Developing Sophisticated Financial Consumers Karen Murrell Senior Research Fellow, Asset Building Program National League of Cities.

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Presentation transcript:

Developing Sophisticated Financial Consumers Karen Murrell Senior Research Fellow, Asset Building Program National League of Cities Bank on and Beyond: A Roundtable for City Leaders September 10, 2008

New America Foundation Asset Building Program 2 Session Overview The Case for Financial Education Financial Education Challenges Developing Sophisticated Consumers by Addressing Financial Life Stages Examples: Cities Addressing Financial Life Stages

The Case for Financial Education Complex, Consumer-Driven Financial Marketplace Changing Demographics Market Innovation The Subsequent Impact on Consumers

Financial Education Challenges Low demand from consumers Lack of evidence about best practices and effectiveness No national infrastructure to coordinate and ensure effective practices Weak financial education distribution system for children and adults New America Foundation Asset Building Program 4

Financial Life Stages YouthUnder 18, still in school, may have a job StudentAttending college/university Starting OutEntering the workforce BuilderGetting married, starting a family, building a career New America Foundation Asset Building Program 5

Financial Life Stages Starting AgainDivorced, widowed RetiredLiving on a fixed income Care GiverCaring for an elder New America Foundation Asset Building Program 6

Youth New America Foundation Asset Building Program 7 Objective/ Motivation Financial Education Needs Motivation: Maximizing spending money Basic money management/goal setting Banking basics/cost of alternative financial services Establishing savings habits

Student New America Foundation Asset Building Program 8 Objective/MotivationFinancial Education Needs Motivation: Paying for education; maximizing spending money All goals listed previously, plus: Financing education Credit and debt management Establishing an emergency savings fund, if earning money

Starting Out New America Foundation Asset Building Program 9 Objective/MotivationFinancial Education Needs Motivation: Financial stability; buying a car or home All goals listed previously, plus: Understanding the impact of public benefits Tax preparation/management Car financing Homeownership counseling Insurance (life, disability, health, auto, home, etc) Retirement planning

Builder New America Foundation Asset Building Program 10 Objective/MotivationFinancial Education Needs Motivation: Financial freedom; buying a car; buying a home; saving for childrens education All goals listed previously, plus: Saving for college Update insurance (life, disability, health, auto, home, etc) Establish legal documents (trust, living will, durable power of attorney, health care proxy) Investment planning

Starting Again New America Foundation Asset Building Program 11 Objective/MotivationFinancial Education Needs Motivation: Financial freedom; buying a home; saving for childrens education Review income (including alimony/child support), asset and credit status Review housing needs Revise insurance needs Review tax consequences

Retired New America Foundation Asset Building Program 12 Objective/MotivationFinancial Education Needs Motivation: Maximizing retirement income; passing assets to heirs Managing money on a fixed income Medical expenses/insurance Long-term care insurance Estate planning Review legal documents (trust, living will, durable power of attorney, health care proxy)

Care Giver New America Foundation Asset Building Program 13 Objective/MotivationFinancial Education Needs Motivation: Manage expenses of providing quality care to aging parents or loved Financing medical and other expenses/budgeting Insurance (medical, long term care, etc) Social security benefits Housing options (nursing home, assisted living) Review legal documents (trust, living will, durable power of attorney, health care proxy)

Examples Youth Baby bank accounts/Youth savings accounts (San Francisco) Student Matched 529 college savings fund (San Antonio) Starting Out Coordinated access to benefits and services (San Francisco) Builder Saving incentives at tax time (New York) Starting Again Alternative RAL product (San Antonio) Retired Assist seniors to avoid predatory and wealth stripping services (San Antonio) Care Giver Financial Education Network Directory and 311 (New York) New America Foundation Asset Building Program 14

Developing Sophisticated Financial Consumers Karen Murrell Senior Research Fellow, Asset Building Program National League of Cities Bank on and Beyond: A Roundtable for City Leaders September 10, 2008