Financial Fitness Education for Potential Homebuyers: A Start-Up Guide for NeighborWorks Organizations

Financial fitness education is a critical piece of community development, given today's socioeconomic climate consisting of the deregulation of government institutions and the increasing complexity of financial services. These changes are occurring when personal savings are low and bankruptcy rates are high, with 1.35 million filings in 1997.[1] Twelve million households, one-half of which receive public assistance, do not have bank accounts.[2] Subsequently, in an ever more difficult financial system through which to navigate, there remains a significant number of novice consumers, who would benefit greatly from financial fitness education.The financial system is not only complex but also laden with institutional barriers and potential pitfalls. Over the years, access to legitimate financial institutions and credit in low-income neighborhoods has become increasingly limited, whereby local bank branches have been replaced by expensive fringe banking outlets, such as check-cashing stores, payday loan outlets and pawnshops.Moreover, some residents face cultural or language barriers that prevent them from fully accessing appropriate financial services. Other dangers include consumer scams and schemes, as well as predatory lending practices -- high-cost loans targeted to people who cannot afford to repay them. Financial fitness education can help families become more aware of common pitfalls and thus avoid them while helping them to learn the financial management and planning skills needed to make the most of their income, savings and assets. Such education is vital for low- and moderate-income families who are fulfilling basic needs currently but are precariously positioned to overestimate the reach of their income, with little or no savings as a cushion.Recent changes in the national economy and public policy have led to a rise in the number of organizations developing and delivering financial fitness education. Approximately 20 formal curricula are in circulation around the country, being used by Cooperative Extension and education organizations; government agencies; consumer, nonprofit and community organizations; as well as private financial institutions and credit agencies. These organizations often share the objective of helping people to choose and use financial services successfully.Developing an effective financial fitness education program that will help local constituents move beyond fulfilling basic needs to accumulating savings -- and even assets -- while avoiding all of the perils along the way requires careful planning. Since each community has a unique target population, goals and resources, there cannot be a "one size fits all" program. Rather, an organization needs to develop a program that matches its goals along with the needs of the target population. This start-up guide is designed to help NeighborWorks organizations analyze the local need and their internal capacity for developing a financial fitness education program to increase consumers' money management skills, and in turn, to enable previously underserved markets to attain homeownership

Homebuyer Education and Counseling: A Start-Up Guide

This guide combines material from various sources in order to provide the best summary of homebuyer education programs. The enclosed samples range from job descriptions for home ownership counselors to Homebuyers Club schedules

Measuring the Delivery Costs of Prepurchase Homeownership Education and Counseling

In order to understand the roles that public policy and the business and consumer sectors play in paying for homeownership education and counseling, the costs, benefits and beneficiaries of the education and training must be fully accounted for. This paper estimates the total costs of delivering homeownership education and counseling and discusses proven and implied benefits to stakeholders. Based on one set of assumptions, and depending on the level of activities offered, homeownership education and counseling costs range from $500 to$1,500. Empirical and anecdotal evidence suggest that homeownership education and counseling offer important benefits to borrowers, lenders, real estate professionals and communities. Many nonprofit organizations providing such services, however, remain underfunded. Providers, financial institutions and policy makers must increase their knowledge of what works, what costs are incurred, who benefits, and what value is created by homeownership education and counseling activities in order to develop a sustainable delivery system.This paper uses information from NeighborWorks organizations that offer homeownership education and counseling programs as illustration of the cost structure of the homeownership education and counseling industry. Part 2 provides background information on the homeownership education and counseling industry. Part 3 explains the methodology and assumptions used for this analysis. Part 4 reviews cost accounting and presents a framework for the cost analysis. Part 5 discusses the value proposition for homeownership education and counseling while Part 6 offers conclusions and implications

Financial Coaching: A New Approach for Asset Building?

Through a literature review and interviews with nonprofit financial coaches, examines the concepts, training, and capacity building involved in financial coaching for low-income families, as well as critiques of existing models and their implications

Evolution by Any Other Name: Antibiotic Resistance and Avoidance of the E-Word

The word "evolution" is rarely used in papers from medical journals describing antimicrobial resistance, which may directly impact public perception of the importance of evolutionary biology in our everyday lives

Atmospheric carbon dioxide retrieved from the Greenhouse gases Observing SATellite (GOSAT): Comparison with ground-based TCCON observations and GEOS-Chem model calculations

We retrieved column-averaged dry air mole fractions of atmospheric carbon dioxide (X_CO_2) from backscattered short-wave infrared (SWIR) sunlight measured by the Japanese Greenhouse gases Observing SATellite (GOSAT). Over two years of X_CO_2 retrieved from GOSAT is compared with X_CO_2 inferred from collocated SWIR measurements by seven ground-based Total Carbon Column Observing Network (TCCON) stations. The average difference between GOSAT and TCCON X_CO_2 for individual TCCON sites ranges from −0.87 ppm to 0.77 ppm with a mean value of 0.1 ppm and standard deviation of 0.56 ppm. We find an average bias between all GOSAT and TCCON X_CO_2 retrievals of −0.20 ppm with a standard deviation of 2.26 ppm and a correlation coefficient of 0.75. One year of XCO2 was retrieved from GOSAT globally, which was compared to global 3-D GEOS-Chem chemistry transport model calculations. We find that the latitudinal gradient, seasonal cycles, and spatial variability of GOSAT and GEOS-Chem agree well in general with a correlation coefficient of 0.61. Regional differences between GEOS-Chem model calculations and GOSAT observations are typically less than 1 ppm except for the Sahara and central Asia where a mean difference between 2 to 3 ppm is observed, indicating regional biases in the GOSAT X_CO_2 retrievals unobserved by the current TCCON network. Using a bias correction scheme based on linear regression these regional biases are significantly reduced, approaching the required accuracy for surface flux inversions

Evolutionary Determinants of Genetic Variation in Susceptibility to Infectious Diseases in Humans

Although genetic variation among humans in their susceptibility to infectious diseases has long been appreciated, little focus has been devoted to identifying patterns in levels of variation in susceptibility to different diseases. Levels of genetic variation in susceptibility associated with 40 human infectious diseases were assessed by a survey of studies on both pedigree-based quantitative variation, as well as studies on different classes of marker alleles. These estimates were correlated with pathogen traits, epidemiological characteristics, and effectiveness of the human immune response. The strongest predictors of levels of genetic variation in susceptibility were disease characteristics negatively associated with immune effectiveness. High levels of genetic variation were associated with diseases with long infectious periods and for which vaccine development attempts have been unsuccessful. These findings are consistent with predictions based on theoretical models incorporating fitness costs associated with the different types of resistance mechanisms. An appreciation of these observed patterns will be a valuable tool in directing future research given that genetic variation in disease susceptibility has large implications for vaccine development and epidemiology

Analysis of covariance on levels of variation in susceptibility.

<p>Agent = disease agent (as a class variable), Transmission = transmission mode (as a class variable), Duration = duration of the infectious period, Vaccine = effectiveness of vaccine development.</p