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You are here: Home / Newsroom / Newsletters / Family Economics News - March 2007

Family Economics News - March 2007

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

  • The Effect of Self-Control on Savings
  • Americans Assess Their Savings Habits 

Education/Extension

  • Financial Security: eXtension's Newest Offering
  • First Annual America Saves Week Ends March 4  
  • All New NEFE® High School Financial Planning Program® Ready to Launch

Resources

  • The Consumer Action Handbook
  • Annual List of Top Consumer Complaints
  • Be Prepared, Be Informed, Be in Charge

Opportunities

  • Call for Papers:
    • Journal of Personal Finance
    • Journal of Youth Development
    • Financial Counseling and Planning
    • The Journal of Consumer Affairs - Financial Literacy: Public Policy and Consumers' Self- Protection.
    • Financial Planning Association's Financial Frontiers Awards
    • Journal of Family and Economic Issues (Special Issue)
  • Funding:
    • NASD Investor Education Foundation
    • National Endowment for Financial Education® (NEFE®) 
    • MMI Education Foundation
    • Small Business Innovation Research (SBIR)

Calendar

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The Survey of Consumer Finances was used to assess the explanatory power of self-control mechanisms, controlling for other important constructs from the standard life cycle model of saving. The analysis focused on saving goals, foreseeable expenses, and saving rules as mechanisms of self-control. The survey revealed that household saving behavior is strongly affected by mechanisms that help households practice self-control. Households that had saving rules were much more likely to spend less income than those that did not have saving rules. To find out more about the study, visit the AFCPE Web site.

For the first time in modern history, the personal savings rate in this country has fallen into negative territory. Yet, a study by the PEW Research Center showed more than three-quarters of all Americans describe themselves as the kind of person who "always looks for ways to save money." This paradox is not as stark as it may seem. Nearly two-thirds of Americans also acknowledge they don't save enough, and more than a third say that they often (11 percent) or sometimes (25 percent) spend more than they can afford. To learn more about this study, visit the PEW Research Center Web site.

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Take financial action to build wealth, not debt. The Cooperative State Research, Education, and Extension Service, the federal partner in the nationwide Cooperative Extension System, shares this vision for the first annual America Saves Week, which ends March 4th.  The new eXtension (pronounced ee-Extension) launched its personal finance site at www.extension.org during the week.  In addition, extension educators in 22 states reported pilot efforts to sign up youth and adult America Savers.  For example, six rural counties in Alabama hosted “decorate your piggy bank” competitions for youth. In San Diego County, CA, more than 18,000 county employees received “San Diego Saves” messages.  Maryland anticipated about 1,000 participants in a “roll your small change” campaign.  New Jersey Saves Week encouraged more than 1,000 residents to open a savings account, save income tax refunds, and increase savings through plans at work.  Tennessee Saves featured proclamations by the House, Senate, and governor, plus tours of financial institutions for prospective savers, and “saves night” at local basketball games.  Of the 22 states reporting, 13 estimate reaching about 80,000 potential savers directly and more through media partnerships. Low- to moderate-income Americans of all ages will gain the knowledge, skills, and motivation to save, first for an emergency, and then for other life goals. For a more complete report of extension activities, go to www.csrees.usda.gov/fsll, click on Tools for Educators, Program Tool Kit, then America Saves. To learn more about America Saves, visit the America Saves Web site.   

Cooperative Extension contacts from 47 states, credit union professionals, and others will gather in Denver March 12-15 to launch the all new National Endowment for Financial Education (NEFE®) High School Financial Planning Program (HSFPP®).  In 2006, CSREES renewed its longstanding memorandum of understanding with NEFE to revise, market, train teachers, and evaluate the program, which reaches more than a half-million youth annually.  In addition to CSREES and participating land-grant university Extension Services, the Credit Union National Association is a national partner.

The updated curriculum, available in print at no cost to schools and on the NEFE Web site, was completed by a 31-member task force including extension youth educators.  It links to education standards in 50 states, and to several national subject-area standards.  The approach is competency-based and lessons reflect principles of multiple-intelligences.  Learning activities involve parents and outside professionals supporting the classroom experience, and challenge students to expand their thoughts about the issues and apply these newly acquired skills to sound money management in their own lives.  No-cost teacher training will be available in-person and online, along with step-by-step teaching plans. 

University researchers, school districts, and teachers will evaluate the effectiveness of the revised program. Independent studies conducted by the Universities of Wisconsin and Minnesota in 1998 and 2003 show conclusively that the HSFPP produces statistically significant improvement in financial knowledge, confidence, and behavior among teens who have completed the program.  

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The Federal Citizen Information Center's (FCIC) newly released 2007 Consumer Action Handbook is the everyday guide for helping people find the best and most direct solutions to consumer problems and questions. The handbook is filled with useful tips to make better purchasing decisions, including information on buying cars, understanding credit, protecting privacy, avoiding identity theft, and much more. The handbook also gives consumers the steps to resolve any difficulties that may arise after a purchase. A sample complaint letter is available as a guide. There is also a directory of hundreds of consumer contacts at companies, government offices, and professional associations. To get a copy, call 1-888-878-3256, toll free, or visit the Consumer Action Web site. To order a Spanish version of the 2007 Consumer Action Handbook, go to www.consumidor.gov.   

The Federal Trade Commission has issued its annual report, "Consumer Fraud and Identity Theft Complaint Data" on complaints consumers have filed with the agency. For the seventh consecutive year, identity theft tops the list, accounting for 36 percent of the 674,354 complaints received between January 1 and December 31, 2006. Other categories near the top of the complaint list include shop-at-home/catalog sales; prizes, sweepstakes and lotteries; Internet services and computer complaints; and Internet auction fraud. This year, for the first time, complaint data has been broken out by metropolitan statistical areas with populations greater than 100,000. To view the entire report, go to the Federal Trade Commission Web site.    

This special edition of the FDIC Consumer News is entitled “Be Prepared, Be Informed, Be in Charge.” This issue highlights simple but effective strategies for managing your money, including practical strategies for dealing successfully with some of the most important money matters facing consumers today. Topics include, Make Sure You Are Financially Fit; Protect Against Bad Deals and Scams that Arrive by Phone, Letter and the Internet; Avoid Costly Scams Involving Fake Checks and Money Orders; Protect All Your Deposits with FDIC Insurance; and How to Complain Effectively and Get Results. To learn more, visit the FDIC Web site.

 

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  • Journal of Personal Finance. (Open submissions)
  • Journal of Youth Development: Bridging research and practice. (Open submissions) Contact Patricia Dawson with questions.
  • Financial Counseling and Planning (The Journal of the Association for Financial Counseling and Planning Education). (Open submissions)
  • The Journal of Consumer Affairs - A special issue on Financial Literacy: Public Policy and Consumers' Self-Protection.  Manuscripts are being solicited for an upcoming issue of The Journal of Consumer Affairs devoted to the effects of financial literacy on consumer welfare. The goal of this special issue is to extend our theoretical and practical knowledge of how consumers obtain, process, and utilize financial education. Submission guidelines  for The Journal of Consumer Affairs are detailed under: "JCA Author Guidelines" on the Blackwell Publishing Web site. Deadline June 1, 2007.  

  • Financial Planning Association's Financial Frontiers Awards. The Financial Frontiers Awards are cash awards for outstanding papers in financial services. Submissions may extend current theory or practice, identify new areas of inquiry, or be original insights on the science of financial planning and wealth management. Deadline March 19, 2007.   

  • Journal of Family and Economic Issues (Special Issue). Original empirical or theoretical research papers relevant to consumer finances. This special issue will focus on consumer debt instruments, such as credit cards, HELOCs, payday loans, etc. Follow 5th Edition of Publication Manual of the American Psychological Association to prepare your manuscript. The manuscript should not be more than 30 pages in length. Send an electronic copy of the paper, along with a cover letter, to Lucia F. Dunn, Guest Editor, dunn.4@osu.edu. Deadline May 31, 2007. (Note: This is an extension of the original deadline.)

  • NASD Investor Education Foundation Grant Programs - The 2007 NASD Investor Education Foundation grant programs are now posted online. For announcements, subscribe to the e-mail newsletter for periodic updates and announcements of new grant deadlines.

  • National Endowment for Financial Education (NEFE®) - In 2007, the NEFE® Grants program will include two, rather than three, grant cycles with the June cycle removed. The April and October cycles will continue as before. The grants submitted by December 5, 2006, will be reviewed for the April cycle. The next deadline for grant proposals is June 5, 2007, for the October grant cycle. To learn more about the NEFE®Grants program, visit the NEFE Web site and click on the Grantsmaking section.

  • MMI Education Foundation - The foundation uses its resources to serve the public interest and strengthen the communities. Periodic announcements and grant guidelines are available online.

  • Small Business Innovation Research and Small Business Technology Transfer Grant Programs for 2007. The submission dates for grant applications in response to the PHS 2007-2 are April 5, August 5, and December 5, 2007 (May 1 and September 1, 2007, and January 2, 2008, for Aids/Aids-Related applications).

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  • EFERMA Conference, February 28-March 1, 2008, Savannah, GA. Details pending.

  • Galaxy III, Indianapolis, IN, September 14-18.

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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 (pronounced ee-eXtension) Contact: Debra Pankow, Family Economics Specialist, North Dakota State University, or go to www.eXtension.org and click on Personal Finance.

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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Last Updated: 07/25/2007