Brief Summary of Minutes of Annual Meeting

REVIEWERS PLEASE NOTE--THIS IS INDEED A REPORT SUMMARIZING TWO YEARS. This project formerly operated as NC1013. The project was renewed in 2008. No meeting was held in 2009 because of nation-wide budget tightening and travel restrictions by several universities.

Accomplishments: Outputs: Refined the electronic version of the instrument to be administered using Survey Money and survey panels. Milestones: Finalizing the survey instrument in the current year should now allow the nationwide survey to proceed. NOTE TO REVIEWERS--THERE IS A SIGNIFICANT AMOUNT OF MULTI-INSTITUTIONAL EFFORT ASSOCIATED WITH THE SURVEY INSTRUMENT ATTACHED IN THE "PUBLICATIONS" SECTION OF THE REPORT. THE FOLLOWING IS RELEVANT BACKGROUND INFORMATION. The previous version of the current multistate research committee, NC1013, tested out the first draft of the survey using audiences on our campuses that had access to e-mail; additional tweaking of survey was done. Michael Gutter, then at the University of Wisconsinnow at University of Florida, used those findings to further tweak the instrument and Northwestern Mutual Foundation provided some funding to help pay for the analysis etc. The instrument was further refined (significant content removed). Then, there were two instances of almost getting funding to conduct a national survey by H&R Block and The Financial Planning Association. The committee was advised to work on smaller efforts rather than trying to find one entity to fund a large project. So some team members have used a version of the survey to investigate smaller groups, mostly convenience groups. Also, efforts have been made to garner funding from a recent RFP that was issued by the Social Security Administration. That funding went to the University of Wisconsin and others ( The Financial Literacy Research Consortium (FLRC) consists of three research centers at the RAND Corporation, Boston College, and the University of Wisconsin. Established in September 2009 and supported by the Social Security Administration through five-year cooperative agreements, the Consortium is developing innovative materials and programs to help Americans at all stages of life plan for a secure retirement. Under NC1013, the survey was also tested with a mail-in group and with an online audience made available through Consumer Federation of America and their national America Saves campaign. The returns for both were disappointing and did not yield enough information to report on. Under the current scenario, one of the new NC1172 team members has successfully used Survey Panel International to collect data electronically. Team members are pooling funds from various sources to support data collection using this avenue and with the instrument as developed. Data collection should be completed before 2011 arrives.

2009 Refereed Journal Article Rutherford, L. G. & DeVaney, S. A. (2009). Utilizing the theory of planned behavior to understand convenience use of credit cards. Journal of Financial Counseling and Planning, 20(2), 48-6 Abstract or Articles in Refereed Conference Proceedings Anong, S. & DeVaney, S. A. (2009). Saving habits of American households and the economy. Consumer Interests Annual. Hall, A. & DeVaney, S. A. (2009). Factors that influence small business startup: A survey of small business owners. Consumer Interests Annual. Hall, A. & DeVaney, S. A. (2009). Factors that influence small business startup: A qualitative study of small business owners. Proceedings of the American Association of Family and Consumer Sciences. Kim, H. & Kim, J. (2009). Intergenerational transfer in the immigrant family: Evidence from the New Immigrant Survey. Proceedings of the American Council on Consumer Interests Annual Conference, Milwaukee, WI. Mauldin, T., Mimura, Y., & Wilmarth, M.J. (2009). Savings behavior among cohabiting, married and single persons. Consumer Interests Annual, 55, 117. Yang, T. Y. & DeVaney, S. A. (2009). The effect of the availability of a car on the consumption expenses of older adults. Consumer Interests Annual. Presentations at Professional Conferences Chase, H. & Bowen, C. F. (2009, October) Right on the Money: Talking Dollars and Sense with Parents and Kids. The Institute for Financial Literacys Annual Conference on Financial Education, Philadelphia, PA Kutara,K., Cheang, M., Mills Wong J., Chang R. & Kirk-Kuwaye, C. (2009, November). Peer to Peer: College Students Offer Financial Literacy Lessons. Association for Financial Counseling, Planning and Education Annual Conference. Scottsdale, AZ. Solheim, C.A., Zuiker, V.S., & Sheldeshova, P., (2009, November). How they learned about money: Insights from college students reflections. Presented at the National Council on Family Relations Annual Conference, San Francisco, CA. Extension Publications Weidner, K., Bowen, C. F. , Jacobson, M., Pifer, R. ( 2009) Natural Gas Exploration: A Landowners Guide to Financial Management University Park, PA: The Pennsylvania State University. Bowen, C.F., Douglass, M., Kuleck, R. (2009) Marcellus Education Fact Sheet: Considerations When Hiring Financial Professionals. University Park, PA: The Pennsylvania State University. Bowen, C. F. (2009, May 16). Putting Knowledge into Action. Lancaster Farming, 54(31):B7 Bowen, C. F. (2009, April 18). Taxes: Understand the Basics. Lancaster Farming, 54(27):B7 Grants Okech, D.O., Mauldin, T., Mimura, Y. (2009). Asset building among low-income households in Athens: The role of household characteristics and institutional factors. University of Georgia, Poverty and the Economy Faculty Research Grants Program. Funded, $25,477. 2010 Refereed Journal Article Anong, S. T. & DeVaney, S. A. (2010). Determinants of adequate emergency funds including the effects of seeking professional advice and industry affiliation. Family & Consumer Sciences Research Journal 38(4) 405-419. DOI:10.1111/j.1552-3934.2010.00035x Anong, S. T. & DeVaney, S. A. (2010). Determinants of adequate emergency funds including the effects of seeking professional advice and industry affiliation. Family & Consumer Sciences Research Journal 38(4) 405-419. DOI:10.1111/j.1552-3934.2010.00035x Baek, E. & DeVaney, S. A. (2010). How do families manage their economic hardship? Family Relations 59(October): 358-368 DOI:10.1111/j.1741-3729.2010.00608.x Baek, E. & DeVaney, S. A. (2010). How do families manage their economic hardship? Family Relations 59(October): 358-368 DOI:10.1111/j.1741-3729.2010.00608.x Loibl, C. and Robert L. S. 2010. Examining the effect of expressing a quantitative goal on consumer savings. Journal of Consumer Affairs. Vol. 44, no. 1: 127-154. Loibl, C. 2010. A look inside: Teacher information search for personal finance instruction. International Journal of Consumer Studies. Vol. 34, no. 3: 287-297. Loibl, C., Grinstein-Weiss, M., Zhan, M. & Red Bird, B. (2010).More than a penny saved: Long-term changes in behavior among savings program participants. Journal of Consumer Affairs. Vol. 44, no. 1: 98-126. http://dx.doi.org/10.1111/j.1745-6606.2010.01159.x. Solheim, C.A., & Yang, P.N.D. (2010). Understanding generational differences in financial literacy in Hmong immigrant families. Family and Consumer Sciences Research Journal. Worthy, S. L., Jonkman, J. N., & Blinn-Pike, L. (2010). Sensation-seeking, risk-taking, and problematic financial behaviors of college students, Journal of Family and Economic Issues, 31(2), 161-170. Articles or Abstracts in Refereed Conference Proceedings Anong, S. T. & DeVaney, S. A. & Gorham, E. (2010). Who cannot afford health insurance? Consumer Interests Annual, 56. Gutter, M., Mauldin, T., Mimura, Y., & Moorman, D. (2010). The complex nature of savings: Psychological and economic factors: Multistate research project. In C. Robb (Ed.), Eastern Family Economics and Resource Management Association 2010 Conference Program and Proceedings. [CD-ROM]. Kim, J. & Kim, H. (2010). Asset ownership of recently lawful immigrants. Consumer Interests Annual, 56. Loibl, C., David K., and Sara D. (2010, April). Habit and regular saving: An intertemporal analysis [Abstract]. Consumer Interests Annual. Vol. 56. Atlanta, Georgia: American Council on Consumer Interests. http://www.consumerinterests.org/publications/consumerinterestannual.html. Lown, J. M. (2010). A profile of Financial Planning for Women participants: Implications for education and advising. Proceedings of the Academy of Financial Services. Lown, J. M., & Allred, S. L. (2010). Three strategies to motivate people to invest for retirement. Proceedings of the Academy of Financial Services. Mauldin, T., Mimura, Y., DeVaney, S.A., Moorman, D., & Gittens, C. (2010). The impact of the current economic environment on motivation to save: Differences by three age groups. Consumer Interests Annual, 56. Mimura, Y., & Mauldin, T. (2010). Optimism, economic outlook, and financial savings among women in Japan. Consumer Interests Annual, 56. Robb, D. K., & Lown, J. M. (2010). Attitudes toward immediate annuities. Proceedings of the Academy of Financial Services. Rowley, M., Lown, J. M., Piercy, K., & Hartman, C. (2010). Motivating women to adopt positive financial behaviors. Proceedings of the Association for Financial Counseling and Planning Education. Presentations at Professional Conferences Bowen, C. F. & Chase, H. (2010, June) Right on the Money: Talking Dollars and Sense with Parents and Kids. The American Association of Family and Consumer Sciences, Cleveland, OH. Cheang, M. (2010, March). Disconnect between parents attitudes about children saving for the future and actual savings incidence: Kids Savings Project in five public elementary schools. Eastern Family Economics and Resource Management Association Conference. Chattanooga, TN. Solheim, C.A., Olson, P.D., Alba Meraz, A., Burk, G., & Rojas Garcia, G. (2010, June). Collaborating with stakeholders to protect vulnerable immigrant populations. Presented at the Ethics and Politics of Research with Immigrant Populations Conference, Minneapolis, MN. Extension Publications Fact Sheets Gorham, E. & Pankow, D., (June 2010) ExEx14018: Consequences of Living on the Credit Card. Gorham, E. & ONeill, B. (2010) ExEx14019: The Aftermath of the CARD Act of 2009: Expect Changes in Your Credit Card Contract. News Articles Bowen, C. F. (Fall/Winter 2010). Plugging Leaks in Your Financial Boat. NOW, p. 6 Harrisburg, PA. Bowen, C. F. (Summer/Spring 2009). Financial Strategies to Weather Any Storm. NOW, p. 6 Harrisburg, PA. Gorham, E. (August, 2010) Homeowners can get tax credits from home improvements. South Dakota State University Communications. Gorham, E. (March, 2010) Extension specialist stresses the importance of household emergency funds. South Dakota State University Communications. Gorham, E. (March, 2010) Extension specialist reminds South Dakotans about the America Saves campaign. South Dakota State University Communications. Gorham, E. (February, 2010) Extension specialist reminds taxpayers to consider Earned Income Tax Credit. South Dakota State University Communications. Gorham, E. (March, 2010) Extension specialist reminds South Dakotans about the America Saves campaign. South Dakota State University Communications. Gorham, E. (April, 2010) South Dakota Saves can help families and individuals meet money-saving goals. South Dakota State University Communications. Grants Kim, J. (2010). Workplace Financial Education for University of Maryland College Park faculty and staff. Investment Company Institute Education Foundation. $19,250 Gessner, H. & Gorham, E. Updating estate planning fact sheets, South Dakota State University Extension Issue-Based Team Grants, July 2010, $5000 Cho, S. & Gorham, E. Role of Psychological Factors in Saving: Regulatory Focus Approach, March 2010, $5000