Nebraska Financial Education

National Financial Capability Challenge

neadmin — Mon, 23 Jan 2012 19:33:27 +0000

We all make financial decisions everyday. For most of us, though, no one taught us the best way. Students today face a fast paced, dynamic economy and need a good financial education to succeed. That’s why we are excited to announce the National Financial Capability Challenge sponsored by the U.S. Department of the Treasury and the U.S. Department of Education that runs from March 12 through April 13, 2012. The Challenge is a free, online series of financial questions for high school students to test their knowledge of earning, spending, saving, borrowing, risk protection, and more.

You can sign up now to join the growing number of educators engaging their students in this challenge. Registration is easy and free at challenge.treas.gov. As educators, it is critically important to use this opportunity to help prepare our students for financial independence!

It’s quick. It takes only about 30 minutes to administer the Challenge online, but the lessons your students will learn in preparing will last a lifetime.
It’s easy. Comprehensive lesson plans and sample questions are available in the online Educator Toolkit to help you prepare your students for the Challenge.
It’s rewarding. Educators and top-scoring students in each school will earn personalized award certificates and states with the highest participation will also be recognized.
Any high school educator can do it. Even if you’re not a math or personal finance educator, you can register so your students can participate. The website also provides tools you can use to easily spread the word about the Challenge, including:
- Content you can email to other educators,
- A flier with all the details for you to attach to your email or post in the teachers’ lounge,
- Content you can submit for publication in your district’s newsletter,
- Content you can post on websites, blogs, and other online sites.

Please don’t delay! Register today at challenge.treas.gov. Your students’ financial futures depend on you!

Holiday Spending Tips

admin — Mon, 19 Dec 2011 17:59:18 +0000

Just like any budget discussion, the most important step to control your spending is to have a written plan. What can you afford to spend on gifts or activities this season? Make a list; check it twice! Will you need to shrink that list a little? If you do a gift exchange with friends and family, it’s a good idea to set a dollar limit on each gift. Watch for sales and clearances, but don’t be swayed by TV commercials that equate love with how much you spend on someone. Wrapping paper and cards can be expensive. Think about ways to creatively reduce that expense, such as using the comics section of the newspaper, or making your own cards. Save postage by hand delivering to those people you plan to see anyway. If you have a creative streak or culinary talent, try making or baking things. Another way to save is to give your time or talent, such as a day of babysitting or guitar lessons. One way to control spending is to use cash because a credit card has a hidden message on it: SPEND! Don’t let financial worries keep you from enjoying the holidays!

10 New Financial Avenue Modules Help College Students Expand Their Knowledge of Personal Finance

neadmin — Tue, 08 Nov 2011 19:46:58 +0000

LINCOLN, Neb., Nov. 2, 2011 /PRNewswire-USNewswire/ — NSLP’s Financial Avenue, an online financial education program for college students, has added 10 new, interactive mini-modules to further expand students’ knowledge of key money management topics. Module topics include Banking Basics, Borrowing Money, Understanding Insurance, Investing in the Future, Understanding a Paycheck, Taxes and You and Your First Job.

The modules, paired with the six existing Financial Avenue courses that cover budgeting, credit cards, paying for college, credit history, identity theft and contracts meet all of the US Department of Treasury’s Financial Literacy and Education Commission’s Financial Literacy Core Competencies Requirements. These Core Competencies are designed to help students establish a solid foundation to help them navigate financial matters through college and beyond.

The interactive modules engage participants from the start. Through video, social media posts, “practical application” exercises and knowledge checks, participants can quickly grasp the skills they need to navigate their way through each topic; each mini-module takes just five to fifteen minutes to complete.

Studies show financial education is vital to helping students and young adults better achieve their career and financial goals. Many higher education students are learning for the first time how to manage their own money. While some students have held jobs during high school, many have not been responsible for making fundamental decisions such as choosing a bank, buying insurance or borrowing money.

Using the Financial Avenue program, students first focus on the main courses of budgeting, contracts, credit cards, credit history, identity theft, and paying for college. The mini-modules expand student knowledge beyond the basic financial capability topics, reinforce basic concepts, and coach students to put what they learn into practical application. For example, students learn about the advantages and disadvantages of on- and off-campus jobs, the components of a typical paycheck, the difference between gross and net pay, how banking fees work, and how to tackle debt. These issues are often major stressors for students.

“In study after study we’re seeing the same thing—students want to increase their financial capability,” said Kate Trombitas, NSLP vice president of financial education and former associate director of student wellness at Ohio State University. “We knew on our campus that money was the second-leading cause of stress, and that it was creating a barrier to academic success.”

Many schools now realize that financial education can have a positive effect on student spending and savings habits, as well as on lowering student loan default rates. As a result, more schools are seeing the value in providing financial education to their students.

Several reports reinforce the importance of financial education. A 2009 Sallie Mae report underscores the importance of educating college students about using credit effectively, weighing their spending decisions and considering their source of borrowing. In that study, researchers analyzed credit card use among select groups of student loan applicants and found that 92 percent of undergraduate credit cardholders charged textbooks, school supplies, or other direct education expenses, up from 85 percent in the previous study. The 2009 “Journal of Student Financial Aid” states that researchers who explored the effects of loan counseling or consumer education programs found they appear to be related to lower rates of default.

Students need and want to improve their money-management skills. The Financial Avenue program provides students with practical knowledge to help them make informed decisions about how to manage their money. In difficult economic times, it is imperative to give students the resources they need to be effective money-managers today, as well as plan for a successful financial future.

For more information about Financial Avenue visit www.financialavenue.org.

ABOUT NSLP

Headquartered in Lincoln, Nebraska, NSLP is a private, not-for-profit company with a 25-year legacy in the higher education marketplace. A former Top 10 student loan guarantor, NSLP continues to be a passionate leader and advocate for student success; providing colleges and universities nationwide with financial education, delinquency prevention, default aversion, financial aid related support, and Title IV training and compliance programs. NSLP collaborates with schools to develop programs that will ultimately help our future generations thrive financially.

Link to article.

Financial Education resource people needed

admin — Mon, 24 Oct 2011 15:44:37 +0000

Community Action of Nebraska and the Human Service Federation Religious Affinity Action Group are looking for people to have tables of Financial Education Resources available in our community at a training for Case Workers, November 10th, 12:30-3:30. Training to be held at the Center For People in Need, 3901 N. 27th St. Lincoln.

Contact Roger Furrer, Community Action of Nebraska, rfurrer@canhelp.org or 402-471-3714.

Job Opening: Family Financial Management/Planning Assistant Professor

admin — Wed, 19 Oct 2011 15:19:45 +0000

The University of Nebraska-Lincoln is currently looking for a Family Financial Management/Planning Assistant Professor. Please go to the following website for more details: https://employment.unl.edu/applicants/jsp/shared/position/JobDetails_css.jsp?postingId=252912

Expanding Access to Mainstream Financial Institutions

neadmin1 — Mon, 26 Sep 2011 20:49:22 +0000

Here’s another opportunity to make your voice heard; the Treasury Department is requesting comments from the public about programs to help expand access to mainstream financial institutions. Here’s an excerpt from the Federal Register Notice:

The Department of the Treasury issued a notice inviting comments from the public regarding how the Treasury’s Office of Financial Education and Financial Access (OFEFA) can design, implement and administer certain financial access activities authorized in section 1204 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act), to expand access to mainstream financial institutions.

Section 1204 authorizes Treasury to establish a multi-year program of grants, cooperative agreements, financial agency agreements and similar projects and undertakings, subject to availability of funding, designed to: 1) enable low- and moderate-income individuals to establish one or more accounts in a federally insured depository institution that are appropriate to meet the financial needs of such individuals and 2) improve access to the provision of such accounts, on reasonable terms, for low- and moderate-income individuals. Section 1204 also authorizes, subject to regulations prescribed by Treasury, recipients of such grants or cooperative agreements to provide low- and moderate-income individuals with small-dollar value loans and financial education and counseling relating to conducting transactions in and managing accounts.

All comments and submissions must be received by November 14, 2011. OFEFA invites comments and suggestions on potential activities, particularly those activities that may not require additional appropriations. OFEFA is particularly interested in comments in the following areas:

What types of program initiatives should the Treasury promote to enable low- and moderate- income individuals to establish accounts in federally insured depository institutions?
How should the Treasury evaluate whether an account in a federally insured depository institution is “appropriate” to meet the financial needs of low- and moderate- income individuals? What account features and terms are “reasonable” to meet the financial needs of low- and moderate- income individuals in an appropriate manner?
What level of financial access should be the desired outcome of such initiatives? What other measures of success of the initiatives should be considered?
How can the Treasury enable, enhance and assist local, regional, and state start-up collaborations that incorporate low- and moderate- income individuals into the financial mainstream? How can existing collaborations be supported to expand or improve their financial access efforts? How could meaningful innovations be fostered by these collaborations?
How could the Treasury best encourage high-quality financial education and counseling relating to conducting transactions in and managing accounts?
What could be done to promote innovation within the development of sustainable financial services and products related to accounts? Are there opportunities for innovation in account products, services, delivery channels, or other areas that could be effectively addressed through the use of prizes, awards, and competitions? If so, what prizes or awards would be necessary to help promote account innovations?
The Treasury is interested in comments on how it can encourage activities that enable low- and moderate-income individuals to establish one or more accounts in a federally insured depository institution and to improve access to the provision of such accounts. Additionally, we are interested in comments regarding other ways (in addition to the provision of accounts in federally insured depository institutions) for the Treasury to consider helping individuals obtain access to accounts with appropriate consumer protections and federal deposit insurance. Lastly, we are interested in comments on what should be done to support innovative approaches to the delivery of financial education and counseling to increase the financial capability of individuals and families more broadly?

For the full Notice, click here http://www.gpo.gov/fdsys/pkg/FR-2011-09-13/pdf/2011-23235.pdf (also attached is the pdf): Comments may be sent by mail to: Louisa Quittman, Office of Financial Education and Financial Access, U.S. Department of the Treasury, 1500 Pennsylvania Ave., NW, Washington, D.C. 20220 or by email to: ofe@treasury.gov, by facsimile to (202) 622-6243.

Let Your Voice be Heard

neadmin1 — Wed, 07 Sep 2011 21:09:36 +0000

The President’s Advisory Council on Financial Capability is seeking public comment about proposed “themes” and “principles” related to financial literacy in our nation. Here’s some of their commentary:

In beginning our work and participating in listening sessions, we members of the President’s Advisory Council on Financial Capability (PACFC) are struck by recurring themes we see in the landscape today:

The sheer number of initiatives aimed at improving financial literacy and capability is staggering. These efforts emanate from every aspect of federal, state and local governments, a vibrant non-profit community, and the private, for-profit sector.

There is an abundance of content available for most target populations, but much of this content is under-utilized, and has not been studied as to its effectiveness in effecting positive behavioral change.

There may be some real “bright spots” in financial capability that need to be further studied and then supported and scaled.

The population that would benefit from assistance appears to fall into two general categories: those who need additional financial literacy and those who are financially literate but need help transforming knowledge into action.

They also outline three themes that they want your feedback on:

Theme I. Financial education should take its rightful place in American schools.
Theme II. We should build a financially capable workforce and retiree community, which is necessary for a stable and globally competitive economy.
Theme III. Americans should also learn the core concepts of personal finance at the heart of their lives— in their families and in their communities.

There are more details and information at the Treasury Department’s website – http://www.treasury.gov/resource-center/financial-education/Pages/July122011.aspx. Comments are due September 22. Share your opinions today!

Money Smart Week is Around the Corner

neadmin1 — Tue, 30 Aug 2011 15:59:29 +0000

What are you doing to prepare for Money Smart Nebraska Week? Share your comments, thoughts and ideas here!

2011 Jump$tart National Educator Conference

neadmin — Mon, 22 Aug 2011 18:05:03 +0000

2011 Jump$tart National Educator Conference
November 4-6, 2011
Hyatt Regency Washington on Capitol Hill
Washington, DC

Calling All Classroom Teachers!

Any level PreK-12
Any subject
New teachers and veterans

If you teach, plan to teach or want to teach personal finance — as a standalone course or incorporated into other subjects — this conference is for you.

Teacher registration opens Tuesday, September 6.
Bookmark the conference webpage to be among the first to register.

Registration Fee: $350
Includes two nights private hotel accomodations and all conference meals.
Same price as in 2010. Attendees must arrange and cover their own transportation.
This highly-subsidized program is underwritten by Experian and Wells Fargo Foundation, supported by other generous sponsors, and offered in partnership with the National Education Association.

The Jump$tart National Educator Conference offers you:

A chance to meet and hear from national leaders in finance, government and education.
An exhibit hall dedicated to financial education resources.
Breakout sessions designed to improve your own level of financial literacy, as well as introduce effective resources and techniques for teaching personal finance.
15 professional development hours.
An opportunity to network with fellow education professionals from around the country.
An intense day-and-a-half, planned specifically to meet the needs of classroom teachers who want to improve their skill and confidence in teaching personal finance — and want to have a good time doing it!

Not a classroom teacher?
Financial literacy organizations might be interested in exhibiting their resources at the 2011 National Educator Conference. Exhibitor Registration is now open. Sponsorship opportunities — which includes exhibit space — are also available. For individuals who are not public or private school classroom teachers, there are many general financial literacy conferences, including some conducted by our national partners and state affiliates. The Society for Financial Education and Professional Development conducts its Financial Literacy Leadership Conference in Washington, DC are just a few weeks before our National Educator Conference.

Contact Dan Hebert if you have questions or need additional help.

Research Resource – Center for Financial Security

neadmin1 — Mon, 11 Jul 2011 18:35:10 +0000

If you are a financial education service provider, check out the Center for Financial Security, housed at the University of Wisconsin-Madison. The Center’s mission is to “conduct applied multidisciplinary research that informs practitioners, policymakers and the general public on strategies that build financial capability and security over the life course.”

While that may sound like a lot of big words, the research and free webinars are a wealth of information for service providers. From integrating financial education into family support services to researching public libraries’ effectiveness as financial literacy providers, you’ll find interesting info here. Check them out here.