Center for Financial Security Family Financial Security ... · Center for Financial Security Family...
Transcript of Center for Financial Security Family Financial Security ... · Center for Financial Security Family...
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Center for Financial Security Family Financial Security Webinar Series
December 13, 2011
Public Libraries as Financial Literacy Supports
Sponsored by a grant from the UW-Madison School of Human Ecology Beckner Endowment
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Public Libraries as Financial Literacy Supports
Catherine Arnott Smith & Kristin R. Eschenfelder
The School of Library and Information Studies
University of Wisconsin-Madison
December 2011
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Background: data sources
• Library workers – Interviews of library workers at 5 Wisconsin sites
• Training issues – Library worker interviews – March 2010 survey
• Partnerships in offering services – Interviews with partners – March 2010 survey
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Challenges
• Funding levels in libraries • Staffing levels in libraries • Sensitive topics communication barriers
– For librarian and patron alike
• Public libraries, public Internet spaces – Social service agency contacts for food stamps,
housing, Social Security Disability
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Expertise:
“I’m not the expert in this. I can find materials; I’m not the authority. It’s
basically the role of a librarian, is helping people find sources, not
counseling them.”
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“I hate to refer people to huge agencies like Social Security.”
Complexities of the system:
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Privilege:
“I know there are some people on our staff who don’t make enough money, who work part-time, and so they’re on BadgerCare, and they go in and out of
that because of different things that happen in their lives. And they probably know more about it than I
do.
I’ve been privileged enough that I haven’t had to have those issues, or face a lot of the problems that my
patrons are facing.”
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Enormity of the information need:
The people who ask us questions are generally really, really lost, and I don’t
feel that I serve them very well, because it’s a big gap from “Where’s
the free money” to “How do I get a loan”
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Computer skills:
“They need extra special help to be able to work on a resume or put something together
to read and understand how to use the computers – because so many businesses
now are requiring that they fill in their application forms online, and they don’t even
know how to use a mouse.”
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Computer skills cont.
“And people who have no computer skills, no typing skills, …they’re literate, but it’s
kind of marginal literacy. And now in order to get a job at Walmart, they have to go
through all of this. And they’re very unsure about it”
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Library Survey Responses:
• Respondents: – 66% had MLS (professional degree) – Most > 4 years experience – 63% interacted with public – 24% were library directors
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Training:
Less than 10% had any financial literacy training Popular modes: webinar, on-the-job, face-to-face
Only 5% had library school training related to financial information
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Financial Literacy Partners:
• Referrals
• Who do libraries partner with?
• Pros and cons of working with libraries from the partner perspective
• What do partnerships consist of?
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Referrals:
• Regular referrals are a form of partnership. • Referral to appropriate agencies can be
challenging. Knowledge about where to refer relies on a solid base of knowledge about: – (a) the subject domain, financial need – (b) the availability of relevant organizations in the
local area
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Organiza(ons Partnered with in Previous Calendar Year Respondents %
State or local government agency or office 44%
Financial services/investment organization 38%
Credit union or bank 36%
Job center 35%
College/university 33%
K-12 schools 33%
Other library 31%
Federal government agency (such as the local or state office of the Social Security Administration or a branch bank of the Federal Reserve) 27%
United Way or similar charitable organization 27%
Professional membership organization 22%
Consumer credit counseling service 22%
Other non-profit organization (please describe) 20%
Police 18%
Law firm 13%
Food bank 13%
Other 11%
Church or religious charity 11%
Other local business 9%
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Pros of Working with Libraries:
• Aura of trust • Environment not overwhelming • Free publicity • Internet access • Low cost/free • Referrals
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Cons of working with libraries:
• Competition for space and time with other programs
• Little technology support • Lack of support for networking among
partners • Concerns about disruptive clients • Frustration with privacy issues
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Program types vary by:
• Topic • Motivator or origin of the idea
– Partner approaches library or vice versa
• Type of programming – One on one, group counseling, classes.
• Residency period – Single class, repeated but irregular, regular
weekly hours
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Thank you for your attention!
Project report and bibliography: http://publibraryfinlit.wordpress.com/
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Discussant Billy Hensley, Ph.D. Director of Educa8on, Na8onal Endowment for Financial Educa8on (NEFE)
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PUBLIC LIBRARIES AS FINANCIAL LITERACY SUPPORTERS
Billy J Hensley, PhD
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Public Libraries as Financial Literacy Supporters
• What is at the heart of what librarians want for their profession? – Adaptable – Knowledgeable – Resourceful
• Do librarians want to know more about financial literacy? – Transferrable – Increased Comfort Level
January 3, 2012 22 www.NEFE.org
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Public Libraries as Financial Literacy Supporters
• Indirectly Impac8ng Patrons’ Financial Literacy – Computer Skills
– Resources – Partnerships – Higher Access to Underserved Popula8ons – Informa8on Intermediary
January 3, 2012 23 www.NEFE.org
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Public Libraries as Financial Literacy Supporters
• Ques8ons about Training – Webinars
– In-‐house • Partners
– Nonprofits/Government (outside library) • Partners
– Library School • Part of Curriculum
– Elec8ve
January 3, 2012 24 www.NEFE.org
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Public Libraries as Financial Literacy Supporters
• Making a Case for More Training – Increased Knowledge for Self
• Improved Confidence • Improved Financial Behaviors
• Greater Understanding of “Good” Resources – Increased Knowledge for the Discipline – Increased Knowledge for Patrons
January 3, 2012 25 www.NEFE.org
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Public Libraries as Financial Literacy Supporters
• A Parallel to Educators – Increased Demand for Programming
• Educa8onal Interven8ons • Increased Requests from Patrons
– Becoming a Consultant • Do Not Have to Know All the Answers • True Defini8on of Intermediary • Con8nued Credibility in Community
January 3, 2012 26 www.NEFE.org
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Billy J Hensley, PhD
Director of Educa8on
27
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A Case Study in Financial Literacy
Ken Hall, Director Fond du Lac Public Library
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Fond du Lac Public Library supports a high quality of life
in Fond du Lac through reading, lifelong learning,
and community involvement.
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FDLPL is about making
connec(ons
People come to us because we are the Nice agency.
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Connec(ons Go Both Ways • We define ourselves as a community library, not just for the
ways we are involved in the community but by the ways the community is involved in the library
• Financial Program presenters are professionals from the community
• Our Opportunity Center relies on volunteers with special skills
• Other service providers come to us to help expand their programs
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How We Got Involved
• Expanding Defini8on of Library as Community Center
• Looking at what we had to offer – how can our resources be used in new ways?
• Redefining Reference Service • We are about literacy in all it’s forms. In these economic 8mes, financial literacy is more important than ever.
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Requirements for Change
Get over ourselves – Change is not “mission creep”
Establish Connec8ons • Businesses • Individuals • Other programs in the library
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Suppor8ng Financial Literacy
• Joined Money Smart star8ng 2004 • 2009 FINRA Grant based on our Work with Money Smart
• Established a Money Smart Neighborhood
• Established Money Smart U
• Greatly increased material for smart saving and inves8ng
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One Program Relates to Another
• Suppor8ng Computer Literacy leads to
• Suppor8ng Financial Literacy leads to
• Establishing Opportunity Center leads to….
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Community Support
Volunteers
Recogni8on of importance of library by decision makers
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Thank you!
Ken Hall Director
Fond du Lac Public Library Fond du Lac, WI 54935
(920) 929-‐7080 ext. 133 [email protected]
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Q&A
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February 2012 Webinar Tuesday, February 14, 2012
1pm – 2pm CDT / 2pm – 3pm EDT
Payday Lending Justin Sydnor, Assistant Professor UW-Madison School of Business
For more information on the 2011 CFS Webinar Series: http://cfs.wisc.edu