Regional Differences in Financial Resources, Assets, and Savings Behavior of Low-Income Families

This study examined differences in financial resources, assets, savings attitudes, methods of saving, and demographic characteristics of low-income families from different regions in the United States. Further, the effects of these variables on nominal and real savings for families in each region were analyzed. Chi-square results indicated that families from the South were less likely to have private or employer-sponsored health insurance and VA medical benefits. Families from the South were also less likely to own assets and save; however, more southern families than nonsouthem families said they would increase savings if interest rates increased. Regression results indicated that nonsouthern families who received Medicare and had stocks and/or mutual funds were more likely, and those who had IRAs and/or Keoghs, profit sharing and/or thrift accounts, and were older were less likely to increase savings. None of the variables were statistically significant predictors of increase in savings for southern families

Moving the Working Poor to Financial Self-Sufficiency

Working poor families face many barriers to financial self-sufficiency. In addition to information and skills leading to a better job, the working poor need information about federal, state, and community-level support available to them. This article provides an overview of the information needs of the working poor and offers five strategies Extension staff and others can use to facilitate the upward mobility of the working poor. The strategies include: 1) information outreach for the working poor, 2) information outreach for employers, 3) education and training for workers, 4) public awareness campaigns, and 5) collaborations for building community capacity

Promoting Access to Health Insurance through a Multistate Extension Collaboration

This paper describes a multistate project that addressed the growing need for health insurance information for individuals by focusing on the Affordable Care Act (ACA) and health insurance education and outreach efforts in targeted areas of the country in federally-facilitated marketplaces with high numbers of uninsured and underinsured individuals. Specifically, the project provided ACA and health insurance information to individuals in formal and informal settings to assist them in choosing a health insurance plan through the Marketplace. Education and outreach activities included group workshops and presentations, Q&A sessions, and panel discussions; one-on-one in-person consultations, phone consultations, and email consultations; and information provided through websites, blog posts, Facebook posts, tweets, YouTube videos, email blasts, newsletters, newspaper articles, and radio and TV programs. Health insurance enrollment assistance was provided by volunteers and some Extension educators or referrals were made to Navigators or Certified Application Counselors for enrollment assistance

Volunteer Income Tax Assistance: A Community Coalition for Financial Education and Asset Building

Free tax programs, such as Volunteer Income Tax Assistance (VITA), allow recipients of the earned income tax credit (EITC) to have their returns filed for free. VITA and other free tax programs are nationwide. However, each program is distinct, and the services provided by these programs differ. This article discusses a successful and unique community collaboration that can be used by Cooperative Extension professionals nationwide to assist consumers with tax preparation, introduce new paths for providing consumers with financial education, and open the door to involving consumers in additional financial management programming

The Earned Income Tax Credit: Experiences from and Implications of the Voluntary Income Tax Assistance Program in Georgia

The study reported here used data collected from participants in a Volunteer Income Tax Assistance (VITA) Program to better understand how families anticipated using their Earned Income Tax Credit (EITC) refunds and their use of direct deposit. Data were collected over 3 years. The most common use for a refund by participants was paying bills or debts. One-third of participants planned to use their refund for savings or asset accumulation. Direct deposit participation was not significantly associated with using the EITC refund for savings or asset accumulation, with the exception of one asset, which was a house

Flame safety in the consumer apparel market

The purpose of this study was to determine consumer willingness to trade off some costs and fabric properties for flame resistance. It was hypothesized that consumers were indifferent to flame resistance when weighed against price, comfort, durability, ease of laundering care and carcinogenic potential. The sample was drawn at random from the population of Greensboro, North Carolina, telephone subscribers. Analyses were performed on the results of 128 completed interviews. A sample of this size has an error level of less than 9%. Statistical procedures used included the chi-square one-sample test, the chi-square 2xk contingency table, the Xolmogcrov-Smirnov one-sample test, the Kolmogorov-Smirnov two-sample test, and standard errors of the means. All conclusions were based on a 95% confidence level. The conclusions were that consumers were unwilling to trade off comfort, durability, and ease of laundering care for flame resistance; consumers were willing to pay a higher price for flame resistance; and that consumers were unable to choose between the dangers of flammability and the threat of carcinogenic activity

Advancing Methodology: From Mapping to Mobile Messaging Campaign

This article describes the progression of the Health Insurance Literacy (HIL) Action Team’s efforts from the initial charge by the Extension Committee on Organization and Policy (ECOP) of identifying priorities for Cooperative Extension health programming to developing and testing a national mobile messaging campaign designed to change health insurance knowledge, confidence, and behaviors of millennials. It highlights relevant empirical literature, summarizes the results of a national pulse online survey administered to Extension professionals and how they were applied to this project, reviews the Design Thinking and concept mapping process, and describes the development and testing of mobile messages. Anticipated outcomes of the mobile messaging campaign are discussed. Sources of data are the national pulse online survey along with insights gleaned from Extension professionals who participated in workshops, an eXtension Design-a-thon, and responses to a survey of millennials about experiences using health insurance, social media, and texting. This effort contributes to advancing Extension’s capacity to deliver programming related to health insurance education in innovative and effective ways

Does Marital Status of Parents Relate to Family Communication Regarding Finances?

How do youth and parents perceive their communication with each other? How do they perceive communication about money with each other? Are there differences between married-parent families and single-parent families? The reported study examined the discrepancies in perception between parents and youth and compares these differences between married and single-parent families. Although single-parent families had greater discrepancies in perceptions regarding communication in general, there was no evidence of such differences in discrepancies regarding communication about money. The finding suggests the importance of youth development programs to provide information and encouragement to both youth and their parents

Extension Investing Resources for the Millennial Generation: An Exploratory Study

Millennials have different investing knowledge and behaviors than generations in the past. Moreover, as compared to baby boomers, millennials have more debt and less wealth to invest. We used current literature and information collected from Extension educators to explore the values, investing behaviors, learning styles, and loyalty attitudes of millennials. We also examined and evaluated investment resources that had been created or adapted by four Extension faculty members across the nation. A proposed framework with suggestions for future research is provided