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Financial Education for the Alcohol and Drug Dependency Center

Problem:
Individuals who are addressing drug and alcohol problems often face many challenges, one of which is to successfully manage money, in order to live stable and crime-free lives. In the summer of 2006, the Iowa State University Family Resource Management Specialist in Southeast Iowa contacted the Alcohol and Drug Dependency Center in Des Moines County about possible classes for their clients.

Response:
Initially, the Extension Family Resource Management Specialist provided a 1 hour workshop for three weeks, designed to give the clients practice in making financial choices and recognizing the consequences of those choices. The sessions covered various financial topics that ranged from credit information, credit reports, spending plans, tracking expenses, career choices, and investment choices. After the first two months, participants concluded that additional time for money management education would be helpful and additional lessons on getting organized and insurance and were provided.

Impact:
In general the clients responded very positively during the financial workshops and staff at the Alcohol Drug Dependency center reported that the clients’ comments during the day show that they have retained and are applying many of the principles. Several clients have obtained their credit reports and are working to improve their credit. To date a total of 22 clients have participated and no post-release follow-up evaluation or tracking has been possible. Even without formal follow-up evaluation, however, it is clear that this Iowa State University Extension service is having a positive impact on the participants. In response to the following statements many clients responded positively.

I will use the earned income tax credit - 6
I will plan ahead for non-monthly expenses - 12
I will track spending - 12
I will get a copy of my credit report - 15
I will pay my bills on time - 10
I will keep track of the extras - 13
I will use a written plan/budget - 14
I will use community resources - 12
I will put money into savings - 8

Some comments from the respondents include:

  • I like the way it was presented, “simple”. It gave me a new look at college and job opportunities that may be out there in the field I am getting into. I learned about the way the stocks, bonds and mutual funds operate, IRA’s 401k’s, and invest risk factors.
  • I like the information about credit cards and credit reports, budgeting, stocks, bonds, IRA growth and investments. It was very useful information and gave me ideas on what to do for credit report mess ups. The presenter gave good and useful information and kept your interest.
  • I learned a lot about the Job Outlook for region 16 and stocks and bonds information. I like the spending calendar and the envelop idea.
  • I enjoyed learning about stocks.
  • I will quit lying to the I.R.S. When the instructor drew the stock selections on the board it really made sense. I’ve had a 401k guy explain stocks to me and it didn’t make sense. I like how the instructor talked to us and not down to us.
  • I learned that there is pretty good pay for maintenance and repair which I love to do.
  • I learned that job opportunities with my B.S. in culinary arts are decreasing and I learned about the SHARE program.
  • I learned a lot about a lot of financial things like IRA’s and about stocks and bonds that I didn’t know. I also learned about investing. I really want to invest in an IRA with stocks. I learned a lot – great instructor with a lot of knowledge and certain techniques. Thank you so much. I learned it’s important to save money and use my head.
  • I learned good things – about stocks and not to use credit. There is nothing I disliked about the classes. Everything can and could possible be useful to me now or in the future.

Contact:
Mary M. Weinand
Family Resource Management Field Specialist
Iowa State University Extension
2606 W. Burlington Ave
Fairfield, IA 52556
Phone 641/472-4166; Fax 641/472-2591
Email mweinand@iastate.edu

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Last update: February 27, 2007 
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