Quad City DollarWise Survey

Problem:
Individuals and families in the Quad Cities, who could benefit from financial education, are often not aware of existing educational services to assist them. Various local social service agencies, financial institutions, financial professionals, educational institutions, and other organizations offer a wide variety of financial education in the community. A need exists to coordinate existing services with target audiences who could utilize these educational opportunities.

Response:
A two-part survey was conducted to identify existing financial education currently being offered in the Quad Cities and the educational needs of underserved populations in the Quad Cities. A total of $3,250 was donated by financial institutions, Quad City foundations, city government, and ISU Extension to cover the costs of hiring a data collector and various expenses of collecting the information. Data was collected in the spring and summer of 2006. Surveys were primarily conducted via phone interview. A link to Survey Monkey was used to collect data from financial institutions, primarily credit unions.

Impact:
A total of 56 entities responded to the survey. Participants included financial institutions, educational institutions, social service agencies, and other financial organizations.
Forty-nine surveys were useable. Twenty-nine of those responding provide financial education and twenty requested financial education. Nineteen educators also answered the survey requesting additional financial education.

Primary financial education being provided is individual counseling (75.9%), group classes (72.4%), and newsletter articles (44.8%). Content of the education focuses on basic budgeting (96.4%), credit issues (92.9%), saving money (89.3%), banking services (78.6%), debt management (78.6%) and getting organized/recordkeeping (71.4%). Programs are primarily available to agency program participants/customers only (64.3%) and the public (50.0%). Educators are primarily non-profit organizations (85.7%).

For those requesting financial education, primary financial issues facing the individuals and families served are limited income (87.8%), mis-use of credit/lack of credit (85.4%), unplanned expenses (85.4%), late payment of bills (75.6%). and non payment of bills (75.6%). The educational method(s) that would best reach those served are individual counseling (90.2%) and group classes (80.5%).

Financial topics of most benefit to those served are basic budgeting (100%), credit issues (97.6%), saving money (92.7%), debt management (87.8%), banking services (85.4%), predatory lending (78.0%), getting organized/recordkeeping (75.6%), and teaching youth about money (75.6%). No funding for financial education can be provided by 63.4%.

Additional survey results are available from ISU Extension. The QC DollarWise Board is reviewing the data to decide on next steps to link those requesting financial education with educational providers as well as fill in any educational gaps.

Contact:
Phyllis Zalenski
Family Resource Management Specialist
605 E. Main, Anamosa, IA 52205
Phone 319-462-2791; Fax 319-462-4572
Email zalenski@iastate.edu

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