Money Smart Week Summary ReportMoney Smart Reality Checks UNL Student Money Management Center Money...

p | 12012 Nebraska Money Smart Week Summary Report

April 20th - 27th, 2013

Purpose:To help readers understand the mission of Money Smart Week and what financial education activities were offered, as well as the results of these activities.

NOTE: This is an interactive PDF document. Please click the buttons at the top of the pages to go directly to the sections.

Money Smart Week

Summary Report


About Money Smart Week

What is Nebraska Money Smart Week?

Money Smart Week is a public awareness campaign designed to help consumers better manage their personal finances. This is achieved through the collaboration and coordinated effort of organizations across the state and Midwest including businesses, financial institutions, schools, libraries, not-for-profits, government agencies and the media. These groups come together once a year to stress the importance of financial literacy, inform consumers where they can get help, and provide free educational seminars and activities throughout the week. Programming is offered to all demographics and income levels and covers all facets of personal finance from establishing a budget to first time home buying to estate planning.

How Did It All Get Started?

The idea of this week originated in Chicago and has also been undertaken in the Kearney area. Nebraska Money Smart Week ef-fort is coordinated by the Nebraska Financial Education Coalition, a diverse group of close to 100 Nebraska organizations working together to promote personal financial literacy. The Coalition of-ficially formed in 2007 to help organizations interested in financial education share resources, network, and increase awareness of the importance of financial literacy in Nebraska. The goal of the coalition is to help all Nebraskans – no matter the age – to be-come better educated on how to successfully manage their per-sonal finances.


Money Smart Week NFEC Signature Events

Money Smart Week Proclamation Ceremony

Governor Heineman proclaimed April Economic and Financial Lit-eracy month, as well as the week of April 20-27, 2013 Money Smart Week.

Nebraska Financial Education Coalition members received the procla-mation at a special ceremony at the State Capital.


Money Smart Week NFEC Signature Events

Nebraska Heart Health Fair Members of the Nebraska Financial Education Coalition distributed financial education resources and answered participants’ personal finance questions. Attendance was 300+.

Financial Coaching at the People’s City MissionMembers of the Nebraska Financial Education Coalition answering financial questions for the residents of Lincoln’s People’s City Mission and helped them develop financial plans to help them reach their life goals. Attendance was 25+.

Financial Empowerment Campaign for Big Brothers & Big SistersMembers of the Nebraska Financial Education Coalition distributed financial empowerment resources for children and teenagers at the Heartland Big Brothers & Big Sisters Bowl-a-thon event. Attendance was 300+.


Money Smart Week NFEC Partner Events

Overall, there were 29 events held by partnering organizations.

Saving & Budgeting Seminar First National BankSpecial Guest Book Reading on Money First National BankKid’s Banking Corner First National Bank of OmahaCredit Scores Informational Session Lifetime Financial GroupEstate Planning Informational Session Lifetime Financial GroupLife Insurance: Wanted Dead or Alive Lifetime Financial GroupSocial Security Informational Session Lifetime Financial GroupFinancial Freedom Lincoln Berean ChurchFinancial Freedom Lincoln Berean ChurchInformation Session on Credit Lincoln Credit AssociationFinance Challenge Regional Competition - Lincoln Nebraska Council on Economic EducationFinance Challenge Regional Competition - North Platte Nebraska Council on Economic EducationFinance Challenge Regional Competition - Omaha Nebraska Council on Economic EducationEstate Planning, Trusts, Wills, and Probates Omaha Public LibraryMedicare 101 Omaha Public LibraryMoney Smart Story time Omaha Public LibraryPaying for Long-Term Care Omaha Public LibraryRetirement Income Planning Omaha Public LibrarySocial Security Strategies Omaha Public LibrarySENCA SMART Poverty Simulation Southeast Nebraska Community Action Partnership (SENCA)Money Smart Reality Checks UNL Student Money Management CenterMoney Smart Stress Free Zone UNL Student Money Management Center

“We feel we had very good attendance at our workshops during Money Smart Week this year. We had one workshop at the Mon-roe Meyer Institute here in Omaha. The other 7 were all conducted at four local libraries. We had a total of 134 people with topics including Money Management, Estate Planning, Credit Scores, Social Security and Life Insurance.”

Loretta Mills, Lifetime Financial Group


Money Smart Week Pledge Campaign

All Nebraskans were invited to pledge to become Money Smart. They were given examples of how they could improve their financial behaviors.

I Pledge I Will:

Create a Spending Plan Avoid Unnecessary & Impulse Spending Set Specific Savings Goals Reduce My Debt Level Get My Financial Records Organized Learn How to Smartly Use Credit Understand My Credit Report Build an Emergency Fund Start Saving or Save More for Retirement Start Saving or Save More for My Children’s Education

Everyone who completed a pledge was entered into a draw-ing to win $50 from the Nebraska Financial Education Coali-tion.

Results

• 88 Participants

• Most from 18-24 age group

• Most from Central Nebraska


Money Smart Week Money Saving Tip Contest

All Nebraskans were invited to enter their most creative money saving tip into a con-test to win $50 from the Nebraska Financial Education Coalition.

Results• 83 Participants

The Top 10 Creative Money Saving TipsWINNER: Haley Stopak, Columbus

“Figure out what your wants, needs, and values are, so that you know what you should really be spending and saving for.”

Allie Parry, Columbus

“Save all change in a container that is difficult to open so you are not tempted to take money out.”

Jacob Jenson, Columbus

“Buy store brand products instead of name brand products.”

Jake, Columbus

“Always have a minimum amount of money that you must have in your savings account.”

Kearcie Becker, Columbus

“Make a monthly or weekly budget. Make sure you stick to it! Saving money is like dieting. You are not going to really see the results until you have been consistently partaking in your saving plan/budget for at least a couple of months!”

Kollin Forney, Columbus

“Make a list and that’s all you can buy when you go to the store. Also create both a savings and checking account put a certain amount in each and the checking account is how much you have to spend and if you go under the amount it carries over to the next month/2 weeks.”

Matt Kratochvil, Columbus

“Use cash as much as possible. When you use cash, you get a sense of how much you are spending and see you cash slowly dwindle down the more you save. When using credit or debit cards, you just swipe the card. There is no visual indicator that you are spending money.”

Nick Honken, Columbus

“Don’t confuse wants with needs.”

Sydney Recek, Columbus

“I use a checkbook app on my phone to keep track of my balance. It does the math for me and I can add multiple accounts. Like gift cards, I add them to know how much I have left on them.”

Rylee Jones, Columbus

“Limit the amount of going out to eat to save that money.”


Money Smart Week Media Campaign

A press release highlighting Tips for Financial Wellness was sent to Nebraska media outlets. Following are the tips:

Set SMART Financial Goals (Specific, Measurable, Achievable, Rewarding, Trackable)

Why are some people good money managers? Because they have financial goals – they know what they want out of life and how their money will help them achieve their goals. Having goals keeps good money managers motivated to keep being good money managers.

Control Your Money Through Prioritizing Spending

Many people spend money like water and are surprised when they run out and are forced to rack up unnecessary debt. The best cure for this is to have a plan for how you want to spend your money. Determine what your income and expenses are and how much you need to save for your financial goals. This will help you recognize if you have any unnecessary and unhealthy spending patterns, helping you prioritize your spending.

Be Diligent about Preparing for Your Future

Make sure you are using your money to prepare for your future. Be aware of how much money you will need to retire and make sure you are on the path to reach that amount. If you have children, plan for their education expenses. There is one factor that separates people who reach their financial goals and people who don’t: Successful money managers plan ahead.

Handle Debt Wisely

Think about your wants vs. your needs before you chain yourself to debt. Only use credit to purchase what you can actually afford. People with unhealthy relationships with credit can end up having unrealistic expectations about what they can afford and become used to overextending and living in denial. To avoid using credit, have an emergency fund for unexpected expenses. Most experts agree that you should keep between three to six months’ worth of your living expenses in this fund.


Money Smart Week Media Campaign

Continuously Communicate with Your Loved Ones About Money

If your financial life is tied to the lives of others, make sure that all parties are involved in making money decisions. Everyone should be involved in setting financial goals and spending priorities, as well as agree to incurring and paying down debt. Have “money huddles” at least once a month where you discuss your financial plans in order to ensure everyone’s on the same page about your finances.

Be a Wise Consumer

Do your research before making large purchases. Researching is more than just hunting down the lowest price - product reviews and ratings can help you determine the quality and value of products. Read store return policies and warranties and ask questions if they aren’t clear.

Teach Children How to Build Good Financial Habits

Everyday activities are teachable moments. A trip to the grocery store is a good time to explain price comparison, value and inflation. Opening bills is a chance to talk about payment for services, credit card debt and interest rates. Share your money management mistakes to help prevent them from making the same mistakes.


Money Smart Week Flyer Campaign

A flyer campaign was created to help teach children good financial habits. The flyers featured tips from real millionaires featured in the book “The Millionaire Next Door.”


Money Smart Week Flyer Campaign

Results

The Nebraska Bankers Association helped get these flyers displayed at banks around the state.

“The kids LOVE these.”

Amy B. Mrsny, Omaha State Bank

The flyers were also displayed in high schools in Lincoln and central Nebraska.


Money Smart Week Table Tent Campaign

Money Smart table tents were created as a way to get financial education to busy college students.

Results

The Money Smart table tents were displayed around the University of Nebraska.

“Those savings tips were so helpful. What a good way to help students save money.”

Eric Kamler, UNL Student Body President


Money Smart Week Email Campaign

An e-mail campaign was created to promote the Ne-braska Financial Education Coalition’s Speakers Bureau to professional groups across the state.

Results

There were 19 professional groups throughout the state that were contacted.

Three of the groups expressed interest in having a Ne-braska Financial Education Coalition member speak at one of their upcoming meetings.


Money Smart Week Education Campaign

A interactive Money Smart Quiz was created to help partici-pants assess if they have a good grasp on basic personal finance.

Questions included:

Which activity can pose the greatest threat to your wallet? * Getting a latte at Starbucks every day * Borrowing money for a car you need to get to work * Spending without a plan

If you apply for a store credit card, how do they decide if they approve you—or turn you down—on the spot? * They make sure you look good in their clothes * They check out your credit score * They make sure you have spent a set amount of money at their store

What does a phisher want? * Your personal and financial information * A romantic date * Your academic records

Results

Throughout Money Smart Week, the quiz was accessed by 46 unique visitors.


Money Smart Week Social Media Campaign

Summary of Campaign Strategy

The goals of our social media campaign, using our Facebook and Twitter channels, are:

• PromoteourMoneySmartWeekEvents• PromoteourMoneySmartPledgeCampaign• PromoteourMostCreativeMoney-SavingTipContest• PromoteourMoneySmartQuiz• PromoteourMoneySmartResources• PromoteourMoneySmartflyercampaign• Promotefinancialeducationthroughpostingtipsforfinan-

cial wellness that were included in our media press releases

Results

• 40 Brand Ambassadors Fans of our page who share our posts.

• 1,921 post views

• 37 shares

• Example organizations sharing our posts:

Colorado Jump$tart

Douglas County Housing Authority Family Self Sufficiency

First State Bank & Trust Company - Fremont

Liberty First Credit Union

McCook National Bank

SHSU Student Money Management Center


Money Smart Week Results

Number of Participants 625 + Nebraska Financial Education Coalition Money Smart Week Signature Events

Number of NFEC Partner Events 29

Number of Contest Participants 171

Money Smart Quiz Participants 46

Social Media

Post views 1,921

Shares 37

Brand ambassadors 40

Flyer Campaign Displayed in banks and high schools across the state.

Email Campaign Successfully promoted the NFEC Speakers Bureau.

Table Tent Campaign Successfully promoted savings tips.


About the Nebraska Financial Education Coalition

Who We Are

The Nebraska Financial Education Coalition is a group of interested businesses, individuals, financial institutions, and gov-ernment and non-profit agencies who believe that basic personal financial literacy is an essential skill. The Coalition’s mis-sion is to strive to improve the personal financial knowledge and decision-making ability of Nebraska citizens by promoting public awareness of the need for personal financial education, and by facilitating networking and partnerships for financial education service providers. Our long-term goal: for all Nebraska citizens – no matter the age, background or circumstance – to achieve long-term personal financial health.

Our History

The Nebraska Financial Education Coalition started out as a small group meeting in 2005 to talk about the importance of financial education in Nebraska. Participants noted stakeholders weren’t aware of other activities in the state, which led to discussions to better understand the state of financial education in Nebraska. Through those discussions, participants felt it important to develop a statewide coalition that could:

* Help businesses and organizations partner to utilize limited resources * Raise the level of awareness of personal financial literacy in the state * Identify potential gaps and under served areas in the state

In May 2007, the Coalition incorporated as a non-profit organization in the state of Nebraska and elected a board of direc-tors. The Coalition is also an affiliate of the National Jump$tart Coalition for Personal Financial Literacy, a coalition of orga-nizations dedicated to improving the financial literacy of kindergarten through college-age youth.

What We Do

The Nebraska Financial Education Coalition is made up of partner organizations who serve a wide variety of individuals in Nebraska – from youth to senior citizens. The Coalition doesn’t take the place of the education programs done by many great organizations in Nebraska. Rather, we help those organizations connect to share best practices and maximize their resources. By working together, we help raise the collective importance of financial education as a critical issue for Nebras-kans. The Coalition meets on a quarterly basis; there is no cost to be a partner in the coalition.

Becoming a Partner

If you or your organization are interested in becoming a member of the Nebraska Financial Education Coalition, please visit http://www.nebraskafinancialeducation.org.


April 20th - 27th, 2013

For more information, contact:

Erin [email protected]

Money Smart Week

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