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 The Center for Financial Security Newsletter |
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CFS Quarterly Vol. 1 Issue 3
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July 2011
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"The mission of the Center for Financial Security is to conduct applied multidisciplinary research that informs practitioners, policymakers and the general public on strategies that build financial capacity and security over the life course."
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Calendar of Events
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August
Tues. 16th - 2011 CFS Webinar Series Integrating Financial Education into Traditional Family Support Services Presenter: Kristi Slack, Professor and Associate Director, UW-Madison School of Social Work
click here to register
September
Sun. 11th - Tues. 13th - Financial Therapy Conference Premier Gathering of Financial Therapists Athens, GA Sun. 18th - Wed. 21st - National Foundation for Credit Counseling Conference NFCC's 46th Annual Leaders Conference San Francisco, CA
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On Tuesday, May 17, 2011, The Center for Financial Security, the U.S. Department of the Treasury, and the Social Security Administration hosted a workshop titled "Exploring the Intersection Between Financial Literacy and Domestic Violence" in Washington, D.C..
The meeting brought together researchers, practitioners, policy makers, and others to discuss the interaction of domestic violence and financial capability. Six presenters and four discussants laid down the groundwork for future exploration of financial capability and domestic violence.
 Issue Brief: "Summary of Workshop Proceedings: Exploring the Intersection between Financial Capability and Domestic Violence"
You can access all of the workshop's presentations, briefs, and podcasts at the Center's website on the Workshop Webpage.
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CFS Affiliate Karen Holden Advises Sesame Street on Financial  Education Initiative
Karen Holden, CFS Affiliate and Professor Emerita of Consumer Science at the University of Wisconsin - Madison served as an advisor on the recently launched Sesame Street financial education initiative: "For Me, for You, for Later: First Steps to Spending, Sharing, and Saving." Sesame Workshop developed the project along with PNC Bank to help young children between the ages of 3 to 5 prepare for success in school and life. This 10-year $100 million investment is a bilingual (English and Spanish), research-based, multimedia financial education outreach initiative for youth.
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Financial Literacy, Security, & Public Policy Seminar Series
CFS and IRP co-host seminar series; visiting scholars from across the country share research and insights
During the 2010-2011 academic year, the Center for Financial Security and campus partner, the Institute for Research on Poverty (IRP), sponsored a seminar series that examined financial literacy, savings opportunities, and economic instability among low-income families. The seminar series brings in leading scholars to share their research and insights with the UW-Madison community.
 On April 7th, Jeanne Hogarth of the Board of Governors of the Federal Reserve System presented "Financial Literacy for Low Income People: Lessons from Soldiers and Implications for Financial Reform." At the seminar, Dr. Hogarth discussed her recent research on financial literacy among members of the military.
 In May, Carolina Reid of the San Fransisco Federal Reserve Board presented her research at the seminar series. In her talk, "Falling through the Cracks of Consumer Protection: The Financial Decisions of Low Income Homeowners," Dr. Reid delved into the adequacy of consumer protections for lower-income homebuyers.
 Listen to a podcast with Dr. Hogarth detailing her research on the financial capabilities of U.S. soldiers.
Listen to a podcast with Dr. Reid explaining policy implications of her research on low-income homebuyers.
 Watch Hogarth's presentation at the Financial Literacy, Security, & Public Policy Seminar.
Watch Reid's presentation at the Financial Literacy Security, & Public Policy Seminar. |
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 CFS Researcher Spotlight:
Drew Anderson
Drew Anderson, a current Ph.D. student in the Economics Department at the University of Wisconsin-Madison and a CFS Project Assistant, has been working closely with research on the role of transaction accounts among persons with disabilities. Anderson is now collaborating with Social Security's Alexi Strand on Financial Well-Being Among the Disabled: The Role of Transaction Accounts. Relevant to Social Security Administration's daily operations, the project investigates a new rule put in place by the SSA that requires all unbanked recipients of disability benefits to receive payments electronically.
Beyond his work at CFS, Drew has recently researched and presented on economic trigger events, such as a loss of income, which relate to becoming unbanked. Anderson's research interests include competition in higher education, higher education finance, peer effects, and financial education.
Drew attended Augustana College in South Dakota, where he earned a BA in mathematics and economics. He worked for two years as a software engineer prior to coming to Wisconsin to study economics. As a student and researcher of public economics, Drew cares about informing sound policy regarding poverty and education.
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 National Institute of Financial & Economic Literacy
Training Programs offered at Edgewood College in Madison, WI
The Wisconsin Department of Financial Institutions (DFI) offers low cost training for teachers and community educators. Courses provide trainees with the expertise and confidence needed to teach personal finance. Participants also walk away with dozens of teaching materials and free resources.
More information on courses offered including how to register at the DFI website.
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CFS Project Spotlight: Public Libraries as Financial Literacy Providers Public libraries are a major source of internet access to low-income, jobless, or transient populations who oftentimes use the web in conjunction with additional library resources to search and apply for employment, to obtain government-related financial services now only available onlince, and to obtain unbiased information about financial matters. With this significant reality, it is important to build the capacity of libraries and librarians to adequately serve the financial literacy needs of their patrons. Two CFS Affiliates, Professor Catherine Arnott Smith and Professor Kristin R. Eschenfelder are leading a research initiative to investigate the degree to which libraries in Wisconsin serve the public's financial literacy needs. The CFS-10 study, Public Libraries as Financial Literacy Providers aims to explore the roles of public libraries as intermediaries to improving the financial literacy and capability of their communities. To begin this exploration, a previously uncharted research field, the study blends four separate data collection efforts. First, the team conducted case site visits which delved into the unique challenges of assisting patrons with financial information needs and the preparedness of librarians to provide this assistance. Second, they conducted a content analysis of state library websites to assess which online tools and web-based services libraries point their patrons to. Preliminary results from this content analysis demonstrate libraries do not link to major national government and non-profit financial literacy resources. Next, they conducted a survey of libraries involved in financial literacy programming. Library employees were asked to rank the priority of different financial literacy topics, with early results suggesting increased patron computer skills is the most pressing issue. Finally, they conducted in-depth interviews with organizations that partner with public libraries to offer financial literacy programming and services. The final results of this study will inform national financial literacy programs on better marketing their resources for libraries and library patrons, influence the education of future librarians and the development of library professional continuing education, and advise the maintenance of partnerships between public libraries and other financial literacy-related organizations. |
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CFS Issue Brief -- Money $mart in Head Start: Enhancing Head Start Families' Financial Capability
During the past two school years, the Center for Financial Security has been involved in the Money $mart in Head Start program, which delivers financial capability services to Head Start families across 16 Wisconsin counties. Local Head Start programs and UW - Cooperative Extension offices collaborate in promoting and delivering three financial capability building services to Head Start families: monthly financial newsletters, financial literacy workshops, and financial coaching. The Money $mart in Head Start program represents an innovative approach to collaborating across organizations to reach a financially vulnerable population. This recent CFS issue brief describes the Money $mart in Head Start in detail and highlights some key findings from survey data collected during the project.
 Access the full brief here.
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 Upcoming Webinar: Integrating Financial Education into Traditional Family Support Services
As part of the 2011 CFS Webinar Series, Professor and Associate Director of UW-Madison School of Social Work, Kristi Slack, will discuss the successes and challenges of integrating financial education services into voluntary family support programs. Many traditional family support services ascribe to a philosophy of family-defined needs and service goals. This strengths-based approach to working with families is often pivotal for successful engagement in program services. However, many families, particularly those struggling economically, may not readily identify financial planning or education as a primary need. Training family support staff to assess and identify such needs can be one strategy for ensuring families make informed choices about their income and spending. The webinar will take place: Tuesday, August 16th 1:00pm CDT/ 2:00pm EDT.
REGISTER NOW!
~click the link above to register~
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Financial Literacy and Disability (FLAD) Visiting Scholars
During the 2011 spring semester, the University of Wisconsin Financial Literacy and Disability (FLAD) Project, along with the Social Security Administration, the Institute for Research on Poverty, and the CFS, co-sponsored public talks on the interrelations between financial capabilities and the families of people with disabilities.
Visiting scholars included:
 Judith Palfrey, MD, T. Berry Brazelton Chair of Pediatrics at Harvard Medical School and Immediate Past President of the American Academy of Pediatrics
 Joel Anderson, PhD, Researcher-Lecturer in Ethics & Philosophy, Utrecht Universitaet and Fellow, Institute for Advanced Study, The Netherlands
 Peter Blanck, JD, PhD, University Distinguished Professor and Chair Burton Blatt Institute for Disability, Syracuse University
 Robert Pollak, PhD, Hernreich Distinguished Professor, John M. Olin School of Business and Department of Economics, Washington University in St. Louis
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 CFS in the News
Over the past few months, the Center for Financial Security and its Affiliates have been showcased in a number or multi-discipline news sources, including:
Huffington Post References CFS Survey Research on Low-Income New Yorkers
An article on the provision of tax help to needy families uses CFS survey data to demonstrate the positive effects of year-round financial coaching on low-income populations.
Boston College Blog Highlights Webinar with CFS Affiliate Pam Herd
In conjunction with the Financial Security Project, a Boston College Blog covers Herd's CFS 2011 Webinar Series presentation on the links between early life cognition and late life financial literacy.
WhiteHouse.gov Acknowledges CFS as co-Host of Workshop on the Empowerment of Domestic Violence Survivors through Financial Literacy
The White House Administration's Council on Women and Girls reported on CFS' co-hosted workshop, "Exploring the Intersection between Financial Capability and Domestic Violence."
ProManage LLC Newsletter Puts Spotlight on CFS Faculty Director
Interview with J. Michael Collins about the do's and don'ts of financial services and advisors distributed in ProManage LLC's e-newsletter.
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We value your opinions. If you have comments or questions, please contact us at cfs@mailplus.wisc.edu. Thank You.
If you wish to unsubscribe from the CFS Newsletter, please send an email to cfs@mailplus.wisc.edu with the subject line "Unsubscribe." |
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>> The Center for Financial Security is a cross-campus, interdisciplinary center focusing on applied research that promotes individual and family financial security. The CFS has a focus on households, consumers and personal financial decision making, but works collaboratively with other centers, institutes and schools at the University. The CFS defers to other units on issues of corporate and commercial finance, as well as securities and other traditional finance issues.
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