Family Economics News - February 2006

CSREES Contact:
Jane Schuchardt, National Program Leader, CSREES-USDA
jschuchardt@csrees.usda.gov
Web site: http://www.csrees.usda.gov/financialsecurity

National Initiative “Financial Security in Later Life” Contact:
Nancy M. Porter, Family Resource Management Specialist,
Clemson University
nporter@clemson.edu
Web site: http://www.csrees.usda.gov/fsll

Financial Literacy for Youth Contact:
Erica Tobe, Program Leader for Financial Literacy & Housing,
Michigan State University
tobee@msu.edu

Financial Literacy for All eXtension Contact:
Debra Pankow, Family Economics Specialist,
North Dakota State University
dpankow@ndsuext.nodak.edu

Back issues of FENEWS are available at http://www.csrees.usda.gov/newsroom/newsletters/familyeconnews/familyeconnews.html

To summit items for consideration for this newsletter, contact Jim Terry, Program Analyst, CSREES-USDA jterry@csrees.usda.gov

RESEARCH/PROGRAM EVALUATION

1) Missouri Taxpayer Education Impacts
2) Financial Security in Later Life Impacts

EDUCATION/EXTENSION

1) Financing Long-Term Care Teleconferences
2) Web Site Marketing Idea
3) Assessing Economic Value of Programs

RESOURCES

1) Earned Income Tax Credit Outreach Kit
2) Helping Seniors Remain Fiscally Fit
3) Financial Education by Federal Reserve
4) New Woodstock Institute Web Site

OPPORTUNITIES

1) Call for Papers:

Journal of Personal Finance
Journal of Youth Development
Closing the Wealth Gap (Federal Reserve)
Association for Financial Counseling and Planning Education (AFCPE)
Community Affairs Conference (Federal Reserve)

2) Funding:

NRI - Nutrition and Obesity
NASD Investor Education Foundation

CALENDAR

DISCLAIMER

1) Missouri Taxpayer Education Impacts

University of Missouri Extension estimates its taxpayer education program (MoTax) had a local economic impact of more than $6.2 million for the 2005 tax season (2004 tax return). Missouri Extension worked with the Internal Revenew Service (IRS) Volunteer Income Tax Assistance (VITA) program in 19 rural counties to prepare 2,037 tax returns for lower-income families and provide follow-up financial education. In addition to saving tax preparation and filing fees and gaining federal income tax refunds, 812 of the returns resulted in receipt of the Earned Income Tax Credit totaling $1,084,740. For more details about this project and its impacts, see http://www.csrees.usda.gov/financialsecurity, then Selected Results and Impacts.

2) Financial Security in Later Life Impacts

A group of 7,618 participants in Financial Security in Later Life (FSLL) programs reported an annual financial impact (dollars saved, debt reduced, new dollars invested) totaling nearly $6 million. Since 2003, Extension educators in 24 states reported reaching more than 46,000 participants with one or more of eight face-to-face programs in the FSLL educational toolkit. Most of these programs are also offered online. The latest impact report showed 89 percent of program participants increased financial literacy, 68 percent planned to use recommended financial management practices, and 59 percent planned to reduce debt in light of long-term goals for later life. To find out more about this Cooperative Extension initiative, go to: http://www.csrees.usda.gov/fsll. To learn what a difference this program has made for participants, view the 2006 FSLL Impact Report at http://www.csrees.usda.gov/financialsecurity and go to Selected Results and Impacts.

1) Financing Long-Term Care Teleconferences

University of Illinois Extension has a two-seminar program delivered via teleconference in spring 2006 to help people plan for and manage the financial aspects of long-term care. The program is designed to be offered at the workplace. All attendees receive a packet of resource materials that supplement the seminars. For more information, contact Kathy Sweedler at sweedler@uiuc.edu or go to http://www.ace.uiuc.edu/cfe/health/ltci.html.

2) Web Site Marketing Idea

University of Illinois Extension is sponsoring a contest to find the best "viral ad" to increase use of "Plan Well, Retire Well," a Web site designed to encourage people to save money while young and invest wisely for retirement. A viral ad is a picture, link, or message received by email that is so catchy that recipients will forward it to others. Prizes will be awarded in two categories -- youth and open. Entry deadline is April 1, 2006. For details about the program and the contest, go to http://www.retirewell.uiuc.edu/.

3) Assessing Economic Value of Programs

“Use of Economic Indicators in Reporting Family and Consumer Sciences Program Impact” highlights a University of Georgia Extension program providing income tax preparation and filing service to 1,126 low-income Georgians in 2004. Participants learned about earned income tax credits and financial management. Nearly half of the participants who received this no-cost service had spent a total of $60,720 for tax preparation the year before. Fifty-six filers avoided refund anticipation loans at a savings of $117 each totaling $6,552. The total value of state and federal tax refund money received by filers was $1,567,072. Using these three indicators, the total value of this program to Georgia’s economy was estimated at $1.6 million. The report, found at http://www.fcs.uga.edu/ext/impacts/econ_indicators.pdf also features programs on nutrition and exercise, food safety, indoor air quality, and child care.

1) Earned Income Tax Credit Outreach Kit

"Make Tax Time Pay," the 2006 outreach kit developed by the Center on Budget and Policy Priorities, contains materials to help you help low- and moderate-income workers take advantage of the tax benefits they have earned. In 2005, more than 21 million workers claimed more than $39.5 billion in Earned Income Credits (EIC). Many of them also received a substantial boost from the Child Tax Credit (CTC). The EIC may be worth as much as $4,400 for some families. Many families also may qualify for the CTC, worth up to $1,000 for each child. This year's guide has new sections specific to Native Americans, rural residents, and workers who are homeless. To visit the Center on Budget and Policy Priorities, go to: www.cbpp.org. Organizations may order a free copy of the outreach kit at eickit@cbpp.org.

2) Helping Seniors Remain Fiscally Fit

The Federal Deposit Insurance Corp. (FDIC) Consumer News guide for senior citizens and their families features practical tips about Social Security benefits and retirement savings, problems that can occur when borrowing money in retirement, and what to consider before investing in annuities. The guide includes information about protection against financial frauds that target the elderly, including identity theft, advance-payment scams, and fraudulent deals involving home sales or mortgage. Learn more at:http://www.fdic.gov/consumers/consumer/news/cnfall05

3) Financial Education by Federal Reserve System

The Federal Reserve System's resource center on personal financial education includes information on consumer banking, consumer protection, home mortgages, loans, credit, and much more. To visit this site, go to: http://www.federalreserveeducation.org/PFED/. Additional resources are available from the Consumer and Economic Development Research and Information Center (CEDRIC), managed by the Federal Reserve Bank of Chicago. The financial education section has information on credit management, economic literacy, retirement planning, and investing plus a comprehensive list of national financial education programs. Go to: to:http://chicagofed.org/cedric/financial_education_research_center.cfm.

4) New Woodstock Institute Web Site

The Woodstock Institute is a 32-year old, Chicago-based policy and advocacy nonprofit that works locally and nationally to promote community reinvestment and economic development in lower-income and minority communities. The institute's goals are to increase the supply of affordable rental housing, owner-occupied housing, small business development, and access to financial services in targeted communities. The Woodstock Institute engages in applied research, policy analysis, technical assistance, public education, program design and evaluation. Its areas of expertise include community reinvestment policy, financial and insurance services, small business lending, community development financial institutions, and local employment programs. To find out about upcoming events, reports of interest to savers, news alerts, and to receive Woodstock Updates, go to: www.woodstockinst.org

Last Updated: 07/25/2007