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Family Economics News - November 2009

The National Institute of Food and Agriculture (NIFA) 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.

NOTE: The Cooperative State Research, Education, and Extension Service is now the National Institute of Food and Agriculture (NIFA). Email and Internet site names changed to reflect the agency’s new name, NIFA. The new Internet site URL is www.nifa.usda.gov and the new email addresses are id@nifa.usda.gov, however you will still be able to use the old Internet site URL and email addresses during a phase-in period.

Research/Program Evaluation

  • Financial Literacy Resource Consortium

  • Aging Baby Boomers in the Workforce

Education/Extension

  • eXtension: Investing for Farm Families

  • Extension Chat Programs

  • America Saves 

Resources

  • NIFA Rollout
  • The Rise and Fall of Household Savings
  • Fall 2009 Consumer Information Catalog
  • Federal Deposit Insurance Corporation

Opportunities

  • Call for Papers:

    • Family and Consumer Sciences Research Journal

    • 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

    • CYFAR 2010 

    • Journal of Family and Economic Issues, Health, Economics, and Family Role

    • Annual Conference on Consumer Interest

        

  • Funding:

    • Grants.gov

    • FINRA Investor Education Foundation
    • Financial Education and Counseling Pilot Program
    • National Endowment for Financial Education
    • MMI Financial Education Foundation

Calendar

Mailbox

The University of Wisconsin-Madison Center for Financial Security has received first-year funding to participate in the Social Security Administration's new Financial Literacy Research Consortium (FLRC). Boston College and the Rand Corporation are also members of the consortium.

As a member of the FLRC, the Center for Financial Security conduct and disseminate applied research on financial literacy and consumer behavior with a focus on the savings, borrowing, and spending of special populations. Special interests of the research include financial issues for families in transition and people with disabilities and their caregivers; financial decisionmaking by the elderly; financial knowledge among vulnerable populations; and the role of education, counseling, and coaching in overcoming financial literacy deficits.  The FLRC-supported research will include quantitative and qualitative analysis. Funded projects will define and identify forms of financial literacy during the life course and among low-income and other specific populations. This research will also explore "teachable moments," times that motivate a change in financial behavior, and identify potential financial education strategies for targeted populations. This research is expected to increase our understanding of how to increase financial security over economic cycles and through personal financial shocks. Visit the University of Wisconsin-Madison newsroom for more information.

A new study from the MetLife Mature Market Institute reports that many Americans over the age of 55 plan to work at least until age 69, but that most who look for a job face challenges in finding one. Yet, Department of Labor projections indicate that the over-55 population will account for almost 93 percent of the net increase in the U.S. civilian labor force from 2006–2016.

The research found in Buddy, Can You Spare a Job? The New Realities of the Job Market for Aging Baby Boomerspaints a sobering picture, but also contains essential insights and advice for older job-seekers. Itcombines a survey of over 1,200 individuals ages 55–70 with in-depth interviews of both job-seekers andemployment experts.

 

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Investing for Farm Families, an online investment education program, is now available for enrollment.  Supported by the FINRA Investor Education Foundation, this program provides investor education in a farm and ranch context.  This online class gives farm families the information they need to make strategic decisions, weaving together farm and personal investments. Developed by a team of extension educators, the 8-lesson course helps farm families plan for a financially stable future that meets long-term needs. Participants can work at their own pace, with each lesson taking about an hour. Expected learning outcomes include increasing future financial security; identifying investment strategies; knowing asset allocation basics; evaluating investment product alternatives to agriculture business risks; and investing for retirement and farm succession planning. The program includes audio clips, tutorials, and participant networking opportunities.

The eXtension Financial Security for All Community of Practice (COP) hosts a series of informational chat sessions.  The chat program consists of monthly personal finance topics.  The November 19 topic is Promoting Positive Financial Behavior Change. Transcriptions of previous topics are available and include:



Planning has begun for America Saves Week 2010, February 21-28, 2010. America Saves Week is a nationwide campaign in which a broad coalition of nonprofit, corporate, and government groups help individuals and families save and build wealth. Through information, advice, and encouragement America Saves assists those who wish to pay down their debt, build an emergency fund, or save for a home, education, or retirement. Cooperative Extension is a key partner. Visit the NIFA America Saves Week Web site for resources such as the Extension Educators’ Fact Sheet, the America Saves Impact Report, and more.   


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Video from the NIFA rollout at the National Press Club is available online.

A report by the Congressional Research Service, The Rise and Fall of Household Savings, shows that in the 1970s, the average personal saving rate was 9.6 percent. At one time, in 2005, it was less than 1 percent. For the 40 months between January 2005 and April 2008, the personal saving rate averaged 1.8 percent. That it was so low for an extended period of time would seem to be cause for worry. In the past, Congress has indicated a desire to promote household saving by, among other things, creating individual retirement accounts, and saving is an important consideration in proposals to reform Social Security. In May 2008, the personal saving rate began to rise. It is too early to tell with any certainty whether that represents the reversal of the long-term decline. What may seem unusual is that the recent rise in household saving occurred at a time of general economic weakness. While policymakers hope to stimulate aggregate demand with an expansionary fiscal policy, the increase in household saving resulted in more than $300 billion less in consumer spending than would have occurred had the saving rate not risen.

 

The free Fall 2009 Consumer Information Catalog is now available.  Produced by the U.S. General Services Administration’s Federal Citizen Information Center quarterly, each edition features new consumer publications. Categories include spotting fraud, living trusts, identity theft, insurance, banking, and more.

The Federal Deposit Insurance Corporation (FDIC) has released a new brochure and video on FDIC Deposit Insurance. The brochure, Deposit Insurance Summary, is an overview of the basic information that most people need about their FDIC coverage.  This brochure is available in the following languages: English, Spanish, Korean, Chinese (traditional and simplified), and Vietnamese.  It replaces the brochure entitled Insuring Your Deposits.

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Family and Consumer Sciences Research Journal (open submissions)

Journal of Consumer Affairs (Open submissions)

Journal of Personal Finance (Open submissions)

Journal of Financial Counseling and Planning (Open submissions) 

The Journal of Youth Development (Open submissions) 

Journal of Family and Economic Issues (Open submissions) 

W.K. Kellogg Foundation/Family Income and Assets (Open submissions)

CYFAR 2010 Deadline is November 10

Journal of Family and Economic Issues Deadline is March 1, 2010. 

Annual Conference on Consumer Interest, Atlanta, GA, April 14-16, 2010. Special session proposals are due November 1, 2009.

 

Grants.gov is your source to find and apply for federal government grants. There are more than 1,000 grant programs offered by all federal grant-making agencies.

FINRA Investor Education Foundation. The deadline to apply for June 2010 funding is November 5, 2009.

Financial Education and Counseling Pilot Program. Deadline November 17, 2009. 

National Endowment for Financial Education. 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.

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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Financial Literacy Conference, (Jump$tart Coalition) November 6–8, Washington, DC.

AFCPE Extension Pre-Conference, Using Social Networking in Financial Education, November 18, Scottsdale, AZ.

AFCPE 2009 Annual Conference, November 18-20, Scottsdale, AZ.

Global Entrepreneurship Week, November 16–22.

Consumer Federation of America: Financial Services Conference, December 3-4, Washington, DC.  Information pending.

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

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

2010 ACCI Conference, April 15-16.

CYFAR 2010 Conference, May 4-7, San Francisco, CA. Details pending.

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  • NIFA Contact: Jane Schuchardt, National Program Leader, NIFA-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, NIFA-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.