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Family Economics News - June 2009

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

  • Young Adults and Money

  • Elders and Financial Abuse

Education/Extension

  • Using Social Networking in Financial Education

  • New on eXtension: Facing a Furlough

  • Financial Education: The Federal Perspective

Resources

  • Young Adult Symposium

  • Decumulation and Retirement Income

  • Funny Money Cartoon Series

Opportunities

  • Call for Papers:

    • Journal of Consumer Affairs

    • Journal of Personal Finance

    • Journal of Financial Counseling and Planning

    • The Journal of Youth Development

    • Journal of Family and Economic Issues

    • W.K. Kellogg Foundation/Family Income and Assets

    • Family Relations - Special Issue

    • In Search of Social Wealth Conference Proposal

    • Eastern Family Economics and Resource Management Association

    • Journal of Family and Economic Issues, Family Business

  • Funding:

    • Grants.gov

    • FINRA Investor Education Foundation

    • National Endowment for Financial Education®

    • U.S. Department of Health and Human Services

    • FY 2009 AFRI RFA

    • MMI Financial Education Foundation

Mailbox

Young Adults and Money

The Take Charge America Institute is hosting the APLUS project, an ongoing longitudinal survey of the financial attitudes and well-being of young adults.  The penalties to poor financial decisions are severe.  It is known that some college graduates enter young adulthood poised for financial success, but others stumble when they confront a complex array of financial choices.  What factors do students encounter while growing up at home and at school that contribute to financial socialization and ultimately financial self-confidence?  The APLUS project will provide the data and insights to identify the paths that lead to financial well-being.  Those insights will help to build more effective programs to prepare America’s youth for the financial choices that await them.

Elders and Financial Abuse

Metlife Mature Market Institute and the National Committee for the Prevention of Elder Abuse provides a comprehensive understanding about the extent and implications of elder financial abuse in all its various manifestations—personal, institutional, and societal. Through an extensive review of available information on elder abuse, this research enhances the understanding of the complexities surrounding elder financial abuse, the current magnitude of the issue, reasons why this issue is likely to grow, and some recommendations of ways to mitigate this complex and devastating crime.  This study can also be found in the News Section from the Center for Gerontology at Virginia Polytechnic Institute and State University

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Using Social Networking in Financial Education

Twitter, LinkedIn, MySpace, Facebook – these are examples of social networking tools that have become popular in recent years.  They are also potential teaching tools for financial education.  The 2009 AFCPE Extension Pre-Conference theme is Using Social Networking in Financial Education. At this meeting, which precedes the AFCPE (Association for Financial Counseling, Planning, and Education) annual conference, participants will learn about available social networking tools and the application and benefits of using them.  Even more importantly, attendees will learn how to use social networking tools in financial education programs to increase audience outreach and impact.  Social networking opportunities through eXtension also will be highlighted. The pre-conference will be held November 18 from 7:30 a.m. to 1:30 p.m.  The registration fee includes a continental breakfast and boxed lunch.
   
New on eXtension: Facing a Furlough

Many American workers these days, in both the public and private sector, are being furloughed.  This means they're facing mandatory unpaid time off from work, sometimes as many as 12 to 20 work days per year.  The eXtension Financial Security for All Community of Practice has a new “Facing a Furlough” fact sheet that provides time and money management strategies for people facing a furlough.    

 

Financial Education: The Federal Perspective

The Government Accountability Office (GAO) released its report "Financial Literacy and Education Commission: Progress Made in Fostering Partnerships, but National Strategy Remains Largely Descriptive Rather Than Strategic," which was presented as testimony recently before a subcommittee of the Senate Committee on Homeland Security and Governmental Affairs. In this report, GAO has found that progress has been made in fostering partnerships. The report names the National Financial Education Network, which focuses on the state and local levels, and the President’s Advisory Council on Financial Literacy, which focuses on the private and nonprofit sectors, as positive steps toward developing mutually beneficial partnerships that are sustainable over the long term.

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Young Adult Symposium

NEFE (National Endowment for Financial Education) continues to work to better understand the financial issues and education needs of young adults between the ages of 18-34. Last fall, NEFE conducted a young adult symposium.  The  symposium’s 63 participants included researchers, educators, financial professionals, nonprofit leaders, sociologists, economists, military trainers, and advocates for the financial well-being of America’s young workers, taxpayers, families, college students, and graduates.  Each participant was encouraged to share what they knew about the financial realities of young adults. View the symposium’s materials at NEFE’s Web site.  The site includes symposium session summaries, focus group videos, statistics about financial realities of young adults, and more.

Decumulation and Retirement Income

The recent Employee Benefits Research Institute (EBRI) 64th Policy Forum focused on Decumulation/Retirement Income in Defined Contribution Plans.  Topics included retirement wealth, decumulation products, and exploration of retirement incomes.  Visit ERBI’s Web site to view all of the forum’s presentations and speaker biographies.

Funny Money Cartoon Series

The Investor Education Fund (IEF) has produced the “Funny Money Cartoon Series.”  The first cartoon, Funny Money Get it on Credit, teaches what you need to know about credit cards. While being entertaining, this cartoon concentrates on payment terms, compound interest, and credit scores. The second cartoon, Funny Money Building Long-Term Wealth, teaches basic concepts about building wealth.  It shows the difference between things that lose their value and things that grow in value and why you should care.

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  • Grants.gov - this is your source to find and apply for more than 1,000 grant programs offered by all federal grant-making agencies.
  • FINRA Investor Education Foundation - deadlines for 2010 have not been announced yet.  Join the foundation's e-newsletter list to receive announcements about future grant opportunities.
  • National Endowment for Financial Education (NEFE) - the deadline for NEFE’s April 2010 grant cycle is December 1, 2009. To learn more about the NEFE grants program, visit the NEFE Web site and click on the Grantmaking section.
  • U.S. Department of Health and Human Services - grantees provide financial literacy training to enable low-income individuals and families achieve economic self-sufficiency. Deadline is June 25, 2009.
  • Agriculture and Food Research Initiative AFRI FY 2009 RFA - the deadline for FY 2009 AFRI competitive grants programs RFA is September 30, 2009. Visit Grants.gov to see the synopsis and application package.
  • MMI Education Foundation - the foundation uses its resources to serve the public interest and strengthen the communities where we live and work. The foundation provides periodic announcements and grant guidelines.

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2010

  • America Saves Week 2010, February 21-28, 2010. Planning can be viewed online in the Chairman’s Report.

  • EFERMA (Eastern Family Economics & Resource Management Association) Conference) March 3-5, 2010, Chattanooga, TN. Contact Michael Rupured for more information.

  • 2010 ACCI Conference, April 15, 2010. Information pending.  

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  • CSREES Contact: Jane Schuchardt, National Program Leader, CSREES-USDA

  • eXtension (pronounced ee-eXtension) Financial Security for All provides reliable, research-based, and up-to-date financial and consumer information, including learning lessons, fact sheets, and unbiased peer-reviewed answers to frequently asked questions. Consumers can access eXtension 24/7/365 on any Internet-ready device.
    Contact: Debra Pankow, family economics specialist, North Dakota State University, or go to eXtension.org and click on Personal Finance.

  • 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 Youth Financial Literacy, Michigan State University Extension


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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