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Financial Education Resources for EITC Recipients

Financial Education Resources for EITC Recipients. Valuable information for customers at Virginia’s free tax preparation sites. January 29, 2009. Welcome!. Internet meeting link Teleconference link For technical assistance, contact the Webinar host, Monica Adams:

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Financial Education Resources for EITC Recipients

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  1. Financial Education Resources for EITC Recipients Valuable information for customers at Virginia’s free tax preparation sites January 29, 2009

  2. Welcome! • Internet meeting link • Teleconference link • For technical assistance, contact the Webinar host, Monica Adams: • Email: adams@systemsandsoftware.org • Chat Q&A pod (sent to host and presenters) 2

  3. Purpose of this training series To improve the capacity of Virginia’s Community Action Agencies, Departments of Social Services, and EITC coalitions to help Virginia’s low-income working families and individuals build their assets 3

  4. Training series sponsors 4

  5. Purpose of this Webinar • To present an overview of financial education resources • To suggest ways for Virginia’s 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 5

  6. Today’s agenda • Overview of financial education resources • Suggestions for connecting customers to these resources • Audience Q&A 6

  7. Q&A 1.During the Q&A 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 Q&A.” Presenters will respond to these questions during the Q&A session. Chat Q&A 7

  8. Poll #1: Who’s 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 8

  9. Welcome and Introductions Carolyn Spohrer EITC Project Manager, Virginia Community Action Partnership 9

  10. Today’s speaker Ken Ackerman Project Manager, Virtual CAP Virginia Community Action Partnership 10

  11. 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 11

  12. 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

  13. 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 13

  14. 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 14

  15. Factors to Consider • Participant Financial Profiles • General literacy level • Personal experience • Current financial status • Cultural factors • Learning preferences and styles 15

  16. 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 16

  17. 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. 17

  18. Online GamesView full listing • Money IQ Quiz and Personal Finance Survey – Jump$tart • Financial Football – Practical Money Skills • Expense Station Game for Teens – Money Talks • Bad Credit Hotel – U.S. Dept. of Treasury 18

  19. 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 19

  20. And More to Help Build Your Program • Wi$e Up Program for Women – U.S. Dept. of Labor • Building Wealth - Federal Reserve Bank of Dallas • Jump$tart 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 20

  21. Contact Information • Ken Ackerman • (434) 295-8802 • kackerman@vacap.org • Virtual CAP Project Manager, Virginia Community Action Partnership (VACAP) • http://www.virtualcap.org • Carolyn Spohrer • (804) 644-0417 • cspohrer@vacap.org • EITC Project Manager, Virginia Community Action Partnership (VACAP) • http://www.vaeitc.org 21

  22. Q&A 1.During the Q&A 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 Q&A.” Presenters will respond to these questions during the Q&A session. Chat Q&A 22

  23. Training Series Updates • Previous Webinars are available at: http://www.state-itc.org/building_assets.html • A recorded version of today’s Webinar will shortly be available online, on demand. You will receive an email notice when it is available. 23

  24. Thanks to everyone who participated in today’s Webinar! To conclude today’s 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 Wrap up and Evaluations 24

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