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Indicators/Factors that Contribute to Financial Instability

Indicators/Factors that Contribute to Financial Instability . Mary Geissler, Family Living Educator UW-Madison Cooperative Extension – Chippewa County. My audiences:. Target Populations - underserved families. Current programming includes: Children of incarcerated parents

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Indicators/Factors that Contribute to Financial Instability

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  1. Indicators/Factors that Contribute to Financial Instability Mary Geissler, Family Living Educator UW-Madison Cooperative Extension – Chippewa County

  2. My audiences: • Target Populations - underserved families. Current programming includes: • Children of incarcerated parents • Probation and Parole clientele (budgeting) • Drug Court participants (budgeting/parenting) • Co-Parenting Classes for divorcing parents (mandated) • Jail populations (women: Fetal Alcohol/Parenting/Employability Skills) • Financial outreaches schools, housing, economic support

  3. The economy right now -- • jobs for the highly educated are still plentiful in many parts of the country • low-income jobs for the uneducated are also increasing – service based, no benefits, etc. • fewer jobs for middle-income workers

  4. Ominous impact on families • oil prices/ commodities impact every sector of our society (fuel, food and transportation) • immediate price increases - and they rarely return to “normal” • IMPACT RIPPLE: • food prices increase • utility bills increase • employers lay off • housing costs • business reluctant to expand • expect more work for less pay, longer hours • consumers delay spending

  5. Brookings Institute Research 2010 • Brookings economists studied three main social-non-economic components that contribute to generational poverty • *Economic Mobility: Children and Families by Ron Haskins and Isabel Sawmill; Brookings Institution Press 2009, cc 300pp

  6. Non-economic social components: • 1. Lack of education: no high school diploma • 2. having a baby (or two or three – often multiple partners?) without financial or relational stability • 3. Job: few prospects for moving up the vocational ladder from minimum wage • *Brookings Institute Research, con’t. • *County Factors Relating to Wisconsin Poverty: UW-Extension Applied Population Laboratories; Curtis & O’Donnell; August 2010

  7. How does lack of education impactour communities? • Research indicates links to these areas: • increased unemployment • increased involvement with legal systems • poor health outcomes • *Journal of Social Sciences Issues, Winter, Vol. 44, Issue 4, pp. 69-85; on-line publication April, 2010

  8. New concerns about our next generation’s ability to achieve higher education.. • Expensive –tuition never goes down – significant debt at graduation • Shrinking saving/contributions to apply toward tuition* • Lack of academic preparedness *actual contributions may increase but can they keep pace with tuition increases and reduction in state subsidies?

  9. Project on Student Debt 2010* • Students graduating with unmanageable debts • Parents unable to live up to co-signing obligations • Most college students remain blissfully optimistic about their future • *Project Student Debt 2010: An Initiative of the Institute for College Access and Success - “Keeping College Within Reach 2010”

  10. Lack of consistent, steady employment directly effects our communities! • length of employment impacts credit report and credit score • multiple short-term jobs indicate instability • keeping a job means much more to a family than paycheck

  11. Consequences of too early pregnancies • Birth(s) to young women who have little education, few family supports and dim employment prospects * often lead to years of economic dependency* • *Early Motherhood and Subsequent Life Outcomes: J. Boden, Fergusson DM, John Horwood; Child Psychiatry 2009 Feb;49(2): 141-60. • *Impact of Early First Birth on Young Women’s Educational Attainment, The: Waite, Linda Moore, University of Illinois, Urbana-Champaign, 56 Soc.F 845

  12. Fact: Early motherhood can have negative as well as positive outcomes • Negative: lack of family structure, relationship with father, mental illness, support from community • Positive: for poor teens: provides some financial support, contact with services that may intervene, a higher social “status” in culture. * • Provides motivation to reduce alcohol/drug use… • *www.miller-mccune.com/culture-society: The Upside of Teen Pregnancy-26870

  13. Family Living Educational Outreaches • We’ve done a great job making our communities aware of needs • Moving Upstream is essential with better tools to reach younger audiences • Knowledge is Power: People can make better choices

  14. What now? Much work to be done in Family Living… • 1. keep aware of the issues….we don’t have all the answers! • 2. understand the unique financial climate under which we will be working for a long time to come • 3. go further UPSTREAM to provide families with solid tools/resources to make better choices

  15. The End

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