Iowa State University Extension

Problem:
The Women’s Leadership Initiative within the Story County United Way conducted a needs assessment process and identified financial literacy as a key community issue they could address. They had some ideas about how to build financial literacy, but contacted ISU Extension in June 2008 to provide technical assistance in developing their project.

Response:
The Extension Family Resource Management Specialist serving Story County met with the Women’s Leadership Initiative Steering Committee several times during July and August of 2008 to discuss options and develop a program plan. Through the interaction of her experience in delivering financial education and the committee’s knowledge of the community and their own specific goals, a two-pronged effort was designed: 1) financial mentoring, and 2) a workshop series. To avoid creating a new “agency,” the plan involves partnering with local agencies serving residents who might need or want to build financial skills, and organizing outreach through their offices. The workshops and mentoring are available separately, but it is hoped that many participants will take advantage of both, since that will generally maximize their learning and application of new skills.

Impact:
The Financial Literacy outreach effort was piloted in the fall of 2008 with one agency; slight modifications were made and the program is underway spring 2009. Through the pilot, 12 mentors (staff and volunteers of the partner agency) were trained, and 10 low-income or at-risk women participated in the 4-workshop series. The partner agency did not choose to implement the mentoring in a formal way, but the trained mentors were able to interact with some agency clients regarding financial issues and at least provide encouragement for taking control of financial issues.

Response to the workshop series was extremely positive, with nearly all participants identifying multiple ways in which they would be able to put the information to use. As the program has been launched in 2009, a second partner agency has been added and six additional mentors have been trained (2 agency staff members and 4 interested citizen volunteers). A second workshop series has begun with 15 participants, and very positive feedback. Training for volunteer workshop leaders is beginning, as well. The project has received strong support from the community with more than 20 contributing members added to the Women’s Leadership Initiative group, indicating that funding will be present to continue the work and make the project an on-going and reliable resource to residents of Story County.

Contact:
Barb Wollan
Hamilton County Extension
311 Bank Street
Webster City, IA 50595
515-832-9597
bwollan@iastate.edu