On April 24, I attended the Minnesota Library Financial Education Workshop, an all-day training offered through the Minnesota Department of Education-State Library Services and facilitated by the Consumer Financial Protection Bureau. The presenters and panel participants shared expert information, though I would say it was difficult to see how to directly apply this information to libraries, and no discussion was offered regarding the information vs advice conundrum we have as librarians. It was also clear from the presenters and fellow library attendees that the workshop was geared towards the needs of suburban communities—only one panel addressed the needs of the underserved.
I tried below to share only what I thought might be useful to librarians and/or in a library setting. I did come away with a bag with a State Fair’s-worth handouts from each organization, so please let me know if there’s interest in reviewing them. Sadly, the only true swag was a pen from the Better Business Bureau with a stylus on one end, but you’re welcome to it.
Consumer Financial Protection Bureau Community Partnerships program
Built by libraries for libraries:
- Community partnerships
- Outreach
- Programming
- Clear information and resources
- Libraries can sign up for a monthly newsletter
Free publications
Consumer tools
Retirement – Social Security Administration
- Build your Future: Social Security, Pension, Investments, Other Income
- Born after 1960: 100% benefit at age 67
- Free publications
- Sign up for a “my Social Security” online account to view benefits, statements, etc.
- Benefits calculators
Resources for Young Adults panel - Best Prep, Jump $tart Coalition, Family Means, MN Department of Education
Barriers for youth:
- No guidance; fear of money
- Different home experiences
- Classes are electives, not required
- Parents are reluctant to talk about it
- Cultural or status stigma around talking about it
- Inability to “practice in a safe space”
Youth should start right now:
- Understanding luxury vs necessity (wants vs needs)
- Tracking expenses
- Limits and goals on saving and spending
- Know your weaknesses (ie., Starbucks) and what you value (ie., family time)
- Gain spreadsheet skills (both for budgeting and future employment)
- Parents should resist being guilted
Student Loans and Financial Aid:
- Career and College Readiness Research Guide – MN Department of Education
- Develop unique skills and talents – invest in YOU
- Don’t borrow more in total than you think you’ll earn your first year out of college
- Sit down and really look at your financial aid award letters – do the math!
- Look at what are the growing fields for employment
- Don’t visit schools you can’t afford – no point in falling in love if it’s too expensive
- Use each school’s Net Price Calculator to get an idea of the costs
Resources:
- Best Prep (Stock Market Game, free guest speakers)
- Jumpstart.org (Reality Check quiz, calculators, resources for students and parents)
- Knowledge Matters --has simulations (free trial available)
- Bureau of Labor Statistics (BLS) (Student Resources, Occupational Outlook Handbook
- TreasuryDirect.gov
- ConsumerFinance.gov
- Mad City Money simulator (fee)
- You Need a Budget
Financial Planning Basics – Association of Financial Educators
Basics:
- Cashflow – income and expenses
- Risk Management – ie., insurance
- Accumulation/Investment
- Income Taxes
- Retirement – aka financial independence
- Estate – passing it on
Financial Emergencies:
- A plan for the unplanned
- A Rainy Day Fund – 3-6 months of fixed expenses
Financial Planning Day (pro bono CFPs) – annually in October at Wilder Center
Credit and Debt Management – University of Minnesota Extension Service
- Credit score ≠ Credit Report
- Consumers get 3 free credit reports (1 each from Experian, TransUnion, and Equifax) per year through annualcreditreport.com
- 25% of credit reports have errors
- Consumers may check their own report as many times per year as they want – doesn’t affect anything
- Best referral: Lutheran Social Services Financial Counseling
Resources for Financially Vulnerable, Immigrants, & Underserved Communities panel
Prepare and Prosper
- Defines ‘underserved’ as: cash only, payday loans, no mainstream accounts, low income, unbanked, New Americans, LEP (Limited English Proficiency)
- Provides credit and financial coaching, tax preparation, ITIN applications, referrals
- Summer and fall tax clinics (income limits)
- EIC-Earned Income Credit – largest poverty tool from the US government. Very effective, can refund 30-35% of income. In MN, 1 in 5 who qualify do not claim it.
- Exodus Lending – will buy payday loans, client only has to pay principal (no interest). Located near Raymond/University.
United Way 211
- 211unitedway.org
- Social services referrals
- Spanish and Hmong speakers on staff
Minnesota Attorney General’s Office
- Avoid payday loans
- Look up lenders on MN Dept of Commerce License Lookup
Federal Reserve Bank of Minneapolis
- Examines banks
- Federalreserveeducation.org
- Federalreserveconsumerhelp.gov
Fraud Prevention panel:
Commodity Futures Trading Commission
- Avoiding fraud
- Learning Resources – brochures, videos
- Smartcheck.gov – check financial knowledge, articles, fraud detection skills
Better Business Bureau of Minnesota and North Dakota
- First BBB in US
- “Safeguarding our Seniors”
- Free newsletter and events calendar
- Scam Tracker
- File complaints
- Leave and read reviews
Federal Trade Commission
- Consumer Tips and Information: file complaints, register for Do-Not-Call, report identity theft, order free credit reports
- Download or order free consumer publications
Financial Industry Regulatory Advisory Corporation (FINRA)
- Quizzes, calculators, and research tools
- Download or order free publications
- BrokerCheck
- Securities Helpline for Seniors
- Don’t use ‘fraud’ in programming, use ‘behavioral economics’
- Use Robokiller app (free 7-day trial) to stop scam calls
--Laura, George Latimer Central Library
