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Racing for the Triple Crown of Financial Education

By Mary Jo Katras, Program Leader — Family Resiliency

University of Minnesota Extension was well represented at the 2016 AFCPE® Research and Training Symposium this November in Louisville, Kentucky by both current Extension educators in Family Development who work in the area of financial capability and also several retired Extension educators who are still active in the field.

The Association for Financial Counseling and Planning Education (AFCPE) annual symposium theme was “Racing for the Triple Crown: Achieving Accreditation, Educating Clients, and Changing Behaviors.” This theme was fitting as the conference was held in the home of the Kentucky Derby, one of the three thoroughbred races that comprise the American Triple Crown award. Furthermore, the focus on educating clients and changing behavior was relevant to the work that we do in the area of financial capability.

Here is an overview of what we presented, who presented it, why it’s important, and where on the FD website you can learn more.

Financing Higher Education: Helping Families Make Informed Choices

What: Poster
Who: Antonio Alba Meraz, Rebecca Hagen Jokela, Lori Hendrickson, Joyce Serido
So what: Student debt is a critical issue facing families across Minnesota and nationally. We help educate parents and youth to make informed decisions as they explore higher education opportunities.
Learn more: School Success: Professionals web section.

Joyce Serido and Antonio Alba Meraz.

Financial Realities of Low-Income Families: Learning from Front-line Professionals 

AFCPE® 2016 Outstanding Symposium Poster Winner

What: Poster
Who: Veronica Deenanath, Catherine Solheim, Lori Hendrickson, Mary Jo Katras, Dung Mao
So what: The Financial Educator Certificate Program equips community-based professionals with knowledge and skills to work with people to manage financial resources, build financial assets, and improve financial health and well-being. We help to create behavior change at the individual level while building capacity at the organizational level.
Learn more: Financial Educator Certificate Program web page

Promoting Financial Capability Among Adolescents and Emerging Adults

What: Paper presentation
Who: Joyce Serido; Sun Young Ahn, University of Arizona; and Sharon Powell
So what: Young adults are delaying traditional life transitions, relying on others for financial support and taking on high amounts of debt. This research explores whether financial capability patterns of young adults are associated with progress toward adult self-sufficiency. Implications of this research for practitioners include starting financial education from an early age; integrating financial education into families, schools, and work places; and adapting financial education for audience’s changing needs over time.
Learn more: Read the University of Arizona report: Life After College: Drivers for Young Adult Success.

Evaluating Video as a Method for Disseminating Financial Information

What: Poster
Who: Lori Hendrickson, Sara Croymans, Sarah Cronin
So what: The Financial Recovery After Disaster Video Series is an educational tool that helps to increase awareness for community professionals and can be used as a tool when working with families experiencing disaster. These videos are an example of how our educational resources can go beyond classroom education.
Learn more: Financial Recovery After Disasters Videos

Overindulgence Online Course: A Financial Focus

What: Poster
Who: Rebecca Hagen Jokela, Kelly Kunkel, Ellie McCann, Jean Illsley Clarke; Lisa Krause, Mary Jo Katras
So what: We in FD support and educate parents. In the “Age of Overindulgence” online course, we provide parents with the knowledge and tools to develop parenting skills to help understand the risk of giving children too much of what looks good, too soon, too long. From a financial lens, parents can help children learn the importance of money management by giving them opportunities to practice budgeting and making decisions about spending, as well as letting them observe adults making financial decisions.
Learn more: Parenting in the Age of Overindulgence Online Course

Supporting the Integration of Financial Empowerment Tools: Evidence from the 2015 CFPB-NIFA Partnership

What: Poster
Who: Suzanne Bartholomae, PhD, Iowa State University; Marilyn K. Albertson, MS, CFCS, Utah State University Extension; Mary Jo Katras, PhD, University of Minnesota Extension; Patti Wooten Swanson, PhD, University of California Cooperative Extension
So what: Partnerships are critical to our work. Minnesota was one of 12 states whose cooperative extension services helped to train community partners in the area of financial empowerment using Your Money, Your Goals toolkit from the Consumer Financial Protection Bureau (CFPB). Our participation in this national effort helped to increase the confidence and competency of community professionals’ knowledge about resources and information related to financial issues in order to more effectively help their clients. This work is another example of providing education to support behavior change at the individual and organizational levels.
Learn more: Your Money, Your Goals web page and Your Money, Your Goals Training Session Launches Next Week Family Matters blog post.

From the Consumer Financial Protection Bureau's blog post
More financial empowerment tools for communities.

Confidence, Capacity, and Connections for Health Insurance Literacy

What: AFCPE pre-symposium session
Who: Virginia Brown, University of Maryland Extension; Mary Jo Katras, University of Minnesota Extension; Elizabeth Kiss, Kansas State University; Joan Koonce, University of Georgia; Ken Martin, Ohio State University; and Dena Wise, University of Tennessee.
So what: It is well documented that choosing and using health insurance is a challenge for many consumers. Those who teach and conduct outreach with consumers about these topics also feel challenged. The goal of the pre-symposium was to increase knowledge and confidence to teach about health insurance in a variety of settings. As part of this pre-symposium, there was a dynamic panel that discussed the opportunities and challenges from a research and practice lens.

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