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) (860) 951-2212 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 Colon—Financial Education Coordinator, Connecticut State Treasurer’s Office, Hartford, CT • Ronni Cohen—Executive Director, Delaware Financial Literacy Institute, Claymont, DE • Ellen Carter—Financial 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 Treasurer’s Office. Since 2006 she has coordinated consumer and youth financial education and asset-building initiatives.

5. Work of the State Treasurer’s 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/financialeducationoverview.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 YWCA’s The Money Conference for Women) • Worked with state agencies to disseminate: The ABC’s of Credit Card Finance, DOE, Youth Conference on Climate Change, DEP, Human Rights and Personal Financial responsibility • Jump$tart: 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 Connecticut’s working families buy their first home, start a business, or go to college • CHET: Connecticut Higher Education Trust • The state’s 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. 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 Sampling of Course Offerings:

11. 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) Program Highlights & Statistics

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 Initiative:Connecticut 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. 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  Connecticut Money School: Mission & Values

15. Regional Partners • Agency on Aging of South Central CT • Regional Coordinator: Tom Davis • Tdavis@aoapartnerships.org, (203) 785-8533 • Co-opportunity, Inc. (Greater Hartford) • Regional Coordinator: Laura O’keefe • laurao@co-opportunity.org, (860) 236-3617

16. Regional Partners Continued… • FSW, Inc. (Fairfield County) • Regional Coordinator: Emendya Edouard • eedouard@fswinc.org, (203) 368-5522 • New Life Corporation, (Greater New Haven) • arielm@newlifecorp.org

17. Statewide Partner • United Way of Connecticut/ 211 Infoline • Coordinator: Annette Buckley • Annette.Buckley@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. 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 Marketing

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@cahs.org • Madelyn Colon, Financial Education Coordinator, Connecticut State Treasurer’s Office • madelyn.colon@ct.gov • Ronni Cohen, Delaware Money School Executive Director • info@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@cahs.org with ideas!