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Building the Perfect Homebuyer Dallas Mortgage Bankers Association. Laura Ewing, President 501(c)3 Texas wide nonprofit [email protected] www.economicstexas.org * www.smartertexas.org. Family Financial Literacy Night Hosted by Austin Habitat for Humanity and TCEE. - PowerPoint PPT Presentation
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Building the Perfect HomebuyerDallas Mortgage Bankers Association
Laura Ewing, President501(c)3 Texas wide nonprofit
[email protected] * www.smartertexas.org
Family Financial Literacy Night Hosted by Austin Habitat for Humanity and TCEE
Texas 41st In Financial Security• 27.7 percent of households are asset poor
Corporation for Enterprise Development (CFED).
• Excluding important assets such as a vehicle or home, the (liquid) asset poverty rate increases to 50.6 percent of Texas residents.
• The 2012 Assets & Opportunity Scorecard ranked Texas 41st in the country overall for how their residents fare in terms of achieving financial security across 52 measures in five different issue areas. Many of Texas residents have jobs, but they lack adequate savings or other assets to cover expenses for three months if they lose a steady income. Asset poverty, the Scorecard™s signature measure, is a conservative estimate of financial security since it counts all assets, including
those ”such as a home” that would need to be liquidated to be used for day-to-day needs. A more realistic measure of the resources available to families is liquid asset poverty, which excludes assets such as a home or car that are not easily converted to cash. Don Baylor, CPPP 2012
Statistics Updated April 2014
• U.S. household consumer debt profile:
– Average credit card debt: $15,191– Average mortgage debt: $154,365– Average student loan debt: $33,607
• In total, American consumers owe:– $11.68 trillion in debt• An increase of 3.7% from last year
– $854.2 billion in credit card debt– $8.15 trillion in mortgages– $1,115.3 billion in student loans• An increase of 13.9% from last year
Why is there a need to teach personal financial literacy?– The recent recession– The slow recovery– 2/3 of all college students graduate with debt– 60% of all Texas students are on free and reduced lunch
How do we develop a culture of wise spending and saving?
HOW DO WE BUILD THE PERFECT HOMEBUYER?
Texas Legislation For A Smarter Texas
Texas Council on Economic Education1801 Allen ParkwayHouston, TX 77019www.economicstexas.orgwww.smartertexas.org
Texas One of Only 22 States… To require that seniors pass
Economics for graduation.
The senior level course is known as Economics With Emphasis on the Free Enterprise System and Its Benefits
Economics With Emphasis on the Free Enterprise System and Its Benefits Personal Financial Literacy (PFL)
Standards/Student Expectations added to Texas Essential Knowledge and Skills (TEKS) in 2010
How To Pay For College Added to TEKS in 2012
Oh Where Are Those Standards? Smartertexas.org and then click on
standards
Tea.state.tx.us and click on curriculum and then TEKS
And the Economics TEKS say about housing:(20) Personal financial literacy. The student understands how to provide for basic needs while living within a budget. The student is expected to: (A) evaluate the costs and benefits of
renting a home; (B) evaluate the costs and benefits of
buying a home; and (C) assess the financial aspects of making
the transition from renting to home ownership.
Saving For CollegeThe Why, When, and How
Published by RAISE Texas Parent and Student Guides Written by TCEE Download Book And Guides at
http://economicstexas.org/?page_id=5703
Resources for College http://raisetexas.org/resources/collegesavings
resources/ Saving for College
http://library.cppp.org/files/2/2012_05_JO_Cost_Of_College.pdf
http://www.tgslc.org/tfaic/ http://www.aie.org/ collegeforalltexans.org http://library.cppp.org/research.php?aid=1199
The Cost of College: How Texas Students and Families Are Financing College Education
SB 290: PFL In K-8 Math Will take effect 2014-2015 Testing begins 2015 Texas Council on Economic
Education, Opportunity Texas, Raise Texas, Texas Credit Union Foundation and others played a key role in the writing of the standards
2nd Grade Decision Making on Responsible and Irresponsible Borrowing
I need a pencil. I promise I’ll return it to you. Last time I borrowed your pencil I returned it in about a week. It was chewed on and too small to sharpen anymore.
I only have a quarter and want to buy ice cream with my lunch. I’ve borrowed small amounts of money before and have always paid it back.
I need $1.00 to buy a treat. I’ve never borrowed money from you before. I don’t get an allowance and I don’t do any chores around the house.
How? TCEE Lessons Are Online and Free to All
Woodforest Bank Sponsoring Grades 2-3 TCUF Sponsoring Grades 4-6 PlainsCapital Bank Sponsoring Grades 7-
8 PlainsCapital Bank Sponsoring After
School Lessons Cornerstone Credit Union Foundation 1 K
& 1 First Seeking Sponsors for Grades K to 1
Never Too Young: Personal Finance for After School Learners from Council for Economic Education
Lesson DownloadsStatistics on downloaded TCEE lessons for grades 2-8 from late February 2014 through July 23, 2014
Grand totals: Attended TCEE Training: 929 Teachers who will use downloaded materials:
55,115
Students who will be reached with lessons: 592,725
--
Kindergarten & First Grade
Grades K-1 Incomplete
Kindergarten: The Money Making Farm
First Grade: What Do You Do At The Zoo?
Will be completed with additional funding.
HB 2662 High School PFL Introduced by Representative Marsha Farney Is a stand alone one semester
course Not required for graduation Districts required to offer it
What are the House Bill 5 Endorsements for Graduation? (1) STEM (2) Business and Industry (3) Public Services (4) Arts and Humanities (5) Multidisciplinary
Career and High School Math coursesOffer financial literacy standards
What Role Does Texas Council on Economic Education Play?
The Texas Council on Economic Education (TCEE)Teaches Teachers
Who Teach StudentsWho Are the Future of Texas
--John Anderson, TCEE Board Member
Jean Walker, MBAWest TX A&M
Cheryl McGaughey, MBA, Angelo State U
Alberto Davila, Ph.D.UT Pan Am
Catherine RinhartProgram Director
Cindy ManzanoValerie JohseSmarter Texas Directors
Debbie MackeyStock Market Game™Director
Steve Cobb, Ph.D.University North TX
Susan Doty, MBAUT Tyler
Nancy Shepherd, Ph.D.Stephen F. Austin State University
Laura EwingTCEE President
Cherry FryeOffice Manager
Allen RedingWeb Manager
TCEE Center Directors and Staff Provide Training All Over The Great State of Texas In
After School Programs, Personal Financial Literacy (PFL), Social Studies Economics
Strand, Math PFL, Career/CTE, Entrepreneurship, Economics,
Paying For College
To Learn More About Personal Financial Literacy Materials and Lessons at the CEE Conference
Staff DevelopmentAnnually: 2000 Educators and 2.3 million students
• Economics
• Entrepreneurship
• Career/Business
• Financial Literacy
Playful Economics
Three Student ProgramsDirectly Reach 22,000 students annually
Stock Market Game™Economics Challenge
Personal Financial Literacy (PFL) Challenge
10 week simulationGrades 4 through 12Teams of 2 to 5 studentsVirtual $100,000 to invest20,000 Texas students participate annuallyLegislative & Capitol Hill Challenges$15/team fees, help desk and campus awards$20 includes teacher training$25 includes dinner awards
Research indicates improved math scores on standardized tests
Students visit Dallas for the first time. Greenhill School parents thank TCEE.
InvestWriteOpen to students participating in the
Stock Market Game™Elementary, Middle and High School Competition
Cash prizes from TexasGreenhill High School National Winner visited Wall Street
First and 9th Place National Winners From Texas in 2014
Economics Challenge• Fall and Spring Online
Testing In Micro, Macro and International Economics
• Bellaire HS placed FIRST in the Nation in the
Economics Challenge
• Funding provided by State Farm
Personal Financial Literacy Challenge
• Teams of 4 compete in online test for state finals
• Winning state team and teacher win cash
• First place state team attends regional and national finals at St. Louis Federal Reserve Bank
• Funded by State Farm
• Bellaire HS Placed 5th in Nation in 2014
Smarter Texans SaveChildren’s Savings Accounts
• Opportunity Texas and TCEE Worked with Amarillo ISD in Major Treasury Department Research on Youth Savings.
• Teacher training and financial literacy lessons important
• Opportunity Texas Sponsors Texas Pilots on Children’s Savings Accounts in 2014-2016. TCEE Will Provide PFL Staff Development and Lessons. Tentative plan is to work with Dallas ISD.
Why encourage young people to save?Elliott and Beverly in the paper The Role of Savings and Wealth in Reducing Wilt Between Expectations And College Attendance (2010) state that -
•when a savings account is set up for students, they are 4 times more likely to go to college and/or complete post high school training.
•if students have a savings account in their name, they are 7 times more likely to go to college.
Why Connect Financial Education and Savings Accounts?
• Academic achievement – educational savings account ownership is associated with higher scores on math achievement tests
• Improved college aspirations – children with < $500 in savings for college are 3X more likely to attend and 4X more likely to graduate from college
• Financial health - students with a savings account 7 years later were 2X more likely to have a savings account and 4X more likely to own stocks
A FINANCIAL LITERACY PROGRAM SPONSORED BY
Helping young people learn to think, choose, and make better
economic and financial choices in a global economy
www.economicstexas.orgwww.smartertexas.org
501(c)3 Texas wide nonprofit1801 Allen Parkway, Houston, TX 77019
[email protected] * www.smartertexas.org
P: 713.655.1650 Presenter: Laura Ewing/President
The TCEE programs are made possible by the following TCEE partners.
copyDR.
EnviroChem
Services, Inc.
Trout Foundation
John Anderson
Less B. FoxRBC Wealth Management
Board of Directors
James Cooper - Chairperson James C. Cooper, Inc.
Joe Adams - Treasurer Texas - Omaha Group LLC
Anthony DaddinoMeadows, Collier, Reed, Cousins,Crouch & Ungerman, L.L.P.
Andrew DeLauroCitibank
Thomas FleissnerHouston Information Team, L.LC.
Wayne GoettscheWKG Consulting
John IvieBasdin & Ivie P.C.
Laura JaramilloWells Fargo
Sherry KiserFederal Reserve Bank of Dallas
Marcus McCueGuardian Mortgage Co., Inc.
Dawn MoederLane Gorman Trubitt, L.L.P.
Donna NormandinFrost Bank
Ed SegnerRetired
Robert SmithTexas A&M University at Galveston
Pete VillarrealPlainsCapital Bank
Director Emeritus:John AndersonAnderson Investments
Director Emeritus:Carol TroutTrout Foundation
1801 Allen Parkway, Houston, TX 77019
P: 713.655.1650 F: 713.655.1655
[email protected] [email protected]
[email protected]@economicstexas.org
[email protected]@[email protected]
www.economicstexas.org****WWW.smartertexas.org
Helping young people learn to think, choose and make better economic decisions.
And Your Question IS???Ask Laura Ewing, Marcus McCue and/or
Aaron Gladstone
