university of georgia college of family & consumer sciences 1 program overview
TRANSCRIPT
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University of Georgia College of Family & Consumer Sciences
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Program Overview
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Financial Literacy
• Being knowledgeable, educated, and informed on issues of managing money and assets, banking, investments, credit, insurance, and taxes;
• Understanding basic concepts underlying the management of money and assets; and
• Using that knowledge and understanding to plan and implement financial decisions.
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Why Is It Important?
• Well-informed, well-educated consumers make better decisions, increasing their economic well-being.
• Secure families contribute to vital, thriving communities, and foster economic development.
• Informed consumers help keep unscrupulous sellers out of the market.
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Trends
• Shifting responsibility for long-term well-being away from employers and government to individuals.
• Increasing sophistication of the financial marketplace.
• Increasing reliance upon credit reports for pricing of consumer products.
• Information security
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Evidence
• High school seniors averaged 52% on a recent Jump$tart Coalition test of financial literacy.
• The average score on a “Money Skills” test of high school seniors was 35%.
• The average score for 1700 adults completing a basic consumer skills test was 75%.
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More Evidence
• About 60% of U.S. households revolve credit card balances (average balance of $4,100 in 1998).
• 1 of 5 families with incomes under $50,000 spend at least 40% of after-tax income on debt service.
• In the 12 months before July 2002, one of every 39.8 Georgia households filed for bankruptcy.
• In 2000, credit card issuers sent each household an average of 3 credit card offers per month.
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Financial Literacy Education
An important component of community economic
development
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OPEN a Gateway to a Better Life
• Ongoing—over a period of weeks or months
• Proactive—focus on prevention• Experiential—participants “learn
by doing”• Needed—addresses the financial
information needs of the learner
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What is the
• Funded by the Governor’s Office of Consumer Affairs
• Pilot program• Purpose: To reach target
audiences and the public with information to improve economic education and well-being.
?
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Financial Secure Georgians
The Vision:
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The Mission:
Promoting financial securitythrough
education and outreach
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What is the target area of
the ?
21 Counties: Bleckley, Candler, Crawford, Crisp, Dodge, Dooly, Emanuel, Houston, Jeff Davis, Johnson, Laurens, Macon, Peach, Pulaski, Schley, Taylor, Telfair, Toombs, Tattnall, Treutlen, and Wilcox
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The 4 Components of the are:
Adult Program • Goal setting
• Decision-making
• Developing spending plans
• Time & Stress management
• Using financial tools
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Youth Program• Financial Champions (Middle School)• High School Financial Planning
Program• Teaching Children About Money (for
parents)
The 4 Components of the are:
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are:
Tax Education Program• Outreach to inform workers of tax credits.• Promote advanced payment EITC option.• Free tax assistance to:
– Minimize dollars spent for tax preparation.– Reduce participation in refund anticipation loan
programs.
• Economic Development
The 4 Components of the
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2000 EITC Benefits & Rank(By Percent of Population Receiving EITC)
• Emanuel (16) 38%• Telfair (19) 36.7%• Treutlen (24) 35.9%• Toombs (30) 34.6%• Johnson (33) 33.9%• Candler (41) 32.9%
• Tattnall (51) 31.4%
• Jeff Davis (52) 31.3%
• Dodge (53) 31%• Laurens (61)
29.1%• Bleckley (79)
25.2%
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2000 EITC Benefits & Rank(By Percent of Population Receiving EITC)
• Crawford (105) 19.5%
• Crisp (22) 36.1%• Dooly (17) 36.8%• Houston • Macon (8) 40.0%
• Peach • Pulaski (65)
28.2%• Schley (45) 32.6%• Taylor (32) 34.0%• Wilcox (44) 32.7%
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2000 Total EITC Benefit for 11 County Service Area
(Original Counties)
$47,253,780
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2000 Total EITC Benefit for 10 County Service Area
(Expansion Counties)
$23,326,138*
*Excluding Peach & Houston Counties
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CFL Outreach and Community Education
• Promote financial literacy for the community at large– media campaigns– exhibits– Workshops– Seminars
The 4 Components of the
are:
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Partnership Opportunities
• Refer clients or employees for educational programs.
• Develop financial literacy programs for targeted audiences (check bouncers, individuals denied credit, etc.)
• Collaborate to implement an Individual Development Account (IDA) program.
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Questions?