What Young Adults Need to Know About Money
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What Young Adults Need to Know About Money is a 90 minute panel discussion presented by Bill Cheeks, Dr. Joyce Serido and Dr. Shelley MacDermid Wadsworth on behalf of the Military Families Learning Network. This panel discussion addresses the concerns of young working adults, college students and young enlisted Service Members.
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What Young Adults Need to Know About Money
- 1. Please share your email address with us! We’d like to send you a link to this webinar’s recording and resources, and notifications for future webinars.! Provide feedback and earn CEU Credit with one link: We will provide this link at the end of the webinar! Welcome to the Military Families Learning Network Panel Discussion What Young Adults Need to Know About Money! This material is based upon work supported by the National Institute of Food and Agriculture, U.S. Department of Agriculture, and the Office of Family Policy, Children and Youth, U.S. Department of Defense under Award Numbers 2010-48869-20685 and 2012-48755-20306.
- 2. This material is based upon work supported by the National Institute of Food and Agriculture, U.S. Department of Agriculture, and the Office of Family Policy, Children and Youth, U.S. Department of Defense under Award Numbers 2010-48869-20685 and 2012-48755-20306. Research and evidenced-based professional development ! through engaged online communities.! eXtension.org/militaryfamilies! ! ! Welcome to the Military Families Learning Network !
- 3. Connect with the Personal Finance Team » Facebook: PersonalFinance4PFMs » Twitter: #MFLNPF
- 4. Resources, slides and more information available: https://learn.extension.org/events/1558#.U36Otq1dXrU!
- 5. Panelist: Bill Cheeks! William “Bill” Cheeks is President of ABBA Associates Inc., a fiscal management consultant. Bill is a consultant to the Jump$tart Coalition for Personal Financial Literacy and, in that capacity, serves as Regional Consultant, Eastern States, assisting and advising Jump$tart state coalitions in the region. !
- 6. Panelist: Dr. Joyce Serido! Dr. Joyce Serido is an Assistant Research Professor at the University of Arizona’s Norton School of Family and Consumer Sciences/Take Charge America Institute and is the Principal Investigator for the Arizona Pathways to Success Transition to Adulthood initiative.!
- 7. Panelist: Dr. Shelley MacDermid Wadsworth! Dr. Shelley MacDermid Wadsworth is a Professor and Director of the Center for Families and the Director of the Military Family Research Institute at Purdue University. Over the past 20 years, her research has focused on the relationships between work conditions and family life. !
- 9. Jump$tart® Coali@on for Personal Financial Literacy An independent, non-‐profit coali@on of more than 150 na@onal organiza@ons and en@@es. Ø Non-Profit Organizations Ø Educational Institutions Ø Financial Associations Ø Corporations Ø Government Agencies
- 10. Jump$tart National Initiatives Standards and Benchmarks3rd Edi@on, 2007 Jump$tart Coali@on for Personal Financial Literacy National Standards in K–12 Personal Finance Education With Benchmarks, Knowledge Statements, and Glossary Substantially Revised in 2007 Benchmarks for 4th, 8th and 12th Grades
- 11. Jump$tart’s Online Clearinghouse Ø Virtual Library Ø 750+ resources Ø Many free Ø Reviewed against standards Ø Updated annually
- 13. Jump$tart Na@onal Educators Conference Omni Hotel
- 15. ARIZONA PATHWAYS TO LIFE SUCCESS FOR UNIVERSITY STUDENTS (APLUS) Joyce Serido, Asst. Director & Research Professor Take Charge America Ins@tute University of Arizona June 5, 2014 Funding for this study provided by the Na5onal Endowment for Financial Educa5on (NEFE) and the Ci5 Founda5on Copyright @ Take Charge America Ins?tute 2014
- 16. Copyright@APLUS Take Charge America Ins?tute, 2014
- 17. SOCIALIZATION • Financial paren?ng is key influence • 1.5 ?mes that of financial educa?on • 2 ?mes that of their friends Copyright@APLUS Take Charge America Ins?tute, 2014
- 18. COGNITION 3% 11% 14% CUMULATIVE EFFECTS OF FINANCIAL EDUCATION Copyright@APLUS Take Charge America Ins?tute, 2014
- 19. FINANCIAL SELF-‐AWARENESS 3.5 4.5 4.0 3.7 4.6 3.7 Perceived financial efficacy Perceived financial control Posi?ve financial aStudes Wave 1 Wave 2 Copyright@APLUS Take Charge America Ins?tute, 2014
- 20. FINANCIAL BEHAVIOR 2 3 4 Wave 1 Wave 2 Copyright@APLUS Take Charge America Ins?tute, 2014
- 21. FINANCIAL BEHAVIOR AND WELL-‐BEING 2 2.5 3 3.5 4 4.5 Financial Sa?sfac?on Life Sa?sfac?on Psychological Well-‐Being Physical Well-‐ Being Poor Low Average High Copyright@APLUS Take Charge America Ins?tute, 2014
- 22. Financial Parenting Work Experience Education Financial attitudes Perceived financial control Financial efficacy Saving Budgeting Investing Tracking Ini%ate Improve Promote Subjec@ve financial knowledge Objec@ve financial knowledge Socializa@on Cogni@on Self-‐Awareness Behavior Well-‐Being Financial Physical Psychological Life Satisfaction FINANCIAL CAPABILITY DEVELOPMENT Copyright@APLUS Take Charge America Ins?tute, 2014
- 23. WHAT IS “FINANCIAL CAPABILITY”? • Knowledge and competencies [rela?ve to personal finance], ability to act on that knowledge, and opportunity to act (Johnson & Sherraden, 2007) • The ability to make good financial decisions in their own behalf (FINRA, 2009) Copyright@APLUS Take Charge America Ins?tute, 2014
- 24. PROMOTING YOUNG ADULTS’ FINANCIAL CAPABILITY Strategies for Copyright@APLUS Take Charge America Ins?tute, 2014
- 25. PERSONAL FINANCE IS…PERSONAL • Personal goals and values -‐ the founda?on of personal financial style • Financial style -‐ the way you approach financial choices – Financial style comes from self-‐understanding and self-‐ expression • There is a “cause and effect” inherent in financial choices Copyright@APLUS Take Charge America Ins?tute, 2014
- 26. FIRST STEP TOWARD FINANCIAL CAPABILITY Awareness • Personal goals, values, aStudes • Financial prac?ces (what one can do) • Financial knowledge (understanding how financial services work) Copyright@APLUS Take Charge America Ins?tute, 2014
- 27. FINANCIAL LEARNING IS ONGOING • Financial decision-‐making is a daily event • Individual understanding evolves • Prac?ce making financial choices Copyright@APLUS Take Charge America Ins?tute, 2014
- 28. SECOND STEP TOWARD FINANCIAL CAPABILITY Relevance • Financial well-‐being is a personal assessment of sa?sfac?on with one’s finances. • Financial well-‐being contributes to quality of life • Financial well-‐being emerges from managing your resources well • Financial well-‐being ≠ wealth Copyright@APLUS Take Charge America Ins?tute, 2014
- 29. PROACTIVE COPING PROMOTES WELL-‐BEING Proac?ve coping involves: • Star?ng with a goal or purpose • Gathering informa?on (mul?ple sources) • Evalua?ng informa?on • Making best choice (for you) Copyright@APLUS Take Charge America Ins?tute, 2014
- 30. THIRD STEP TOWARD FINANCIAL CAPABILITY RESPONSIBILITY • Invest in yourself • Career planning is one of the most important financial decisions you will make • Things change… things are always changing Try it…see what happens…adapt Copyright@APLUS Take Charge America Ins?tute, 2014
- 31. Questions!! ! ! Please enter your question in the chat box! - or Tweet your question using #MFLNPF!
- 32. What Young Military People Need to Know about Money Shelley MacDermid Wadsworth June 5, 2014
- 33. Today, Enlisted Average Military Compensa?on Exceeds Earnings of Most Workers with High School Educa?on Civilian earnings are for full-‐?me, full-‐year male workers star?ng at age 20 Thanks to James Hosek for this slide $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 0 2 4 6 8 10 12 14 16 18 20 Annual earnings (2013 $) Year of service Males with High School: 2011 p_90 p_80 p_70 p_50 RMC
- 34. Officer Average Military Compensa?on Exceeds Pay of Most Workers with Bachelor’s Degree Civilian earnings are for full-‐?me, full-‐year male workers star?ng at age 24 Thanks to James Hosek for this slide $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 $160,000 $180,000 0 2 4 6 8 10 12 14 16 18 20 Annual earnings (2013 $) Year of service Males with Bachelor's Degree: 2011 p_90 p_80 p_70 p_50 RMC
- 35. Military Wives Have Lower Labor Force Par?cipa?on and Earnings Than Comparable Civilian Wives • Labor supply – 9 percent lower labor force par?cipa?on rate – 6.4 fewer work weeks among labor force par?cipants – 10 percent less likely to work 30 or more hours a week (“full-‐?me”) – 14 percent less likely to work 33 or more weeks a year (“full-‐year”) – 14 percent less likely to work both full-‐year and full-‐?me • Earnings – 13 percent lower if work part-‐?me – 14 percent lower if work full-‐?me • These differences may reflect both – Preference for less par?cipa?on and work – Fewer employment opportuni?es and lower wage offers Based on regression analysis of American Community Survey data for 2005-‐2011, controlling for age, educa?on, year, whether federal employment, whether spouse is a veteran, and weeks worked (in earnings regressions)
- 36. Labor Supply and Earnings Differences Imply Average Annual Earnings 20 Percent Lower Military wife Comparable civilian wife Percent difference Earnings by whether working part-‐?me or full-‐?me Part-‐?me $9,037 $10,352 -‐13% Full-‐?me $31,116 $36,325 -‐14% Percentage working full-‐?me among those working 75% 83% -‐14% Overall average earnings among those working $25,723 $32,112 -‐20% Drawing together findings so far: Military spouses’ lower earnings par%ally offset the higher earnings of service members, plus military families have zero-‐cost health care
- 37. ‘Can’t make ends meet’ or ‘In over our heads’ Junior Enlisted Service Members 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 2002 2009 2010 Individual Financial Problems Overall Financial Condi?on Source: 2011 Family Readiness Report to Congress
- 38. ‘Can’t make ends meet’ or ‘In over our heads’ Military Family Life Project Mothers 2010 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% Preschool School Age High School None
- 39. Financial Problems Are More Common in Families Where … • Service members are in pay grades lower than O4 • Spouses are unemployed • The family had a hard ?me readjus?ng to the service member’s presence following return from deployment • Service members have been wounded in ways that interfere with family life • Someone in the family has special medical or educa?onal needs Data Source: Military Family Life Project 2008
- 40. Financial Problems Are Less Common in Families Where … • Money is put aside each month • There is $500 or more in emergency savings • Social support is higher than average • The service member is female • The family is enrolled in the Excep?onal Family Member program Data Source: Military Family Life Project 2008
- 41. Conclusions • Service members’ compensa?on is higher than that of comparable civilians • Military spouses work and earn less than civilian counterparts, par?ally offseSng service members’ higher compensa?on • Military service provides extensive family supports rela?ve to civilians • Financial condi?ons have improved in recent years, but this is now slowing
- 42. Questions!! ! ! Please enter your question in the chat box! - or Tweet your question using #MFLNPF!
- 43. Resources! • Arizona Pathways to Life Success! • Jumpstart! • Jumpstart Clearinghouse! • The Military Family Research Institute at Purdue University ! ! !
- 44. Personal Finance Twitter Cohort! A 2-week learning experience beginning June 9 presented by the MFLN Personal Finance team and the Network Literacy Community of Practice.! ! • Become a part of a community of learners that will form and build your online network.! • Engage in conversations within the Twitter community centered around your interests.! • Learn from guides that help new users maximize their Twitter experience.! • For more information and to register: https://twittercohort.wordpress.com/!
- 45. Next Personal Finance Webinar! Small Steps to Health & Wealth! • July 29, 11 a.m.-12:30 p.m. ET! • Speaker: Dr. Barbara O’Neill! • 1.5 CEUs for AFCs! • For more information: https://learn.extension.org/events/ 1625#.U36U8K1dXrU!
- 46. Military Families Learning Network" This material is based upon work supported by the National Institute of Food and Agriculture, U.S. Department of Agriculture, and the Office of Family Policy, Children and Youth, U.S. Department of Defense under Award Numbers 2010-48869-20685 and 2012-48755-20306. Family Development ! Military Caregiving Personal Finance! Network Literacy! Find all upcoming and recorded webinars covering: http://www.extension.org/62581