPaymentsAppreciationRate2449440Home7.12522074218285.00HEquityLoan8.034900361--150000RentalHouse8.5863947653.00StudentLoan6.01200100--33000SUV6.5327545870.248000Beamer------0.256000Winnebago------0.2225000P.Belongings--------0CreditCard12.5110040--1StatedinterestratesondebtsoutstandingbasedonInfoplease.2005.MoneyMarketInterestRatesandMortgageRates19802002.2Positiveratesofappreciationornegativeratesofdepreciation ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium94AppendixB.DoverTraditionalFinancialStatementsDoverTraditionalBalanceSheetDoverTraditionalIncomeandExpenditureStatementAssetsLiabilitiesCurrentorMonetaryAssetsCurrentLiabilitiesCash2000CreditCard1100Checking7050HomeEquityLoan34900InvestmentsnontaxdeferredLong-termLiabilitiesMMMF30124HomeMortgage220742RentalHouse150000RentalMortgage86394SUVLoan32754taxdeferredStudentLoan1200401kBondFund130000TotalLiabilities377090HousingHomeresidence449440VehiclesBeamer--Sue48000SUV--Dan33000Winnebago56000PersonalPropertyP.Belongings225000TotalAssetsNetWorthassets-liabilities7535241130614December312001IncomeExpendituresSalary--Sue120000Charity4800Salarywage--Dan42000TaxesfederalStateLocal49384InterestIncome270DebtPayments34992RenalHouseNetIncome5400AdditionalLivingExpensesEmployerMatch401k3600Food13680Housing12596Transportation17802HealthCare7720Clothing6876Other17308TotalIncome171270TotalExpenditures165158SavingInvesting6112Jan1-Dec312001 ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium95AppendixC.MethodologyGuidelinesinaWealthGrowthReviewGeneralRecommendations1.Giveproperattentiontoeducationthatleadstoadequateincome.2.Besafetymindeduseappropriateriskmanagementmethodstoforestallpotentialdevastatinglosses.SpecificRecommendations3.Considerusingexcesscashnearcashnon-taxdeferredassetsorlowpriorityuseassetstopayoffdebtandinvesttheresultingfreed-upperpetualcashflowtowardwealthaccumulatingassets.4.Conserveonwealthdepreciatinguseassetswhentimelyconvertfromwealthdepreciatingtowealthproducingassets.5.Considerrefinancingamortgageatmorefavorableterms.6.Reinvestallnetinvestmentincome.7.Getapartialorfullemployermatch401kwhenavailable.8.Paydowndebtonyourhometolessthan80ofitsassetvaluetoavoidmortgageinsurancecharges.9.Saveandinvest10to12ofearnedincomeforthelonghaul.10.Livewithinyourmeans.Twogeneralandeightspecificguidelineswereconsideredinthewealthgrowthreviewreportedinthisstudy.Theseguidelineswereselectedfromtheliteraturereviewandfromreasonedconclusionsestablishedinextantpersonalfinanceliterature.Educationandcareerdevelopmentthatleadstoearnedincomeistheunderlyingengineofwealthaccumulationintheemployeeorwageearningfamily.Likewiseproperriskmanagementmethodsareessentialinsafeguardingwhateverwealthisaccumulated.Whenadequateincomeandproperriskmanagementmethodsareinplaceaparticularlypowerfulmovetowardwealthaccumulationistoidentifyapoolofmobilecapitalwithinthecurrentbalancesheet.Thiscapitalistypicallyobtainedfromexcesscashnearcashthetimelysaleofnon-taxdeferredinvestmentassetsorthesaleofuseassetsthoseyounolongerwanttoaffordorhavesufficientusefor.Onceobtainedthispoolofcapitalwilltypicallybeusedtopay-offexpensivedebtsthatcanbepaidinfull.Anexceptionwouldbetheaccelerationofmortgagepaymentstopaydownthemortgageto80ofthepropertyvalueinordertoeliminatemortgageinsurancecharges.Whenadebtispaidinfullthefreed-upcashflowcreatesanincomestreamintheIEstatement.Freed-upcashflowcanbeachievedinotherwaysaswelle.g.byrefinancingamortgageatmorefavorabletermsorbyreinvestingrealizedinvestmentincomee.g.interestdividends.Aswillbeillustratedbelowtheseincomestreamscanbesizableandfruitfulavenuesforwealthaccumulation.Freed-upcashflowcanbedirectedtowardavarietyofwealthaccumulatingguidelinessuchasitems7thru9inthetableaboveorusedtomeetotherpriorityfamilyfinancialgoals.NotatanytimeinthisanalysiswereresourcestakenfromtheDoverslivingexpensesorfromtheirtaxobligationstofederalstateorlocalgovernmentstocreateafreed-upcashflow.HoweveriftheDoversweretoreducelivingexpensesthatwouldalsoaddtotheirwealthaccumulation. ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium96StudentPapersTheFinancialBehaviorsofSoldiersBeforeandAfterDeploymentMaryM.BellPh.D.59SonyaL.BrittPh.D.andBrianaS.Nelson-GoffPh.D.KansasStateUniversityKeyWordsdeploymentfinancialanxietyfinancialbehaviorfinancialknowledgemilitaryAbstractThisresearchreportsthefindingsfromprimarydatacollectedataMidwesternU.S.Armyinstallationonthefinancialbehaviorsofmilitaryservicemembersbeforeandafterdeployment.ThispaperreviewedthetwofinancialsurveysadministeredtoSoldiersbeforeN701andafterN670theyleftforayearlongdeploymenttoawarzone.Itisonepaperinaseriesofessaysthatfurtherexplorefinancialbehaviorsofmilitarypersonnel.IntroductionThemilitaryoffersavarietyofchallengesanddemandsforservicemembersduetomultiplerolesandmissionswhichrangefromcombattopeacekeepingandhumanitariansituations.ItisoneoffewprofessionstodaywhereinjuryanddeathareconstantcompanionsHarris2011.InadditiontothestressorsofthejobservicemembershaveratedfinancialpressureasmorestressfulthandeploymentsandpersonalrelationshipsU.S.DepartmentofDefenseDoDOfficeoftheAssistantSecretaryofDefense2012.AsacknowledgedbymilitaryleadersandthePresidentoftheUnitedStatesfinancialreadinessisakeycomponentofthewell-beingandpsychologicalhealthofmilitaryservicemembersandmilitaryfamiliesUnitedStatesExecutiveOfficeofthePresident2011.Theresearchinthecurrentthreeessaydissertationseekstoanalyzethepersonalfinancialmattersspecificallyfinancialbehaviorsofservicemembersinanattempttogaingreaterinsightintothepersonalreadinessofmilitarymembersandtheirfamilies.Iffinancialhealthdirectlyimpactspsychologicalhealthwhichinturnimpactsmissionreadinessthenthefinancialbehavioroutcomesofmilitarypersonnelhavepotentialnationalsecurityimplications.MilitaryDemographicsTodaysU.S.militaryisthelargestall-volunteerforceinournationshistoryconsistingofgroundforcesArmyandMarineCorpsairfightersAirForceandwaterforcesNavyHarris2011.Intotalthemilitaryconsistsof3.6millionpeopleofwhom40areactive-dutyservicemembers30areReadyReserveNationalGuardandReserveand25areDepartmentofDefenseDoDciviliansU.S.DoDOfficeoftheDeputyUnderSecretaryofDefenseforMilitaryCommunityandFamilyPolicy2012.TheArmyisthelargestbranchandthefocusofthisdissertationwith561000activedutySoldierswhocompromise39oftheactivedutyfightingforceU.S.DoDOfficeoftheDeputyUnderSecretaryofDefenseforMilitaryCommunityandFamilyPolicy2012.AirForceisthenextlargestServicebranch23oftheactive-dutyforcefollowedbytheNavy22theMarineCorps14andtheCoastGuard3U.S.DoDOfficeoftheDeputyUnderSecretaryofDefenseforMilitaryCommunityandFamilyPolicy2012.Therankstructureofthemilitaryservesasbothahierarchicalstructureusedforpromotionandclassificationpurposes.RankalongwithyearsofserviceisdirectlycorrelatedwithincomeDefenseFinanceandAccountingService2010.Itcanbeclassifiedintwomaincategoriesofficersandenlisted.Officersusuallygivetheordersandcanbebothcommissionedandnoncommissioned.Theenlistedrankstypicallyexecutethegivenorders.IntheArmyactive-dutyforcethereisoneofficerforeveryfiveenlistedpersonnelU.S.DoDOfficeoftheDeputyUnderSecretaryofDefenseforMilitaryCommunityandFamilyPolicy2012.TheaverageageforArmyofficersis35whiletheaverageageofanenlistedSoldieris28yearsoldU.S.DoDOfficeoftheDeputyUnderSecretaryofDefenseforMilitaryCommunityandFamilyPolicy2012.Themajorityofofficers83holdabachelorsdegree59MaryBellPh.D.CFPAFCDirectorofProgramDevelopmentNACoFinancialServicesCenter25MassachusettsAveNWSuite500WashingtonDC20001Office202942-4242Cell432940-6114mbellnaco.orgwww.naco.org. ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium97orhigherwhileonly5ofenlistedpersonnelholdabachelorsdegreeorhigherU.S.DoDOfficeoftheDeputyUnderSecretaryofDefenseforMilitaryCommunityandFamilyPolicy2012.Intermsofgenderandethnicityfemalesconstituteapproximately15ofactive-dutySoldiersandover30ofSoldiersidentifythemselvesasaminorityU.S.DoDOfficeoftheDeputyUnderSecretaryofDefenseforMilitaryCommunityandFamilyPolicy2012.Themilitaryisalsoahighlymarriedforce.Over57ofmilitarymembersaremarriedincluding70ofofficersand54ofenlistedpersonnel.IntheArmyalmost7ofthepopulationisinadualmilitarymarriagerelationshipU.S.DoDOfficeoftheDeputyUnderSecretaryofDefenseforMilitaryCommunityandFamilyPolicy2012.ThesedemographicsprovideanoverviewofthemilitarypopulationandspecificallyofferinsighttothedemographicsoftheArmypopulation.MilitaryLifeStressorsAuniqueaspectofmilitarylifeisdeployment.Thelastdecadehasbeenatimeofunprecedenteddeploymentsinthehistoryoftheall-volunteerforce.Therehavebeenalmost2.5millionservicemembersdeployedtoOperationsEnduringFreedomIraqiFreedomandNewDawnDefenseManpowerDataCenter2012.Thesedeploymentshavebeenlongerthanpriordeployments.ReoccurringdeploymentstocombatarecommonandbreaksbetweendeploymentsareinfrequentTanielianJaycox2008.AsofOctober2012theArmyhaddeployed70ofitsactive-dutyforceatsomepointintherecentconflictsDefenseManpowerDataCenter2012.TheArmysupported52ofallDoDactive-dutydeploymentsdespiteonlymakingup39oftheforcestrengthBondsBaiocchiMcDonald2010.AsofOctober2012theArmyhadover108000Soldiersintheirseconddeployment65000Soldiersintheirthirddeployment28000Soldiersintheirfourthdeploymentandover17000SoldiersintheirfifthormoredeploymentDefenseManpowerDataCenter2012.Deploymenthasbeencitedtohavethestrongesteffectonwork-relatedstressforSoldiersBrayCamlinFairbankDuntemanWheeless2001HosekMartorell2009.Alongwithdeploymentpersonalfinancialconcernshavebeenoneofthemostseriouschallengesmilitaryleadershiphasfacedinrecentyears.InfactaccordingtotheActingDeputyAssistantSecretaryofMilitaryCommunityandFamilyPolicyChuckMilamarecentDepartmentofDefensesurveyshowedthatservicemembersratedfinancesasoneofthemostsignificantstressorstheyfaceratingithigherthandeploymentsorpersonalrelationshipsU.S.DoDOfficeoftheAssistantSecretaryofDefense2012.RecentresearchhasindicatedthatservicemembersarenotlikelytosavehavesubstantialcreditcarddebtandhavedifficultymakingendsmeetfinanciallyFinancialIndustryRegulatorsAuthorityFINRA2010.OtherresearchhasalsoshownthatrelocationdeploymentsandcostoflivingdonotdeterminewhohasfinancialproblemsTiemeyerWardynskiBuddin1999.FindingshaverevealedthattheNavyhaslostbetween172millionto258millioninoverallproductivitycostsduetopersonalfinancialproblemsLutherGarmanLeechGriffittGilroy1997.FurthermorefinancialpreparationisakeypartofdeploymentpreparationandtherecanbesignificantstresssurroundingthisfinancialpreparationCastanedaHarrellVardaHallBeckettStern2008HosekKavanaghMiller2006RotterBoveja1999.BothdeploymentandpersonalfinancialmattershavebeenshowntobeasourceofstressformilitarymembersBrayetal.2001DrummetColemanCable2003Hoseketal.2006HosekMartorell2009.Thereforeitisimperativetoimprovethemissionreadinessofourmilitarymenandwomenbyimprovingthefinancialresilienceofmilitarymembersandtheirfamilies.PersonalFinancialCounselingProgramsfortheArmyInordertohelpservicemembersandtheirfamilieswithpersonalfinancialproblemstheDoDandtheDepartmentoftheArmyhavefundedseveralfinancialassistanceandcounselingprogramstoenhancethepersonalreadinessofservicemembers.AsapartofthelargerfamilyreadinesssystemFRSDoDhasgivenspecificinstructiontosupportDoD-operatedprogramsandcommunity-basedfamilyreadinessservicesthatareavailablethroughalargevarietyofaccesspointsU.S.DepartmentofDefenseDoDInstruction2012.BothDoDandArmypersonalfinancialcounselingprogramsincludeArmyCommunityServicesfinancialreadinessprogramsU.S.DoDInstruction2012ArmyEmergencyReliefprogramArmyEmergencyRelief2011PersonalFinancialCounselorspartoftheMilitaryFamilyLifeCounselingprogramMHNGovernmentServices2013andavarietyofweb-basedresourcessuchasMilitaryOneSource.comArmyOneSource.comandMyArmyBenefits.us.army.mil.EachmilitarybranchoperatesinstallationbasedMilitaryandFamilySupportCentersMFSCsU.S.DoDInstruction2012.IntheArmytheMFSCiscalledtheArmyCommunityServiceACScenter.Thesecentersarelocatedoninstallationsallovertheworldandcanbeaccessedbyanyservicememberorfamilymember.These ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium98centersprovidealargevarietyofserviceswhichincluderelocationassistancechildandyouthprogramsfinancialreadinessprogramsandmanyotherprogramsU.S.DoDInstruction2012.ThePersonalFinancialManagementPFMservicesareproactivepersonallifecyclefinancialmanagementservicesthatprovideservicemembersandtheirfamilieswiththetoolsandinformationtheyneedtodevelopindividualstrategiestoachievefinancialgoalsandaddressfinancialchallengesU.S.DoDInstruction2012p.15.Thisprogramhasinstitutedfinancialeducationofferingstrainingprogramsandfinancialcounselingprogramstohelpservicemembersandtheirfamilieswithconsumerfinancialinformationandeducation.AtaminimumthefinancialeducationprogramgivesbasicfinancialtrainingtoservicememberswithinthreemonthsofarrivingattheirfirstpermanentdutystationU.S.DoDInstruction2012.TheinstructionexplicitlystatesthatservicememberswithaleadershiproleprimarilyofficersandnoncommissionedofficersshouldbeinformedaboutthepoliciesandpracticesdesignedtoprotectjuniormilitarymembersU.S.DoDInstruction2012p.15.Thecounselingprogramisdesignedtoprovideindividualassistancetoservicemembersandtheirfamiliesconcerningtheirindividualorfamilybudgetsinordertohelpthemachievetheirshort-termandlong-termgoals.ThispreparesthemtocontributetoindividualandoperationalreadinessU.S.DoDInstruction2012p.15.TheinstructionspecificallystatesthatthecounselingshouldbeprovidedpriortodeploymentinordertohelpdevelopafinancialplanforuseduringthetimeoftheservicemembersabsenceU.S.DoDInstruction2012.ReferralsmaybemadeifneededbutthePFMservicesaretoincorporatetheDoDFinancialReadinessCampaignpillarswhichareamaintaingoodcreditbachievefinancialstabilitycestablishroutinesavingsdparticipateintheThriftSavingsPlanandSavingsDepositProgramesustaintheServicemembersGroupLifeInsuranceSGLIandotherinsurancefencouragelow-costloanproductsasanalternativetopaydaylendingandpredatoryloansguselow-costMoralWelfareandRecreationMWRprogramsandhpreservesecurityclearancesU.S.DoDInstruction2012.ThePFMprogramisledbyaPersonalFinancialManagerwhoservesasaprimaryexpertonpersonalfinancesandholdsabachelorsdegreeaswellasanationallyrecognizedfinancialcounselorcertificationU.S.DoDInstruction2012.ItisestimatedthattheDepartmentofDefensespends38milliondollarsannuallyFY2010onthePersonalFinancialManagementprogramaloneU.S.GovernmentAccountabilityOfficeGAO2012.UndertheGarrisonCommanderofaninstallationmanyofthePFMprogramsalsoserveastheleadforhandlingandcontrollingtheemergencyreliefloansprovidedthroughthevariousServiceBranchreliefsocieties.TheArmyEmergencyReliefAERprogramprovidesfundstoSoldiersretireesandtheirfamiliesonthebasisoffinancialneedArmyEmergencyRelief2011.AERloansareinterest-freeloansgrantsoracombinationofaloanandagrantthatarebasedonvalidfinancialneedandareavailablethroughmilitarycommanderstohelpmeettheneedsoftheirSoldiersanddependents.Sincetheprogramsinceptionin1942AERhasprovided1.4billionofreliefaidto3.4millionSoldiersandtheirfamiliesArmyEmergencyRelief2011.In2011AERprovided69.4millionininterest-freeloansandgrantsforalmost59800SoldiersandtheirfamiliesArmyEmergencyRelief2011.AERhasinvestedover1milliontoteachapersonalfinancialmanagementcoursetoover111000atSoldiersAdvancedIndividualTrainingAITsitesthroughouttheArmyArmyEmergencyRelief2011.Approximately10yearsagoDoDinitiatedtheMilitaryFamilyLifeConsultantMFLCprogramtosupportservicemembersandtheirfamilieswhowerestrugglingwiththeeffectsofextendedandrepeateddeploymentsduetotheconflictsinIraqandAfghanistanMHNGovernmentServices2013.TheMFLCprogramwassetuptoaugmenttheexistingsupportservicesavailabletoactive-dutymilitaryandtheirfamiliesbyprovidingnon-medicalcounselingserviceswhichfocusedonashort-termproblemresolution.In2007thisprogramwasextendedtoincludeadditionalsupportservicesfortheNationalGuardandReservechildandyouthservicesandothermilitaryprogramsMHNGovernmentServices2013.In2008theprogramwasexpandedtoincludefinancialcounselingsupportthroughthePersonalFinancialCounselorsPFCprogramMHNGovernmentServices2013.ThesePFCsareCertifiedFinancialPlannersCFPAccreditedFinancialCounselorsAFCorCharteredFinancialConsultantsChFCandprovideeducationsupportandassistanceonpersonalfinancialmatters.Thesefinancialexpertsprovideindividualandfamilyfinancialcounselingandplanningsessionsaswellasliveworkshopsonfinancialeducationtopics.SessionsprovideprofessionalindividualizedfinancialplanningandconsultationserviceswhichincludesassistancewithmoneymanagementcreditanddebtliquidationanalysisofassetsandliabilitiesandestablishingandbuildingsavingsplansMHNGovernmentServices2013.ThesePFCsalsoserveasareferralnetworkforadditionalassistanceorcounselingwhennecessary. ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium99FinallytherearealsoseveralDoDandArmyinternet-basedresourcesspecificallytargetedformilitaryandArmyaudiences.AfewoftheseincludeMilitaryOneSource.milArmyOneSource.comandMyArmyBenefits.us.army.mil.MilitaryOneSourceMOSisaDoDfundedprogramthatprovidescomprehensiveinformationandservicestoservicemembersandtheirfamiliesMOS2013.MOSoffersa247callcentertosupportavarietyofissuesrangingfrommanaginggriefstrengtheningrelationshipsandbetterparentingandchildcarepracticesandopportunitiesMOS2013.ThefinancialplanningresourcesincludefinancialcounselingservicesfreeofchargetoanyservicememberincludingNationalGuardandReserveandtheirfamilymembersandcanbeadministeredbytelephoneorinpersoniflocationsitesareavailableMOS2013.MOSalsooffersawidearrayofinformationresourcestaxpreparationandarticlesonfinancialtopicsofinteresttomilitaryfamiliesonline.MOSalsowillsendfreeinformationincludingCDsandbookstoservicemembersandfamiliesregardlessoflocationMOS2013.ArmyOneSource.comisaweb-basedresourcethatoffersavarietyoffinancialeducationalarticlesandtoolstargetedtohelpSoldiersandtheirfamilieswithquestionssurroundingpersonalfinancialissuesArmyOneSource2013.TheyofferfinancialcalculatorsretirementplanningcoursesandafinancialliteracygametoteachSoldiersandArmyfamiliesaboutimportantpersonalfinancialtopicsArmyOneSource2013.InadditiontotheseresourcesMyArmyBenefits.us.army.milprovidesusefulinformationonfederalandstatebenefitsforSoldiersandtheirdependentsMyArmyBenefits2013.ThewebsitealsohasdeploymentandredeploymentcalculatorstohelpSoldiersdeterminethechangestotheirpaychecksbeforeandafterdeployment.AnumberofotherbenefitcalculatorsexistonthewebsiteforretirementsurvivorbenefitsanddisabilitybenefitsandcanbeaccessedwiththeSoldiersCommonAccessCardCACorArmyKnowledgeOnlineAKOaccessMyArmyBenefits2013.Allofthesefinancialplanningandcounselingservicesareofferedtomilitarymembersandtheirfamiliesfreeofcharge.Thereisbreadthanddepthinthevarietyofservicesresourcesandinformationofferedthroughtheseprogramstohelpservicemembersandtheirfamiliesmakesmartfinancialdecisions.StatementoftheProblemGiventheseverityandpervasivenessoftherecenteconomicrecessionandthelastdecadeofwardeploymentsforU.S.servicemembersitisnosurprisethatservicemembersandtheirfamiliesareexperiencingfinancialchallenges.Whenconsideringmilitarypersonnelpersonalfinancialproblemscanhavesignificantnegativeeffectsthatimpacttheirmilitarycareer.ServicememberswhoexperienceseriousfinancialproblemscanlosesecurityclearancesfacecriminalsanctionsandoraredischargedfromthemilitaryFINRA2010.In2012thenactingSecretaryofDefenseLeonPanettastatedThenumberonereasonpeopleintheservicelosetheirsecurityclearanceisbecauseoffinancialproblems.AndthatssomethingthatweabsolutelyhavetoaddressU.S.DoDOfficeoftheAssistantSecretaryofDefense2012.UltimatelytheDepartmentofDefensestrivestomaintainafightingforcethatismissionreadyandpreparedtofulfillitsduty.InordertobuildresilienceandenhanceperformancetheArmyhasoutlinedacomprehensiveSoldierandfamilyfitnessresourcethatcontainsfivedimensionsofstrengthphysicalemotionalsocialfamilyandspiritualreadinessU.S.Armyn.d..ThesepillarsencompasswhattheArmydefinesaspersonalreadinesswhichthenultimatelyplaysadirectroleinmissionreadiness.Missionreadinessiswhatthefightingforcemustmaintaininordertoperformitsprimaryduty.CurrentlythecomprehensiveSoldierandfamilyfitnesspillarsdonotincludepersonalfinancialreadiness.ThisdissertationlaysforthcompellingreasonstoincludefinancialreadinessasasixthpillarseeFigure1.1.Thethemeoffinancesisunderlyingalloftheotherfivepillarsandthereforehasadirectimplicationonpersonalreadiness.Ultimatelyfinancialreadinessimpactsmissionreadinessviapersonalreadiness.SummaryandConnectiontoCurrentResearchThelackofmilitaryfinancialbehaviorinformationcombinedwiththecontinuingstressofongoingdeploymentsandseparationsindicatetheneedforfurtherresearch.TheActingDeputyAssistantSecretaryofMilitaryCommunityandFamilyPolicyChuckMilamstatedtheDepartmentofDefenseconsidersdebtfromanysourceaconcernandapotentialthreattoreadinessespeciallyifnotmanagedproperlyasitcouldspiraloutofcontrolandcauseunduehardship...thefinancialhealthofourforceisabsolutelycriticaltoouroverallmilitaryreadinessU.S.DoDOfficeoftheAssistantSecretaryofDefense2012.ThegulfbetweenthenumerousfinancialcounselingresourcesandthehighrateoffinancialproblemsFINRA2010gaveincentiveforfurtherclarificationofwhypersonal ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium100financialbehaviorsinamilitarysettingaresorampant.ThepreviousDirectoroftheOfficeofPersonalFinancewithinDoDDavidJulianaffirmedDoDfirmlybelievesthatthefinancialreadinessoftheirtroopsandfamiliesequatestomissionreadinessU.S.DepartmentoftheTreasury2010.ThereisaneedforempiricalandquantitativeresearchtounderstandthefinancialbehaviorsofSoldiersbeforeandafterdeployment.Thefollowingsectionsdetailthefinancialresiliencesurveysthatsoughttoprovidethisneededresearch.Thisdataservedastheprimarydataforthefollowingchaptersofthecurrentdissertation.MethodologyThefinancialresiliencysurveysusedinthecurrentstudyareuniquesurveysthatwereacooperativeeffortbetweenresearchersataMidwesternuniversityandanArmyinstallation.DiscussionsbeganinAugust2010toworkcooperativelytoaddressthefinancialissuesstemmingfromSoldiershabitsandbehaviorsespeciallyinrelationtopre-andpost-deploymentperiods.ThediscussionledtoajointagreementtoadministerafinancialsurveytoaunitofdeployingSoldiersinordertomorefullyunderstandandgaingreaterinsightintothefinancialbehaviorofSoldiersbeforeandafterdeployment.Thesurveyswereconductedwithinasinglecommandandapprovalwasgivenbytheunitcommander.ApprovalwasalsoobtainedbytheuniversityInstitutionalReviewBoardIRBtoadministerthesurvey.Respondentswereassuredthataparticipationwasvoluntarybresponseswouldremainstrictlyconfidentialconlymembersoftheuniversityresearchteamwouldhaveaccesstotherawdatadrespondentswerefreetonotansweranyquestionandstopatanytimewithnopenaltyorlossofbenefitandenoriskswereanticipatedfromparticipatinginthisresearchstudy.Allrespondentswhocompletedthesurveyacknowledgedtheirvoluntaryagreementtoparticipateinthisstudyandgaveconsentfortheirresultstobeusedinthedataanalysis.TheArmyinstallationreceivedcommandapprovalfromtheDivisionsleadershipaswellastheunitsleadershiptoadministerthesurveytotheSoldiersbeforeandafterdeploymentgiventheabovedirectedcriteria.AfterthedatawasanalyzedtheinstallationandunitreceivedtheinformationforfeedbackontheirSoldiers.WiththesupportandapprovalofboththeArmyinstallationandtheuniversitythesurveywasadministeredtoaunitofSoldiersinNovember2010priortotheirdeploymenttoawarzone.TheTime1surveycoveredtopicareassuchasdemographiccharacteristicspayandspecialpaysuseoffinancialproductsfinancialanxiety1help-seekingbehaviorsubjectivefinancialknowledge2financialbehaviors3andlocusofcontrol4.Thequantitativesurveywasadministeredusingapencilandscantronto825Soldiersbeforetheyleftfortheiroverseasmission.Afterdeletingmissingdataandinvalidsurveys5thefinalsamplesizefortheTime1surveywasreducedto70185responserate.WithinweeksoftheunitreturninghometheTime2surveywasadministeredinlateNovemberandearlyDecember2011.Italsocontained50questionsandwasadministeredusingapencilandscantron.TheTime2surveycoveredsimilartopicsastheTime1surveywithonlyafewchanges.SomeofthedemographicquestionsweredeletedsincetheinformationhadalreadybeengatheredontheTime1survey.SomeofthewordingwaschangedtoreflecttheSoldierspost-deploymentstatus.Afewquestionswereconsolidatedandafewnewquestionswereaddedtoreplacethedeletedandconsolidatedquestions.ThefinalTime2surveywasadministeredto932Soldierswith670usableresponses72responserateafterdeletingmissingdataandinvalidsurveys.TheresearchdesigncalledforacollectionofdatafromthesamegroupofSoldierspre-andpost-deploymentbutinrealityonlyone-thirdoftheSoldierscompletedboththeTime1andTime2surveys.AllSoldierscamefromthesamebrigadeinbothsurveysbutlessthan1000Soldierswereactuallysurveyedoutofapotential1500to3200dependingontheactualsizeofthebrigadeatthetime.Alleffortsweremadetosurveythesameunitswithinthebrigadebeforeandafterdeployment.ThosewhocompletedbothsurveyswerematchedbyusingthelastfourdigitsoftheSoldierssocialsecuritynumberandtheirbirthyearwhichwerecollectedonbothsurveys.ThedatawithSoldierswhotookbothTime1andTime2surveyswereanalyzedmorefullyinChapter2ofthisdissertation.DescriptiveStatisticsforTime1andTime2SurveysGiventheuniquenatureofthesesurveysthedescriptivestatisticsforboththeTime1N701andTime2N670surveyswereanalyzed.ThisreviewprovidesinsightintosomeofthemajordescriptivefindingsofthesurveysincludingareflectionofthesamplecharacteristicssuchasagerankeducationmaritalstatusnumberofdependentsnumberofdeploymentsandjobtypeMilitaryOccupationalServiceMOSamongothervariables.AllstatisticalanalyseswerecompletedbyusingSASversion9.3statisticalsoftware. ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium101DescriptiveVariablesSixprimarydemographicvariableswereaskedinthesesurveysseeTable1.Respondentagerangedfrom18to47yearsoldonbothsurveyswhere26SD5.74wasthemeanageforTime1surveyand27SD5.82wasthemeanageforTime2survey.IntheTime1survey39n274weresingleandintheTime2survey43n290weresingle.SincemanyofthedescriptivevariableswerenotexpectedtochangeduringthedeploymentperiodsomequestionswereaskedonlyintheTime1survey.ThevariablesonlyaskedontheTime1surveyweregenderethnicitynumberofdependentsandeducationlevel.Morethan97n682ofthesamplewasmalewithover67n468ofthesamplereportingCaucasianastheirethnicity.Inthissamplealmost55n384reportedcaringforoneormoredependents.EducationlevelintheTime1surveyrevealedlessthan1n5hadlessthanahighschooleducation51n354hadahighschooldiplomaorGED38n269hadcompletedsomecollege9n63heldabachelorsdegreeandslightlymorethan1n10hadagraduatedegreeorhigher.Table1DescriptiveStatisticsofTime1andTime2SurveysDescriptiveVariablesRangeTime1FrequencyN701Time1MSDTime2FrequencyN670Time2MSDAge18to4726.005.7426.905.82Caucasiana66.76n468Malea97.29n682Single39.09n27443.28n290Oneormoredependentsa54.78n384EducationlevelaLessthanhighschool0.71n5HighschoolGED50.50n354Somecollege38.37n269Bachelorsdegree8.99n63Graduatedegree1.43n10Note.aNotallquestionswereaskedintheTime2surveysincetheinformationwouldnothavechangedduringdeployment.MilitarySpecificVariablesSeveralmilitaryspecificvariableswereincludedinordertobestassessdetailedimplicationsofthesampleseeTable2.TwoquestionsspecificallybranchofserviceandjobormilitaryoccupationalspecialtyMOSwereaskedonlyontheTime1surveysincethesedatapointswerenotexpectedtochangeduringthedeploymentperiod.Theentiresample100n699reportedtheirbranchasArmyactive-duty.Theunitsurveyedwasaninfantryunitandtherefore66n464ofthesamplehadthejoborMOSofcombatarmsfollowedby14n97whoworkedassupportincludingintelligenceandsignal19n131whoworkedasserviceandsupportfortheunitnonewereaviationandslightlyover1n9reportedotherfortheirMOS.ThevariableofrankwasincludedonbothTime1andTime2surveyssincepromotionscanoccurduringadeployment.PrivatesE1toE2madeup11n75oftheTime1sampleand2n19oftheTime2sample.ThiswasexpectedsinceaSoldierdoesnotstayaprivateforalongperiodoftimeiftheyarefulfillingtheirjobappropriately.PrivatefirstclassspecialistorcorporalE3toE4comprised56ofboththeTime1n390andTime2n372samples.SergeantsandstaffsergeantsE5toE6comprised26n183oftheTime1sampleand32n216oftheTime2sample.IntheTime1survey6n43ofthesampleheldarankfromsergeantfirstclasstofirstlieutenantincludingwarrantofficersE7toO2.Thisgroupmadeup9n58oftheTime2surveydata.Alimitationofthedatawasthattheserankswerebandedtogetherandthereforeitisnotpossibleto ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium102ungrouptheseranksfordataanalysis.FinallycaptainsandhigherO3andabovecomprisedalittleover1n10oftheTime1sampleandjustunder1n5oftheTime2sample.ThefinalmilitaryspecificvariablewaswhetherSoldiershadanypriordeployments.IntheTime1survey51n359ofthesamplehaddeployedpriortotheirupcomingdeployment.IntheTime2surveythisquestionwasnotincludedgiventhatitwasexpectedthatallSoldierswhowereparticipatinghadjustreturnedhomefromadeployment.Table2MilitarySpecificVariablesoftheDescriptiveStatisticsofTime1andTime2SurveysMilitarySpecificVariablesTime1FrequencyN701Time2FrequencyN670Active-dutyArmya99.71n699JobMOSaCombatarms66.19n464Supportintelsignal13.84n97Servicesupport18.69n131Aviation0.00n0Other1.28n9RankE1toE210.70n752.84n19E3toE455.63n39055.52n372E5toE626.11n18332.24n216E7toO26.13n438.66n58O3andabove1.43n100.75n5Previousdeploymenta51.21n359NoteaNotallquestionswereaskedintheTime2surveysincetheinformationwouldnothavechangedduringdeployment.FinancialVariablesAnumberoffinancialvariableswereassessedinbothTime1andTime2surveysseeTable3.Financialanxietywasassessedbyaskingfourquestionswithatotalrangeof4to20withhigherscoresindicatingahigherleveloffinancialanxiety.TheaveragescorefortheTime1surveywas8SD3.19indicatingafairlylowleveloffinancialanxietyamongthesample.FortheTime2datatheaveragescorewas7SD3.01indicatingaslightlylowerleveloffinancialanxietyamongthesample.SubjectivefinancialknowledgemeaningtheSoldiersself-assessmentoftheirownunderstandingoffinancialmatterswasincludedinbothsurveys.Thevariablewasassessedbyaskingeightsubjectivefinancialrelatedquestionsassessingknowledgelevels.Therangewasfrom8to40withhigherscoresindicatinggreatersubjectivefinancialknowledge.IntheTime1datathemeanwas27SD6.59andintheTime2datathemeanwas26SD6.93.Bothmeansindicateamoderatesubjectivefinancialknowledgescore.Financialbehaviorswereassessedbysixquestionswithatotalrangeof9to30withhigherscoresindicatingahigherlevelofpositivefinancialbehaviors.TheaveragescorefortheTime1surveywas22SD4.49and23SD4.26fortheTime2surveyindicatingafairlyhighlevelofpositivefinancialbehaviorsamongbothsamples.BothcreditcarddebtandemergencysavingsfundamountswereaskedontheTime1andTime2surveys.IntheTime1survey42n295ofthesamplereportednocreditcarddebtwhichalsoincludesthosewithoutcreditcards.FortheTime2surveythisnumberwas54n365ofthesample.Thosewhoreportedhaving1to1000 ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium103increditcarddebtintheTime1surveymadeup23n160ofthesampleand20n134reportedthisamountontheTime2survey.Soldiersreportinghaving1001to2500increditcarddebtmadeup13n92oftheTime1sampleand10n64oftheTime2sample.Thosewithcreditcarddebtthatrangedfrom2501to5000comprised10n72oftheTime1sampleand9n58oftheTime2sample.Finallythosewhoreportedhaving5001ormoreincreditcarddebtmadeup12n82oftheTime1dataand7n49oftheTime2data.Soldiersalsoreportedtheirsavingslevelforafinancialemergencybeforeandafterdeployment.IntheTime1sample22n152reportedhaving0inanemergencysavingsfund25n176withlessthan50024n166with501to10009n65with1001to2000and20n142with2001ormore.FortheTime2data9n63reportedhaving0inanemergencysavingsfund14n94withlessthan50019n124with501to100013n89with1001to2000and45n300with2001ormore.ThesubstantialincreaseinsavingsfromTime1toTime2canbeduetothefactthatservicemembersreceivespecialpaysandincentivesinadditiontotheirbasepaywhendeployed.ThesurveywastakenwithinafewweeksoftheSoldiersreturningfromdeploymentandbeforetheywereabletoleavefortheirrestandrecuperationleaveperiod.Futurestudiesshouldsurveyservicemembersafterreturningfromthisrestandrecuperationleaveperiodtoseeifthesameamountofemergencysavingsissimilar.Table3FinancialVariablesoftheDescriptiveStatisticsofTime1andTime2SurveysFinancialVariablesRangeTime1FrequencyN701Time1MSDTime2FrequencyN670Time2MSDFinancialanxiety4to207.793.196.773.01Subjectivefinancialknowledge8to4026.556.5925.966.93Financialbehaviors9to3021.834.4922.984.26Creditcarddebt042.08n29554.48n3651to100022.82n16020.00n1341001to250013.12n929.55n642501to500010.27n728.66n585001andabove11.70n827.31n49Emergencysavingsfunds021.68n1529.40n63Lessthan50025.11n17614.03n94501to100023.68n16618.51n1241001to20009.27n6513.28n892001ormore20.26n14244.78n300CommunicationSourceVariablesTwoquestionswereaskedonboththeTime1andTime2surveysregardingthenumberofcommunicationsourcesthattheservicemembersusedinbothamilitaryandnon-militarysettingSeeTable4.TheTime1surveyquestionsaskedHaveyoutalkedtoanyofthefollowingmilitaryserviceprovidersinthelast12monthsaboutyourpersonalfinancialsituationTheSoldiersindicatedallanswersthatappliedtotheirsituation.TheresponsesfortheTime1surveywiththeassociatedfrequencieswereaACSFinancialreadinessprogram14n101bmilitarychainofcommand13n89cMilitaryOneSource2n15dPFCpartoftheMilitaryFamilyLifeConsultantMFLCprogram2n14eothermilitarypersonnel16n113.Almost50n350ofthesamplehadnocommunicationwithamilitarysourceregardingtheirpersonalfinancesaccordingtotheTime1survey. ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium104ThenextquestionaskedHaveyoutalkedtoanyofthenon-militarysourcesaboutyourpersonalfinancialsituationinthepast12monthsTheywerealsoabletomarkallanswersthatapplied.TheresponsesfortheTime1surveyN701withtheassociatedfrequencieswereafamilymemberspouse39n272bfriend11n77cfinancialadvisorplanner6n44dinternet3n22andeother7n51.Over25n180ofSoldiersintheTime1surveydidnotspeakwithanynon-militarysourcesabouttheirpersonalfinancialsituationinthelast12months.OntheTime2surveythequestionaskedInthelast12monthshaveyoucommunicatedwithanyofthefollowingserviceprovidersaboutyourpersonalfinancialsituationTheresponsesfortheTime2surveyN670withtheassociatedfrequencieswereachainofcommand4n30bfamilymemberspouse28n190cMilitaryOneSourceorothermilitaryserviceprovideri.e.PersonalFinancialCounselorPFCFinancialMFLC3n20dfriend5n39enoneoftheabove58383.TheotherquestionontheTime2surveyreadWhichofthefollowingwillyoumostlikelyuseinthenext12monthstoimproveyourpersonalfinancialsituationTheanswersfortheTime2surveyN670withtheassociatedfrequencieswereaattendafinancialbriefing13n86bphoneconsultation2n16cfinancialplanneradvisor23n159dinternetresearch28n186andenone33n221.Table4CommunicationSourcesoftheDescriptiveStatisticsofTime1andTime2SurveysCommunicationSourceVariablesTime1FrequencyN701Time2FrequencyN670MilitarysourcesACSFinancialReadinessprograma14.41n101MilitaryOneSource2.14n152.99n20PFCpartofMFLCprograma2.00n14Chainofcommand12.70n894.48n30Othermilitarypersonnela16.12n113Nomilitarycommunicationsource49.93n35057.85n383Non-militarysourcesFamilymemberspouse38.80n27228.36n190Friend10.98n775.82n39Financialadvisorplanner6.28n4423.73n159Internet3.14n2227.76n186Othera7.28n51None25.68n18033.08n221Note.aGiventhevariationindeploymentstatusandchangestothequestionnairenotallquestionswereaskedverbatimintheTime1andTime2surveys.ConclusionGiventheconstantdeploymentcycleandtheheavytollofthelongestrunningwarinAmericanhistoryservicemembersandtheirfamilieshavefeltthestressofbothdeploymentandpersonalfinancialstrains.ThisresearchseekstoquantifythefinancialbehaviorsofSoldiersinordertobetterpredictfuturefinancialbehaviorsandprovidethesupportneededsotheycanfocusontheirmilitaryandfamilyobligations.Asaresultthisresearchwillgivemilitaryserviceprovidersandleadersaccurateinformationonmilitaryfinancialbehaviorinordertoprovideappropriatefinancialeducationplanningandcounselingservices. 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ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium108Endnotes1ThesequestionsoriginatedfromtheFinancialAnxietyScale0.94ArchuletaDaleSpanninpress.MeasurementoftheseitemswasbasedontheDSM-IV-TRdiagnosticcriteriaforGeneralAnxietyDisorders.Thisstudyonlyusedfourofthesevenquestionsintheoriginalscaleduetospaceconstraintsandapplicabilitytothesample.2BasedontheFinancialKnowledgescalebyPerryandMorris20050.91.Thisstudyincludedfouradditionalvariablesinthefinancialscaleinordertocovermorecomprehensivefinancialplanningtopicsincludinglifeinsuranceestateplanningretirementaccountsandtaxes.3BasedontheFinancialBehaviorscaleusedbyGrableandJoo20010.74.4StudiedusingthePearlinMasteryscalePearlinSchooler1978.TheCronbachsalphaforthisscalevariedamongdifferentfinancialresearchstudies.74WhitbeckSimonsCongerWickramaAckleyElder1997.84KimMoen2002and.88DonaldsonEarlMuratore2010.5Somerespondentsrandomlybubbledintheirresponsesmarkingresponsesontheanswersheetthatwerenotapossibleoptiononthesurveyandthereforetheseresponseswerenotincludedinthefinalanalysis. ProceedingsoftheAssociationforFinancialCounselingPlanningandEducation2013AnnualResearchandTrainingSymposium109AFCPEMaryONeillFinancialEducation2013Mini-GrantProjectReportMoneyMatterTrain-the-TrainerVideoforYouthAdultswithAutismSpectrumDisorderPaulF.Goebel60SeniorDirectorTheUniversityofNorthTexasRachelGrimesAssistantDirectorTheUniversityofNorthTexasKeyWordsmini-grantautismtrain-the-trainerTargetAudiencePractitionersandeducatorsfromallfieldsObjectivePurpose-ReportonUNTSMMCMoneyMatterTrain-the-TrainerVideoforYoungAdultswithAutismSpectrumDisordersProject-Learnthehistoryofthegrantproject-UnderstandresourcesavailabletoallAFCPEmembersthroughtheprojectDescriptionAnestimated1millionadultsintheUnitedStateslivewithautismspectrumdisordersASDswhichoccursonceper50births.DespitetheincreasedprevalenceofautismthereislimitedawarenessonautismandthetransitionofindividualswithASDsages16-21intopost-secondaryeducationcommunitylivingandemployment.UnfortunatelyweknowthatduetothecommunicationandbehavioraldeficitsassociatedwithASDsthesestudentstypicallyexperiencelesssuccessfullearningoutcomesineducationandtrainingthanstudentwithoutdisabilities.TheMoneyMattertrain-the-trainervideoprojectcombinesthefinancialliteracytrainingexpertiseoftheUNTStudentMoneyManagementCenterwiththeASDprogrammingexpertiseoftheUNTKristinFarmerAutismCenter.MethodPowerPointslidesandwebsiteaccess.Time50minutes40minutespresentation10minutesQA60UNTSMMC1155UnionCircle305237DentonTX76203