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Money Talks: A Financial Guide for Women
Ruth O. Freeman, Resource Management Field Specialist
Alan Keninger, Jasper County Extension Director
Matt Deppe, Madison County Extension Director

Problem facing our clientele:
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.

Extension’s response to the problem:
Two successful Money Talk programs were taught in Jasper and Madison Counties between January 30 and March 16, 2006 for the public.

The first five lessons listed 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 loans – this session was developed by ISUE
  • Insurance Basics: Auto, Life, Disability, Homeowners, Renters, Umbrella, Health
  • Financial Security in Later Life: participants experienced the “Welcome to Retirement” simulation and Retirement: Secure Your Dreams retirement planning presentation. Materials for this session were developed by ISUE. Long term care insurance was covered using materials from the University of Minnesota Extension.
  • Investing for the Future: stocks/bonds/mutual funds
  • When Life Changes: Wills/Estate Planning/Divorce was presented the ISUE Iowa Concern Attorney

The impact on the clientele:
Thirty-three participants learned from the Money Talk series. Twenty- one end of series evaluations showed:

19 ( 90%) - Plan to or have established or revised investment goals.
17 (81%) - Plan to or have taken steps to reduce their debts.
16 (76%) - Plan to or have calculated their retirement financial projections.
15 (71%) - Plan to or have gained greater control over their current spending, saving and financial security.
6 (29%) - Plan to or have increased their contribution to their employer-based retirement fund. Two were already contributing the maximum amount – 1 is self-employed – at least one is already retired

Participants reported learning:

  • How much those little expenditures add up!
  • I’m keeping track of all I spend & plan to dissect that soon.
  • Talked w/spouse about things that should have been talked about a long time ago.
  • Set long term goals and establishing a plan to get those done.
  • Reviewed credit cards, their interest rates.
  • Importance of reducing debts and watch interest rates
  • Create budget & plan for savings & large purchases
  • I got my credit report. Started asking better questions
  • I became more aware of identity theft. – I removed our Social Security numbers from our business checks.
  • Even a small amount saved and invested over time reaps great rewards
  • How to start making a plan for how to live in retirement & the steps needed then to get there.
  • I have started at last financial planning and estate planning – wills.

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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Last update: June 20, 2006  
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