NC1013: THE ECONOMIC AND PSYCHOLOGICAL DETERMINANTS OF HOUSEHOLD SAVINGS BEHAVIOR

(Multistate Research Project)

Status: Inactive/Terminating

Project Menu

SAES-422 Reports

Annual/Termination Reports:

[09/07/2005] [05/10/2006] [09/05/2007] [07/30/2008]

Date of Annual Report: 09/07/2005

Report Information

Annual Meeting Dates: 08/09/2004 - 08/10/2004
Period the Report Covers: 10/01/2004 - 09/01/2005

Participants

Bowen,Cathy - Penn State University;
Enevoldsen,Bernadine - South Dakota State University;
Gorham,Elizabeth - South Dakota State University;
Gutter, Michael - University of Wisconsin;
Hanna, Sherman - Ohio State University;
Hayhoe, Celia - Virginia Polytechnic University;
Marcinko,Lisa - ERS-USDA;
Mauldin, Teresa - University of Georgia;
Porter, Nancy - Clemson University;
Schuhardt, Jane - CSREES-USDA;
Solheim, Catherine - University of Minnesota.

Brief Summary of Minutes

NC1013 The Economic and Psychological Determinants of Household
Savings Behavior Research Project Meeting
Chicago, Illinois, August 9-10, 2004

Attending: Cathy Bowen, Bernadine Enevoldsen, Liz Gorham, Mike Gutter, Sherman Hanna, Celia Hayhoe, Lisa Marcinko, Teresa Mauldin, Nancy Porter, Jane Schuhardt, Catherine Solheim

Goal: Draft data collection instrument

Activity: Team members discussed variables to arrive at consensus about what to include in the draft. We agreed that for those questions that were also on the SCF we would like to use parallel language to allow for comparison. Small groups worked on various sections of the draft: Teresa and Nancy on demographics; Lisa on income sources and wealth; Mike on education; Celia on access to financial benefits; Liz on encouragements to save; Bernie and Cathy on money management behaviors; Sherman and Mike on savings measures; Jane on funding sources.

Outcomes: Work groups reported back to the group as a whole and discussed. Mike will incorporate ideas into the next draft of the instrument. Jane presented the following framework and suggestions for funding:

Funding Possibilities Discussed and Matrix Developed
Category/Who/Trigger/Why/Contact
Foundations/NEFE(75-100k)/Savings/Anthes
Foundations/FPA/Planning
Fooundations/CFP Board(small)/Planning/Diffendaffer
Foundations/CFA/Savings/Steve Brobeck
Foundations/Ford/Savings/Barron Tenny
Foundations/Investor Protection Trust/Investment decisions/Don Blandin
FederalGov/CSREES-No
FederalGov/ERS/Rural/Offutt
FederalGov/Treasury/GAO/Savings rate/Ianicola
Corporate/Citigroup/Financial literacy/ Dara Duguay
Corporate/Chase Education 1st/Personal finance/Pam Britton

Next Steps: Mike will send out a revised draft to group in September. Feedback will be discussed via the listserv during October. The next meeting will be held via conference call from 10-11 on November 12. Following, we will seek estimates from survey research centers and apply for human subjects approval. Cathy and Jane will make some potential funder contacts in D.C. in September. The team will discuss authorship and data usage in December.

Notes to Self regarding follow-up:
" Contact Robin D. about non-participation in project
" Set conference call time for December
" Add Lisa Marcinko to listserv
" Check on Bernadine.Enevoldsen@sdstate.edu on listserv with Sue Badenhof

Notes from NC1013 Follow-up Funding Exploration on September 15, 2004 in Washington, D.C. by Jane Schuchardt and Catherine Solheim

NOTE: Thanks to Jane for supporting us with her unbelievable connections and reputation in Washington, D.C.

Wrote one-page descriptor to share with potential funders or advisors

Visited by phone with Pam Britton from Chase Education First Foundation. She expressed interest in the project and requested a brief description so that she could share with Chase to gauge their interest. Later Jane received communication that Pam was waiting to learn which group in their new structure would be most appropriate.

Visited by phone with Dara Duguay at Citigroup (duguayd@citigroup.com). She expressed interest in the project and asked for a brief description as well as clarification of universities 501C3 or tax exempt status. Mike Gutter was contacted and he provided us with the documentation from Wisconsin that was forwarded to Dara.

Met with Steve Brobeck, Consumer Federation of America, for advice on how we might proceed to seek funding. He suggested that what most people are interested in is why savings education does or doesnt work. He also suggested we develop an informal advisory committee of research and industry leaders to help move this forward. Two academics he mentioned as having national recognition are Mike Staton at GWU (formerly at Purdue) and Elizabeth Warren at Harvard. Steve also suggested Citigroup, American Express, and NEFE as potential funding partners. Finally, he suggested that the Opinion Research Corporation at Princeton might be a cost-effective option for data collection.

Accomplishments

Milestones Achieved in 2004-2005 1. Pilot instrument and methodology developed 2. Funding options explored (see August 9-10 meeting minutes) 3. Conference Calls held December 14, 2004; March 7, 2005 4. Face to face meeting held August 9-10, 2004 in Chicago Plans for 2005-2006 1. Pilot instrument and methodology in multiple states with multiple groups - fall 2005/winter 2006; use state resources where available to fund pilot 2. Continue to seek external funding for large-scale study 3. Hold monthly conference calls to keep momentum going 4. Hold face to face meeting in January, 20006 to review pilot data and revise instrument and methodology

Publications

2004 Articles in Refereed Journals Baek, E., & DeVaney, S. A. (2004). Assessing the baby boomers financial wellness using financial ratios and a subjective measure. Family and Consumer Sciences Research Journal, 32(4), 321-348. Chang, C.C., DeVaney, S. A., & Chiremba, S. T. (2004). Determinants of subjective and objective risk tolerance. Journal of Personal Finance, 3(3), 53-67. DeVaney, S. A., Chiremba, S., & Vincent, A. M. (2004). Life cycle stage and housing cost burden. Financial Counseling and Planning, 15(1), 31-39. Guion, L., Turner, J., & Wise, D. (2004). Design, implementation and evaluation of a financial elder abuse program. Journal of Extension. Available at: http://www.joe.org/joe/2004june/a6.shtml. Gustafson, C. (2004). Rural small business finance: Evidence from the 1998 Survey of Small Business Finances. Agricultural Finance Review, 64, 33-44. Hogan, M. J., Solheim, C., Wolfgram, S., Nkosi, B., & Rodrigues, N. (2004). The working poor: From the economic margins to asset building. Family Relations, 53(2). Articles in Refereed Conference Proceedings Bishoff, M. C., Gorham, E. E., Pankow, D., & Healy, B. (2004, November). Legally secure your financial future: Organize, communicate, prepare. Proceedings of the Association of Financial Counseling and Planning Education. Denver, CO. 17-20. Chase, M., Leech, I., Hayhoe, C. R., & ONeill, B. (2004, February). Strategies to enhance young adults financial decision-making. Proceedings of the 32nd Conference for Eastern Family Economics and Resource Management: Taking Risks in Research and Education, Tampa, FL. 3-7. Gordon, G. M., Bankston, J., Gorham, E. E., & Porter, N. (2004). Legally secure your financial future: Organize, communicate, prepare curriculum showcase. Proceedings of Western Family Economics Association, Honolulu, HI. Available at http://www.csus.edu/indiv/a/andersenj/wr/research/2004/contents2004.htm. Gorham, E. E., Bankston, J., & Pankow, D. L. (2004). Motivation for getting legal papers in place. Proceedings of Western Family Economics Association, Honolulu, HI. Available at http://www.csus.edu/indiv/a/andersenj/wr/research/2004/contents2004.htm. Hayhoe, C. R., & White, A. B. (2004). Practical applications of financial counseling techniques for students: An inter-departmental project. Poster session presented at the annual meeting of the Association for Financial Counseling and Planning Education, Denver, CO. Mimura, Y., & Mauldin, T. (2004). Poverty dynamics and changes in marital status among mothers with special focus on mothers in Georgia. Poster session presented at the fall meeting of the Public Service/Outreach Annual Meeting, Athens, GA. Vanderford, S. E., Mauldin, T., & Mimura, Y. (2004). Financial resources earned and non-earned: A comparison of complicated and biological low-income families. Poster session at the fall conference of the Association of Public Policy Analysis and Management, Atlanta, GA. Zhang, H., & DeVaney, S. A. (2004). The impact of households ability, willingness, and uncertainty on the probability of emergency funds adequacy. Proceedings of the Association for Financial Counseling and Planning Education, 94-103. Presentations at Professional Conferences Porter, N., Bischoff, M., Stovall, C., Sweedler, K., & Wise, D. (2004). Financial security in later life showcase of programming success. National Extension Association Family & Consumer Sciences Annual Conference, Nashville, TN, October 3-7. Wise, D. (2004). Gaining economic empowerment through financial literacy. Tennessee Economic Summit for Women, Nashville, TN, December 3. Invited panelist. Wise, D. (2004). Seven steps to building wealth. Tennessee Jump$tart Teacher Training Conference, Murfreesboro, TN, July 14-15. Invited presenter. Wise, D. (2004). What teenagers dont know about financial education and what we need to do. Tennessee Jump$tart Teacher Training Conference, Murfreesboro, TN, July 14-15, 2004. Keynote speaker. Wise, D. (2004). Tennessee Saves: Partnerships for financial education. National Savings Forum, Washington, DC, June 23. Invited presenter. Wise, D., Gault, J., & Neilson, B. (2004). Developing a comprehensive state financial education program. National Extension Association Family & Consumer Sciences Annual Conference, Nashville, TN, October 3-7. Wise, D., George, V., Reid, F., & Powers, M. (2004). Homebuyer education and Money Smart programs. Capacity Building for Non-Profits Conference, Tennessee Housing Development Agency, Nashville, TN, October 12. Invited presenter. Wise, D., Puett, J., Gault, J., Bell, B., & Sheeley, B. (2004.) Seven steps to wealth building. Tennessee Association of Family & Consumer Sciences Joint Conference, Paris Landing State Park, TN, March 2-7. Invited presenter. Wise, D., Rupert, M., Haynes-Bordas, R., & Janke, B. (2004). Working with financially vulnerable populations. National Extension Association Family & Consumer Sciences Annual Conference, Nashville, TN, October 3-7. Invited presenter. Extension Publications Gorham, E. (2004). Medicare Part D: Prescription drug insurance, Brookings, SD. South Dakota State University Extension Service Website at http://sdces.sdstate.edu. Hayhoe, C. R. (2004). (354-045). Deciding if bankruptcy is an option for you. Blacksburg, VA. Virginia Polytechnic Institute and State University. Hayhoe, C. R. (2004). (354-041). 2004 tax law changes. Blacksburg, VA. Virginia Polytechnic Institute and State University. Hayhoe, C. R., Chase, M., & ONeill, B. (2004). (354-080). What young adults need to know about money. Blacksburg, VA. Virginia Polytechnic Institute and State University. Hayhoe, C. R., & Williamson, S. (2004). (354-0460). Renters rights and responsibilities: The basics. Blacksburg, VA. Virginia Polytechnic Institute and State University. Hayhoe, C. R., & Williamson, S. (2004). (354-025). Home equity conversions: Reverse mortgages. Blacksburg, VA. Virginia Polytechnic Institute and State University. Hayhoe, C. R., & Williamson, S. (2004). (354-047). Refinancing your mortgage. Blacksburg, VA. Virginia Polytechnic Institute and State University. Wise, D. (2004). Tools for money management: Net worth statement instructions. Knoxville, TN. The University of Tennessee Agricultural Extension Service. Wise, D. (2004). Tools for money management: Net worth statement worksheet. Knoxville, TN. The University of Tennessee Agricultural Extension Service. Wise, D. (2004). Tools for money management: Saving-spending plan instructions. Knoxville, TN. The University of Tennessee Agricultural Extension Service. Wise, D. (2004). Tools for money management: Saving-spending worksheet. Knoxville, TN. The University of Tennessee Agricultural Extension Service. Grants Bowen, C., Radhakrishna, R., & Furry, M. (2004). Pennsylvania Saves. College of Agricultural Sciences Seed Grant. The Pennsylvania State University. (2004-2005). $14,900. Gorham, E. (2004). Promotion of the High School Financial Planning Program. National Endowment for Financial Education (NEFE). $1,000. Gorham, E. (2004). Legally Secure Your Financial Future Curriculum Development. Association of Financial Counseling and Planning Education. $2,000. Gorham, E. (2004). Legally Secure Your Financial Future: Communicate, Organize, Prepare. Sub-contract for data analysis. $5,000. Porter, N. M. (2004). Promotion of the High School Financial Planning Program. National Endowment for Financial Education (NEFE). $1,000. Solheim, C. A. (2004). Financial Coaches Training Program Evaluation. Minnesota Department of Human Services Grant. (March 2004 May 2005). $8,500. Trautman, K., & Gorham, E. (2004). Medicare-Approved Drug Discount Card Sign-Up Campaign for Low-Income Eligible Beneficiaries and Medicare Education. USDA/CSREES. $50,000. 2003 Book Chapters DeVaney, S. A., & Chen, Z. (2003). Economic status of older men and women. In Lois A. Vitt (Ed.), Encyclopedia of Retirement and Finance, 1, 208-211. Westport, CT: Greenwood Press. DeVaney, S. A. (2003). Pension plans for the self-employed. In Lois A. Vitt (Ed.), Encyclopedia of Retirement and Finance, 2, 594-597. Westport, CT: Greenwood Press. DeVaney, S. A. (2003). Research applications in financial preparation for retirement. Research Methods in Family and Consumer Sciences. Alexandria, VA: AAFCS. 114-122. Porter, N. (2003). Financial education for seniors. In Lois A. Vitt (Ed.), Encyclopedia of Retirement and Finance, 1, 280-285. Westport, CT: Greenwood Press. Articles in Refereed Journals Baeck, S., & DeVaney, S. A. (2003). Determinants of the type of mortgage: Conventional or federally guaranteed mortgage. Financial Counseling and Planning, 14(2), 53-62. DeVaney, S. A., & Chen, Z. (2003). The accumulation of net worth as workers approach retirement. Journal of Personal Finance, 2(1), 54-77. DeVaney, S. A., & Kim, H. (2003a). Older self-employed workers and planning for the future. The Journal of Consumer Affairs, 37(1) 101-120. DeVaney, S. A., & Kim, H. (2003b). Womens knowledge of their pension plans. Journal of Family and Consumer Sciences, 95(2) 19-25. Kim, H., & DeVaney, S. A. (2003). The expectation of partial retirement among family business owners. Family Business Review, 16(3), 199-210. Wise, D. (2003). Re-framing expectations of employment: providing experiences for building life skills. Fueling Dreams by Promoting Family Resilience. Family Relations and Human Development/Family Economics and Resource Management Biennial: The Journal of the FRHD and FERM Divisions of the American Association of Family and Consumer Sciences. Wise, D., & Ezell, P. (2003). Characteristics of effective training: Developing a model to motivate action. Journal of Extension, 41(2). Available at: http://www.joe.org/joe/2003april/a5.shtml. Articles in Refereed Conference Proceedings DeVaney, S. A., Presley, S., & Chen, Z. (2003). Consumer bankruptcy filing and repayment of debt. Academy of Financial Services Paper Abstracts, 17, p. 11. Hayhoe, C. R. (2003). Retirement and other financial information for family caregivers. Family Economics and Resource Division of the American Association of Family and Consumer Sciences Conference, Washington, DC. Leach, L., Hayhoe, C. R., Allen, M., & Brewster, B. (2003). Improving parent-college student discussions about credit. Poster session presented at the annual meeting of Association for Financial Counseling and Planning Education, Savannah, GA. Lee, Y., & DeVaney, S. A. (2003). Determinants of savings behavior. Association of Financial Counseling and Planning Education, 91-97. Moore, W., & Wise, D. (2003) Employee education: a win-win situation. Proceedings of the American Council on Consumer Interest Annual Conference. Atlanta, GA. Porter, N. M. (2003). Financial security in later life: A national initiative maximizing the national, state, territory, and local organizational model of the CES. Proceedings of the Galaxy II Conference (p. 344). Salt Lake City, UT. Presley, S., & DeVaney, S. A. (2003). Examining the financial recovery period after the loss of a spouse. The Gerontologist, 43(1), 109. Schuchardt, J., DeVaney, S., Vohs, K., Faber, R., Gutter, M., & Finke, M. (2003). The economic and psychological determinants of household savings behavior. Consumer Interests Annual, (49), http://www.consumerinterests.org/i4a/pages/Index.cfm?pageid=3432. Wise, D., Bower, L., Gault, J., & Puett, J. (2003). Marketing and evaluation tools for welfare-to-work audiences and facilitators. Proceedings of the Association for Financial Counseling and Planning Education Annual Conference. Savannah, GA. Wise, D., Gault, J., & Puett, J. (2003). Partnerships for savings education. Proceedings of the Association for Financial Counseling and Planning Education Annual Conference. Savannah, GA. Wise, D., & Puett, J. (2003). Effectively using simulations to teach youth financial education skills. Proceedings of the Association for Financial Counseling and Planning Education Annual Conference. Savannah, GA. Wright, K., & Porter, N. M. (2003). BE-SMART: An interagency educational program for seniors. Proceedings of the Galaxy II Conference (p. 487). Salt Lake City, UT. Presentations at Professional Conferences Chase, M., ONeill, B., & Hayhoe, C. R. (2003). Enhancing financial literacy using Newspapers in Education. Workshop at the Annual Meeting of Association for Financial Counseling and Planning Education, Savannah, GA. Hayhoe, C. R., & Chase, M. (2003). What is money and the cost of parenting. Workshop at the annual meeting of Association for Financial Counseling and Planning Education, Savannah, GA. Moore, W., & Wise, D. (2003). An employee education program for limited resource employees: A win-win situation. Strengthening & Building Partnerships for Workforce Development Conference, Orlando, FL, March 2-7. Moore, W., & Wise, D. (2003). Employee education: a win-win situation. American Council on Consumer Interest Annual Conference, Atlanta, GA, April 4-5. Wise, D., Bower, L., Brandon, D., & Puett, J. (2003). Facilitating adult learning. Galaxy II Extension Conference, Salt Lake City, UT, September 21-25. Wise, D., & Carroll, D. (2003). Classroom tools for teaching financial management. Tennessee Association Family & Consumer Science/Tennessee Association Extension Family & Consumer Science Annual Meeting. Johnson City, TN, April 2-4. (Invited presenter.) Wise, D., Puett, J., Gault, J., & Bell, B. (2003). Partnerships for statewide savings education. Galaxy II Extension Conference, Salt Lake City, UT, September 21-25. Wise, D., Puett, J., Gault, J., & Bower, L. (2003). Tennessee Saves. Entrepreneurial Extension Pre-Conference, Association for Financial Counseling and Planning Education Annual Conference, Savannah, GA. November 18-20. Extension Publications Bowen, C. F. (2003 revision). Cutting Credit Costs: Understanding Credit Fees. University Park, PA. The Pennsylvania State University. Flashman, R. H., Hayhoe, C. R., & Lesueur, A. Jr. (2003). (354-141). Emergencies: Are You Prepared? Your Personal Checklist of Important Documents. Gorham, E. (2003). Household account book. Brookings, SD. SDSU Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money. Gorham, E. (2003). EXTFCS 40-B: Reduce your debt&the PowerPay way. Brookings, SD. SDSU Extension Electronic Publication. Gorham, E. (2003). Setting up a budget. Brookings, SD. SDSU Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money. Gorham, E. (2003). Tracking your spending I. Brookings, SD. SDSU Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money. Gorham, E. (2003). Tracking your spending II. Brookings, SD. SDSU Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money. Gorham, E. (2003). PowerPay© computer program: A tutorial. Brookings, SD. SDSU Extension Publication. Gorham, E., & Pankow, D. (2003). (ExEx14082) Consequences of living on the credit card. Brookings, SD. South Dakota State University Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money. Hayhoe, C. R. (2003). (354-028). How to make your money go further. Blacksburg, VA. Virginia Polytechnic Institute and State University. Hayhoe, C. R. (2003). (354-027). Getting out of debt. Blacksburg, VA. Virginia Polytechnic Institute and State University. Hayhoe, C. R., Dillard, A.F., Jamison, S., & Chase, M. (2003). (354-031). Planning for baby - Consumer issues. Blacksburg, VA. Virginia Polytechnic Institute and State University. Hayhoe, C. R., Jamison, S., Dillard, A.F., & Chase, M. (2003). (354-030). Planning for baby - Financial issues. Blacksburg, VA. Virginia Polytechnic Institute and State University. Grants Gorham, E. (2003). Promotion of the High School Financial Planning Program. National Endowment for Financial Education (NEFE). $1,000. ONeill, B, Hayhoe, C. R., & Chase, M. E. (2003). Financial Literacy Using Newspapers in Education. J.P. Morgan Chase Foundation. $25,000. Porter, N. M. (2003). Promotion of the High School Financial Planning Program. National Endowment for Financial Education (NEFE). $1,000. Wise, D. (2003). Homebuyer Education. Tennessee Housing Development Agency. (2004-2006). $50,000.

Impact Statements

Date of Annual Report: 05/10/2006

Report Information

Annual Meeting Dates: 03/23/2006 - 03/24/2006
Period the Report Covers: 10/01/2005 - 09/01/2006

Participants

NC 1013 Annual Meeting Minutes
March 23-24, 2006 Atlanta, GA Westin Atlanta Airport Inn

Team Members Attending:
Cathy Bowen, Penn State
Robin Douthitt, U Wisconsin (advisor)
Liz Gorham, South Dakota State U
Michael Gutter, U Wisconsin
Sherman Hanna, The Ohio State
Celia Hayhoe, Virginia Tech
Teresa Mauldin, U Georgia
Nancy Porter, Clemson University
Dena Wise, U Tennessee

Team Members Unable to Attend:
Sharon DeVaney, Purdue U(professional meeting conflict
Bernadine Envoldsen, South Dakota State U (funding unavailable)
Jane Schuchardt, CSREES Liaison (due to accident
Catherine Solheim (institutional commitment)

Brief Summary of Minutes

Thursday, March 23, 2006

Liz Gorham served as acting Chair and Celia Hayhoe served as acting secretary.
Liz called the meeting to order at 1:00 pm. The list of the membership was distributed; members were asked for corrections these will be used as the official names, titles and contact information for future published articles. Corrections will be sent to all members.

Welcome from Robin Douthitt
In the future Hatch Funds will become competitive.
Expanding the breath of National Research Incentive grants by moving to
Knowledge Areas (KAs) - i.e., #801 is individual and family resource
management. If in DC, visit with Pat Hipple at North Central Regional
Association (NCRA)&. See NCRA Regional Update, 2(3), Winter 2006.
NC 1013 project is up this year for midterm re-approval (October 2006?)

A motion to approve the minutes of the last meeting face-to-face meeting in Chicago in August 2004 was made by Michael Gutter and seconded by Nancy Porter; it passed unanimously.

Milestones:
Liz reported that we are a little behind time (to be on target we need the national data collected by June 2006) but we can do some writing preparations for papers and should be able to be on schedule in 2007.

Report on Funding:
Michael reported that Northwest Mutual funded the pilot and are interested in
partnering to fund the full study. Jane had sent an email on her meeting with Financial Planning Association.

Presentation of pilot survey:
Michael reported on the phone survey data information (only part yet available).

Guidance for future data collection:
Accept respondent on initial phone call if 1) non-retired and 2) at least one person in the household is age 30-55. So as not to upset those that are dual heads of household, the interviewer will ask for the person in the household who is most financially knowledgeable to complete the surveys.

Problems were noted with data collection.
Other needs were identified:
1) Design group website so we are all looking at the instruments, decisions, data, coding, etc. 2) Set time frame as to when data set is made open to the public after Fall 2008? 3) Completed guidelines for publishing from the data, intellectual property rights, and for adding additional members to the group (use Jean Bauer NC 1011 document as an example) ready for discussion in April or May call.

The rest of the afternoon was spent on organizing the presentation to FPA

Friday, March 24

Specific next-step tasks were identified and committee work prioritized.
Michael, Cathy, Sherman,Catherine: Culture and Acculturation
Cathy, Liz and Celia: Credit and money attitudes
Nancy: Socialization
Nancy Outline the survey detailed changes from the focus groups (collect tapes for review as deemed necessary) by May 12 call (additional focus group reports from Michael, Liz and Bernadine, and Catherine should be sent to her ASAP).
Nancy Specific rewording of instrument questions by May 12 call
Theresa Co-habitation
Sherman Corresponding variables to the Survey of Consumer Finances database to get baseline for April Call for Current Job Status (# 35 & #37) and for other variables which correspond to variables on the 2004 SCF (weight will be adjusted to the sample size of 2000 to be used in our study to get an estimate of how many households we might expect to get in various categories of variables).
Celia, Dena and Michael Validating of scales (possible loadings?) and model with stated hypotheses by April
Everyone - think of one cross tabs that will be interesting for a press release
Theresa, Catherine and Cathy - Check on web server for a secure site with the following specifications (by April call):
a) Only members can access (privacy)
b) Capacity for data sets (SPSS and SAS forms)
c) Space for coding for data sets
d) Space for latest instruments
e) Space for list of important decisions
f) Archive capability and back-up
Topics in which others might have personal interest? Bernadine and Sharon rural househoholds?

Questionnaire changes were identified based on pilot and focus group results.

Date and location of 2007 meeting
The time of April 2007 was suggested for the next face-to-face meeting. The place should take into account the ease of driving to the location for some and the accessibility and cost of flights by others. Suggestions -a return to Atlanta (home to one member of FPA) and site of the next ACCI on April 11-13, 2007 (St. Louis?). Holding our meeting before ACCI would make sense to all but those that would be out a whole week from classroom duties.

Some faculty are still on the project team list but have not been active for a long time. Robin will remove their names from the NIMSS participant list. Others will be contact to see if they will become active participants. The decision was made to not accept new members to the group, with the possible exception of outside funders.

The team welcomed visitors from the Financial Planning Association (FPA)
Elizabeth Jatton of Atlanta former President; chair of Public Issues Committee
Bob Powell of Boston Director of Research; Brad White of DC Director of Public Affairs; Heather Almand of Denver Director of Public Relations
Michael presented the pilot project findings and Robin shared reasons and ways for FPA and NC1013 to work together on this project. The response from FPA was heartening; the impression was that they might be interested in providing at least half the funding ($250,000) but may need to form a coalition of funders which they would be happy to pursue. They will be contacting entities of their choosing before their May board meeting; they will keep in close contact with Jane and Michael. May 2006 was given as a target date for their reply in order for the UWSC to collect national data in Fall 2006-March 2007. Initial discussions of shared intellectual property rights, found characteristics of savers and non-savers, future research to determine effectiveness of prescribed treatments for increasing savings behaviors, designing virtual Website (including it in the eXtension Website), desire of both to teach professionals how to improve their tracking of behavioral change - for taking a possible asset-based approach and building validity in the financial planning profession, scheduling of consortium to spread findings. FPA are probably interested in popular press articles; NC 1013 would focus on referred journals and professional meetings to contribute to the science of our profession. It was felt that we would welcome an FPA researcher only as a co-author with at least one NC 1013 member. It was accepted by both that we would always cite each others contributions in all printed material and mass media. Possible additional products emanating from this partnership annual savings index component; books for new courses in FPA Press how to document behavioral change; call for additional follow-up research projects and dollars to support them

Seek a change in day/time of our conference calls so all group members can participate. Get teaching schedules for Michael, Sherman, Teresa, Sharon, Bernadine and Catherine for Summer and Fall 2006 to assist in that decision.

Meeting adjourned 2:35 pm.

Accomplishments

Publications

2005 Articles in Refereed Journals Baek, E., & DeVaney, S. A. (2005). Human capital, bequest motives, risk, and the purchase of life insurance. Journal of Personal Finance, 4(2), 62-82. DeVaney, S. A., & Chiremba, S. T. (2005). Comparing the retirement savings of the baby boomers with other cohorts. Compensation and Working Conditions, posted Jan 24, 2005. http://www.bls.gov/opub/cwc/cm20050114ar01p1.htm. Gorham, E. E., Daniels, A. M., & Enevoldsen, B. E. (2005). Empowering rural families to create secure rural communities. Journal of Family and Consumer Sciences, 7(1), 1-17. Gustafson, C., Pederson, G., & Gloy, B. (2005). Credit risk assessment. Agricultural Finance Review, 65(2), 201-217. Gustafson, C. (2005). Rural small business trade credit: A paradox. Agricultural Finance Review, 65(1), 45-57. Hayhoe, C. R., Leach, L., Allen, M.W., & Edwards, R. (2005). Credit cards held by college students. Financial Counseling and Planning, 16 (1), 1-10. Johnson, L. H., Carswell, A. T., Palmer, L., Sweaney, A. L., Mullis, R. M., Leonas, K. K., Moss, J. K., & Mauldin, T. (2005). Life skills literacy: An Intervention model to alleviate family poverty. Journal of Family and Consumer Sciences, 97(4), 73-76. Porter, N. M., DeVaney, S., Poling, R. L., Stum, M. S., & Schuchardt, J. (2005, December). Financial security in later life: A national initiative and model for eXtension. Journal of Extension, 43(6), Article 6FEA6. Retrieved December 19, 2005 from http://www.joe.org/joe/2005december/a7.shtml. Wise, D. (2005). Building financial security in Tennessee communities. Journal of Family & Consumer Sciences, 97(1). Yilmazer, T., & DeVaney, S. A. (2005). Household debt over the life cycle. Financial Services Review, 14(4), 285-304. Articles in Refereed Conference Proceedings Bankston, J., Bishoff, M., Gorham, E., Healy, B., & Schuchardt, J. (2005). Helping people legally secure their financial future. Proceedings of the Association for Financial Counseling and Planning Education Annual Conference, November, p. 86. Gourgova, A., & DeVaney, S. A. (2005). The determinants of propensity to consume out of wealth. Consumer Interests Annual. Han, P., & DeVaney, S. A. (2005). Understanding mutual fund and stock investors. Consumer Interests Annual. Jin, R., & DeVaney, S. A. (2005). Determinants of debit card use: A study from the consumers perspective. Consumer Interests Annual. Mauldin, T., & Moss, J. K. (2005). What can financial ratios tell us about low-income households? Consumer Interests Annual, 51, 283-284. Presentations at Professional Conferences Porter, N. M. (2005). Planning for the Future. Panel presentation at the South Carolina White House Conference on Aging. Myrtle Beach, SC. Porter, N. M. (2005). eXtension and Financial Security in Later Life: A communication partnership. National Epsilon Sigma Phi Conference. Colorado Springs, CO. Porter, N. M. (2005). Financial Security in Later Life and eXtension. National Extension Association of Family and Consumer Sciences. Philadelphia, PA. Wise, D. (2005). Practical evaluation strategies for showing impact. Epsilon Sigma Phi National Conference, Colorado Springs, CO, November 9-11. Extension Publications Bowen, C. F. (2005 revision). Cutting credit costs: Understand grace periods. University Park, PA. The Pennsylvania State University. Bowen, C. F. (2005). Cutting credit costs: Its a matter of FACTA. University Park, PA. The Pennsylvania State University. Bowen, C. F. (2005). Credit cards and college: Know the facts. University Park, PA. The Pennsylvania State University. Bowen, C. F. (2005) Thwarting identity theft. University Park, PA. The Pennsylvania State University. Cox R. H., & Hayhoe C. R. (2005). (348-722). 55 ways to save at the grocery store. Blacksburg, VA. Virginia Polytechnic Institute and State University. Flashman, R. H., & Hayhoe, C. R. (2005). (354-142). Life insurance: The impact of ownership. Blacksburg, VA. Virginia Polytechnic Institute and State University. Gorham, E. (2005). (FS928e-6). A glossary of estate planning terms. Brookings, SD. SDSU Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money. Gorham, E. (2005). (FS928e-7). Dying without a will in South Dakota: Who gets the property? Brookings, SD. SDSU Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money. Gorham, E. (2005). (FS928e-2). Estate planning for families with minor children. Brookings, SD. SDSU Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money. Gorham, E. (2005). (FS928e-1). Estate planning for families: Getting started. Brookings, SD. SDSU Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money. Gorham, E. (2005). (FS928e-3). Estate planning: Wills. Brookings, SD. SDSU Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money. Gorham, E. (2005). (FS928e-4). Estate planning: Letter of last instruction. Brookings, SD. SDSU Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money. Gorham, E. (2005). (FS928e-5). Estate planning: Property ownership. Brookings, SD. SDSU Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money. Gorham, E. (2005). (FS928e-9). Power of attorney. Brookings, SD. SDSU Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money. Gorham, E. (2005). (FS928e-8). South Dakota rights of the terminally ill. Brookings, SD. SDSU Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money. Gorham, E. (2005). (FS928e-10). What is a personal representative? Brookings, SD. SDSU Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money. Gorham, E., & Goetting, M. (2005). Selecting a credit card. Brookings, SD. SDSU Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money. Hayhoe, C. R. (2005). (354-041). 2005 tax law changes. Major revision of the 2004 publication for tax law changes. Blacksburg, VA. Virginia Polytechnic Institute and State University. Hayhoe, C. R., & Smith, M. (2005). (354-170). Medical expense insurance. Blacksburg, VA. Virginia Polytechnic Institute and State University. Hayhoe, C. R., & Smith, M. (2005). (354-171). Disability income insurance. Blacksburg, VA. Virginia Polytechnic Institute and State University. Hayhoe, C. R., & Smith, M. (2005). (354-172). Long-term care insurance. Blacksburg, VA. Virginia Polytechnic Institute and State University. Hayhoe, C. R., & Smith, M. (2005). (354-173). Homeowners insurance. Blacksburg, VA. Virginia Polytechnic Institute and State University. Smith, M., & Hayhoe, C. R. (2005). (354-143). Life insurance: Different types of policies. Blacksburg, VA. Virginia Polytechnic Institute and State University. Smith, M., & Hayhoe, C. R. (2005). (354-144). Life insurance: Term insurance. Blacksburg, VA. Virginia Polytechnic Institute and State University. Smith, M., & Hayhoe, C. R. (2005). (354-145). Life insurance: Whole life insurance. Blacksburg, VA. Virginia Polytechnic Institute and State University. Smith, M., & Hayhoe, C. R. (2005). (354-146). Life insurance: Universal life insurance. Blacksburg, VA. Virginia Polytechnic Institute and State University. Smith, M., & Hayhoe, C. R. (2005). (354-147). Life insurance: Variable universal life. Blacksburg, VA. Virginia Polytechnic Institute and State University. Smith, M., & Hayhoe, C. R. (2005). (354-148). Life insurance: Payout options. Blacksburg, VA. Virginia Polytechnic Institute and State University. Smith, M., & Hayhoe, C. R. (2005). (354-149). Life insurance: Calculating life insurance needs. Blacksburg, VA. Virginia Polytechnic Institute and State University. Grants Bowen, C. (2005). Fostering Family Financial Education. Heinz Endowments Foundation. (2005-2007). $100,000. Gorham, E. (2005). Promotion of the High School Financial Planning Program. National Endowment for Financial Education (NEFE). $1,000. Gutter, M. S. (2005) CS 275: Financial Survival Skills for Life. Great Lakes Higher Education Guaranty Corporation. (2005-2007). $140,000. Hayhoe, C. R. (consultant). (2005). Future 4-H Millionaires Club. Friends of Kentucky 4-H as part of a National Association of Securities Dealers Foundation grant. (2005-2008). $27,291. Hayhoe, C. R. (2005). Virginia LifeSmarts. Various donors. $5,000. Hayhoe, C. R. (2005). High School Financial Planning Program. National Endowment for Financial Education (NEFE). $2,000. Hayhoe, C. R., & Stevenson, M. (2005). Indicators for Intergenerational Resource Transfers - Phase II - Scale Development. College of Liberal Arts and Human Sciences. $7,495.50. Porter, N. M. (2005). High School Financial Planning Program. National Endowment for Financial Education (NEFE). $2,000. Porter, N. M. (2005). eXtension and Financial Security in Later Life Initiative Partnership. eXtension/University of Nebraska Lincoln. $20,000. Porter, N. M. (2005). BE SMART Program Expansion. South Carolina Lt. Governors Office on Aging. $33,000. Solheim, C.A. (2005). Comparison of Financial Education Train-the-Trainer Models. McKnight Foundation. (January 2005 February 2006). $52,000. Wise, D. (2005). Young Employee Investor Education at the Worksite (PI on multi-state grant). NASD Foundation. (2005-2007). $237,800. Wise, D. (2005). Future 4-H Millionaires Club. Subcontractor to Kentucky Cooperative Extension in multi-state grant funded by NASD Foundation. (2005-2008). $29,000.

Impact Statements

Date of Annual Report: 09/05/2007

Report Information

Annual Meeting Dates: 07/12/2007 - 07/13/2007
Period the Report Covers: 10/01/2006 - 09/01/2007

Participants

NC 1013 Participants:

Bowen, Cathy (cbowen@psu.edu) Pennsylvania State University;
DeVaney, Sharon (sdevaney@purdue.edu) Purdue University, IN;
Enevoldsen, Bernadine (Bernadine.Enevoldsen@sdstate.edu) South Dakota State University;
Gorham, Elizabeth (gorham.liz@ces.sdstate.edu) South Dakota State University;
Gutter, Michael University of Wisconsin-Madison & (msgutter@ufl.edu) Florida State University;
Gustafson, Cole (cgustafs@ndsuext.nodak.edu) North Dakota State University;
Hanna, Sherman (hanna.1@osu.edu) Ohio State University;
Hayhoe, Celia (chayhoe@vt.edu) Virginia Polytechnic and State University;
Mauldin, Teresa (tmauldin@fcs.uga.edu) University of Georgia;
Solheim, Catherine (csolheim@umn.edu) University of Minnesota;
Porter, Nancy (nporter@clemson.edu) Clemson University, SC;
Wise, Dena (dkwise@utk.edu) University of Tennessee;
Schuchardt, Jane (JSCHUCHARDT@CSREES.USDA.GOV) CSREES-USDA Representative; and Douthitt, Robin (douthitt@WISC.EDU) Administrative Advisor.

August 10, 2007 Conference Call

Participants: Bowen (PA); DeVaney (IN); Gorham (SD); Gustafson (ND); Gutter (FL); Hayhoe (VA); Mauldin (GA); Porter (SC); Solheim (MN); Douthitt (Administrative Advisor)

July 13-14, 2007 Meeting at University of Minneapolis

Bowen (PA); DeVaney (IN); Gorham (SD); Gutter (WI); Gustafson (ND); Hayhoe (VA); Mauldin (GA); Solheim (MN); Porter (SC); & Douthitt, Robin (Administrative Advisor).

May 10, 2007 Conference Call

Participants: Bowen (PA); DeVaney (IN); Gorham (SD); Gutter (WI); Hanna (OH); Hayhoe (VA); Mauldin (GA); Porter (SC); Solheim (MN); & Wise (TN).

April 11, 2007 Conference Call
Participants: Bowen (PA); DeVaney (IN); Enevoldsen (SD); Gorham (SD); Gutter (WI); Hayhoe (VA); Mauldin (GA); Porter (SC); Solheim (MN); Wise (TN); & Schuchardt (CSREES-USDA).

February 14, 2007 Conference Call

Participants: Bowen (PA); DeVaney (IN); Enevoldsen (SD); Gorham (SD); Gutter (WI); Hanna (OH); Mauldin (GA); Porter (SC); Solheim (MN); Wise (TN); & Schuchardt (CSREES-USDA).

January 10, 2007 Conference Call

Participants: DeVaney (IN); Gorham (SD); Gutter (WI); Hanna (OH); Hayhoe (VA); Mauldin (GA); Porter (SC); Wise (TN); & Schuchardt, Jane (CSREES-USDA).

December 14, 2006 Conference Call

Participants: Bowen (PA); DeVaney (IN); Enevoldsen (SD); Gorham (SD); Gutter (WI); Hanna (OH); Hayhoe (VA); Mauldin (GA); Solheim (MN); Porter (SC); Wise (TN); & Schuchardt, Jane (CSREES-USDA).

November 9, 2006 Conference Call

Participants: Bowen (PA); DeVaney (IN); Gorham (SD); Gutter (WI); Hayhoe (VA); Mauldin, (GA); Porter (SC); Wise (TN); Schuchardt (CSREES-USDA).

Brief Summary of Minutes

Annual meeting of NC 1013

The NC 1013 Economic and Psychological Determinants of Household Savings Behavior research team met on the campus of the University of Minnesota on July 12 -13, 2007.

In attendance: Bowen, Cathy (cbowen@psu.edu) Pennsylvania State University; DeVaney, Sharon (sdevaney@purdue.edu) Purdue University, IN; Gorham, Elizabeth (gorham.liz@ces.sdstate.edu) South Dakota State University; Gutter, Michael (msgutter@ufl.edu) University of Wisconsin-Madison; Gustafson, Cole (cgustafs@ndsuext.nodak.edu) North Dakota State University; Hayhoe, Celia (chayhoe@vt.edu) Virginia Polytechnic and State University; Mauldin, Teresa (tmauldin@fcs.uga.edu) University of Georgia; Solheim, Catherine (csolheim@umn.edu) University of Minnesota; Porter, Nancy (nporter@clemson.edu) Clemson University, SC; and Douthitt, Robin (douthitt@WISC.EDU) Administrative Advisor

Absent: Wise, Dena (dkwise@utk.edu) University of Tennessee; Hanna, Sherman (hanna.1@osu.edu) Ohio State University; and Schuchardt, Jane (JSCHUCHARDT@CSREES.USDA.GOV) CSREES-USDA Representative

The focus of the annual meeting with threefold: funding, revisions to the theoretical framework and questionnaire, and renewal proposal. We welcomed a new member, Dr. Cole Gustafson from North Dakota.

ACTIVITIES:

Funding:
Over the past several years the research team has submitted proposals for funding to the following: Citicorp, Financial Planning Association, Northwestern Mutual Foundation, and H&R Block. Northwestern Mutual Foundation funded the pilot study. We continue to explore possibilities for funding a nationally representative sample.

(1) Northwestern Mutual Foundation, which funded the pilot of our questionnaire, is interested in providing additional funding to the project. Michael Gutter will continue to communicate with this contact to see whether they will fund the total project or need to seek additional partners.

(2) H&R Block was not able to fund the project this year, however, the proposal was well received and will be forwarded into the 2008 funding cycle for consideration. H&R Block is very interested in supporting the exploratory study to test our revised theoretical framework with a sample of their clients. Several members of the research team will work closely with H&R Block contacts to move this process forward.

(3) Other possible sources: Two other potential funding partners to approach if additional funding is needed were identified: Wachovia and Synovus.

Theoretical Framework/Questionnaire:
Feedback from Prochaska indicated that our instrument did not clearly fit his model. After discussion and presentation by Michael Gutter of the model he has been testing on financial behavior with college students, a model evolved to reflect a broader approach. This theoretical framework would continue to incorporate some psychological determinants but would also capture some socialization determinants as well. The more ecological perspective was preferred by the team. Several team members will work on refining this new approach. Time was then spent reviewing the questionnaire to determine whether or not questions captured the various factors in the revised theoretical framework.

Renewal Proposal:
After discussion of the model and positive response from H&R Block to help fund an exploratory study testing the revised model, the group felt it was appropriate to move forward with a renewal proposal.

Accomplishments

MILESTONES: In the area of funding H&R Block is very interested in supporting an exploratory study using a sample of their clients and Northwestern Mutual Foundation is interested in providing additional support for the data collection of a nationally representative sample. For 2007, members of the research team have in press or published one book chapter, 15 articles in refereed journals, 16 articles in refereed conference proceedings, 7 presentations at professional conferences, and 22 extension publications related to the savings behavior project. In addition, seven grants related to this project have been funded. Plans for 2007-2008: 1. Work with H&R Block to carry out an exploratory study testing our proposed theoretical framework. 2. Write and submit renewal proposal. 3. Continue to work with potential funders for a study based on the new model and a nationally representative sample

Publications

Publications, Presentations, and Grants (2006-2007) 2007 Articles in Refereed Journals Allen, M. W., Edwards, R., Hayhoe, C. R., & Leach, L. (2007). Imagined interaction, attitudes towards money and credit, and family coalitions. Journal of Family and Economic Issues, 28(1), 3-22. DeVaney, S. A., Anong, S., & Whirl, S. E. (2007). Household savings motives. The Journal of Consumer Affairs, 41(1) 174-186. DeVaney, S. A., Anong, S., & Yang, Y. (2007). Asset ownership of Black and White families. Financial Counseling and Planning, 18(1), 2-14. Fang, M. C., & Hanna, S. D. (2007). Racial/ethnic differences in risk tolerance in the 2004 Health and Retirement Study. Academy of Financial Services. Gutter, M. S., Hayhoe, C. R., & Wang, L. (2007). Examining participation behavior in defined contribution plans using the Transtheoretical Model of Behavior Change. Financial Counseling and Planning, 18(1), 46-60. Hayhoe, C. R., & Stevenson, M. (2007). Financial attitudes and inter vivo resource transfers from older parents to adult children. Journal of Family and Economic Issues, 28(1), 123-135. ONeill, B., Schuchardt, J., Pankow, D., Porter, N., Seiling, S., Branch, J., & Miller, J. (2007). eXtension: A high tech resource for improving financial security. NEAFCS Reporter. Rodriguez-Flores, A., & DeVaney, S. A. (2007). The effect of employment status on households emergency funds. Journal of Personal Finance, 5(4), 65-82. Articles in Refereed Conference Proceedings Cho, S. H., Fang, M. C., & Hanna, S. D. (2007). Who has emergency related savings goals? Proceedings of the American Council on Consumer Interests. Hanna, S. D., & Lindamood, S. (2007a). Credit constraints of U.S. households: The effect of race/ethnic group. Proceedings of the American Council on Consumer Interests. Hanna, S. D., & Lindamood, S. (2007b). Changes in stock ownership by race/Hispanic status, 1998-2004. Proceedings of the American Council on Consumer Interests. Hanna, S. D., & Lindamood, S. (2007c). Do lenders discriminate against Blacks and Hispanics? Academy of Financial Services. Hanna, S. D., & Wang, C. (2007a). Racial/ethnic disparities in stock ownership: A decomposition analysis. Proceedings of the American Council on Consumer Interests. Hanna, S. D., & Wang, C. (2007b). Racial/ethnic disparities in risky asset ownership: A decomposition analysis. Academy of Financial Services. Lee, J., & Hanna, S. D. (2007). Attitudes toward using credit for loss of income. Proceedings of the American Council on Consumer Interests. Wang, C., & Hanna, S. D. (2007). Household background risk and portfolio choices. Academy of Financial Services. Presentations at Professional Conferences Cavanagh, J., Wise, D., & Shaffett, B. (2007). Personal financial management education for bankruptcy filers. 21st Century Families Conference, Little Rock, AR, April 17-19. Neilson, B., Wise, D., & Berry, A. (2007). Financial education at the worksite. 21st Century Families Conference, Little Rock, AR, April 17-19. Wise, D. (2007). The changing workplace. 21st Century Families Conference, Little Rock, AR, April 17-19. Wise, D., Berry, A., & Gault, J. (2007). Building wealth through IDAs, homeownership and innovative banking products. Tennessee Council on Social Work Conference, April 3-5, Nashville, TN. Invited presenter. Wise, D., & Taylor, S. (2007a). On my own financial education simulation. Tennessee JumpStart Teacher Training Conference, Gatlinburg, TN, June 20-22. Invited presenter. Wise, D., & Taylor, S. (2007b). Ready to work. Tennessee JumpStart Teacher Training Conference, Gatlinburg, TN, June 20-22. Extension Publications Bischoff, M., Gorham, E., Healy, B., Anderson, E. & Fritz, M. (2007). Legally secure your financial future: Organize, communicate, prepare eXtension website revision. Retrieved August 1, 2007 at http://www.extension.org under Financial Security for All. Bittiker, D., Gorham, E., & Nicolai, D. (2007). (ExEx 14094) Fuel savings: Family transportation. Brookings, SD. South Dakota State University Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money. Gorham, E., Nicolai, D., & Bittiker, D. (2007). (ExEx 14092) Energy savings: Home appliances and lighting. Brookings, SD. South Dakota State University Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money. Gorham, E., Nicolai, D., & Bittiker, D. (2007). (ExEx 14093) Fuel savings: Home heating and cooling. Brookings, SD. South Dakota State University Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money. Gorham, E. (2007). Impact report for statewide Medicare Part D: Prescription drug insurance. Brookings, SD. South Dakota State University Extension Electronic Publication. Hayhoe, C. R. (2007). (354-066) Renters rights and responsibilities: The basics. Blacksburg, VA. Virginia Polytechnic Institute and State University. Nicolai, D., Gorham, E., and Bittiker, D. (2007). (ExEx 14095) Fuel savings: Farm/ranch enterprise. Brookings, SD. South Dakota State University Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money. Pankow, D., Schuchardt, J., Porter, N., Branch, J., O'Neill, B., Miller, J., Seiling, S., & Anderson, E. (2007). Financial security for all eXtension online, interactive web site. http://www.extension.org/personal+finance. Porter, N. M., & Schneider, M. R. (2007). Is a reverse mortgage right for you? FL 533. Clemson, SC. Clemson University Cooperative Extension Service http://www.clemson.edu/psapublishing/Pages/FYD/FL533.pdf. Porter, N. M. (2007). Taking charge in challenging times - Sizing up your financial situation. HML 692-1 Clemson, SC. Clemson University Cooperative Extension Service. http://www.clemson.edu/psapublishing/pages/FYD/EC692-1.pdf. Porter, N. M. (2007). Taking charge in challenging times - Making the most of what you have. HML 692-2 Clemson, SC. Clemson University Cooperative Extension Service. http://www.clemson.edu/psapublishing/pages/FYD/EC692-2.pdf. Porter, N. M. (2007). Taking charge in challenging times - Controlling spending. HML 692-3 Clemson, SC. Clemson University Cooperative Extension Service. http://www.clemson.edu/psapublishing/pages/FYD/EC692-3.pdf. Porter, N. M. (2007). Taking charge in challenging times Stretching your food dollar. HML 692-4 Clemson, SC. Clemson University Cooperative Extension Service. http://www.clemson.edu/psapublishing/pages/FYD/EC692-4.pdf. Porter, N. M. (2007). Taking charge in challenging times Deciding which bills to pay first. HML 692-5 Clemson, SC. Clemson University Cooperative Extension Service. http://www.clemson.edu/psapublishing/pages/FYD/EC692-5.pdf. Porter, N. M. (2007). Taking charge in challenging times Keeping a roof overhead. HML 692-6 Clemson, SC. Clemson University Cooperative Extension Service. http://www.clemson.edu/psapublishing/pages/FYD/EC692-6.pdf. Porter, N. M. (2007). Taking charge in challenging times Meeting your insurance needs. HML 692-7 Clemson, SC. Clemson University Cooperative Extension Service. http://www.clemson.edu/psapublishing/pages/FYD/EC692-7.pdf. Wise, D. (2007). On my own financial education simulation curriculum (Second edition). Knoxville, TN. The University of Tennessee Extension. Grants Gorham, E. (2007). Promotion of High School Financial Planning Program: Launch of New Materials. National Endowment for Financial Education. $2000. Gorham, E., & Swanson, N. (2007). Weaving Your Future: Teacher/AfterSchool Coordinator Training for Personal Finance of Native American Youth. Citigroup Foundation, Inc. through the SD 4-H Foundation. (2008-2009). $15,000. Gutter, M. S., & Way, W. (2007) Financial Management Practices of College Students from States with Varying Financial Education Mandates. National Endowment for Financial Education (NEFE). (2007-2008). $112,000. Hayhoe, C. R. (2007). Virginia LifeSmarts. Various donors. $5,000. Hayhoe, C. R. (2007). High School Financial Planning Program. National Endowment for Financial Education (NEFE) $2,000. Porter, N. M. (2007). Financial Security for All Community of Practice. North Dakota State University Sub-Contract. $6,085. Porter, N. M. (2007). High School Financial Planning Program. National Endowment for Financial Education (NEFE). $2,000. 2006 Articles in Refereed Journals Bowen, C. F., & Jones, H. M. (2006). Empowering young adults to control their financial future. Journal of Family and Consumer Sciences. 98(1), 33-39. Gustafson, C. (2006, April). Engaging producers in risk management education. Journal of Extension. 44(2), 4. Gustafson, C., & Nganje, W. (2006). Value of social capital to mid-sized northern plains farms. Canadian Journal of Agricultural Economics. 54, 421-38. Gutter, M. S., & Fontes, A. (2006). Racial differences in risky asset ownership: A two-stage model of the investment decision making process. Financial Counseling and Planning, 17(2), 64-78. Hayhoe, C. R. (2006). Helping families in transition due to unemployment. Journal of Human Behavior in the Social Environment, 13(1), 63-73. Pankow, D. L., Porter, N. M., & Schuchardt, J. (2006, February). Training educators and community collaborators using a satellite videoconference format. Journal of Extension, 44(1), Article 1TOT6. Retrieved March 1, 2006 from http://www.joe.org/joe/2006february/tt6.shtml. Rha, J. Y., Montalto, C., & Hanna, S. D. (2006). The effect of self-control mechanism on household savings behavior. Financial Counseling and Planning Education, 17(2), 3-16. Sabri, M. F., Hayhoe, C. R., & Ai, G. L. (2006). The Psychology of Money: Gender and working sector comparison in Malaysia. Pertanika Journal of Social Science and Humanities, 14(2), 121-130. Articles in Refereed Conference Proceedings Bankston, J., Pankow, D., & Gorham, E. (2006). Educating consumers to legally secure their financial future. Educational Resource Exchange in Proceedings of the Eastern Family Economics and Resource Management Association, Annual Conference, Knoxville, TN, February 23-25. Bi, L., & Hanna, S. D. (2006). Do financial planners serve the interests of their clients? Use of financial planners, credit card balances and liquid assets. Consumer Interests Annual, 52. Chen, C. C., & Hanna, S. D. (2006). Changes in retirement adequacy, 1995-2001: Accounting for stages of retirement. Consumer Interests Annual, 52. Chen S. C., & Hanna S. D. (2006). Change in retirement adequacy, 1995-2004: Accounting for stages of retirement, Proceedings of the Academy of Financial Services. Chen, C. C, Peng, T. C., Evans, D. A., & Hanna, S. D. (2006). Putting your money where your mouth is. Do households optimize their investment portfolios based on their subjective risk tolerance? Consumer Interests Annual, 52. Delpechitre, D., & DeVaney, S. A. (2006). Credit card usage by white, African American, and Hispanic households. Consumer Interests Annual. Evans, D., Wang, C., & Hanna, S. D. (2006). Factors related to meeting the five times annual income guideline for life insurance. Proceedings of the Academy of Financial Services. Hanna, S. D., & Lindamood, S. (2006). Subjective assessment of emergency fund adequacy. Proceedings of the Academy of Financial Services. Hayhoe, C. R. (2006). Protecting your retirement and other financial issues for family caregivers: What every adult child needs to know. Poster session presented at the annual meeting of the Eastern Family Economics and Resource Management Association Conference, Knoxville, TN. Lee, J. H., & Hanna, S. D. (2006). Factors related to consumer credit attitudes. Proceedings of the Academy of Financial Services. Lindamood, S., & Hanna, S. D. (2006). The more financially knowledgeable person in older couple households. Consumer Interests Annual, 52. ONeill, B., Schuchardt, J., Weagley, R., & Hayhoe, C. R. (2006). Starting over: Financial education for bankruptcy filers. Consumer Interest Annual, 22, 392-395. Pankow, D. L., Schuchardt, J., Porter, N., Branch, J., O'Neill, B., & Miller, J. (2006). Creating an eXtension financial security community of practice. Proceedings of the Association for Financial Counseling and Planning Education, San Antonio, TX. Rodriguez, A., & DeVaney, S. A. (2006). Women and net worth over the life cycle. Consumer Interests Annual. Wang, C., & Hanna, S. D. (2006a). Factors related to households owning and managing a business. Proceedings of the Academy of Financial Services. Wang, C., & Hanna, S. D. (2006b). The risk tolerance and stock-ownership of business-owning households. Consumer Interests Annual, 52. Yang, Y., & DeVaney, S. A. (2006). Determinants of the extent of external search for information about savings and investment. Consumer Interests Annual. Zhao, J., Hanna, S. D., & Lindamood, S. (2006). Credit constraints and the debt service burden of households. Consumer Interests Annual, 52. Presentations at Professional Conferences Porter, N. M. (2006). Financial security in later life. From baby boom to silver boom: Are we ready? Gerontology Research Interdisciplinary Team Symposium, Clemson University, Clemson, SC. Solheim, C. A. (2006, May 3). Financial literacy enhancing asset-development. Presented at the Family Assets for Independence Minnesota Annual Conference, Alexandria, MN. Vanderford, S.E., Mimura, Y., Mauldin, T., & Linnenbrink, M. (2006). Income resources of low-income families with children in the United States: Does family structure matter? Paper presented at the fall conference of the Association of Public Policy Analysis and Management, Madison, WI, November 2-4. Wise, D. (2006). Marketing Tennessee Saves new programs. Tennessee FCS Professional Development Conference, Franklin, TN, August 1-4. Wise, D. (2006). Financial education in the workplace. Tennessee FCS Professional Development Conference, Franklin, TN, August 1-4. Wise, D. (2006). A success story: Using simulations to teach youth financial literacy skills. American Association of Family & Consumer Sciences Annual Conference & Expo, Charlotte, NC, June 22-25. Wise, D. (2006) The changing workplace. Securing the Future of Tennessees Workforce Conference, Nashville, TN, June 8-9. Wise, D. (2006). Financial education in the workplace. Securing the Future of Tennessees Workforce Conference, Nashville, TN, June 8-9. Wise, D., & Berry, A. (2006). The minimalist guide to family financial management. Tennessee Joint Extension Association Meeting, Paris Landing State Park, TN, April 19-21. Invited presenter. Wise, D., Gault, J., & Smith, K. (2006). Update: Bankruptcy education as a fee-based program. Tennessee FCS Professional Development Conference, Franklin, TN, August 1-4. Extension Publications Berry, A., & Wise, D. (2006). Tools for money management: Tracking your spending instructions. Knoxville, TN. The University of Tennessee Extension Publication SP697-A. Berry, A., & Wise, D. (2006). Do you have what it takes to deal with debt? Spotlighting Teen Issues for Teens. Knoxville, TN. The University of Tennessee Extension. Berry, A., & Wise, D. (2006). Does your teen have what it takes to deal with debt? Spotlighting Teen Issues for Parents. Knoxville, TN. The University of Tennessee Extension. Bischoff, M., Bankston, J., Gorham, E., Healy, B., & Anderson, E. (2006). Legally secure your financial future: Organize, communicate, prepare. Retrieved August 1, 2007 at http://www.extension.org under Financial Security for All. Bowen, C. F. (2006). Four steps to a secure financial future. University Park, PA. The Pennsylvania State University. Gorham, E. (2006). (EX14087) How to activate Medicare Part D prescription drug insurance, Brookings, SD. South Dakota State University Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money. Gorham, E. (2006). (EX14065) #8 How to talk to your children about money problems. Brookings, SD. South Dakota State University Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money. Gorham, E. (2006). (EX14065) #7 How to talk to your children about unemployment, Brookings, SD. South Dakota State University Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money. Gorham, E. (2006). (FS 912) When your income drops. Brookings, SD. South Dakota State University Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money. Gorham, E. (2006). (EX14077) When your income drops&survival strategies. Brookings, SD. South Dakota State University Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money. Gorham, E., & Huber, C. (2006). (EX14102) Enrolling in Medicare: Steps to take. Brookings, SD. South Dakota State University Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money. Gorham, E., & Huber, C. (2006). (EX14101) Exploring Medicare: Is it for me? Brookings, SD. South Dakota State University Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money. Gorham, E., & Pauly, N. (2006). (EX14088) How to enroll in Medicare Part D prescription drug insurance after May 15, 2006. Brookings, SD. South Dakota State University Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money. Hayhoe, C.R. (2006). (354-041) 2006 tax law changes. Blacksburg, VA. Virginia Polytechnic Institute and State University. Hayhoe, C. R. (2006). (354-103) Families taking charge Talking with spouses. Blacksburg, VA. Virginia Polytechnic Institute and State University. Hayhoe, C. R., & Williamson, S. (2006). (392-103). Survivor management curriculum. Blacksburg, VA. Virginia Polytechnic Institute and State University. Porter, N. M. (2006). Revised choices budget planning game board. Clemson, SC. Clemson University Cooperative Extension Service. http://dprod4.clemson.edu/olos/asp/searchresults.asp?s=Family. Wise, D., & Berry, A. (2006). Tools for money management: tracking your spending worksheet. Knoxville, TN. The University of Tennessee Extension. Wise, D., & Berry, A. (2006). Do you have what it takes to be on your own? Spotlighting Teen Issues for Teens. Knoxville, TN. The University of Tennessee Extension. Theses/Dissertations Directed Linnenbrink, M. L. (2006). Factors associated with savings and the achievement of savings goals in individual development accounts: Evidence from the American Dream Demonstration. Unpublished masters thesis, University of Georgia, Athens, GA. Major Professor: Teresa Mauldin. Grants Gorham, E. (2006). Promotion of the High School Financial Planning Program. National Endowment for Financial Education (NEFE). $1,000. Gorham, E., Enevoldsen, B., & Boellaard, R. (2006). Economic and Psychological Determinants of Savings Behavior of South Dakota Native Americans. SDSU FCS/HDFCS Department Research Grant. $1,000. Gorham, E., & Jennings, S. (2006). Medicare Part D Prescription Drug Insurance Sign-Up Campaign for Low-Income Eligible Beneficiaries and Medicare Education. National AARP. (2006-2007). $20,000. Gorham, E., & Swanson, N. (2006). Weaving Your Future: Teacher Training for Personal Finance of Native American Youth. Citigroup Foundation, Inc. through the SD 4-H Foundation. (2007-2008). $15,000. Gutter, M. S. (2006) The Economic and Psychological Determinants of Savings Behavior: Pilot. Northwestern Mutual Foundation. $32,000. Hayhoe, C. R. (2006). Bankruptcy Education Programs. U. S. Department of Justice, Office of the U. S. Trustees. $7,200. Hayhoe, C. R. (2006). Virginia LifeSmarts. Various donors. $5,000. Hayhoe, C. R. (2006). High School Financial Planning Program. National Endowment for Financial Education (NEFE). $2,000. Johnson, L. N., Carswell, A. T., Palmer, L., Leonas, K. K., Moss, J. K., Mauldin, T., Mullis, R. M., & Bower, D. (2006-2007). The Effectiveness of Life Skills Literacy: A Pilot Study. University of Georgia, Poverty and Economy Faculty Research Grants Program. $20,808. Johnson, L. N., Carswell, A. T., Palmer, L., Leonas, K. K., Moss, J. K., Mauldin, T., Mullis, R. M., & Bower, D. (2006). Life Skills Literacy Services. Georgia Department of Human Resources Clarke County Office. (2007-2008). $15,000. Mauldin, T. A., Mimura, Y., Koonce, J., Rupured, M., & Jordon, J. (2006). Intergenerational Transmission of Savings Behavior and Family Communication. Take Charge America Institute for Consumer Financial Education and Research. (2006-2007). $3,500. Mincemoyer, C., Bowen, C., & Furry, M. (2006). Reading Makes Cents: A 4-H Afterschool Financial Literacy Curriculum. USDA/CSREES. (2006-2009). $20,961. Porter, N. M. (2006). High School Financial Planning Program. National Endowment for Financial Education (NEFE). $2,000. Porter, N. M. (2006). Financial Security for All Community of Practice. North Dakota State University Sub-Contract. $5,650. Solheim, C. A. (2006). Financial Management in Immigrant Families. University of Minnesota Grant-In-Aid. (July 2006 January 2008). $24,956. Wise, D. (2006) Teaching Young Tennesseans to Manage Money. First Tennessee Foundation. (2007-2017). $500,000. Yao, R., & Gorham, E. (2006). Factors That Affect the Risk Tolerance of Chinese Households in the US. SDSU FCS Research/Scholarship Support Fund 2006 (continuing status) (2006-2007). $4,995.

Impact Statements

In 2007, according to current research, revisions were made to the model and questionnaire to reflect the addition of variables in this new model. Committee members are meeting with funders to conduct preliminary tests of the new model. Once the results are analyzed, the committee will seek additional funding for a nationally representative sample that would be large enough for the number of variables included in the model. A large sample size will be sought for the complex analyses needed to address our primary research questions. The sample size will be consistent with those of other national data sets.

Date of Annual Report: 07/30/2008

Report Information

Annual Meeting Dates: 07/30/2008 - 07/30/2008
Period the Report Covers: 10/01/2007 - 09/01/2008

Participants

Membership:
Andersen, Jan (jan.andersen@usu.edu) - Utah State University;
Bowen, Cathy (cbowen@psu.edu) - Pennsylvania State University;
DeVaney, Sharon (sdevaney@purdue.edu) - Purdue University;
Enevoldsen, Bernadine (bernadine.enevoldsen@sdstate.edu) South Dakota State University
Gorham, Liz (elizabeth.gorham@sdstate.edu) - South Dakota State University;
Gustafson, Cole (cgustafs@ndsuext.nodak.edu) - North Dakota State University;
Gutter, Michael (msgutter@ufl.edu) - University of Florida;
Hanna, Sherman (hanna.1@osu.edu) The Ohio State University
Hayhoe, Celia (chayhoe@vt.edu) - Virginia Polytechnic and State University;
Mauldin, Teresa (tmauldin@fcs.uga.edu) - University of Georgia;
Porter, Nancy (nporter@clemson.edu) Clemson University
Solheim, Catherine (csolheim@che.umn.edu) - University of Minnesota;
Wise, Dena (dkwise@utk.edu) - University of Tennessee

Advisors:
Douthitt, Robin (douthitt@WISC.EDU)- University of Wisconsin;
Schuchardt, Jane (jschuchardt@csrees.usda.gov)- CSREES

Meetings held:

October 19, 2007 (by conference call)
Participating: Teresa Mauldin (Chair), Jane Schuchardt, Nancy Porter, Mike Gutter, Sharon DeVaney, Cathy Bowen, Dena Wise, Celia Hayhoe, Catherine Solheim, and Liz Gorham
Absent: Cole Gustafson, Bernadine Enevoldsen, Sherman Hanna

January 11, 2008 (by conference call)-
Participating: Teresa Mauldin (Chair), Nancy Porter, Mike Gutter, Sharon DeVaney, Cathy Bowen, Celia Hayhoe, and Jane Schuchardt, Jan Andersen, and Liz Gorham
Absent: Catherine Solheim, Sherman Hanna, Cole Gustafson, Dena Wise

February 8, 2008 (by conference call)-
Participating: Teresa Mauldin (Chair), Nancy Porter, Michael Gutter, Sharon DeVaney, Celia Hayhoe, Catherine Solheim, Dena Wise, Jan Andersen, Sherman Hanna and Liz Gorham
Absent: Cathy Bowen, Cole Gustafson, and Jane Schuchardt

March 28, 2008 (by conference call)-
Participating: Jan Andersen, Sharon DeVaney, Robin Douthitt, Michael Gutter, Teresa Mauldin, Nancy Porter, Jane Schuchardt.
Absent: Cathy Bowen, Bernadine Enevoldsen, Liz Gorham, Cole Gustafson, Sherman Hanna, Celia Hayhoe, Cathy Solheim, Dena Wise.

May 10, 2008 (by conference call)-
Participating: Jan Andersen, Sharon DeVaney, Michael Gutter, Teresa Mauldin, Nancy Porter (may drop), Jane Schuchardt, Liz Gorham, Dena Wise, Robin Douthitt.
Absent: Cathy Bowen, Bernadine Enevoldsen, Cole Gustafson, Sherman Hanna (dropping), Celia Hayhoe, Cathy Solheim.

July 30, 2008 (Face-to-face following ACCI in Orlando, FL)
Participating: Jan Andersen, Sharon DeVaney, Robin Douthitt, Michael Gutter, Teresa Mauldin, Jane Schuchardt, Cathy Bowen, Liz Gorham, Cole Gustafson.
Absent: Celia Hayhoe, Catherine Solheim, and Dena Wise
Dropped: Bernadine Enevoldsen, Sherman Hanna, Nancy Porter

Sub-committee meetings: Attendance not always kept

Brief Summary of Minutes

A final meeting of NC 1013 was held at the Holiday Inn Select in Orlando, Florida on July 30, 2008

Participating: Jan Andersen, Sharon DeVaney, Robin Douthitt, Michael Gutter, Teresa Mauldin, Jane Schuchardt, Cathy Bowen, Liz Gorham, Cole Gustafson.
Absent: Celia Hayhoe, Catherine Solheim, and Dena Wise.
Guest: Yoshi, graduate student from University of Washington

Focus of meeting:
(1) Discuss policies in use of questionnaire by members of committee and individuals not on the committee
(2) Discuss status of Consumer Federation of America (CFA) proposal and Money Management International Financial Education Foundation (MMI) inquiry
(3) Discuss strategies for moving forward under NC 1172
(4) Share plans and current activities of members in attendance
(5) Reports from Cooperative State Research, Education, and Extension Service (CSREES) Representative and Administrative Advisor

Use of Questionnaire.
(a) Committee members are to inform the committee that they intend to utilize the questionnaire using the method developed by NC 1030
(b) Non- committee individuals are to provide a short description (3-pages) of how the questionnaire will be used, including theoretical framework, timeline, description of sample, and intended methodology. Review process is specified in the cover letter in the posted copy of the instrument on National Information Management Support System (NIMSS) Website. The full committee will review request. Non-committee individuals must clearly attribute the questionnaire to NC 1013.

Discussion of Status of Consumer Federation of America proposal.
CFA is willing to allow us to use the America Saves participants as possible respondents to our questionnaire to test out our model and different methodologies (mail and web-based). It does not appear that they can provide any funding.
Several concerns were identified, including privacy issues of America Saves participants, costs of mailing the questionnaire to even a small sample, and need to reduce the number of questions in the questionnaire. Two subcommittees were identified to discuss these issues. One subcommittee is to follow up with CFA regarding America Saves privacy statement, incentives, and funding of a mail questionnaire. The second subcommittee is to focus on which questions might be eliminated from the questionnaire but allow for the testing of the theoretical model.

Money Management International Financial Education Foundation.
MMI has responded that they are interested in a program evaluation component. This would be a significant change from the original proposal. There will be follow up with Steve Bucci to determine if this is a direction of interest to members of the committee.

Strategies for moving forward with NC 1172.
Potential members for the NC 1172 were identified. In addition, announcements will be sent through traditional means as well as through the Agricultural & Applied Economics Association (AAEA) newsletter.
Sharing of station activities
All in attendance shared information about their research/outreach efforts. Because of the relevance of Michael Gutters study of college students to our theoretical model much of the discussion focused on how those research findings might help the subcommittee reviewing the questionnaire.

Milestones
The renewal proposal was approved and the research group will become NC 1172 in October 2008. The research team worked with two individuals from H&R Block to focus a proposal for funding. Unfortunately, H&R Blocks restructuring ended the opportunity to submit a proposal in that their foundation. The NC 1013 team published their major efforts of the past several years, a questionnaire, to the NIMSS website. During the past year, the committee members published 23 articles in refereed journals, 28 articles in refereed conference proceedings, 12 presentations at professional conferences, and 32 extension publications related to the savings behavior project. In addition, 3 grants related to this project were funded. See attached listing for more detail on the work of committee members.

Impact
The NC 1013 committee has developed a model that recognizes the complexities of savings behavior and a questionnaire to test the model. Existing theories have not adequately addressed the complexities and research is needed to better understand the savings behavior using a more comprehensive ecological model.

Minutes Attachment:

Attachment

Accomplishments

Outputs: The NC 1013 team published their major efforts of the past several years, a questionnaire, to the NIMSS website. During the past year, committee members published 23 articles in refereed journals, 28 articles in refereed conference proceedings, 12 presentations at professional conferences, and 32 extension publications related to the savings behavior project. In addition, 3 grants related to this project were funded. Research conducted by committee members has provided more insight to a more comprehensive model to be tested. Activities: The renewal proposal was approved and the research group will become NC 1172 in October 2008. The research team worked with two individuals from H&R Block to focus a proposal for funding. Unfortunately, H&R Blocks restructuring ended the opportunity to submit a proposal in that their foundation. Milestones: Existing theories have not adequately addressed the complexities of the focus of this committee; research is needed to better understand the savings behavior using a more comprehensive ecological model.

Publications

Publications, Presentations, and Grants (October 2007-September 2008) NC 1013 Station Reports In Press Book Chapters and Articles Allen, M. W., Edwards, R., Hayhoe, C. R., Leach, L., & Waldhart, E. (2008), College students imagined interactions about money and credit use. In J. Honeycut (Ed.), Imagine that: Studies in imagined interaction. Cresskill, NJ: Hampton Press, in press. Andersen, J. D. (2008). Advice from a pro: Applying the large-loss principle to property and liability insurance. In E. T. Garman, & R. E. Forgue, Personal Finance (9th ed., p. 275). Boston: Houghton Mifflin, in press. Articles in Refereed Journals Koonce, J., Mimura, Y., Rupured, M., & Mauldin T. (2008). Financial information: Is it related to savings and investing knowledge and financial behavior? Financial Counseling and Planning, in press. Articles in Refereed Conference Proceedings Anaza, N. & DeVaney, S. A. (2008). Characteristics of households who contribute both money and time to charitable organizations. Association of Financial Counseling and Planning Education, in press. Gorham, E., Gutter, M. S., & ONeill, B.(2008, November). An online chat: A new way to communicate financial information, Association of Financial Counseling and Planning Educators Conference, Orange County, California, in press. Accepted for presentation. Liu, P. & DeVaney, S. A. (2008, in press). What factors affect income from wages and salaries? Association of Financial Counseling and Planning Education, in press. Song, S. & DeVaney, S. A. (2008). Factors that influence the amount of net worth of older households: A comparison of retired and working households. Association of Financial Counseling and Planning Education, in press Wang, C. & DeVaney, S. A. (2008, in press). Determinants of the percentage of income spent on food eaten at home and away from home. Association of Financial Counseling and Planning Education, in press. Yang, T. & DeVaney, S. A. (2008). The determinants of the amount of home equity over the life-cycle. Housing Education and Research Association, in press. 2008 Book Chapters DeVaney, S. A. (2008). Financial issues of older adults. In J. J. Xiao, (Ed.) Handbook of consumer finance research. NY: Springer, pp. 209-221. Articles in Refereed Journals Cho, Y. & DeVaney, S. A. (2008). Promotion of a smoke-free campus, Consumer Interests Annual, online. DeVaney, S. A. (2008). Handbook of Consumer Finance Research. Financial Counseling and Planning, 19(1), 64-66. [Book Review] Gerrior, S. A., Crocoll, C., Hayhoe. C. R., & Wysocki, J. (2008). Challenges and Opportunities Impacting the Mental Health of Rural Women. Journal of Rural Community Psychology. Gutter, M. S., Hayhoe, C. & DeVaney, S. A. (2008). Economic and psychological determinants of savings behavior: A conceptual model. Consumer Interests Annual, online. Gutter, M.S. & Hatcher, C.B. (2008). Racial differences in the demand for life insurance. Journal of Risk and Insurance, 75(3), 677-689. Lawrence, F. C., Lyons, A., & Gorham, E. E. (2008). Family economics research priority set. Financial Counseling and Planning, Vol. 19(1), 61-62. Linnenbrink, M., Koonce, J., Mauldin, T., Rupured, M., Schlanger, K. (2008). The earned income tax credit: Experiences from and implications of the voluntary income tax assistance program in Georgia. Journal of Extension, 46(1). Retrieved from http://www.joe.org/joe/2008february/a7p.shtml Pallone, K. & DeVaney, S. A. (2007). What influences net worth accumulation across the life cycle? Gerontology Association of American Program Abstracts, p. 451. Rutherford, L. & DeVaney, S. A. (2008). The effect of campus shootings on the quality of graduate students college experiences. Consumer Interests Annual, online. Yang, P.N.D., & Solheim, C.A. (2008). Financial management in Hmong immigrant families: Change and adaptation. Hmong Studies Journal, 8, 1-33. Articles in Refereed Conference Proceedings Cho, Y. & DeVaney, S. A. (2008). Promotion of a smoke-free campus, Consumer Interests Annual, online. Copur, Z. Gutter, M.S., Eisen, J., & Way, W. (2008). Exploring the relationship between financial behaviors and financial distress/financial well-being of college students, Consumer Interests Annual, 54. DeVaney, S. A. (2008). India: Land of opportunity. Eastern Family Economics and Resource Management, 18. DeVaney, S. A. & Yang, T. Y. (2008). What factors determine whether households spend less than income? Eastern Family Economics and Resource Management, 25. Gutter, M. S., Hayhoe, C. & DeVaney, S. A. (2008). Economic and psychological determinants of savings behavior: A conceptual model. Consumer Interests Annual, online. Rutherford, L. & DeVaney, S. A. (2008). The effect of campus shootings on the quality of graduate students college experiences. Consumer Interests Annual, online. Pallone, K. & DeVaney, S. A. (2007). What influences net worth accumulation across the life cycle? Gerontology Association of American Program Abstracts, p. 451. Gutter, M.S., Eisen, J., & Way, W. (2008). Financial management practices of college students from states with varying financial education mandates, Consumer Interests Annual, 54. Gutter, M.S., Hayhoe, C., & DeVaney, S. (2008). Economic and psychological determinants of savings behavior: A conceptual model, Consumer Interests Annual, 54. Ferstan, A., Nagle, St., Ouverson, K., & Solheim, C. (2008, May). FAIM: A financial fitness model. Presented at the Grassroots and Groundworks National Conference, Northwest Area Foundation, St. Paul, MN. Mauldin, T., Mimura, Y., Kabaci, M.J., Koonce, J., & Rupured, M. (2008, July). Communication among parents and youth about savings and investments: Impact of parents marital status. Poster abstract in Consumer Interests Annual, Conference of the American Agricultural Economic Association and American Council on Consumer Interest, Orlando, FL. Nganje, W., Hearne, R., Gustafson, C., & Orth, M. (2008). Farmers preference for alternative crop and health insurance subsidy, Review of Agricultural Economics, 30(2), 333-51. Yao, R., Ke, W. & Gorham, E. (2008). Financial risk tolerance profile of Chinese American households, Proceedings of the American Association of Council on Consumer Interests, 54. Presentations at Professional Conferences Bankston, J., Anderson, E., Gorham, E., & Hardison, C. (2008, September). Legally secure your financial future: Online curriculum to teach estate planning, Roundtable discussion at Galaxy III, Indianapolis, Indiana. DeVaney, S. A. (2008, September). Aging successfully: Financial preparation for the silver tsunami. Pre-conference to Galaxy III. Indianapolis, Indiana. DeVaney, S. A. (2008, July). Savings services for the rural poor. Gates Foundation Panel. American Council on Consumer Interests. Orlando, Florida. DeVaney, S. A. (2008). Retirement and Estate Planning for Farm Families Website. Women in Agriculture (WIA) National Conference for Educators. Available on the National AgRisk Library web site, University of Minnesota. Gorham, E. (2008, March). Leader of round-table discussion, Extension Communities of Practice. Four-state (MN, NE, IA, & SD) Family and Consumer Sciences Mid-West Conference, Lake Okoboji, Iowa. Gorham, E. (2008, March). Extension Communities of Practice. Leader of round-table discussion at four-state (MN, NE, IA, & SD) Family and Consumer Sciences Mid-West Conference, Lake Okoboji, Iowa. Gorham, E., & Snorteland, I. M. (2008, March). A, B, C, Ds of Medicare. Four-state (MN, NE, IA, & SD) FCS Mid-West Conference, Lake Okoboji, Iowa. Pallone, K. & DeVaney, S. A. (2008, August). What influences net worth accumulation across the life cycle? American Sociological Association. Solheim, C.A. (2008, May). Evaluation: Purpose, process and pizzazz! Presented at the Minnesota Financial Fitness Conference, Alexandria, Minnesota. Solheim, C.A., Ferstand, A., & Ouverson, K. (2008, September). Designing and implementing a comprehensive IDA program evaluation. Presented at the 2008 Assets Learning Conference, Washington, D.C. Wachwithan, P., Solheim, C.A., and Popovich, P. (2008, July). Using Thailands sufficiency economy philosophy to develop global citizens. Presented at the XXI World Congress of the International Federation for Home Economics, Lucerne, Switzerland. Yao, R., Ke, W. & Gorham, E. (2008). (2008, July). Refereed poster on Factors that Affect the Financial Risk Tolerance of Chinese Households in the U.S., American Agriculture Education Association and American Council on Consumer Interests Joint Annual Meeting, Orlando Florida. (Second place poster). Other Presentations Andersen, J. D. (2008, June). Keeping Up With the Joneses. Utah State Office of Education FACS Summer Conference, Kaysville, UT. Anderson, J. D. (2008, June). Cutting fuel and food costs: Utah EFNEP State Training, Logan, UT. Andersen, J. D. (2008, April). One can never buy too much happiness, Utah Council on Family Relations Annual Conference, Ogden, UT. Andersen, J. D. (2008, March). Financial first aid, Utah State University, Logan, Utah. Andersen, J. D. (2008, February). Who Said Money Cant Buy Happiness? Issues Community Conference, Heber City, UT. Solheim, C.A. (2008, June). Family resource management through multicultural lenses. In the National Council on Family Relations Report Focus on& Families and Resource Management. Minneapolis: National Council on Family Relations. Extension Publications Andersen, J. D. (2008, August). Saving Your Future: Ten great things to do with rebates, refunds, and unexpected income (Revised). Available at http://extension.usu.edu/saving/ Andersen, J. D. & Jewkes, M. D. (2008, February). Saving your future: Strategies and guidelines to avoid foreclosure. Available at http://extension.usu.edu/saving/ Berry, A. & Wise, D. (2008). Tools for money management: Debt repayment plan worksheet. Publication SP710-B. The University of Tennessee Extension. Berry, A. & Wise, D. (2008). Tools for money management: Debt repayment plan instructions. Publication SP710-A. The University of Tennessee Extension. Berry, A. & Wise, D. (2008). Tools for money management: Creditor's list worksheet. Publication SP710-B. The University of Tennessee Extension. Daniels, A. M. & Gorham, E. (2008, August). Emerging Issues Task Force for Managing Change: Rising Household Prices Bookmarks - Communication: It's a family affair! Brookings, SD. South Dakota State University Extension Publications. Available at South Dakota County Extension offices. Daniels, A. M. & Gorham, E. (2008, August). Emerging Issues Task Force for Managing Change: Rising Household Prices Bookmarks - Communication: Family options in stressful times, Brookings, SD. South Dakota State University Extension Publications. Available at South Dakota County Extension offices. Daniels, A. M. & Gorham, E. (2008, August). Emerging Issues Task Force for Managing Change: Rising Household Prices Bookmarks - Communication: Goal setting, Brookings, SD. South Dakota State University Extension Publications. Available at South Dakota County Extension offices. DeVaney, S. A. (2008). Retirement and Estate Planning for Farm Families web site. 3 new sections: Financial Literacy, Property Rights, and Second Careers. Available at http://www.ces.purdue.edu/farmriskmgt Elmore, J.P., Gutter, M.S., & Mountain, T.P. (2008). YOU and YOUR CREDIT: Credit Dos and Don'ts. Gainesville, Florida: IFAS/EDIS. 2 pp. Available at http://edis.ifas.ufl.edu/ Elmore, J.P., Gutter, M.S., & Mountain, T.P. (2008). YOU and YOUR CREDIT: Credit Card Basics. Gainesville, Florida: IFAS/EDIS. 4pp. Available at http://edis.ifas.ufl.edu/ Elmore, J.P., Gutter, M.S., & Mountain, T.P. (2008). YOU and YOUR CREDIT: Managing Your Credit. Gainesville, Florida: IFAS/EDIS. 6pp. Available at http://edis.ifas.ufl.edu/ Gorham, E. (2008, February). Impact report for statewide Medicare Part D: Prescription drug insurance. Brookings, SD. South Dakota State University Extension Electronic Publication. Gorham, E. (2008, August). Emerging Issues Task Force for Managing Change: Rising Household Prices Bookmarks - Household spending plan: Where do I start? Brookings, SD. South Dakota State University Extension Publications. Available from South Dakota County Extension offices. Gorham, E. (2008, August). Emerging Issues Task Force for Managing Change: Rising Household Prices Bookmarks - Household spending plan: Living on your income, Brookings, SD. South Dakota State University Extension Publications. Available from South Dakota County Extension offices. Gorham, E. (2008, August). Emerging Issues Task Force for Managing Change: Rising Household Prices Bookmarks - Household Prices Bookmarks - Household spending plan: Survival strategies, Brookings, SD. South Dakota State University Extension Publications. Available from South Dakota County Extension offices. Gorham, E. (2008, August). Emerging Issues Task Force for Managing Change: Rising Household Prices Bookmarks - Household Prices Bookmarks - Managing debt: Are you a 'plastic addict?' Brookings, SD. South Dakota State University Extension Publications. Available from South Dakota County Extension offices. Gorham, E. (2008, August). Emerging Issues Task Force for Managing Change: Rising Household Prices Bookmarks - Managing debt: Understanding the terms of the deal! Brookings, SD. South Dakota State University Extension Publications. Available from South Dakota County Extension offices. Gorham, E. (2008, August). Emerging Issues Task Force for Managing Change: Rising Household Prices Bookmarks - Managing debt: Which bill do I pay first? Brookings, SD. South Dakota State University Extension Publications. Available from South Dakota County Extension offices. Gorham, E. (2008, August). Emerging Issues Task Force for Managing Change: Rising Household Prices Bookmarks - Stretch your household spending $$: For transportation, Brookings, SD. South Dakota State University Extension Publications. Available from South Dakota County Extension offices. Gorham, E. (2008, August). Emerging Issues Task Force for Managing Change: Rising Household Prices Bookmarks - Insurance Protection: Do you drop or add insurance in stressful financial times? Brookings, SD. South Dakota State University Extension Publications. Available from South Dakota County Extension offices. Gorham, E. (2008, August). Emerging Issues Task Force for Managing Change: Rising Household Prices Bookmarks - Insurance Protection: What kinds of insurance are a waste of money? Brookings, SD. South Dakota State University Extension Publications. Available from South Dakota County Extension offices. Gorham, E. (2008, August). Emerging Issues Task Force for Managing Change: Rising Household Prices Bookmarks - Insurance Protection: Does your child have health insurance? Brookings, SD. South Dakota State University Extension Publications. Available from South Dakota County Extension offices. Gorham, E. & Pankow, D. (March 2008). (FS943) When Prices Rise: Living on Your Income. Brookings, SD. South Dakota State University Extension Service. Available at http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money Gutter, M. S. (2008). Managing During Tough Times (flipbook). IFAS Publication, University of Florida. Gutter, M.S., Elmore, J.P., & Mountain, T.P. (2008). YOU and YOUR CREDIT: Credit Reports. Gainesville, Florida: IFAS/EDIS. 8pp. Available at http://edis.ifas.ufl.edu/ Gutter, M.S., Elmore, J.P., & Mountain, T.P. (2008). YOU and YOUR CREDIT: Credit Scores. Gainesville, Florida: IFAS/EDIS. 3pp. Available at http://edis.ifas.ufl.edu/ Gutter, M.S., Elmore, J.P., & Mountain, T.P. (2008). YOU and YOUR CREDIT: Home Ownership and Credit. Gainesville, Florida: IFAS/EDIS. 1pp. Available at http://edis.ifas.ufl.edu/ Pohl, S., Carlson, G., & Gorham, E. (2008, August). Emerging Issues Task Force for Managing Change: Rising Household Prices Bookmarks - Energy wise housing: Home conservation practices; Energy wise housing: Household heating and cooling costs. Brookings, SD. South Dakota State University Extension Publications. Available at South Dakota County Extension offices. Stluka, S. & Gorham, E. (2008, August). Emerging Issues Task Force for Managing Change: Rising Household Prices Bookmark - Stretch your household spending $$: Supermarket food cent$, Brookings, SD. South Dakota State University Extension Publications. Available at South Dakota County Extension offices. Stluka, S. & Gorham, E. (2008, August). Emerging Issues Task Force for Managing Change: Rising Household Prices Bookmark - Stretch your household spending $$: EASY solutions to help a family EAT SMART on a limited budget, Brookings, SD. South Dakota State University Extension Publications. Available at South Dakota County Extension offices. Wise, D. & Berry, A. (2008). Tools for money management: Creditor's list instructions. Publication SP709-B. The University of Tennessee Extension. Wise, D. & Berry, A. (2008). Tools for money management: Who gets paid first. Publication SP708. The University of Tennessee Extension. Financial Software Andersen, J. D. & Andersen, A. J. (2008). Break-a-habit savings calculator (Version 2) [Computer software]. Available at http://savingyourfuture.org/ Newsletters Andersen, J. D. (2008, May). Is keeping up with the Joneses getting you down? Utah Farm Bureau News, 54, 11. Grants Gorham, E. (2008). Promotion of High School Financial Planning Program: Launch of New Materials. National Endowment for Financial Education. $2000. Gorham, E. & Swanson, N. (2008). Weaving Your Future: Teacher/AfterSchool Coordinator Training for Personal Finance of Native American Youth. Citigroup Foundation, Inc. through the SD 4-H Foundation, $15,000. 2007 Articles in Refereed Journals Allen, M. W., Edwards, R., Hayhoe, C. R., & Leach, L. (2007). Imagined interaction, attitudes towards money and credit, and family coalitions. Journal of Family and Economic Issues, 28(1), 3-22. Delpechitre, D. & DeVaney, S. A. (2007). Understanding the savings behavior and risk tolerance of Asian Indians in the United States. Journal of Personal Finance, 6(1) 60-80. DeVaney, S. A. & Anong, S. T. (2007). The likelihood of having employer-sponsored health insurance. Compensation and Working Conditions, U.S. Department of Labor, Bureau of Labor Statistics. Retrieved from http://www.bls.gov.opub/cwc/print/cm20071128ar01p1.htm DeVaney, S. A. & Anong, S. (2007). Income quintiles: Examining changes in the characteristics of respondents. Financial Counseling and Planning, 18(2), 19-34. Lee, Y., Bei, L. T. & DeVaney, S. A. (2007). Acculturation experiences of Taiwanese students during exchanges in the United States. Journal of Family and Consumer Sciences, 99(4), 56-61. Rodriguez-Flores, A. & DeVaney, S. A. (2007). The effect of employment status on households emergency funds. Journal of Personal Finance. 5(4), 67-84. Schuchardt, J.,1 Bagwell, D. C., Bailey, W. C., DeVaney, S. A., Grable, J. E., Leech, I. E., Lown, J. M., Sharpe, D. L. & Xiao, J. J. (2007). Personal finance: An interdisciplinary profession. Financial Counseling and Planning, 18(1), 61-69. Articles in Refereed Conference Proceedings Babiarz, P. & DeVaney, S. A. (2007). Adopters of Internet Banking in 2001 and 2004. Consumer Interests Annual. Berry, A. & Wise, D. (2007). Teaching financial education to youth using simulations. Leech, I. (Ed.). Proceedings of the Association for Financial Counseling and Planning Education. Gutter, M.S. & Mountain, T.P. (2007). Understanding minority preferences for investor education: Results from African-American and Hispanic focus groups. Status: Accepted for Presentation at 2007 AFS. Gutter, M.S. & Zhu, D. (2007). Are perceptions of retirement financial resource adequacy consistent with estimated ex ante financial resource retirement adequacy? Status: Accepted for Presentation at 2007 Association of Financial Counseling and Planning Educators Conference Lee, A., Bei, L., & DeVaney, S. A. (2007). Acculturation of Taiwanese exchange students in the US. Consumer Interests Annual. Mountain, T.P. & Gutter, M.S. (2007). Impacts of race and ethnicity on retirement adequacy, life insurance adequacy, and dual adequacy. Status: Accepted for Presentation at 2007 Association of Financial Counseling and Planning Educators Conference Park, M.J. & DeVaney, S. A. (2007). Economic well-being based on financial ratios. Consumer Interests Annual. Renner, C. & Gutter, M.S. (2007). Exploring perceived norms, financial education and college student behavior. Status: Accepted for Presentation at 2007 Association of Financial Counseling and Planning Educators Conference Whirl, S. E. & DeVaney, S. A. (2007). Generativity and legacy behavior of older American female veterans. International Reminiscence and Life Review Proceedings, 265-272. Wise, D., Neilson, B. & Gault, J. (2007). Financial education at the worksite. Leech, I. (Ed.) Proceedings of the Association for Financial Counseling and Planning Education. Wise, D. & Berry, A. (2007). Young Investor Education. Leech, I. (Ed.) Proceedings of the Association for Financial Counseling and Planning Education. Wise, D. & Berry, A. (2007). Financial education at the worksite. Shaffett, B. (Ed.) Proceedings of the Eastern Family Economics Resource Management Association. Zhu, D. & Gutter. M. S. (2007). An exploration of the relationship of debt and retirement planning for full-time workers, American Financial Services. Extension Publications Gutter, M. S. (2007). How to Prevent Foreclosure on Your Home. Gainesville, Florida: IFAS/EDIS. 3 pp. HE724. Available at http://edis.ifas.ufl.edu/HE724. Gutter, M. S. & Walker, K. (2007). Goals and Standards in Resource Management. Gainesville, Florida: IFAS/EDIS. 5 pp. HE 169. Available at http://edis.ifas.ufl.edu/HE169. Hayhoe, C. R. (2007). Renters rights and responsibilities: The basics (354-066). 12 pages. Revision of Hayhoe, C. R., & Williamson, S.* (2004). Renters rights and responsibilities: The basics. Grants Andersen, J. D. (2007). Financial Behaviors and Well-Being of Students at Utah State University. Utah State University. $13,000.

Publications Attachment:

Attachment

Impact Statements

The NC 1013 committee has developed a model that recognizes the complexities of savings behavior and a questionnaire to test the model. Existing theories have not adequately addressed the complexities and research is needed to better understand the savings behavior using a more comprehensive ecological model.