financial education

Educator Spotlight: Faye Griffiths-Smith

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Financial Education Program Helps Participants Improve Their Lives

Managing family and personal finances well is a common challenge. Findings from recent studies show cause for concern regarding Americans’ financial practices. According to the 2018 FINRA Financial Capability Study, nationally:

  • 46% of individuals lack a rainy-day fund,
  • 34% of individuals can answer four or five questions on a basic five-question financial literacy quiz correctly,
  • 35% of individuals with credit cards paid only the minimum on their credit cards during some months in the last year, and
  • 19% of individuals reported that over the past year, their household spent more than their income.

UConn Extension’s financial education program provides workshops, professional development sessions, events, and resources to help Connecticut citizens improve their lives. Participants receive relevant, research-based information and tools to encourage them to adopt sound financial management practices.

Faye and colleagues from Connecticut Saves Week standing in front of banner
Faye Griffiths-Smith, third from right, and colleagues celebrate Connecticut Saves Week. Photo courtesy of Sydney Putnam.

“Shortly after I was hired, I conducted a needs assessment. Money management was the topic respondents indicated as most important to address,” says Faye Griffiths-Smith, UConn Extension’s family economics and resource management educator. “Today, there is increased recognition that financial capability has a strong impact on one’s ability to achieve economic stability and move toward financial security.”

The Extension Financial Education Program reaches adults and young people. One focus area is reaching people living on limited incomes, those making life transitions such as entering or returning to the workforce, or others experiencing financial challenges. Recent participants included veterans, senior center residents, adult education students, teens, summer youth employment students, and college students. “Reaching teens, college students, and other young adults at a point when they are likely to start facing important financial decisions is exciting because the information is highly relevant for them and many recognize it is important,” Faye says. “Engaging learning activities are a great way for them to experience their future financial lives.”

“As the incoming President of the Connecticut Jump$tart Coalition (www.jumpstart.org/connecticut) promoting financial literacy for youth, I look forward to working with teachers, other professionals, and volunteers from many organizations across the state on ways to increase the financial knowledge of our young people,” Faye says.

Strength in Numbers

The UConn Extension Financial Education Program collaborates with agencies and organizations to enhance the financial capability and economic security of Connecticut citizens. Collaborations are key to reaching diverse audiences that might otherwise be unaware of available resources. Complex financial products and services make it harder for people to be aware of all their options. Training agency and organization professionals is another way to expand the impact of Extension’s financial education and information. These staff reach their clients or students with information as financial topics and concerns arise.

Faye has provided financial empowerment training for hundreds of social service agency staff through Your Money, Your Goals, a program developed by the Consumer Financial Protection Bureau.

“Through collaboration with United Way of Greater Waterbury, I’ve also had the opportunity to provide financial coaching training and technical assistance for volunteers who work with agency client  requesting this assistance,” Faye shares. Being a financial educator involves more than performing financial calculations and staying current on the myriad of products and services available as well as the impact of legislative changes on our finances. It gets to the heart of what people believe is important about how they live. It involves listening, learning about their situations, and guiding them in identifying their options while addressing financial decisions they face.

Article by Stacey Stearns

4-H Program Teaches Finances to Military Youth

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Reading Makes Sense Youth on the USS Constitution in Boston
Photo: Pamela Gray

A group of military affiliated youth recently wrapped up a six-week session of lessons about saving, spending, earning, and the value of a dollar, and their time. Following the Reading Makes Cents 4-H Afterschool Curriculum Guide, participants were able to inspect the hidden secrets of a dollar, learn about saving and spending, needs and wants, and budgeting and sharing (donating to those in need).

Each meeting was started with reading aloud a picture centered on the lessons for the day. The kids had a great time examining needs and wants through a fun experiential game where they decide what is actually necessary to spend money on. They ‘earned’ a week of minimum wage, and then were able to ‘shop’ some catalogs with prices listed – their money was more carefully spent when they considered the time it had taken them to earn it! They brainstormed options available for them to earn money (yard sale of their old toys, lemonade stands, chores for people), as well as ways they can give back to the community with their time instead of giving money.

The stories The Hard Times Jar and If You Made a Million were the clear favorites. A visit from a Navy Federal Credit Union representative helped them explore credit and investments through age-appropriate games and rounded out the experience by providing families with information on the options available through the bank for military affiliated youth. To round out the experience with some real living history, the participants visited Boston, visiting the USS Constitution (the oldest commissioned ship in the Navy) and the Paul Revere house, ‘paying’ for their trip with tokens earned at the classes for attendance and good behavior. Overall, the experience will hopefully produce some great financially wise futures!

Article and photo: Pamela Gray

Making Every Penny Count: 4-H and Financial Education

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child looking at a jar of moneyAccording to a 2014 study conducted by the Connecticut Jump$tart Coalition for Personal Financial Literacy, only 10% of Connecticut high school students participated in a personal finance class annually. Fewer than 20 high schools required students to take a personal finance course prior to graduation. According to the Report on the Economic Well-Being of U.S. Households in 2015 by the Federal Reserve System, “Forty-six percent of adults say they either could not cover an emergency expense costing $400, or would cover it by selling something or borrowing money.” Young people need opportunities to learn about money and practice those skills to prepare for their financial futures.

Every 4-Her has the opportunity to learn about finances through their projects and activities. As a member of a local 4-H Club, they are likely to pay dues to cover the cost of their various activities. This fee (usually a dollar or two) may be used to pay for snacks, a club t-shirt, jacket, or supplies. Most clubs have officers including a treasurer who will record these funds under the supervision of an adult leader. In addition to learning about the financial aspects of their specific project such as animal husbandry, science and technology, leadership and community service, 4-H members can register for projects such as money management, consumer education, or financial literacy.

When 4-H members begin a project, they need to write down their project goal. This is great practice for managing their own finances as they will need to identify their personal financial goals and determine their priorities. 4-H members complete project record sheets for their major projects. If they spent money to complete their project, they document it. For example, when a 4-H member has a horse project, they need to consider all the costs involved in keeping that animal alive, healthy, and safe. They inventory their supplies and write down the financial value of those items. Expenses related to feeding and health such as veterinarian bills and costs related to participating in competitions are recorded. This practice reminds them that there are usually costs involved in almost any project they choose. A 4-H alumnus reports “We had to keep records of animals, breeding, litters, sales, [and] showing [events] as well as expenses such as grain, hay, feed and water bowls, carrying cages for showing, and entry fees… becoming responsible for keeping a written record for expenses and income.” In a consumer and family science project such as sewing or childcare, they record any expenses or financial values of items related to their projects such as patterns, fabric, and thread in sewing, or games, books, videos, or craft supplies to entertain young children.

4-H members have the opportunity to serve on county and state planning committees such as 4-H Citizenship Day and 4-H Advisory committees. They review the costs related to the event from the previous year to help in determining the budget for this year’s event. As a committee, they will discuss different ideas for the event and will learn that any changes they make in the program may also affect the final cost, learning financial decision-making and the need to balance income and expenses. In addition, they can become involved in county fair boards where one responsibility of each officer role is financial management. One 4-Her shared “When I was treasurer, I learned more about the financial system in 4-H. I was required to count money during the fair weekend and compare the income to past years. As Coordinator of home arts, I was responsible for calling a vendor with a request for tables. I had to know the estimated amount needed and get the estimate for the fair meeting. For entertainment, I was responsible for filling out forms for performers to ensure they were paid.“

Throughout a youth’s time in the UConn 4-H program, there are many opportunities to learn and practice financial decision-making and responsibility.

For more financial literacy resources visit https://financialliteracy.uconn.edu/

Article by Faye Griffiths-Smith, Extension Financial Educator and Margaret (Peggy) Grillo, 4-H Youth Development Educator

Take the Connecticut Saves Pledge!

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3 steps for saving moneyCT Saves Campaign February 24- March 2nd
Take the Connecticut Saves Pledge by texting “CTSaves” to 877877 or pledging online at www.ConnecticutSaves.org.

Save with a plan. Did you know savers with a plan are twice as likely to save successfully for things like retirement and their (or their children’s) education?

Save the easy way…automatically. Never miss a beat when it comes to saving. Make it so easy that you never have to think about it. Set aside money automatically.

Save for the unexpected. Putting aside a few dollars a week into a savings account for unexpected costs can build financial security—and relieve a lot of anxiety!

Save to retire. Studies show few Americans have adequate savings for retirement but it’s never too late or too early to start saving.

Save the extra. Did you know you’re more likely to save a windfall than a small amount consistently over time? Hack that psychology by saving your bonuses, raises and tax refunds.

Save as a family. Good saving habits start at home. Model good financial habits for your children, and teach them to do the same. Help them open their own savings accounts!

For more information please visit https://financialliteracy.uconn.edu/.

Join Us for America Saves Week

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America saves photoUConn Extension has partnered with America Saves Week again this year, and we are celebrating from February 27th through March 4th. Connecticut Saves Campaign is a statewide initiative to encourage Connecticut residents to take positive financial actions and save regularly to turn their dreams into reality. Here you will find workshops and events around the state, tools to help you set goals, develop strategies, and start saving. Join others from around our state in working toward achieving your financial goals. You can take the pledge online.

Let America Saves help you reach your savings and debt reduction goals. It all starts when you make a commitment to yourself to save. That’s what this pledge is all about. And it doesn’t stop there. America Saves will keep you motivated with periodic information, advice, tips, and reminders sent by email or text message to help you reach your savings goal. Think of us as your own personal support system.