Iowa State University Extension

Problem:
It is a fact that nearly one in five families raid their kids savings to pay bills. Effective financial education is intensely personal. Most will not attend large group settings if the language or setting suggests they have a problem. Peer pressure and social status work against it. People would rather travel two counties away for financial education than participate in their own community. Motivation and timing are important factors when trying to reach an audience. Most are more willing to participate in financial education programs when in crisis, when acquiring a major asset and when it is convenient.

Response:
Nineteen individuals participated in an on-line budgeting class. Participants of the pilot could attend the time that was convenient for them choosing between a noon session or a 5:30 session. The three-hour program was offered 1 hour a week for three weeks. Sessions were recorded. An email with a web address and instructions on how to view the recordings were emailed to participants so they could view a missed session, re-watch a session or share the session with friends or family members. A pdf version of the workbook and handouts were emailed to participants so the could print as many copies as they wanted for themselves or the family members they happen to share the recordings with.

Impact:
Participants logged into the web based class room using their first name. Only the instructor knew who had preregistered for the class. Participants were able to share feelings and concerns through a chat box without revealing their identity. This feature of the class and the on-line availability were ranked as being most important to those participating. At the end of each session, a homework assignment made the class personal and led participants to build their own financial plan. At the beginning of the next session, participants could share and brainstorm solutions to road blocks they experienced and celebrate successes. Participants enjoyed the interactive nature of the on-line class and appreciated the convenience and the ability to watch recorded sessions.

Contact:
Brenda Schmitt
Cerro Gordo County Extension
2023 S Federal Ave
Mason City, IA 50401
641-423-0844
schmitt@iastate.edu