Money Talks: A Financial Guide for Women

Problem:
Women live longer than men; average age of widowhood in the U.S. is 56. Women as a group earn less money than men. Women leave the workforce more often to care for children or aging parents. Women suffer more monetarily from divorce and widowhood. Women lack financial experience. Many women are handling their basic needs, but want more from their money... financial security in later life, education for their children or a home of their own.

Response:
When employees of Skiff Medical Center in Newton learned the Money Talk: A Financial Guide for Women series was being offered from January 24 – March 7 in Newton, they asked their Human Relations Director if it could be offered at the medical center for hospital staff. A February 20 meeting with Skiff Administration lead to a contact for the six lesson series for Medical Center staff from March 29 – May 3. Skiff marketed the series to their staff, provided meeting rooms, refreshments and paid ISUE $1450 for staff time, travel, books and teaching materials. Insurance agents who provide plans as part of the Skiff cafeteria plan attended the Insurance Basics and Financial Security in Later Life sessions to answer plan specific questions.

Lessons 1 – 5 were taught by an ISUE Family Resource Management Field Specialist:

• Financial Basics: Setting Financial Goals, Planning Spending, Needs & Wants, etc.
• Banking Basics: Credit use & abuse, checking, saving, home loan – session developed by ISUE
• Insurance Basics: Auto, Life, Disability
• Financial Security in Later Life using the “Welcome to Retirement” simulation and Retirement: Secure Your Dreams retirement planning materials. Materials developed by ISUE
• Investing for the Future: stocks/bonds/ mutual funds – a local financial planner lead this session
• When Life Changes: Wills/Estate Planning/Divorce taught by the ISUE Iowa Concern Attorney

Impact:
Twenty-two Skiff Medical Center staff participated. Twelve returned the three month follow-up survey showing:

9 increased their savings since completing Money Talk – the median amount was $1,500

8 investigated investments available through their employer

8 calculated personal net worth

8 consulted one or more financial professionals

8 reviewed features of one or more personal insurance policies

8 organized their records

7 set specific financial goals – listing a completion date and cost

7 checked their credit file

6 calculated their retirement financial projections

6 reduced expenses to “find” money to save & invest

4 added or changed insurance coverage

4 established an emergency fund

3 purchased one or more new investments

Comments from the three month follow-up surveys included:

• Great program with practical steps to improve my personal financial situation.
• It was a great class. It really put things in to perspective for me. It has helped me to see things in a different way. For example, I am not as much of an impulse spender as I used to be.
• I found the classes to be an eye-opener regarding monies for retirement. I know I have not saved enough $$$ for retirement so I must concentrate on increasing my funds. I believe since attending the classes I think a little more about making purchases through credit and I am acquiring the available cash for payment instead of using my credit cards or making sure I pay the balances off when the monthly billing arrives. It is amazing how the credit card companies start writing you letters beginning with the statement, “We missed your business.”
• The “Life” game we played (Welcome to Retirement) was a huge wake up call for me. My husband and I now sit down weekly and make decisions on where our money goes. I think we will be better prepared for retirement and are currently reducing our debt. Thanks so much!

As an outgrowth of the spring Money Talk series, Skiff Medical Center contracted for a second series to be taught October 4 - November 8, 2005 and the neighboring Capstone Mental Health Agency contracted for a Money Talk series for their staff on November 3, 10, 17 and December 1, 8 and 15, 2005. A 2006 Jasper County series for the general public is scheduled for January 30 – March 6. The additional four series are an outgrowth of the early 2005 Money Talk series.

Contact:
Ruth Freeman
Family Resource Management Field Specialist
104 W. Washington Street
Jefferson, Iowa 50129-1920
Phone 515-386-2138
Fax 515-386-3884
E-mail rofreema@iastate.edu

 

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