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

Family Economics News - November 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

  • Boomer Wealth: Beware of the Median
  • 2006 Health Confidence Survey 

Education/Extension

  • NASBE Report: Who Will Own Our Children?
  • Directory: Cooperative Extension Family Economics Contacts

Resources

  • The Basics of Saving and Investing: Investor Education 2020
  • SRDC Newsletter
  • Thrive by Five on the Radio
  • Financial Literacy: What Works?
  • Split Refunds: Just Another Tax Form or an Opportunity ?
  • Fall 2006 Focus on Youth, Money Matters Newsletter
  • On-line Fact Sheet/Health Savings Accounts (HSA)

Opportunities

  • Call for Papers:
    • Journal of Personal Finance     
    • Journal of Youth Development
    • Financial Counseling and Planning
    • Journal of Family and Economic Issues/Consumer Finances       
    • Journal of Consumer Education.
    • American Association of Family and Consumer Science   (AAFCS)
    • 2007 Priester Extension National Health Conference
    • Kappa Omicron Nu Forum
  • Funding:
    • National Endowment for Financial Education® (NEFE®)
    • NASD Investor Education Foundation
    • MMI Education Foundation

Calendar

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There is concern that boomers are not prepared financially to manage their retirement. Reports suggesting that boomers have retirement savings of $50,000 or less underestimate the savings that boomers will have available at retirement. This data shows that the oldest boomers have significantly more savings than younger boomers, and those closest to retirement have time to achieve sufficient retirement savings. For more information, visit the AARP Web site.   

Rising health care costs are a primary driver of American's increasing dissatisfaction with the nation's health care system, the 2006 Health Confidence Survey (HCS) shows. Many Americans report that rising health care costs have hurt their household finances and believe steps should be taken to slow the increases.  Click here to view the press release.

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In October, the National Association of State Boards of Education (NASBE) published the findings and recommendations of its Commission on Financial and Investor Literacy.  During the past year, the 15-member commission, composed mostly of state boards of education members, reviewed the status of K–12 financial education in the United States. Board members heard testimony about what students, and those responsible for their learning, need to know and be able to do in order to achieve a secure financial future.  The commission's report, Who Will Own Our Children?, includes recommendations on improving teacher preparation and professional development, evaluating the effectiveness of financial literacy programs, incorporating financial and investor education into academic standards and assessments, and creating public/private partnerships to further these ends. Commissioners also call upon the National Assessment Governing Board to establish a framework for measuring students' knowledge and skill in the area of personal finance. The executive summary of the report is available on the NASBE website.  A grant from the NASD Investor Education Foundation made the commission's work possible.

To find a key contact for family economics extension programs anywhere in the Nation, go to the CSREES Financial Security page, click on Partnerships, then to family economics specialists. These extension professionals focus primarily on personal finance and household asset-building programming. Click here for a direct link to this directory. Please report any changes to Jim Terry.

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The nonprofit Investor Protection Trust (IPT) has unveiled a new teaching guide, The Basics of Saving and Investing: Investor Education 2020, which has a focus on investment fraud. The guide, endorsed by state securities regulators, is available at no cost to high school teachers and adult educators across the United States. The IPT guide focuses on investor education, covering such things as stocks, bonds, mutual funds, 401 (k) retirement plans and IRAs. A limited number of printed copies may be available from state security regulators.

The October edition of Around the South, the Southern Rural Development Center (SRDC) newsletter, is now available. This latest version of the newsletter replaces Southern Perspectives, which the center published on a quarterly basis over the past several years. Around the South delivers information in a more concise and timely fashion (thematic policy papers are now published in the SRDC Policy Series) and keeps you apprised of important issues relevant to the South.  Around the South welcomes your thoughts and recommendations on how to make the newsletter even more useful to you. To subscribe to Around the South, click here.

CUNA (Credit Union National Association), based in Washington, DC, and Madison, WI, is the premier national trade association serving America's credit unions. In partnership with state credit union leagues, CUNA provides many services to credit unions and citizens. One of the services CUNA offers is Home & Family Finance Radio, a weekly 1-hour program that offers helpful information and advice on consumer finance issues. Some of the topics in the latest editions of Home & Family Finance Radio include: Planning Now for What You'll Need Then; Strategies for Helping Senior Parents Manage Their Money; and Making Financial Room for Baby. To learn how to tune in, visit the CUNA Web site.

Family Strengthening News is a monthly e-newsletter produced by the Family Strengthening Policy Center and the National Human Services Assembly and funded by the Annie E. Casey Foundation. The newsletter features articles on topics such as Family Support Systems, Thriving and Nurturing Communities, and Family Economics Success. In the September issue, under Family Economic Success, is an article entitled  Financial Literacy: What Works?  This article explains that financial education, counseling, and other strategies are needed, but not all of these have a proven track record of helping low-income families put their resources to best use. In the article researchers discuss recent trends in the financial literacy field, review studies, and make recommendations. To subscribe to the monthly Family Strengthening News, click here.

Beginning in tax season 2007 (for tax year 2006), all tax filers due a Federal refund will have the option to have their refund direct deposited to up to three destinations. Tax filers will use IRS Form 8888 to indicate which accounts and in what amounts they would like their refund disbursed. Any account in the taxpayer's name with an account number and routing number can receive part of a Federal tax refund.

Since the late 1990s, advocates for working poor families have promoted “asset building,” a philosophy that long-term improvements in families' economic security can be achieved by a gradual accumulation of assets, such as a family home, income-generating small business, post-secondary degree or certificate, or retirement nest egg. Fueled by the Federal Earned Income Tax Credit (EITC), worth up to $4,400 in 2006, some low-income families may receive substantial tax refunds. The ability to direct part of these refunds toward immediate spending needs and part to savings makes tapping tax refunds for asset building much easier. To learn more, visit the Split Refunds Web site.


The University of Rhode Island Center for Personal Financial Education is an educational resource and research center. The center's mission is to advance sound personal financial practices by developing and delivering personal financial education programs and conducting related research. The center's fall issue of Focus on Youth, Money Matters is now available. Topics in this issue include: Changes Ahead for Retirement Accounts; The Real Costs of Payday Loans; New Ways to Receive Your Tax Refund, and much more.

More Americans are turning to consumer-driven high-deductible health care plans like those that offer Health Savings Accounts (HSA). Since HSAs came into being in 2004, enrollment has increased greatly and is expected to continue to gain momentum; by 2010 as many as 45 million Americans will be covered by an HSA. Click here to find out more about Health Savings Accounts.

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  • National Endowment for Financial Education (NEFE®) - Inquiries of particular interest to the foundation will be directly relevant to the outcomes of a national symposium NEFE® conducted last fall, titled “Closing the Gap between Knowledge and Behavior: Turning Education into Action.” For more information about the grants program and symposium outcomes, please visit the NEFE® Web site and click on the “NEFE Grants Program” tab of the “Grantmaking” section. Download the symposium white paper by clicking on the “Research & Strategy” tab of the Innovative Thinking action area. Note: NEFE conducts three grant cycles per year. The next deadline for submissions is December 5, 2006.
  • NASD Investor Education Foundation - Subscribe to the e-mail newsletter for periodic updates and announcements of new grant deadlines.
  • MMI Education Foundation - The foundation uses its resources to serve the public interest and strengthen the communities where we live and work. Visit the Web site for periodic announcements and grant guidelines.

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

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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: 11/01/2006


07/25/2007