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You are here: Home / Newsroom / Newsletters / Family Economics News - April 2007

Family Economics News - April 2007

The Cooperative State Research, Education, and Extension Service (CSREES) works with land-grant university partners and others to advance knowledge for agriculture, the environment, human health and well-being, and communities through national program leadership and Federal assistance. Among the Agency’s goals is to support increased economic opportunities and quality of life in rural areas. Family economics aligns with this goal by focusing on how individuals and families obtain and use resources such as money, time, human capital, material resources, and community services; by exploring the relationship between individuals and families and the larger economy; and by studying the impact of public issues, policies, and programs on family economic well-being.

Research/Program Evaluation

  • New Insights into Advising Female Clients on Investment Decisions
  • Off-Farm Income, Production Decisions, and Farm Economic Performance 

Education/Extension

  • Financial Literacy Day on the Hill
  • Impact Reports: Financial Security in Later Life (FSLL) and America  Saves 

Resources

  • Families and Credit Cards
  • Financial Security: eXtension Update 

Opportunities

  • Call for Papers:
    • Journal of Personal Finance
    • Journal of Youth Development
    • Financial Counseling and Planning
    • Housing Education and Research Association
    • Journal of Family and Economic Issues (Special Issue)
    • The Journal of Consumer Affairs - Financial Literacy: Public Policy and Consumers' Self- Protection
    • The Eastern Family Economics and Resource Management Association Conference
  • Funding:
    • NASD Investor Education Foundation
    • National Endowment for Financial Education® (NEFE®) 
    • MMI Education Foundation
    • Small Business Innovation Research (SBIR)

Calendar

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A large number of professional and academic studies indicate that, in general, women are less knowledgeable, less risk tolerant, and less confident about their investment decisions than men are. This research applies a model for change and suggests augmenting techniques for financial planners to help women investors improve their investing behavior. The model, the transtheoretical model of change, has only recently been applied to financial behavior. Instead of trying to get adults to change their behavior instantaneously, the model takes a person through five successive stages of change: precontemplation, contemplation, preparation, action, and maintenance. Planners can learn to identify which stage the female investor is in and help her move to the next stage. In the precontemplation stage, the female client has either avoided reassessing her past investment decisions or has tried and given up because of the complexity and difficulty. In the contemplation stage, the client intends to take action in the next couple of months and weighs pros and cons. In the preparation stage, she's considering imminent action and needs a plan of action. In the action stage, she makes specific investment decisions. In the maintenance stage, she is increasingly confident about her investing abilities and commits to regular investments. The study recommends techniques for planners to help their female clients successfully move from one stage to the next. A person may not successfully stay on course on the first attempt. Relapse and recycling during stages occur frequently. To learn more, visit the Journal of Financial Planning Web site.  

The economic well-being of most U.S. farm households depends on income from both on-farm and off-farm activities. Consequently, for many farm households, base their economic decisions (including technology adoption and other production decisions) on the allocation of managerial time among such activities. While time allocation decisions are usually not measured directly, we observe the outcomes of these decisions, such as on-farm and off-farm income. This report finds that a farm operator's off-farm employment and off-farm income vary inversely with the size of the farm. Operators of smaller farm operations improve their economic performance by compensating for the scale disadvantages of their farm business with more off-farm involvement. Off-farm work reduces farm-level technical efficiency, but increases household-level technical efficiency. In addition, adoption of agricultural innovations that save managerial time is associated with higher off-farm income. To learn more, visit the Economics Research Service Web site.

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Financial Literacy Day on the Hill 2007 is April 24, 2007, in the Cannon House Office Building in Washington, DC, as part of Financial Literacy for Youth Month. CSREES will showcase its Financial Security Program and the new personal finance section of eXtension. More than 50 partner organizations of the Jump$tart Coalition for Personal Financial Literacy, which organized the event, will exhibit innovative financial literacy educational products and programs for members of Congress and their staffers. Other convening organizations are JA (Junior Achievement) Worldwide and the National Council on Economic Education.  Representatives Judy Biggert and Ruben Hinojosa will host the event.

The Financial Security in Later Life Impact Report explains the ability to meet future needs while keeping pace with day-to-day obligations. Preparing for retirement and potential long-term care costs takes planning, saving, and debt control. This Cooperative Extension initiative seeks to help people improve personal finance behaviors leading to financial security in later life, enhance the capacity of local educators and their partners to deliver effective programs, and increase economic vitality and quality of life for families and communities. 

The America Saves Impact Report explains the nationwide America Saves social marketing campaign to encourage all Americans, especially those of low to moderate means, to save and build wealth and reduce debt. Similar to health and safety campaigns to encourage buckling up and not drinking and driving, America Saves combines broad public awareness, small group education, and individual assistance to persuade people to select a savings goal, and establish and commit to a simple plan.  America Saves is available locally through broad-based coalitions of government, business, and non-profit groups.  

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This free educational brochure is for parents who are weighing the merits of giving their children credit cards. Topics include youth and credit cards, adding cardholders to your account, secondary cardholder policies, payment options for kids while they're traveling, and helping young people understand the importance of good credit. To order this brochure in English, Vietnamese, Korean, or Spanish, visit the Consumer Action Web site.

The Financial Security for All Community of Practice , a virtual community lead by eight extension professionals from across the country, has nearly 100 members from land-grant universities in 44 states and 1 territory. Members organized into three major subject matter areas - Financial Security in Later Life, Financial Literacy for Youth, and Financial Stability. They develop resources, provide peer-reviewed Frequently Asked Questions and Featured Resources, and answer Ask the Expert questions.  The national Financial Security for All team has collaborated to provide consumers a source of reliable and up-to-date financial and consumer information.   To learn more about financial security and eXtension, go to eXtension and click on Personal Finance.  Learners are encouraged to register in order to receive localized information. 

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  • Journal of Personal Finance. (Open submissions)
  • Journal of Youth Development: Bridging research and practice. (Open submissions) Contact Patricia Dawson with questions.
  • Financial Counseling and Planning (The Journal of the Association for Financial Counseling and Planning Education). (Open submissions)
  • Housing Education and Research Association annual meeting, Charlotte , NC . Topics may include many areas of interest to housing professionals including instructional strategies, research programming ideas, issues, and policy. Deadline April 30, 2007.
  • Journal of Family and Economic Issues (Special Issue). Original empirical or theoretical research papers relevant to consumer finances. This special issue will focus on consumer debt instruments, such as credit cards, HELOCs, payday loans, etc. Follow 5th Edition of Publication Manual of the American Psychological Association to prepare your manuscript. The manuscript should not be more than 30 pages in length. Send an electronic copy of the paper, along with a cover letter, to Lucia F. Dunn, Guest Editor, dunn.4@osu.edu. Deadline May 31, 2007. (Note: This is an extension of the original deadline.)
  • The Journal of Consumer Affairs - A special issue on Financial Literacy: Public Policy and Consumers' Self-Protection.  Manuscripts are being solicited for an upcoming issue of The Journal of Consumer Affairs devoted to the effects of financial literacy on consumer welfare. The goal of this special issue is to extend our theoretical and practical knowledge of how consumers obtain, process, and utilize financial education. Submission guidelines  for The Journal of Consumer Affairs are detailed under: "JCA Author Guidelines" on the Blackwell Publishing Web site. Deadline June 1, 2007.  
  • The Eastern Family Economics and Resource Management Association biannual conference. Seeking submissions for refereed papers, posters, educational program resource exchanges, symposia, workshops, and research in progress and programs in construction. Deadline for refereed papers is October 5, 2007. Deadline for Educational Program Resource Exchange; Symposia/Workshops is November 9, 2007. Deadline for Refereed Posters: Research in Progress; Programs in Construction is December 7, 2007. Go to the Eastern Family Economics and Resource Management Association biannual conference Web site and click on Conference Proposals.

  • NASD Investor Education Foundation Grant Programs - The 2007 NASD Investor Education Foundation grant programs are now posted online. For announcements, subscribe to the e-mail newsletter for periodic updates and announcements of new grant deadlines.

  • National Endowment for Financial Education (NEFE®) - In 2007, the NEFE® Grants program will include two, rather than three, grant cycles with the June cycle removed. The April and October cycles will continue as before. The grants submitted by December 5, 2006, will be reviewed for the April cycle. The next deadline for grant proposals is June 5, 2007, for the October grant cycle. To learn more about the NEFE®Grants program, visit the NEFE Web site and click on the Grantsmaking section.

  • MMI Education Foundation - The foundation uses its resources to serve the public interest and strengthen the communities. Periodic announcements and grant guidelines are available online.

  • Small Business Innovation Research and Small Business Technology Transfer Grant Programs for 2007. The submission dates for grant applications in response to the PHS 2007-2 are April 5, August 5, and December 5, 2007 (May 1 and September 1, 2007, and January 2, 2008, for Aids/Aids-Related applications).

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  • EFERMA Conference, February 28-March 1, 2008, Savannah, GA. Details pending.

  • Galaxy III, Indianapolis, IN, September 14-18.

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  • CSREES Contact: Jane Schuchardt, National Program Leader, CSREES-USDA
  • National Initiative “Financial Security in Later Life” Contact: Nancy M. Porter, Family Resource Management Specialist, Clemson University
  • Financial Literacy for Youth Contact: Erica Tobe, Program Leader for Financial Literacy & Housing, Michigan State University
  • Financial Security for All eXtension ( (pronounced ee-eXtension) Contact: Debra Pankow, Family Economics Specialist, North Dakota State University, or go to www.eXtension.org and click on Personal Finance.

Back issues of Family Economics News are available.

To submit items for consideration for this newsletter, contact Jim Terry, Program Analyst, CSREES-USDA.

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Last Updated: 07/30/2007