Financial Education Resources for EITC Recipients

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Financial Education Resources for EITC
Recipients

• Valuable information for customers at Virginias
  free tax preparation sites

January 29, 2009
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Welcome!

• Internet meeting link
• Teleconference link
• For technical assistance, contact
• the Webinar host, Monica Adams
• Email adams_at_systemsandsoftware.org
• Chat QA pod (sent to host and presenters)

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Purpose of this training series

• To improve the capacity of Virginias Community
  Action Agencies, Departments of Social Services,
  and EITC coalitions to help Virginias low-income
  working families and individuals build their
  assets

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Training series sponsors
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Purpose of this Webinar

• To present an overview of financial education
  resources
• To suggest ways for Virginias Earned Income Tax
  Credit (EITC) coalitions, Community Action
  Agencies (CAA), Departments of Social Services
  (DSS), and other agencies and volunteers to
  connect their customers to these resources

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Todays agenda

• Overview of financial education resources
• Suggestions for connecting customers to these
  resources
• Audience QA

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QA

1. During the QA session, dial 71 on your
phone to ask a question. Lines will be opened in
the order received. 2. At any time, submit a
question online via Chat QA. Presenters will
respond to these questions during the QA session.
Chat QA
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Poll 1 Whos with us today?

• Virginia Department of Social Services (state and
  local DSS offices)
• Community Action Agencies (CAA)
• EITC coalition site coordinators and volunteers
• IRS/VITA site coordinators and volunteers
• Other

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Welcome and Introductions

• Carolyn Spohrer
• EITC Project Manager, Virginia Community Action
  Partnership

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Todays speaker

• Ken Ackerman
• Project Manager, Virtual CAP
• Virginia Community Action Partnership

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Financial Literacy Education Resources

• 5 Broad Categories of Financial Literacy
  Activities
• Creating Effective Financial Literacy Training
• Tips from the Field
• Factors to Consider
• Earn It! Keep It! Grow It!
• Online Games
• Financial Literacy Curriculum Resources

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5 Broad Categories of Financial Literacy
ActivitiesFinancial Literacy Fact Sheet
Office of the Comptroller General

• Basic financial services and asset building
  programs
• Credit management and repair programs
• Homeownership counseling
• Recognizing and avoiding abusive lending
  practices
• Small business and microenterprise technical
  assistance

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Creating Effective Financial Literacy Training

• Financial Education A Guide to Promising
  Practices
• Providing and Funding Financial Literacy Programs
  for Low-Income Adults and Youth
• Resources for Effective Financial Education in
  AFI Projects
• Eight Elements of Effective Training

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Tips from the Field

• Any approach must almost certainly be adapted for
  the specific context and actual participants
• Knowledge and behavior are not necessarily
  directly connected
• The teachable moment is important, that
  financial education is most effective if
  immediately linked to a personal opportunity,
  challenge, or need for the information

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Factors to Consider

• Participant Financial Profiles
• General literacy level
• Personal experience
• Current financial status
• Cultural factors
• Learning preferences and styles

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Further Issues to Consider

• Staffing and Resources
• Facilitation
• Where and When
• Delivery
• Incentives and Benchmarks
• Standard Content
• Assessing the Effectiveness
• Knowledge Surveys and Tests
• Behavior Changes
• Financial Education Resources

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Earn It! Keep It! Grow It!Annie E. Casey
Foundation

• An Integrated Model for Family Economic Success
• Working families are earning a living that allows
  them to survive and thrive in their community.
• Working families can access a full range of
  financial services and programs that help them
  protect their income and lower their cost of
  living in the community and region.
• Working families and their communities are
  accumulating and maintaining assets that are
  gaining in value over time.

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Online Games View full listing

• Money IQ Quiz and Personal Finance Survey
  Jumptart
• Financial Football Practical Money Skills
• Expense Station Game for Teens Money Talks
• Bad Credit Hotel U.S. Dept. of Treasury

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Financial Literacy Curriculum ResourcesView
full listing

• Changing Your Life Through Better Money
  Management Community Action Partnership
• Four Cornerstones to Financial Literacy MN OEO
• Money Smart FDIC
• MyMoney.gov
• Financial Management Resources Virginia
  Cooperative Extension
• Free Credit Reports

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And More to Help Build Your Program

• Wie Up Program for Women U.S. Dept. of Labor
• Building Wealth - Federal Reserve Bank of Dallas
• Jumptart Coalition for Personal Financial
  Literacy
• Citigroup Financial Education Curriculum
• Financial Coaching A New Approach for Asset
  Building? Report for the Annie E. Casey
  Foundation
• Annotated Bibliography for Financial Fitness
  Education NeighborWorks

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Contact Information

• Ken Ackerman
• [phone]
• kackerman_at_vacap.org
• Virtual CAP Project Manager, Virginia Community
  Action Partnership (VACAP)
• http//www.virtualcap.com/Index.cfm

• Carolyn Spohrer
• [phone]
• cspohrer_at_vacap.org
• EITC Project Manager, Virginia Community Action
  Partnership (VACAP)
• http//www.vaeitc.org

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QA

1. During the QA session, dial 71 on your
phone to ask a question. Lines will be opened in
the order received. 2. At any time, submit a
question online via Chat QA. Presenters will
respond to these questions during the QA session.
Chat QA
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Training Series Updates

• Previous Webinars are available at
  http//www.state-itc.org/building_assets.html
• A recorded version of todays Webinar will
  shortly be available online, on demand. You will
  receive an email notice when it is available.

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Wrap up and Evaluations

• Thanks to everyone who participated in todays
  Webinar!
• To conclude todays Webinar, a brief online
  evaluation should open in a new Web browser page.
  
• Please complete the online evaluation
• Press Submit
• Note If the browser page is minimized or
  blocked, go directly to the online evaluation at
  http//vovici.com/wsb.dll/s/f4ecg3aab1

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