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Center for Financial Security Quarterly Newsletter
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CFS Quarterly Vol. 3 Issue 1
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April 2012
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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 capabilty and security over the life course.
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Visit us on the web at cfs.wisc.edu
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Register for the April
CFS Webinar:
Retirement Rules of Thumb
Wednesday, April 25th
1pm-2pm Central
John Karl Scholz, Chair of the UW-Madison Economics Department and CFS Affiliate, will present his recent research on retirement rules of thumb.
Discussant Kelli Send of Francis Investment Counsel and Jean Setzfand of AARP Education and Outreach Department will provide on-the-ground feedback and resources.
Online registration is now open.
This webinar is part of Money Smart Week Wisconsin. |
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Cathie Mahon, Municipal Financial Empowerment: A Supervitamin for Public Programs
Justin Sydnor, Payday Lending
Kristin Eschenfelder and Catherine Arnott Smith, Public Libraries as Financial Literacy Providers
Jonathan Spader, Encouraging the Use of Retirement Savings Contributions through VITA Sites
J. Michael Collins, Coming Up with Cash in a Pinch: Emergency Savings Stephanie Moulton, Financial Planning for First Time Homebuyers Kristi Shook-Slack, Integrating Financial Education into Traditional Family Support Services Wendy Way, Harnessing the Power of Technology to Enhance Financial Literacy & Personal Financial Well-Being Pam Herd, Financial Literacy -- Is It Really About Cognitive Functioning? Katherine Dahlem, Attitudes Towards Savings & Financial Education among People with Disabilities J. Michael Collins, Financial Advice: Who Gets It and Who Doesn't?
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March CFS Coaching Newsletter Now Available The March 2012 Financial Coaching Newsletter is available online. The newsletter features leading coaches and organizations from across the country. Email
fincoaching@mail.sohe.wisc.edu to join the Coaching Newsletter email list.
La Follette School 2012 Symposium - The Wisconsin Idea at 100: Making the Link to Public Policy
Join students, alumni and friends as the faculty of the Robert M. La Follette School of Public Affairs link current public policy issues to UW-Madison's century-long tradition of providing expert assistance to state policymakers--the hallmark of the Wisconsin Idea.
Panels include Financial Policy, Wisconsin as Laboratory, and The Future of the Wisconsin Idea.
The event will take place on Thursday, April 26th at Tripp Commons in Memorial Union. It is free and open to the public.
The full program is available online.
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Register for the 2012 CFS Research Workshop
There is still time to register for the Center for Financial Security's Exploring New Frontiers in Financial Capability Research for Vulnerable Populations Workshop taking place in Madison, WI, June 5-6, 2012.
Since 2009, the Center for Financial Security has been part of the Financial Literacy Research Consortium, a collaborative effort of the Social Security Administration that includes the University of Wisconsin, RAND, and Boston College. 2012 marks the end of the FLRC, but not before more than 40 research projects have been completed and research on financial capability expanded significantly in its scope and sophistication.
The workshop provides an opportunity for researchers, practitioners, and policymakers to examine financial capability research and discuss what lies ahead.
Online registration is open - a limited number of spots remain. There is no cost to register.
Full workshop details including the agenda and hotel information are available at financialcapability.wordpress.com
This event is made possible by funding from the Social Security Administration Financial Literacy Research Consortium.
Workshop Contact:
Nicole Truog, CFS Associate Director
ntruog@wisc.edu, 608.262.6766
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Assets Learning Conference Call for Research Papers
The Corporation for Enterprise Development (CFED), in partnership with the Federal Reserve Bank of St. Louis and the Center for Financial Security, invite paper submissions for a research forum titled "Ideas Into Action: An Applied Research Forum for the Assets Field." The forum is part of CFED's 2012 Assets Learning Conference, September 19-21, 2012, in Washington, DC. Submissions are due April 30, 2012. The full announcement is available here. |
Assessing Financial Capability Outcomes:
Eau Claire Area School District
In February, CFS and its research partners launched the Money F-I-T research pilot in Eau Claire, Wisconsin. The study examines whether 4th and 5th grade students learn more from personal finance instruction when they have a credit union branch in their school. Providing access to banking services while teaching a financial education curriculum could help students make a connection between the lessons and financial services and allow them to practice newly-learned skills. The pilot will provide valuable insight into effective strategies for teaching personal finance to elementary school students. The pilot is taking place in elementary schools in the Eau Claire Area School District, in collaboration with Royal Credit Union (RCU). RCU operates student branches in six of the district's 13 elementary schools as part of its School $ense program. Once a week, RCU staff members are present at these schools to process students' deposits and withdrawals. By randomly assigning financial education to classrooms at schools with an without RCU branches, researchers will be able to examine the effects of the financial education curriculum and the School $ense program, both alone and in combination.  | |
CFS Affiliate Elizabeth Odders-White conducts teacher training Eau Claire Area School District 4th and 5th grade teachers.
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The Money F-I-T evaluation is part of a larger Assessing Financial Capability Outcomes (AFCO) research initiative funded by the U.S. Department of the Treasury. CFS and the Corporation for Enterprise Development are collaborating on two research pilots under this initiative. The AFCO pilots examine the effects of programs that combine financial education or advice with efforts to improve access to financial products for vulnerable populations. Visit the links below to view media coverage of the February 20th teacher training event: Wisconsin Public Radio Eau Claire Leader-Telegram WQOW Eau Claire |
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Financial Capability Training for Helping Professionals
On February 29, the Center for Financial Security--in partnership with UW-Extension and UW-Madison Continuing Studies--launched a pilot training for helping professionals. "Building Financial Capability: Tools and Tactics for Helping Professionals" provides human services staff and other helping professionals with tools for addressing the financial challenges their clients confront. Although financial difficulties are common among clients of human service providers, few workers receive formal education or training to address these financial problems.
Attendees participated in interactive activities and discussions on financial topics including budgeting, credit problems, overdue bills, debt collection, medical debt and bills, and managing bank accounts. The training introduced worksheets and tools that the helping professionals can use with clients. Materials from the training are available through UW-Extension at http://fyi.uwex.edu/financialcapability
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Wisconsin case workers participate in financial capability training in Madison, WI.
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The training was facilitated by Peggy Olive, a Family Living Agent with UW-Extension and an experienced trainer on financial capability topics. The pilot training session was attended by HIV/AIDS caseworkers from around the state through the Wisconsin HIV/AIDS Training System. Evaluations from the trainings documented participants' excitement about using the new materials. The project partners are planning to build upon the pilot session and make the training available to other helping professionals in the future.
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Graduate Student Call for Papers
The Center for Financial Security is hosting a Graduate Student Symposium and Paper Competition on June 4, 2012, in Madison, WI. This is an opportunity for students to present their own empirical research on financial capability.
The competition is open to enrolled graduate students in any field who conduct research related to financial capability for vulnerable populations. The author of the top paper will receive an award, which will be presented at the June 5th-6th CFS research workshop.
Abstracts are due to Leah Gjertson by Wednesday, April 18th.
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| CFS Affiliates Awarded MacArthur Foundation Funds
A research team led by CFS Affiliate Stephanie Moulton of The Ohio State University was awarded a grant from the John D. and Catherine T. MacArthur Foundation to conduct research on the relationships between housing and social and economic outcomes for families and communities.
The three-year study will examine whether, and under what circumstances, reverse mortgages lead to increased financial security, well-being, and independence in older age. This study is funded as part of the MacArthur Foundation's $25 million research initiative on How Housing Matters to Families and Communities.
Co-investigators include CFS Affiliates Caezilia Loibl and Jason Seligman of The Ohio State University and CFS Faculty Director J. Michael Collins.
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| CFS Named a Finalist in the 2012 Rich Media Impact Awards
The Center for Financial Security has been named a finalist in the eighth annual Rich Media Impact Awards in the Education category by Sonic Foundry, Inc. the trusted market leader for lecture capture, enterprise and event webcasting.
Mediasite is the platform used to produce the CFS Family Financial Security Webinar Series and represents utilizing technology to enhance learning and outreach through rich media.
Winners will be announced during a special ceremony at UNLEASH 2012, the Mediasite User Conference taking place May 7-9, 2012.
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CFS Affiliate Spotlight: Elizabeth Odders-White
CFS Affiliate Elizabeth Odders-White is the U.S. Bank Associate Professor in the Department of Finance, Investment, and Banking at the Wisconsin School of Business.
Her research focuses primarily on the trading of equity securities in U.S. markets, but she also had a strong interest in financial literacy. She is currently a co-PI on the AFCO Youth Pilot (Eau Claire Area School District) research project described above.
Examples of Elizabeth's research include studies of the effects of government regulation on securities markets and the role of private information in trading. Her research has appeared in top academic journals including the Review of Financial Studies, the Journal of Financial Economics, and the Journal of Quantitative and Financial Analysis.
Elizabeth holds a PhD in finance from Northwestern University, and a BS in applied mathematics and a BFA in vocal performance, both from Tulane University.
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Wisconsin DFI and DPI Announces Financial Literacy Grants
The Wisconsin Department of Financial Institutions (DFI) and the Wisconsin Department of Public Instruction (DPI) announced a program giving Wisconsin's K-12 public and private schools the opportunity to apply for up to $10,000 each in funding to promote financial literacy. A quarter of a million dollars is available to school districts through the program, a collaborative effort that includes DFI, DPI, Governor Walker's Council on Financial Literacy, and the Wisconsin Women's Council. The application deadline for these grants is June 15. Recipients will be notified no later than July 27. The program is being administered by DPI. Applications and other resources are available at www.dpi.wi.gov/finance. |
Last Chance to Register for Financial Capability Challenge
Educators--This week is your last chance to administer the 2012 National Financial Capability Challenge sponsored by the US Department of the Treasury in partnership with the US Department of Education.
You can sign up for free at challenge.treas.gov to administer the Challenge to your students. As educators, it is critically important to use this opportunity to help prepare our students for financial independence!
You have until April 13 to sign up and give the Challenge at www.challenge.treas.gov.
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| CFS and Affiliates In the News
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| Please send comments, questions, and suggestions to cfs@mailplus.wisc.edu. |
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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. CFS focuses on households, consumers and personal financial decision making. The Center works collaboratively with other centers, institutes and schools across the US. 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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