Please standby for a Center for Social Development

Please standby for a Center for Social Development webinar: Household Finances in Social Work Education: Examples for Integrating Content into the Curriculum September 12, 2017

Welcome! Gena Mc. Clendon, Ph. D FCAB Initiative Director, Center for Social Development, Washington University in St. Louis • This webinar is being recorded • Participants are muted • Q & A will occur through the chat room • Technical issues? Please contact Ben Miller for assistance: bmiller@icfi. com, 703 -587 -2141

Household Outline Finances in Welcome Social Recap 1 st FCAB webinar (April 2017) Work: Review of FCAB and Grand Challenges Integrating Example: FCAB Short course CFPB resources content and tools Social work curricular approaches and resources into the Evaluation and next steps curriculum

Introduction to Financial Capability and Asset Building (FCAB) Margaret Sherraden, Ph. D Research Professor, Washington University in St. Louis Emeritus Professor, University of Missouri – St. Louis • Theory and goals of FCAB • Why social work? • Social Work’s Grand Challenges

FCAB Curriculum Models • Stand-alone full course • Short course • Course integration and infusion • Extra-curricular • Continuing education

FCAB Short Course Example Lissa Johnson, MSW, LCSW CSD Director of Administration; GC Director of Policy Initiatives, Center for Social Development, Washington University in St. Louis • Course description • Curriculum tools • Student reflections • Course evaluation (by students) • Sample exercises

Helping Low-Income Clients Navigate Household Finances One credit skills lab (5 three-hour classes) Format: lecture, discussion, practice exercises, weekly homework, final paper or group project Content (FCAB curriculum and textbook, CFPB’s YMYG) o o o Intro to FCAB Financial building blocks (income, spending, budgeting, managing, taxes, debt) Building and protecting assets FCAB-related organizations and policies Social worker roles in FCAB practice

Curriculum Practice Tools: To Initially Engage the Students First memory of money “What do you know” quiz (10 questions) o o o What is the difference between simple interest and compound interest? What is the FICO score? The range of the FICO score is: 300– 900 450– 950 100– 1, 000 350– 850

Curriculum Practice Tools: Working with Clients Meet the families Having the money conversation Wants versus needs Obtaining and reviewing your credit report Client budget; balancing cash flow

Sample Exercise: Managing Cash Flow

Sample Exercise: Problem Debt Quiz How do I know if I am in financial trouble? More than two or three yes answers to the following 20 questions may indicate that you are in financial trouble. I normally pay only the minimum amount due on my credit card bills. I skip paying my bills some months or pay them late. Losing my job would result in an immediate financial crisis. Adapted from the Foundation for Credit Counseling: http: //www. nfcc. org/consumer_tools/consumertips_02. cfm

Curriculum Practice Tools: Working with organizations and policies Group project: Complete an assessment and intervention plan for the case; conduct research about a practice/policy aspect that relates to the case. Paper: Identify an FCAB-related policy or organization involved in FCAB-related work (could be one used in a family case study) and learn more about it. Suggest recommendations for expanding its benefits to individuals/families/communities

Student Reflections Tracking spending “…many one-time or unforeseen expenses that I needed to make and left me discouraged, even though I am good at planning and saving…[Now, I] am less judgmental of others. ” Having the money conversation “Speaking about money with my mom [White] and my stepfather [African American] was enlightening. While they both came from families of 6, they grew up with entirely different life circumstances. Access to information about financial resources and knowledge seemed to be a key difference…. ” Obtaining my credit report “This assignment crystallized my view that, those in power have developed a system that people must understand in order to accumulate wealth, but the system is so complex, you need experts to explain it – services that largely come with a cost…. Using the metaphor of a poker game, the buy-in to even participate is so high, people are totally excluded without opportunity for realgains. ”

Course Evaluation Comments (2016/2017) “This course should be a 3 -credit hour course, it is such an important subject for social workers to know. “ “I gained more practical and applicable skills in this 1 -credit hour class than I have gained from several 3 -credit hour classes. I believe the skills in the class should be required of all social workers…” “This financial coursework should be integrated in the foundation curriculum for all social work students. This course broke down things that working adults are expected to know and understand but very rarely learn in a formal, easily understood manner. ”

Questions? Comments?

Your picture goes here Denise De. Vaan, ICF Team Consumer Financial Protection Bureau Financial Empowerment Your Money, Your Goals toolkit & other resources

CFPB and Financial Empowerment An Introduction to the Consumer Bureau and Office of Financial Empowerment DISCLAIMER: This deck includes references to third-party resources or content that consumers may find helpful. The Bureau does not control or guarantee the accuracy of this third-party information. By including these references, the Bureau is not endorsing and has not vetted these third parties, the views they express, or the products or services they offer. Other entities and resources may also meet your needs.

Introduction to the CFPB The Consumer Financial Protection Bureau is an independent federal agency built to protect consumers. We write and enforce rules that keep banks and other financial companies operating fairly. We also educate and empower consumers, helping them make more informed choices to achieve their financial goals. Learn more at consumerfinance. gov

CFPB’s work Empower Enforce Educate

www. consumerfinance. gov “We’re on your side”. We are the Consumer Financial Protection Bureau, a US Government Agency that makes sure that banks, lenders and other financial companies treat you fairly. 11. 9 billion in relief to consumers because of enforcement actions 29 + million consumers will receive relief because of actions 1. 2 million complaints handled from consumers 97% of consumers get a timely response from companies after submitting a complaint Updated 7. 2017

Office of Financial Empowerment Part of the CFPB’s Division of Consumer Education and Engagement Serves populations who lack full, affordable access to financial services o o o Low- to moderate-incomes Low wealth Otherwise financially underserved or vulnerable Includes focus on people with disabilities

Office of Financial Empowerment The Office of Financial Empowerment Sign up to receive information on new releases, training opportunities, and other updates by visiting http: //www. consumerfinance. gov/your-money-your-goals. Sign up to receive information on other Office of Financial Empowerment projects such as Tax-Time Savings initiatives by visiting http: //www. consumerfinance. gov/empowerment.

Your Money, Your Goals An orientation to the toolkit

Your Money, Your Goals toolkit and training Working through national, regional and local organizations • Public and private • Social services • Legal aid • Community based, incl. faith based • Worker • Academic

Other Your Money, Your Goals Resources • • Your Money, Your Goals Toolkit Your Money, Your Goals Training Implementation guide Focus on Reentry Focus on Native Communities Behind on Bills? Focus on Persons with Disabilities

Your Money, Your Goals landing page

Getting the toolkit

Debt Collection Stories Tell your story. The more we hear from you, the more insight we gain into what’s happening in the financial world and how it’s affecting you. Your experience will help inform how we work to protect consumers to create a fairer marketplace. Both consumers dealing with debt collection, and front-line staff that work with them to help solve issues, are invited to share their stories and add their voice. Tell your story today

Debt Collection Stories After losing her job, Danieshia explains that she was unable to pay her debts and soon found herself being threatened with jail by a debt collector. Watch Danieshia’s Story

Your Money, Your Goals An orientation to the toolkit and the training

Organization of Your Money, Your Goals Introductory modules o o Introduction Part 1: Introduction to the toolkit Introduction Part 2: Understanding the situation Introduction Part 3: Starting the money conversation Introduction Part 4: Emotions, values, and culture: What’s behind our money choices?

Organization of Your Money, Your Goals

Organization of Your Money, Your Goals Content modules o o o o o Module 1: Setting goals and planning for large purchases Module 2: Saving for the emergencies, bills, and goals Module 3: Tracking and managing income and benefits Module 4: Paying bills and other expenses Module 5: Getting through the month Module 6: Dealing with debt Module 7: Understanding credit reports and scores Module 8: Money services, cards, accounts, and loans: Finding what works for you Module 9: Protecting your money Resources

Organization of Your Money, Your Goal

Organization of Your Money, Your Goals

Training Slides Free and Available: Instructions for facilitator or trainer Facilitation instructions can be found in the “notes” section of the training Power. Point presentation. This training may be used without modification, but trainers may feel welcome to add activities that they feel are more relevant for the attendees.

Instructions for facilitator or trainer: Go to view and select “notes page

Instructions for facilitator or trainer Module 4: Paying Bills and Other Expenses Estimated Time: 30 Minutes Methodology: Vote with Your Body / Presentation / Tool Analysis / Small Group Exercise Corresponding Section in toolkit: Module 4 (Pages 137)

Instructions for facilitator or trainer Instructions for Facilitator: Vote with Your Body Prior to the session, hang up three signs on the walls: “Need, ” “Want, ” and “Obligation. ” Review the definition of spending. Review the definitions of needs, wants, and obligations. Tell people you are going to read off a list of items that you could spend money on. Use the list of example expenses below or use others that may be more contextually or culturally relevant to the people you are training. Limit the number of examples to 4 – 6. Ask participants to stand under the sign that best represents the category they would put that item in: need, want, or obligation.

Methodologies used in training § § § § Opener—contest Icebreaker Presentation Facilitated discussion Brainstorming Individual activity Large group activity Small group exercise § § § § Exercise in pairs Carousel Contest Scavenger hunt Role play Skit Tool analysis Vote with your body

Interactive exercises Opening activity—Money and me o Small group brainstorming set up as a contest and large group facilitated discussion Financial empowerment and service providers o Debate OR cost benefit analysis Orientation to the toolkit o Scavenger hunt in small groups Creating a referral guide o Build a chart

Interactive exercises Understanding the situation and starting the money conversation o o o Individual exercise (financial empowerment self-assessment) Small group brainstorm Top 10 Money Conversations—instead of scavenger hunt Setting goals and planning for large purchases (Module 1) o Scenarios in small groups

Interactive exercises Saving for emergencies, bills, and goals (Module 2) o o o Small group brainstorm and analysis Discussion in pairs using example (spark plug example) Completing the asset limits chart Tracking and managing income and benefits (Module 3) o Individual tool review Paying bills and other expenses (Module 4) o o Vote with your body (needs, wants, obligations) Individual tool review (bill calendar) Small group exercise (strategies for cutting expenses) Small group exercise (consequences of skipping bills)

Interactive exercises Getting through the month (Module 5) o o Scenario analysis (Raphael) Small group brainstorm (improving cash flow checklist) Dealing with debt (Module 6) o o Stand up, sit down (good debt, bad debt) Exercise in pairs (Shawna DTI)

Interactive exercises Understanding credit reports and scores (Module 7) o o Credit report scavenger hunt Large group exercise (keeping records) Money services, cards, accounts, and loans (Module 8) o o Individual exercise (know your options) Exercise in pairs / large group discussion (money services) Protecting your money (Module 9) o o Skits (red flags) Teach back (learning about consumer protection)

Keys to interactive training Read the facilitator’s guide and be sure you understand how to facilitate the activity. o This generally takes more than one reading. Make notes to personalize the activity. Prepare, prepare. Understand that it may take you longer to facilitate an activity that you are unfamiliar with. Better to cover less content using interactive approaches than all of the content using presentation or lecture only.

Implementation guide

Implementation Guide Tool 1: Finding opportunities to introduce financial empowerment Tool 2: Your Money, Your Goals training invitation— sample text Tool 3: Making the case to decision makers Tool 4: Training planning

Planning for training and integrating Your Money, Your Goals Who are you training? How will they be using the toolkit? What do they bring to the training? What do they need most from the training? What outcomes do you want to achieve through the training? Through the integration of the toolkit? What content in the toolkit is most important to achieving these outcomes?

Planning for training and integrating Your Money, Your Goals - EXAMPLE Define the audience you will be training o o Head start staff Parents of children enrolled in Head Start What do they (HEAD START STAFF) bring to the training? What do they (HEAD START STAFF) need most from the training? o o Relationships with children and their families Specific financial empowerment knowledge to help families reach their goals; the families need more income and less debt

Planning for training and integrating Your Money, Your Goals -EXAMPLE What outcomes do you want to achieve through the integration of Your Money, Your Goals? o Head Start Families will: Set goals for themselves and their children Make plans to reach those goals Set aside money weekly to reach some of those goals File for EITC Use EITC to help reach goals and get rid of some debt What content in Your Money, Your Goals is most important to achieving these outcomes?

Planning for training and integrating Your Money, Your Goals -EXAMPLE What content in Your Money, Your Goals is most important to achieving these outcomes? How do I organize the training? o o o o Money and Me—How emotions, values, and culture affect decisions about money— 20 minutes Introduction to the CFPB and Financial Empowerment— 15 minutes Orientation to the Toolkit (Scavenger Hunt)— 30 minutes Goal Setting and Planning for Life Events and Large Purchases— 45 minutes Tracking and Managing Income and Benefits— 30 minutes Dealing with Debt— 45 minutes Closing— 10 minutes TOTAL TRAINING— 3. 5 Hours including a 15 -minute break

Training planning tool

Training planning tool

Training planning tool

Creating a Referral Guide

Ordering toolkits Visit the Your Money, Your Goals Home Page and look for the “Order Free Copies” links: http: //www. consumerfinance. gov/practitionerresources/your-money-your-goals/ o The numbers in the dropdown fields represent numbers of toolkits (not boxes of toolkits). o Provide a street address, rather than a PO Box for your order. Plan for shipping time of 4 -5 weeks. Order now so that they arrive in time. o If you need the toolkits faster, contact empowerment@cfpb. gov. Use “YMYG Toolkit Order” as your subject line to ensure that your email receives prompt attention. Toolkits will come shrink-wrapped, hole-punched, but not bound. Supply your own large-size binder clips or 1. 5 inch binders for the toolkits.

Questions? Comments?

Curricular Approaches and Resources for Social Work Educators Julie Birkenmaier, Ph. D Professor, Saint Louis University FCAB Faculty Director

Curricular approaches and resources CSWE Curricular Guide for Economic Well-Being Practice and Economic Well-Being Clearinghouse EPAS and FCAB curricular content FCAB resources for social work educators

CSWE Curricular Resources • Guide for generalist or specialist curricula (BSW and MSW) • Free downloadable e-publication

CSWE FCAB Curricular Resources 60+ resources with search structure • Course syllabi • Teaching modules • Readings/bibliographies • In-class exercises • Media tools • Class assignments

EPAS and FCAB Curricular Content Resources with examples: CSWE Curricular Guide for Economic Well-Being, forthcoming FCAB textbook (accompanying Oxford website). Also present an e-poster on this topic at upcoming CSWE APM. Useful in demonstrating connection between course content and FCAB Facilitates replacement of similar course content with FCAB content.

EPAS and FCAB Curricular Content In-depth example: Competency 3 (Human Rights & Justice) Knowledge Values Skills Cog & Aff Processes Appreciate the universal right of inclusion in financial systems Support right for people to engage in collective and individual action to achieve inclusion in financial systems Advocate for local banks and credit unions to offer affordable and safe banking products Develop selfawareness of one’s comfort in discussing the systematic and policy context that supports or opposes client’s financial inclusion

Examples: EPAS & FCAB Content C 1 Ethical Behavior (C&AP) • Practice self-awareness of one’s comfort level in discussing client finances. C 2 Diversity (K) • Display understanding of historical events shaping client finances, including impact on generational wealth and asset building. C 6 Engagement (S) • Demonstrate engagement process while screening for public benefits eligibility. C 7 Assessment (V) • Recognize the importance of environmental resources and supports in building financial management skills. C 8 Intervention (K) • Demonstrate knowledge of the time value of money and usefulness of information to client.

Resources for Social Work Educators • American Academy of Social Work & Social Welfare, Grand Challenges for Social Work, http: //aaswsw. org/grand-challenges-initiative/12 challenges/ • Center for Social Development (CSD), Brown School of Social Work, Financial Capability and Asset Building (FCAB) Initiative, https: //csd. wustl. edu/Our. Work/Fin. Incl/Fin. Cap. Access. Abilities/Pages/FCAB. aspx • Council on Social Work Education (CSWE) Economic Well-being Initiative, https: //www. cswe. org/Centers. Initiatives/Clearinghouse-for-Economic-Well-Being • Consumer Financial Protection Bureau (CFPB), Your Money, Your Goals (YMYG), https: //www. consumerfinance. gov/your-money-your-goals/ • National Endowment for Financial Education (NEFE), http: //nefe. org/ • University of Maryland, School of Social Work, Financial Social Work Initiative, http: //www. ssw. umaryland. edu/fsw/

Questions? Comments?

Evaluation • Webinar evaluation • Thank you…. • Contact information on next slide Gena Mc. Clendon, Ph. D FCAB Initiative Director, Center for Social Development, Washington University in St. Louis • Reminder to see other webinar at CSD website

Use this link to provide feedback! Evaluation Household Finances in Social Work FCAB Webinar 2 Survey

Contact Information Gena G. Mc. Clendon - ggunn@wustl. edu Project Director, Financial Capability and Asset Building Initiative (FCAB) Margaret S. Sherraden - msherraden@wustl. edu Faculty Director, Financial Capability and Asset Building Initiative (FCAB) Lissa Johnson - ejohnson@wustl. edu CSD Director of Administration; GC Director of Policy Initiatives Denise De. Vaan - Denise. De. Vaan@icf. com Team Member, ICF International and consultant for CFPB Julie Birkenmaier - birkenjm@slu. edu Faculty Director, Financial Capability and Asset Building Initiative (FCAB)