Tagged With "financial literacy"
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Give Your Clients a Financial Checkup
A financial check-up is as important as an annual physical with a doctor. Like a medical exam, a review of someone’s personal finances can identify steps to improve “financial fitness” and screen for potential problems.
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A One Hour End-of-Year Financial Checkup
Like a medical exam, a review of clients’ finances can identify strategies to improve their “financial fitness” and screen for potential problems, such as a high debt-to-income ratio. This article features 10 diagnostic tools to assess the strengths and weaknesses of a client’s financial situation that can be reviewed in a one-hour appointment.
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University of Maryland Extension (UME) is Accepting Applications for TWO Financial Wellness Educator Positions!
Hello colleagues! Please take a moment to consider these exciting opportunities, and feel free to share them with others! University of Maryland Extension ( UME ) is seeking to fill two (2) Family and Consumer Sciences (FCS) Financial Wellness Educator positions , with one position at each of the following county Extension office locations: Calvert County (Position 103388) - This Office is located in Prince Frederick, Maryland, and provides programming to the Southern Maryland Cluster, which...
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Let's Talk Money
University of Illinois Extension is providing a series of six free online workshops to help families learn about personal finances as well as strategies for talking about money. The workshops are held each Thursday evening beginning May 5. The one-hour sessions start at 6:30 p.m. Registration is required at go.illinois.edu/TalkMoney to receive Zoom connecting information. If a reasonable accommodation is needed to participate, contact Camaya Wallace Bechard , Extension consumer economics...
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Understanding the Financial Literacy Divide
Since Extension educators work with individuals and families from a broad array of racial and ethnic backgrounds, ages, genders, income levels, and educational levels, it is important to understand the impact that financial literacy disparities may have on those they are serving.
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Re: Understanding the Financial Literacy Divide
Eye-opening study, thank you for sharing. What is the best source of material for teaching each of the 8 categories measured if one wishes to tailor an educational program to address these points? According to the study the areas are: Earning—determinants of wages and take-home pay. Consuming—budgets and managing spending. Saving—factors that maximize accumulations. Investing—investment types, risk and return. Borrowing/managing debt—relationship between loan features and repayments.
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Re: Understanding the Financial Literacy Divide
Good morning, John. Great question. I am sure there are a lot of resources available that would cater to each one of these areas in depth, but there are a few resources that I personally have experience with that I think would be a good place to start, depending on your needs. Free resources: For those working with military families, the Department of Defense Office of Financial Readiness and OneOp Personal Finance are both a wealth of research-based information. University of Florida/IFAS...
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Teaching Children About Money
Financial education courses notwithstanding, children’s strongest financial influence is most likely their parents. Below are tips for Extension educators to share with parents interested in teaching their children about money:
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Re: A ChatGPT Primer for Financial Educators
Hi @Kristen Jowers you can also promote this training in the subgroup- https://connect.extension.org/...-extension-education This is a place for Extension professionals to discuss technology use in their work and right now there is an emphasis in the subgroup to discuss and share best practices, tips and resources on using AI in Extension work!
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Re: A ChatGPT Primer for Financial Educators
@MelaniePugsley thanks, got it posted to the subgroup!
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Strategies to “Liven Up” Financial Education Classes
Extension educators are always looking for ways to increase participation and engagement in their financial education classes. Here are a dozen interactive teaching methods to consider: Case Study Analyses, Current Events, Financial Calculator Debriefs, Gallery Walks, Documentary Debriefs, Guest Speakers, and more!
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A ChatGPT Primer for Financial Educators
Since launching in November 2022, ChatGPT has become the fastest technology tool to reach 100 million users…ever. Some are calling it “the next transformational platform.” Extension Educators may field questions about ChatGPT or consider its use in their work. Below are five key things to know about this ground-breaking artificial intelligence (AI) tool: ChatGPT Description - ChatGPT is “a very smart text-based robot” that can answer questions and have conversations with users. GPT stands...
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Ten Tips for Military Families to Survive a “Financial Tornado”
U.S. consumers haven’t just experienced a “perfect storm” of financial challenges…they have experienced a “perfect tornado!” Challenging financial events include sustained high inflation (and increased costs for food, utilities, rent, gas, insurance, housing, etc.), recession fears, increased interest rates, bank failures and government bank take-overs, volatile stock prices, lower savings rates, and increasing household debt. Extension professionals routinely answer questions from clients...
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Holiday Shopping with a Financial Mind$et
As we approach the Christmas season, be mindful of excessive holiday spending. While Christmas is the season of giving, excessive spending can lead to much regret, depression, and even added financial struggles in the new year. According to Berden and Haws (2012), spending can quickly get out of hand when it is driven by emotions rather than a plan. Have you ever gone to the store to grab a few items, but as you stroll next to the; buy one get one free, the rollbacks, the manager's special,...
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Re: Holiday Shopping with a Financial Mind$et
Something to think about Troy! The holidays can really put you in that festive mode, that you totally forget to check your account and realize that you are spending way too much money. Half the things that we give as gifts never get used. I believe we should definitely put a spending plan together for the holidays and stick to it.
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Re: Holiday Shopping with a Financial Mind$et
Deon, that is a great key point about gifting. But who are the people or even age groups that are really bent on reducing their budget for gifts during the holiday amid inflation pressure? There is so much room for a whole new discussion that could be taken in so many directions. I am leading a first-year college class on how price consciousness has become a defining characteristic of consumer behavior in a few weeks; let me know if you are interested in collaborating. Thanks for the insight!
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Emotional Spending 101
Unlike impulsive buying, emotional spending is frequently heightened by stress, grief, or moments of happiness or sadness. Regardless of these triggers, they can impact your finances negatively. For example, you shop to make yourself feel better after a bad day at work. As a result, compulsive shopping and spending stems from an impulse disorder habit that can be addictive for many. The relationship between money and happiness is now seen as complete. Aknin, Wiwad, and Hannibal (2018)...
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Re: Emotional Spending 101
Do you have any suggestions for tools like graphic organizers or worksheets that help people to think about and define their values?
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Re: Emotional Spending 101
Chris, I created and used a worksheet that I found effective with a college class a few weeks ago. It requires the participants to list all their values. Then, identify short-term, mid-term, and long-term goals related to their top (3) values from their list and explain how finance aligns with their specific goal. We then have an open discussion about barriers that can keep us from reaching our goals, and because life sometimes throws us a curve ball, we also address how to overcome the...
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Re: Emotional Spending 101
I find that people often state their values, but then recognize a great misalignment between their habits/ actions/ behaviors and the values they thought they prioritized. The Value Clarification worksheet you shared gives a great start to recognition of potential disconnect, and can help formulate discussions or internal reflections leading to a meaningful reassessment (of behaviors and/or values) to influence goal setting and progress. Thanks for sharing!
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Research Briefs for Financial Educators: IRAs, Financial Education and Two-Paycheck Families
Personal finance research informs high-quality financial education briefings, publications, and 1:1 financial counseling with clients. Included are findings and implications from three studies published in 2023.
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Unearthing Financial Trauma
Transitioning into 2024 marked a new year. Many of us saw the new year as an opportunity to start fresh, but financial hardships and losses can have a lasting impact on our mental health. This type of impact leads to unforeseen trauma. Often, we make resolutions to hit the ground running in the new year, but old habits die hard, mainly when these habits are deeply rooted in our psyche. Let us be realistic: We all plan to go to the gym on January first; we even go shopping over the holiday...
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Understanding Financial Stress and Mental Health for Service Members
Inflation continues to be a global economic challenge, impacting everything from food costs to housing affordability. Explore the difference between objective and subjective financial stress, identify questions to ask your clients, and connect with additional learning opportunities, including an on-demand webinar to learn more.