Connecting Your Community to Financial Education: An Introduction to the Connecticut Money School

1
Connecting Your Community to Financial Education
An Introduction to the Connecticut Money School

• Connecticut Association for
• Human Services (CAHS)
• [phone]
• www.cahs.org

2
Agenda

• Overview of financial education in Connecticut
• Delaware Money School Successes
• How does the Connecticut Money School work?
• Student Recruitment Evaluation
• First Year Results
• Q A

3
Panelists

• Madelyn ColonFinancial Education Coordinator,
  Connecticut State Treasurers Office, Hartford,
  CT
• Ronni CohenExecutive Director, Delaware
  Financial Literacy Institute, Claymont, DE
• Ellen CarterFinancial Education Programs
  Coordinator, Connecticut Association for Human
  Services, Hartford, CT
• Tracy Helin (Moderator)Outreach Director,
  Connecticut Association for Human Services,
  Hartford, CT

4
A Snapshot of Financial Education in Connecticut

• Madelyn Colon is the Financial Education
  Coordinator at the Connecticut State Treasurers
  Office. Since 2006 she has coordinated consumer
  and youth financial education and asset-building
  initiatives.
•  

5
Work of the State Treasurers Office

• In 1999 State Treasurer Denise L. Nappier
  committed to develop initiatives that would
  provide economic opportunities for Connecticut
  citizens and businesses through asset-building
  strategies and financial education.
• Her goal is to work collaboratively with public
  and private partners to serve as a catalyst for
  financial education initiatives that help
  Connecticut citizens of all ages and economic
  means.
• http//www.state.ct.us/ott/financialeducationoverv
  iew.htm

6
Primary Initiatives

• Focused on partnership and collaboration with
  Community Based Organizations (Such as
  Co-opportunity, CAHS, financial institutions,
  Financial Planners Association, Money Management
  International, and YWCAs The Money Conference
  for Women)
• Worked with state agencies to disseminate The
  ABCs of Credit Card Finance, DOE, Youth
  Conference on Climate Change, DEP, Human Rights
  and Personal Financial responsibility
• Jumptart A statewide policy forum for youth
  financial education

7
Important Programs

• Connecticut Individual Development Accounts (IDA)
• A matched savings program that combines asset
  wealth-building with financial education
• Has helped 650 of Connecticuts working families
  buy their first home, start a business, or go to
  college
• CHET Connecticut Higher Education Trust
• The states own 529 college savings plan
• An important tool for young families wondering
  how they will send their children to college
• Has both federal and state tax benefits
• Only requires 25 to open an account
• Now IDA funds can be rolled into a CHET
• Account!

8
Success The Delaware Model

• Ronni Cohen was an elementary school teacher  for
  33 years before State Treasurer Jack Markell
  asked her to retire to head the new nonprofit
  Delaware Financial Literacy Institute and manage
  The Money School.
• In this role, she has grown The Money School and
  created two entrepreneurial initiatives Chasing
  the Dream and Coalition for Delaware
  Entrepreneurship (CODE). Recently, Ronni
  testified before a Senate Banking Committee on
  the relationship between financial education
  and foreclosures.   

9
DFLI Program Structure
10
Sampling of Course Offerings

• Financial Hopes Dreams
• Tax Free Investing
• Cashflow Club Study Group
• Mortgage Matters! Free Foreclosure Prevention
• Smart Choices in Retirement
• Hands on Credit Report
• Finding Balance in Your Budget

11
Program Highlights Statistics

• Over 3,000 people have registered for From
  Purses to Portfolios
• 400 participants have logged close to 16,000
  hours of financial education
• Over 500 classes held in 2008, with more than 100
  special requests and exhibits

• 33.5 of student saved up to 500
• 13.5 of students saved from 1,000-3,000
• 49 of students surveyed saved for an Emergency
  Fund
• Nearly 63 of students opened a savings account
• Over 34 of students opened a 401 (k) or 403 (b)

12
Additional Information on DFLI

• http//www.dfli.org/
• http//www.delawaremoneyschool.com/
• http//www.pursestoportfolios.com/
• www.bankatschool.com
• www.firststatesaves.org

13
Replicating a Statewide InitiativeConnecticut
Money School

• Funding opportunity provided through the
  Department of Social Services in 2008
• Looking to regional partners for expertise and
  staffing
• Building a core website and marketing materials
• Recruiting volunteer instructors
• Reaching out to the community

14
Connecticut Money School Mission Values

• To provide quality, free financial education for
  low-income adults and seniors
• We believe that everyone should have the
  opportunity to become financially stable and
  successful 

15
Regional Partners

• Agency on Aging of South Central CT
• Regional Coordinator Tom Davis
• Tdavis_at_aoapartnerships.org, [phone]
• Co-opportunity, Inc. (Greater Hartford)
• Regional Coordinator Laura Okeefe
• laurao_at_co-opportunity.org, [phone]

16
Regional Partners Continued

• FSW, Inc. (Fairfield County)
• Regional Coordinator Emendya Edouard
• eedouard_at_fswinc.org, [phone]
• New Life Corporation, (Greater New Haven)
• arielm_at_newlifecorp.org

17
Statewide Partner

• United Way of Connecticut/ 211 Infoline
• Coordinator Annette Buckley
• Annette.Buckley_at_ctunitedway.org
• Role To provide referrals and registrations for
  CMS students who do not have access to a
  computer.

18
Classes Locations
19
Classes Offered

• No set pathway through course offerings, students
  can take any course at any time
• Multiple curricula used, including FDIC Money
  Smart and Freddie Mac Credit Smart
• Instructors choose which
• curriculum they use, with assist-
• ance from regional coordinator

20
Sampling of Courses

• Over 106 courses posted on website since April
• Courses offered on a wide range of topics, geared
  toward adults in different stages of money
  management
• Budgeting Your Way to Freedom
• Tax Essentials
• Reverse Mortgage Basics
• To Your Credit
• Three extended class series offered - students
  attend 7-10 classes with a specific curriculum
• Pilot program starting in November to teach
  grandparents raising grandchildren

21
Evaluation

• National Endowment for Financial Education (NEFE)
  Evaluation Toolkit
• http//www.nefe.org/eval/
• Evaluations created based on course topic, not
  instructor
• Student Intake during course registration
  includes demographic data
• Income
• Ethnicity
• Referral Source

22
Sample Evaluation
23
Sample Post Evaluation
24
CMS Instructors

• Recruited from a variety of financial backgrounds
  (bankers, financial planners, realtors, teachers,
  etc.)
• 54 currently registered on CTMoney.org
• All required to complete an application and sign
  an instructor agreement
• Ongoing training available if needed (provided by
  FDIC and Citibank)

25
Sample Application Agreement
26
Engaging Students Instructors

• Marketing through www.ctmoney.org
• Using a website as the face of the Connecticut
  Money School
• 163 members currently registered through the
  website (including over 100 students)

27
Marketing

• Fliers distributed throughout Connecticut
• Partnership with nonprofit agencies, libraries,
  and companies that serve low-income families
• Bus Ad Campaign
• Mass mailing to high EITC zip codes in major
  cities
• Media coverage

28
Students

• I just got back from a course in Bridgeport with
  Tim, it was great. My son Arthur age 18 went
  with me. It was a great use of time. Thanks for
  forwarding. -- Judy
• How do students register for a class?
• 211 Referrals Registration
• Electronic updates on classes
• and registration

29
Results

• Over 490 individuals have participated in a
  Connecticut Money School class
• Students range in age from 18-85
• Students come from 25 towns in CT and one town in
  MA
• 80 of students are female
• www.ctmoney.org has had over 9,700 hits

30
How to get Involved

• Host a class
• Post your current financial education courses on
  our website
• Refer your clients to CMS Classes
• Become an instructor

31
Questions?
32
Further Contact Information

• Ellen Carter, Connecticut Money School
  Coordinator
• ecarter_at_cahs.org
• Madelyn Colon, Financial Education Coordinator,
  Connecticut State Treasurers Office
• madelyn.colon_at_ct.gov
• Ronni Cohen, Delaware Money School Executive
  Director
• info_at_dfli.org

33
Thank you!

• CAHS will be hosting a webinar on Community
  Colleges in November. Let us know what other
  webinar topics you are interested in.
• Contact thelin_at_cahs.org with ideas!