Dane County uw-extension Financial Education Center



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Dane County UW-Extension Financial Education Center

What Is The Financial Education Center?

  • Program of UW-Extension Dane County Family Living Area created to increase financial awareness for county residents

Issue

  • Financial Instability
    • Financial security, or a family’s ability to meet short-term needs and to prepare for the future, is compromised by a shift in the flow of resources

Leads To:

  • Families coping with poor transportation options, sub-standard housing, limited health care options
    • Home Foreclosures (up 39%)
    • Evictions (up 7%)
    • Plummeting Credit Scores

Purpose Of The FEC

  • Teach life-long skills
    • Creating and using a spending plan
    • Setting goals
    • Manage cash and credit
    • Avoid abusive lending practices
    • Build additional assets
    • Protect financial resources

History

  • Located in a Madison neighborhood with a high poverty rate
  • Created to complement a successful VITA project (since 2002)

History Continued…

  • 2004: Pat Ludeman, Family Living Educator, formed an advisory board to investigate funding opportunities and programming needs
  • 2005: The FEC opened for business on October 1st
    • Staffed by 1.5 FTE

FEC Today

  • Staffed by 2.5 FTEs and 3 AmeriCorps members
  • Number of individuals served through workshops and / or one on one coaching exceeded 3,000 in 2010.
  • Number of individuals served through our volunteer tax site in 2010 was approximately 4,000

Our Mission

  • To be a “one stop shop” community resource offering integrated financial education classes, individual coaching, and referrals to other community programs and services.

Our Audience

  • The FEC is open to anyone interested in enhancing their money management skills in Dane County

2010 Demographics

  • Female: 2,040
  • Male: 1,140

2010 Demographics

  • American Indian / Alaskan Native
  • 30
  • Asian
  • 45
  • Black / African American
  • 1,042
  • Native Hawaiian / Pacific Islander
  • 1
  • White
  • 2,018
  • Hispanic
  • 90
  • Other Race
  • 35
  • Two or More Races
  • 9

Financial Education Center Programs

  • Classroom money management series
      • 6 week “Make Your Money Talk”
      • “Get Checking”
      • “Growing Your Green”
  • Workshops at CBOs, employers, state offices, schools, community centers
  • One-on-one analysis

Research About Types of Financial Education

  • Financial Workshops
    • Provides consumers with tools and knowledge
    • Despite recent events and media attention, there is not much evidence that it works alone
      • Context matters

Research continued…

  • Coaching
    • New approach
    • Ongoing over time
    • Non-directive (do not need to be an expert)
      • One-to-one, sometimes mixed with group work

Financial Coaching Institute

  • Pilot project with UW Madison*
    • October-April
    • 12 coach/partner matches
    • Celebration and Debrief after 6 months

Pilot Results

  • All but one team finished the program
  • Some chose to continue to meet after the program was over
  • Partners showed marked improvement

Partner Achievements

  • “Caught up on bills”
  • “Created a budget
  • and FOLLOWED IT”
  • “Started tracking receipts-changed my spending habits”
  • “Improved credit score”
  • “Started a savings account”
  • “Now balancing my checking account-no overdrafts!”

FEC Financial Coaching Model

  • Workshop in a Group Setting
  • One-on-one Analysis and
  • Goal Setting
  • Connection to a Volunteer
  • Coach
  • Partner and Coach Attend
  • Monthly Workshops and do
  • Periodic check-ins
  • FEC Staff
  • FEC Educator
  • Volunteer
  • Coordinator
  • Recruits, trains
  • & manages
  • volunteers
  • Evaluation and
  • Follow-up
  • client

Other Services

  • Volunteer Income Tax Assistance
  • Referrals To Other Agencies and Experts

VITA / TCE Program 2010

  • Partners: UW Extension, IRS
  • UW Madison, WI Dept of Revenue,
  • AARP, Dane County, City of Madison, United Way,
  • Walmart, Second Harvest Food Bank,
  • Local credit unions
  • Number of Returns: 4,000
  • $ in Refunds: $4,800,000
  • EITC $: $1,800,000

Programming Partners

  • Wisconsin Women’s Business Initiative Corporation (WWBIC)
  • MG&E
  • Habitat for Humanity
  • Community Action Coalition
  • United Way
  • Movin’ Out
  • Neighborhood Law Project

Programming Partners

  • Salvation Army
  • Urban League of Greater Madison
  • Elizabeth House
  • Job Service
  • Dane County Juvenile Detention
  • Center For Financial Security

Financial Educator Network

  • Created and facilitated by us
  • Inventory of services
    • Increased communication and cooperation
  • Networking of financial educators
  • Discussion of Current Economic Conditions and the effect on Dane County residents

Money Smart Week Wisconsin

  • Wisconsin Department of Financial Institutions and the Federal Reserve of Chicago
    • Financial Educator Network coordinated the 2010 Dane County events
      • Women’s Conference: October 2nd
      • Money Smart Kid Essay contest

Current Funding Partners

  • FINRA Foundation (through United Way)
  • CUNA Mutual Foundation
  • UW Credit Union
  • Summit Credit Union
  • MG&E
  • Anchor Bank

Friends of the Financial Education Center

  • Mary Rouse, President
  • Larry Studesville, Vice President
  • Jay Mouille, Treasurer
  • Amanda Wilson
  • Pat Ludeman
  • Michael Collins

Revenue

  • Sub-contract of space:
    • DCHA……$1,500
    • UW Madison…….$1,500
  • From programming:
    • Get Checking….$2,400
    • Retirement Planning Class….$5,000

For More Information…

  • Deb Neubauer
  • 608-224-3722
  • Neubauer@countyofdane.com
  • Visit our webpage on the Dane County Extension website


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