The Situation
In 1996 bankruptcy and bad debts caused nearly $35.5 million in economic losses to Idaho providers of goods and services. As a result, prices of goods and services increased for all Idahoans. Consumer debt obligations have been growing twice as fast as wage and salary gains. Idaho ranks 12th in the nation in consumer debt.
More than two-thirds of the nation's teens are worried about their financial futures and high school seniors frequently are unprepared for many of the critical financial decisions they need to make after graduation. In 1996 teens spent an estimated $109 billion. Teens, many of whom are unemployed, have access to more than 3.5 million credit cards.
Our Response
In 1995 the Idaho Financial Literacy Coalition formed to provide training on personal finance topics to public and private school teachers in consumer economics, family & consumer sciences, business, social studies, math, and vocational education with training on personal finance. In 1996 the Coalition expanded its efforts to include adult audiences.
Achievements
The University of Idaho Cooperative Extension System and the Idaho Financial Literacy Coalition in Boise are striving to improve financial practices by providing workshops and publications for the public, as well as classroom resources for teachers.
Idaho Governor Phil Batt recognized the need for financial management education and the Idaho Financial Literacy Coalition efforts by proclaiming January 1997 "Financial Literacy Month."
This past year the achievements of the Idaho Financial Literacy Coalition include:
These educational efforts are helping Idahoans learn how to protect themselves from unfair and fraudulent financial transactions and understand sound credit practices. Increased financial knowledge is contributing to personal financial stability the economic success of Idaho.
The Future
The Financial Literacy Coalition will host a one-day financial symposium to educate 250 Idahoans through sixteen workshops. Money Matters: Taking Charge 1998 will be held in Boise on February 7, 1998 and will reach citizens throughout SW Idaho. The Coalition will continue to promote the HSFPP and educational programs at work sites and for teachers, youth groups, parents, and adults.
Coalition Members
The Idaho Financial Literacy Coalition includes professionals from:
Attorney General Office for Consumer Protection
Better Business Bureau
Boise State University Center for Economic Education
Consumer Credit Counseling Service (CCCS)
Credit Data Idaho, Inc.
Credit Professionals International
Department of Education
Department of Finance
Division of Vocational Education
Economics America
Financial Women International
First Security Bank
Greg Mayes Financial Group
Junior Achievement
North Pacific Insurance
Prudential Securities
University of Idaho Cooperative Extension System
For More Information
Linda Kirk Fox, Ph.D.
Extension Family Economics Specialist
University of Idaho
Family & Consumer Sciences
Moscow, ID 83844-3188
Voice Phone: 208-885-5778
Fax Phone: 208-885-5751
E-mail: lfox@uidaho.edu
Home Page: http://www.uidaho.edu/~lfox
Marilyn Cross Bischoff, CFCS
University of Idaho
Ada County Cooperative Extension System
5880 Glenwood Ave.
Boise, ID 83714
Voice Phone: 208-377-27107
Fax Phone: 208-375-8715
E-mail: mbischoff@uidaho.edu
Beverly Healy, CFCS
University of Idaho
Owyhee County Cooperative Extension System
P.O. Box 400
238 8th Ave. West
Marsing, ID 83639
Voice Phone: 208-896-4104
Fax Phone: 208-896-4105
E-mail: bhealy@uidaho.edu
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All contents copyright and copy; 1996-1998. Cooperative Extension System, College of Agriculture, University of Idaho. All rights reserved.