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You are here: Home / Newsroom / Newsletters / Family Economics News - March 2006

Family Economics News - March 2006

The Cooperative State Research, Education, and Extension Service (CSREES) works with land-grant university partners and others to advance knowledge for agriculture, the environment, human health and well-being, and communities through national program leadership and Federal assistance. Among the Agency’s goals is to support increased economic opportunities and quality of life in rural areas. Family economics aligns with this goal by focusing on how individuals and families obtain and use resources such as money, time, human capital, material resources, and community services; by exploring the relationship between individuals and families and the larger economy; and by studying the impact of public issues, policies, and programs on family economic well-being.

Research/Program Evaluation

  • College Student's Knowledge and Use of Credit
  • Financial Vulnerability at Older Ages
  • Household Assets and Community Prosperity

Education/Extension

  • Financial Education and Research News
  • Extension Plan of Work Process

Resources

  • Census QuickFacts
  • Katrina Aftermath: Effectiveness of the Financial Safety Nets

Opportunities

  • 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)
  • Funding:
    • NRI - Nutrition and Obesity
    • NASD Investor Education Foundation
    • Learn and Serve America
    • Assets for Independence

Calendar

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Results from this exploratory study of incoming college freshmen indicated many students already had access to credit or had acquired debt. Sixty-two percent had access to a credit/charge card and just over half (50.9 percent) had some type of debt. Older students had significantly more credit/charge cards, as well as higher levels of debt. Single, never married students tended to have lower levels of debt than currently/formerly married students. Most students in this study knew little about credit and credit knowledge was not significantly related to debt levels or access to credit/charge cards. The findings suggest that credit education may be needed before students enter college (or shortly thereafter) to help them make informed decisions and avoid having excessive debt affect current/future financial security.

A new Urban Institute report summarizes the financial effects of falling into poor health, losing the ability to work or live independently, and becoming widowed. During a 10-year period, more than three-quarters of adults age 51 to 61 at the beginning of the period experienced job layoffs, widowhood, divorce, new health problems, or the onset of frailty among parents or in-laws. Financial consequences are especially serious for older adults who develop work disabilities or long-term care needs, or who become unemployed.

The household assets of communities are an indicator of a region's economic stability and prosperity. Residential real estate, agricultural real estate, and financial and rental real estate investments can represent 76 percent of a typical household's wealth holdings. Residential real estate is the biggest holding of wealth for most households, agricultural real estate is the biggest holding of wealth for many farm and rural households, and financial investments and rental real estate reflect additional wealth that could be invested in local economies. These wealth-holdings are important forms of regional wealth and contribute to economic growth by capitalizing businesses and creating stability in consumer demand. To learn more about this study, go to the Main Street Economist web site, and select the September 2005 issue of The Main Street Economist.

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Consumer Link, published by the Take Charge America Institute for Consumer Financial Education and Research, at the University of Arizona, highlights the latest activities pertaining to consumer education and research. Some of the topics in this latest issue include financial issues faced by caregivers, steps to health and wealth, and program evaluation.

The USDA/CSREES' final revised guidelines for State Plans of Work for the Agricultural Research and Extension formula funds are now published in the Federal Register. Following guidelines beginning on page 13, family economic faculty and educators are encouraged to include in their Plans of Work components related to "Financial Security for All" eXtension Community of Practice, education for bankruptcy filers, basic investor education, and employee and youth education.

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With Census QuickFacts you can, by state, access information on mediam household income, persons below the poverty level, economic characteristics, and more.

The Katrina Aftermath: Effectiveness of the Financial Safety Nets paper explores the Federal banking regulators' and financial institutions' responses following Hurricane Katrina, the financial vulnerability of unbanked families to this unexpected catastrophic event, and how the American Red Cross, Federal Emergency Management Agency, and Gulf States' relief efforts supplied financial assistance to victims. The paper also explores several strategies that can further safeguard the U.S. population and the financial community against these disasters.

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  • NRI - Nutrition and Obesity - The 2006 CSREES National Research Initiative (NRI) includes a call for proposals on Human Nutrition and Obesity. Interdisciplinary efforts to better understand behaviors associated with lifestyle choices leading to optimum health and weight, including a household’s propensity to save, are encouraged. The proposal deadline is June 15, 2006. 
  • NASD Investor Education Foundation - The NASD Investor Education Foundation is preparing to release its 2006 grants application process in early spring.
  • 2006 Learn & Serve America - A Community-Based Grant Program - Non-profits, tribal governments and organizations, and higher education institutions can apply for 16 anticipated awards in the range of $350,000 to $500,000 for community development, jobs and training, and other activities that promote the development and sustainability of community-based service-learning programs in youth-serving organizations.
  • Assets for Independence - The Department of Health and Human Services, Administration for Children and Families, has announced funding opportunities through the Assets for Independence (AFI)Federal Grant Program. This program enables agencies to implement an asset-based approach for giving low-income families assistance out of poverty. Closing deadlines are March 15 and June 15.

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  • CSREES Contact: Jane Schuchardt, National Program Leader, CSREES-USDA
  • National Initiative “Financial Security in Later Life” Contact: Nancy M. Porter, Family Resource Management Specialist, Clemson University
  • Financial Literacy for Youth Contact: Erica Tobe, Program Leader for Financial Literacy & Housing, Michigan State University
  • Financial Security for All eXtension Contact: Debra Pankow, Family Economics Specialist, North Dakota State University

Back issues of Family Economics News are available.

To summit items for consideration for this newsletter, contact Jim Terry, Program Analyst, CSREES-USDA.

The U.S. Department of Agriculture (USDA) prohibits discrimination in all its programs and activities on the basis of race, color, national origin, age, disability, and where applicable, sex, marital status, familial status, parental status, religion, sexual orientation, genetic information, political beliefs, reprisal, or because all or part of an individual’s income is derived from any public assistance program (Not all prohibited bases apply to all programs.) Persons with disabilities who require alternative means for communication of program information (Braille, large print, audiotape, etc.) should contact USDA’s TARGET Center at (202) 720-2600 (voice and TDD). To file a complaint of discrimination, write to USDA, Director, Office of Civil Rights, 1400 Independence Avenue, S.W., Washington, DC 20250-9410, or call (800) 795-3272 (voice) or (202) 720-6382 (TDD). USDA is an equal opportunity provider and employer.

Mention or display of a trademark, proprietary product, or firm in text or figures does not constitute an endorsement by the U.S. Department of Agriculture and does not imply approval to the exclusion of other suitable products or firms.

Last Updated: 07/25/2007