Iowa State University Extension

Problem:
Women often have unique financial needs. Eighty-five percent of women will be on their own financially at some time. Lifetime singleness, marriage later in life, divorce, and widowhood create financial challenges. And of the elderly poor in America, more than 70 percent are women. Getting sound, unbiased financial guidance to prepare for the future is critical.

Response:
Money Smart Week is an annual outreach program hosted by partnering organizations, businesses and government agencies who are interested in promoting financial literacy for Iowans. The Women’s Money Smart Conference premiered in Cedar Rapids as part of “Money Smart Week 2009.” Conference speakers focused on money management topics for women of all ages, economic backgrounds, and levels of financial skill. Attendees could choose sessions on investing, money-saving secrets, retirement strategies, identity fraud, credit reports, and more. The keynote presentation addressed the unique investing traits of women. Over 100 women registered and approximately 40 attended the conference.

Impact:
Survey results indicated the following impact of the MSW conference for the 31 women who completed the evaluation:

• The conference was rated as valuable or very valuable for 100%.
• Eighty-one percent are likely or very likely to change the way they manage money because of what was learned.
• Eighty-one percent said the financial information presented was just about right.
• In regard to money management, 42% said they could be a lot better and 42% indicated they were decent, but can improve
• In regard to investing, 48% considered themselves needing help, 26% felt they know enough to be dangerous, and 23% rated themselves as scared.
• When investing, 35% invest only with a professional adviser, 29% with a spouse, and 13% don’t invest.
• Reasons for attending the conference were to start investing (35%), get clues what to do in 2009 (65%), and save a broken nest egg (35%).
• Ninety-four percent would attend a similar conference again.

 

Additional Team Members or Community Partners:
Joanne Kuster, Iowa Money Smart Week chairperson Federal Reserve Bank of Chicago Cedar Rapids Money Smart Week partners

Contact:
Phyllis Zalenski
Jones County Extension
605 E Main Street
Anamosa, IA 52205
319-462-2791
zalenski@iastate.edu