Iowa State University Extension

Problem:
85% of women will be on their own financially at some time. Some never marry, some marry later in life, some divorce, and some outlive their husbands. Of the elderly pool in America, more than 70% are women. Women leave the workforce more often to care for children or aging parents. Women lack financial experience.

Response:
Iowa State University Extension offered “Money Talk: A Financial Course for Women” in Clay County in northwest Iowa in cooperation with varying local partners in Emmet and Dickinson County. This five-part series provides a comprehensive review of core financial content:

• 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 An informative and practical workbook is also included in the course.
  
  

Impact:
Six women participated in the ten-hour workshop series in Clay County. Of those respondents: Prior to the end of the series 100% of the participants said:
• I have more knowledge, skill and confidence for making financial decisions improved because of the series.
• I am going to ask how the company is rated.
• I see the importance of reducing debt s and watching interest rates.

Many positive participant comments were received, including those indicating that the series:
• “I am going to check into different insurance policy”
• “It made me aware of how much money I’ll need for retirement.”
• “I need to ask how much annual fee I pay my life insurance company to run the IRA.”

Several participants also bought books for friends and family, who could not attend as they felt the worksheets in the book, will continue to be a useful tool.

Additional Team Members:
Leonard Langner, Investment Centers of America, Inc. Carrie Jones, Attorney at Law, Jones Law Offices

Contact:
Jan Burk
Clay County Extension
110 West 4th Street, Ste 100
Spencer, IA 51431
712-262-2264
janburk@iastate.edu