New Mexico State UniversityFinancial Wellness Project

Fahzy Abdul-Rahman

Family Resource Management SpecialistDepartment of Family & Consumer Sciences

Extension

Goals: • To educate and train people on how to set up reliable home-based and/or small on-line businesses. • To increase sales of existing business • To encourage people to upgrade hobby and interest into a money-masking activity.

Program: Home-based Online Business

National: High unemployment rate

NM: Rural but has a lot to offer

There are various home-based products that may be good enough to be sold in the market. E.g. Arts and Crafts

These programs include sewing, gardening, photography, plants, and cooking programs.

In NM, we have many educational programs focused on crafts, hobbies, arts, etc.

Besides that, this program provides opportunities for existing business to improve on their companies’ marketing techniques.

Physical (brick & mortar) store may not be the best idea due to un-strategic location of NM, high upfront cost to set up a

Situation

Specialists County Agents Time Money Theory Equipment Technology Partners Videos Literature Review Content Update Training

Conduct workshops

Set up network for participants

Educators Participants

Provide coaching at individual level

Small business owners

Knowledge of different marketing and payment avenues

Inputs Outputs Activities Participation

Outcomes Short Medium Long

Develop products, curriculum, and resources

Online automated payment method

Skills

Attitude

Learning the basics of internet marketing

Motivations

Able to sell merchandise on-line and deliver to customers

Establish internet and Social Media presence

Build a business with strong on-line presence with three of more online mediums Increase sales (for existing business) by 10%

Other presentations

Online video

Outline1. Introduction: Background, problems,

purpose, questions, – Framework: Logic Model– The Program

2. Methods3. Results4. Discussion: Summary, conclusion,

implications, future plans

Background

• February 2012: Dona Ana county agent met with Anna Dyson, ad-hoc committee chair through the Employee Council for Financial Wellness for NMSU employees– researching different avenues and programs for an

NMSU financial wellness program• Originally wanted an online program by Dave

Ramsey but it costs too much money ($10,000).

NMSU Employee Council, Jan. 2012• NMSU has health wellness programs and financial wellness

programs for students– But no financial wellness program for employees. – 42% of people don’t know where every dollar of their budget goes – 70% live from paycheck to paycheck.

• Goal: Help employees to become aware of their finances and assist them in becoming debt-free and in turn, improve morale

• This issue has been discussed for quite some time waiting for the appropriate time to present it to the committee.

• Sub-committee: Investigate the feasibility of supporting a financial wellness program and which program would be best.

Programs Suggested• eXtension: Investing for Your Future, Investing for Farm Families, Bankruptcy

(fees for many can be waived), Planning for a Secure Retirement• National Endowment for Financial Education (NEFE)

– Microentrepreneurs, Addiction Groups, CashCourse College Kits, Domestic Violence Victims, Dress for Success, Ex Convicts, Family Literacy, Gear Up/NCCEP, Generations United, Habitat Home Owners, Homeless Audience, Military Personnel, People with Disabilities, People with MS, United Way, Vita, Your Spending Your Savings

• Dollar Decision$: $65– How to track their expenses and make ends meet.  – Needs vs. wants, goal setting, methods to track expenses, ways to develop a spending and saving

plan, ways to increase income and decrease expenses.• FederalReserveEducation.org • Money Smart for Young Adults:

– learn the basics of handling their money and finances, including how to create positive relationships with financial institutions

NM: High School course required to be taken

ECONOMIC EDUCATION - 2011

NM: Not even included in the K-12 Standard

PERSONAL FINANCE- 2011

Framework: Logic Model• Situation Statement: • Dismal financial situation for

individuals & families • National: High unemployment rate (8.3% [U6 14.9] vs. 7% in NM) • NM: Low income (NM per capita income $33,368 ranks 43 out of 50; nationally $39,945) • NM is one of the five states without personal finance education requirements for high school graduation – not even included in K-12 Standards • Economic “ New Normal”

• Outcome Summary: NMSU Employee Financial Wellness targeted at providing personal finance programs to faculty and staff can help individuals achieve financial security by adopting healthy personal finance habits. NMSU faculty and staff will have improved financial stability with limited resources.

Inputs Outputs Activities Participation

Outcomes – Impact Short Term Medium Term Long Term

What we invest: Specialists Support from NMSU, especially Employee Council Evaluation data Websites – NMSU, college, and department Curricula

What we do: Plan, implement, and evaluate educational programs for employees including web-based education.

Who we reach: NMSU employees (faculty and staff) throughout the state of various backgrounds Key players: State extension specialist Co-organizer NMSU professors Local professionals Supervisors, including head departments and deans

What the short term results are: NMSU Employee council will design, deliver, and evaluate educational program Employees will gain awareness, knowledge and abilities on financial security. Employees will intend to improve their financial management strategies such as development of financial goals and plans, savings for retirement and other purpose, record organization, risk management, debt repayment, investment, and estate planning.

What the medium term results are: Employees will practice and maintain their improved financial management strategies such as development of financial goals and plans, savings for retirement and other purpose, record organization, risk management, debt repayment, investment, and estate planning. Employees will increase saving and decrease their debts by improved financial management practices.

That the ultimate results are: Individuals and families will have greater capacity to establish and maintain financial security. Communities will have improved economic stability by increased individuals and families’ financial security. Attaining financial stability will improve family relationship and self-worth

Framework: Logic ModelAssumptions

1. Access to university facilities.2. Partners will share resources

and there will be on and off campus faculty partnerships.

3. The programs can have a measurable impact on personal financial security.

4. Promoting personal financial security is a critical need for New Mexico residents

External Factors1. Availability of instructors

(professors and professionals)2. Availability of facilities3. Lack of consumer education being

taught in educational system4. Consumer availability of

information and direct decisions due to internet technology.

5. Increased awareness for consumer education

6. Institutional commitment

2. Methods• Survey: To all NMSU employees

– Purpose: To determine personal finance background, demanded topics, and suitable format

– Online and paper; English and Spanish– All employees: Staff and faculty; full-time vs. part-

time; exempt vs. non-exempt

Survey• Translated to Spanish – took more time than

expected: Survey, online and paper cover letter versions

• IRB application– Submitted: June 22, 2012– Revised: August 13, 2012– Approved: August 23, 2012

• Too long: Should have checked with them after 5 weeks• SurveyEnglish.pdf, SurveySpanish.pdf,

SurveyCLPaper.docx, SurveyCLPaperSp.docx,

3. Results• Survey

– n=245 with 7 paper survey. 2 Spanish response survey.

• Analysis– Subject matter and format– Different or one-fits-all– Survey opened: September 17 - Oct 31, 2012

• Data analysis– Overall; faculty vs. staff comparison– SAS

NMSU Hotline AnnouncementFinancial wellness workshops planned for all NMSU employeesNMSU Employee Council and Cooperative Extension Service are collaborating to offer personal financial wellness workshops and training for all NMSU employees. Our first step is to survey the NMSU employee population and gain your interest and need for these workshops. Employees at all NMSU campuses are encouraged to complete the survey as we plan to offer classroom and online training across the NMSU system.

Please choose how strongly you agree or disagree with the following statements:

Please choose how strongly you agree or disagree with the following statements: SA A N D SD n

I consider myself knowledgeable in personal finance topics. 8.6% 53.9% 20.8% 15.1% 1.6% 245I will benefit from learning more about personal financial management. 46.5% 42.0% 8.2% 1.6% 1.6% 245

I would like to learn more about the tax-sheltered annuity plans offered to NMSU employees 33.5% 40.0% 18.8% 4.5% 3.3% 245I would like to know more about the eligibility retirement requirements for NMERB. 36.7% 38.4% 15.1% 4.5% 4.1% 242I would like to know more about the NM Alternative Retirement Plan. 35.5% 37.6% 17.6% 5.7% 2.9% 243I like to use online training materials and learn in a self-paced format. 35.5% 35.9% 17.1% 8.6% 2.4% 244I like to learn in an instructor lead environment with time to discuss materials with my instructor and other class members. 21.6% 41.6% 26.1% 7.8% 1.6% 242I think my supervisor will allow me to review training materials or attend training during work hours. 33.5% 36.3% 16.3% 7.3% 4.1% 239I would like for these materials to be offered in Spanish. 4.1% 9.0% 53.5% 14.3%16.3% 238

I am interested in learning more and would pay a small fee for this workshop. 7.3% 15.9% 20.8% 26.1%29.8% 245

Interested/ No Knowledge

Interested/ Some

Knowledge

Not Interested (I have plenty of

knowledge or just not interested)

RANK - Based on Interested

Budgeting and cash 11.8% 60.0% 28.2% 9Credit,debt, paying off debt 13.1% 51.8% 34.3% 10Identity theft and financial security 28.2% 56.7% 15.1% 6Buying a home 19.6% 34.7% 45.7% 11Consumer rights/scams and frauds 24.1% 53.5% 21.6% 8Renting a home 15.5% 33.9% 50.6% 13College funds for my children 21.6% 28.2% 49.4% 12Insurance 26.1% 53.1% 20.4% 7Building savings 34.3% 53.5% 11.4% 5Increasing income 42.9% 47.3% 9.8% 3Retirement planning 45.3% 48.6% 5.7% 1Investments 47.8% 41.2% 11.0% 4Estate planning 50.6% 40.8% 8.2% 2

Open Ended• What would you hope to learn, or what financial goals would you

like to achieve with this type of training? n=138• Please provide any other topics of interest that you would like:

n=50 • Are you willing to participate in further surveys that will help

guide us in developing employee workshops? 64.9% Yes vs. No– If yes, please provide your email address: n=121

• Do you have any expertise in any of the above topics for which you would like to teach a workshop or training class? 4.5% Yes vs. No– If yes, please specify topic(s): n=10

What would you hope to learn, or what financial goals would you like to achieve with this type of training? n=138

Developing a long term savings plan while also improving my short term financial situation. I would like to be able to buy a home but my credit has suffered for many years. ; retirement planning ; How to maximize my retirement savings. ; My spouse is a financial advisor and CFP so I wouldn't need this training. I would however be interested in any information offered concerning how I could avoid NMSU automatically taking out 11 percent of my check and forcing me to participate in a net zero investment plan, so if such information exists in the alternative retirement information I would gladly attend. ; How to better manage my money and learn how to save. ; be more knowledgeable in managing my finances, make good decisions ; Retirement, saving, alternative income, etc. ; I would like to learn how to make my money go further in order to plan for retirement. Investing is what i would like to take away and how to become debt free ; I'd like to feel more knowledgeable and more secure that I'm in a secure position financially. ; How to take control of my current budget with my salary and also how to start building a savings for the future and building my career to earn a larger salary. ; Understand the new NM retirement program, learn how to best save for my kids' college and/or if I should even start while having consumer debt, and learning more about life insurance. ; Am 58 and want to be debt free and begin saving towards retirement. ; Better financial management at home. ; retirement planning, biggest worry is having enough money to cover existing expenses, clearly spelled out working and income after retirement and what affects retirement income ; Better budgeting ; Retirement planning (what will be available for me at retirement age), Setting up a will for my family ; I would like to learn more on the retirement and other investment plans available. My financial goal is to be able to retire and be able to live comfortably. ; How to get myself set up for requirement. ; How to save for my children's college education. How to budget and save. ;

I would like to learn how to be debt free and save for the future ; I've been working at NMSU over 15 years. I am a member of the alternative retirement plan. My investments in TIAA-CREF are worth little more than the net of what I and the employer have contributed. What am I doing wrong? ; How to better manage my money, planning for retirement. ; able to devise a good plan for debt payoff and being able to live on retirement income. ; My goal is better control of spending and beginning a savings program. Also planning for retirement. ; I would like to get current information regarding home purchase, the process, loans, interest rates and "points" ; What does NMSU contribute to my savings account? Is the money that I put into ING really going to a good place that is creating interest and is it safe? ; I would like to learn how to better budget my earnings and optimize/increase my wealth. Overall, I want to learn more about longterm saving, investing, and retirement plan options. ; How to do more with what I have. ; Smart spending ; Learn to pay off debt, while saving for retirement ; Learn more about retirement plans and how to be prepared for my future ; Future planning. ; Debt free and keeping up with monthly debt and have collector stop calling. ; Build a substantial nest egg, for myself and my family. Be able to pay bills without worrying what check is going to bounce and still have money left over to go out to dinner and take a vacation outside of the city once in a while. ; Prepare for retirement ;

What would you hope to learn, or what financial goals would you like to achieve with this type of training? n=138

I want to build up my retirement savings so I have enough money to live on after I retire. I'm very interested in learning about 401Ks and other investment options. ; Learn about resources that I can continue learning and guiding towards financial security. ; Learn better ways to manage money, about maKing the best out of what I have to work wih. ; How to plan for retirement ; Financial security for my future. Retirement Investing College savings for kids ; learn how to invest + how to retire ; Maybe learn a little more about investing in the stock market. Also, estate planning, trusts and wills. ; I would like to learn more how to pay down debt, building up my savings, and preparing for retirement. ; Financial goals are what we have but find hard keeping them. This will help me to attain my goals. ; how to better budget my money and be able to save money, i want to get out of debt even at the salary i get now. ; How to increase saving without messing up my monthly budget. ; Financial stability, preparation for retirement, learning how to invest ; More knowledge of financial planning as a whole. Many people do not know this type of information. Would be beneficial. ; Estate planning. ; i would like to learn how to fix my credit, how credit works and money management. as a single mother of 2 and living soley on one income i would like to learn how I can initiate the process in buying a home as well as budgeting for future e3xpenses such as colege for my children. ; How to manage my investments to prepare for retirement. ; N/A ; How to maximize my retirement income without working until I'm functionally disabled. ; I would like to learn good budgeting methods that include emergency planning and be able to stick to them. ; How to manage paying down debt; wills, etc. ; I would hope to gain more knowledge on the various options regarding finance and planning. ; planning for retirement ; I would like to be able to make sense of risks/benefits of investing in stockmarket and of how to do it. I would like to be able to buy stock in a socially and environmentall responsible company with a balance or risk and benefit. ; Determine best use of money: debt payment, retirement saving or liquid savings. ; How to invest from home online. How to setup a retirement porfolio with estimated amounts.;

I would like to be able to manage my money better within the 457. I don't understand how to allocate my money (for my age) so that it will grow at a steady pace, not lose value, and help in my retirement. ; I have a financial advisor and need information that pertains to New Mexico or NMSU. ; General investment advice ; STABLE RETIREMENT INCOME. ; Learn ways to reduce debt and increase savings/investments. Having money work for me as opposed to me working for money. ; What options are out there? ; Reduce debts and increase retirment goals. ; Financial security for the future. ; long term financial security ; How to prepare for retirement. ; What is my current financial state? What should my goals be in order retire at my chosen age? How can I know the benefits and counter-benefits of refinancing a mortgage? Is it worth investing in advanced education after middle age? ; How to get out of dept an attain financial security. ; How much money i will need to have when I retire. ; I would like to learn how to save money better as i live from pay check to pay check with no savings to speak of. ; My goal is to retire in the near future. ; separate retirement fund, saving for college ; Budget better, increase my income, invest well without too much risk. ; I would like to learn how to protect my assets and how best to pass them on to my children. ; In depth information on most of the financial and retirement subjects. I do not need broad begining level information or home buying or rental inforation. ; Retirement, savings, and college funds. ; Feel prepared and confident when retiring. ; monthly budgeting, saving money ; Safeguarding my future assets as well as securing a Will and Power of Attorney in the event of my death or disability. ; I hope to learn how much I will need in retirement, so I can prepare now. ; to be informed / knowledgeable ;

What would you hope to learn, or what financial goals would you like to achieve with this type of training? n=138

I would like to figure out how much I will need for retirement and schedule a plan. I would like more attention paid to the alternative retirement plan. ; How to get an overall view of what could be expected during retirement, based on existing plans and savings in place. ; n/a ; investmets, retirement income, college savings plans ; Personal Financial planning and saving planning. ; Learning about how to make more of an investment in retiring. ; Better budgeting, how to invest, retirment planning. My money needs to grow and I don't know how to do that. ; Financial Independence ; Savings and investment options for large purchases (home, kid's college funds) and retirement. Need more info and resources on wills and other end-of-life care options. ; Stabilize my finances now and plan for retirement. ; How to manage my limited resources better. ; To learn how to save money for retirement/children's college fund/ and how make safe and smart investments. ; I need help planning for retiremnt and saving money for a college fund for my son and creating a will. I also own a house that I don't live in and need help figuring out if I should try to sell it or keep renting. ; Learn about ways to stretch my income, and increase my income through investments, learn about the traps, pitfalls and scams in the financial world ; Figure out where I am and where I need to go to retire comfortably ; I am interested most in topics like investments and retirement planning. However, I think newer faculty and younger faculty need to understand the differences between alternative retirement and ERB retirement. I think everyone needs to know about tax differed funds. I use them but not everyone does. Even small contributions add up. I would also like to know how to get all forms on line. For example I am not sure if I can get a form to change my Tax shelter from TIAA on line? ; Creating retirement portfolio and opportunities to generate passive income for retirement. ; I am interested in topics such as retirement funds vs. savings, but mostly liked I would like to learn about wills and trusts issues. ; Would like to gain knowledge on secure investments and retirement information ; How to take care of my children and spouse if something happens to me and how to retire comfortably. ; I would like to gain confidence in setting financial goals that will assist me during my largest earned income years, for the future. ; A broader knowledge and better facts to help educate my staff and peers. ;;

Debt management - creating home budgets - hopefully use to decrease debt, such as loans and credit cards ; I would like to improve my financial situation. ; Formulas for percentage of monthly income to spend on food, housing, utilities, etx. ; How investing income will help in the long run and if i have invested in good plans ; College fund for my kids, and additional planning for retirement. ; debt management, savings, investments, college savings ; I wiuld hope to learn how to beter plan for the future so that I can have a more secure future, and beable to help my family plan for their futures as well. ; Want to learn how to make the most of my money; i.e., saving, retirement, my nephew's saving for college, keeping my information secure. I want to know the best strategy for saving my money for retirement and to see what other savings' plans I should obtain to do this. ; Knowing how to take advantage of what NMSU offers. ; Would like assistance with financial planning as it relates to retirement and college funds for children. ; How to live on my single income. Make the right decisions about retirement. ; My goal is to be financially stable at retirement without worrying about what happens next ; Retirement planning ; financial preparation for retirement; financial planning for building a home ; At 67 I need to learn more about retirement options and planning. ; to be able to retire or maybe run my own business with the knowledge I learn ; How to use my money wisely and prepare for retirement. ; Am wanting to start a hobby business to support income growth. ; Better budgeting for decreasing debt, career planning for increasing pay overall, and retirement planning/investing ; Estate planning, retirement planning, budgeting to live within dwindling annual take home pay (the majority of NMSU employees received no annual pay increases for 4 years, yet insurance premiums rose during that time, as did normal living expenses). ; What *don't* I know, but should know? What little tips can help me be more mindful of that I have and to plan to "die broke," rather than to wait to give after death. Can I receive NMERB benefits and work at NMSU too? ; Become proficient in all aspects of financial literacy. ; financial security in retirement ; Save more, look into other ways to invest ; Investments, family trusts ; Gain more knowledge and insight as to how I can better manage my financial state and plan for retirement. ; Yes ; Receiving Raise ; prepararme a mas (Prepare me more) ; me gustara que pudiera sacar mi licensia comersial (I want to get my commercial license) ; Accurate and up-to-date information ;

What would you hope to learn, or what financial goals would you like to achieve with this type of training?

Count Topic69 Retirement32 Budgeting, managing my money28 investing, safe, smart, secure23 Savings16 pay down debt, debt free12 kid's college12 estates, wills, trusts11 build knowledge10 financial planning7 increase income, alternative income7 financial security, stability6 Mortgage - buy a home4 Alternative Retirement Plan2 Fix my credit2 keeping financial goals1 life insurance1 emergency planning1 rental property - keep or sell

Open Ended• Please provide any other topics of

interest that you would like: n=50 Savings strategies, financial planning for retirement, credit repair, homeownership. ; How to get ahead. ; Risk levels of different kinds of investments Balancing your portfolio Tax implications of different kinds of investments ; Retirement plans, additional saving options ; investment information, understanding stocks, bonds etc. ; Retirement and credit cards ; I would be interested in topics such as credit scores and creating a will. ; I don't know if it was mentioned but purchasing a new or used vehicle. ; I would also like information on other resources or program in the commumnity that help with buying a home. ; N/A ; Living Trusts ; Paying off debt and aquiring good debt. ; How to invest in equities with good results online. ; Coordinating different types of benefits, TIAA-CREF, ERB (spouse), Social Security, etc. ; n/a ; Debt forgiveness ;

Public Loan Forgiveness for NMSU employees who have taken out a student loan ; Home insurance and how it works ; ERB future ; Capital gains taxes in terms of realestate. ; home safety ; Beginning Spanish. ; Investments, refinancing, retirement, SS benefits. ; How to save for the future and invest. ; n/a ; Retirement planning ; See above. ; How to set up your own will or trust. ; More to do about making my money work for me...in such a bad economy. Tip on increasing my income, etc... ; Investing ; Health and safety topics: First responder type actions in case of an accident having to do with different scenarios, for example, someone bleeding profusely, electrocution, drowning, etc. Using a fire extinguisher, how the safety system works on campus. ; I cannot think of anything other than the topics mentioned previously on whether I am interested in them. ;

Open Ended• Please provide any other topics of

interest that you would like: n=50 You've coered it very well for me. House purchase, rent better than to own, furthering my career. ; How to pay for health care after retirement HR needs to provide more info/access to the new High Deductible Health Plan and Health Savings Account through Presbyterian. ; Ratio of life insurance, health insurance, long-term care/assisted living insurance with income level. ; I would like my partner to be able to attend any workshops with me. I think that NMSU employees, though, should pay but NOT employees. ; estate planning ; Estate Planning Investing ; You asked the question would you like to retire with a higher salary - how do I do that? ; Basic investing. How to read the stock market quotes, I had that in school 40 years ago. Don recall how now. ; Retirement information. ; What does going back to work after retirement do? Is there a penalty? Is there a benefit? How does health care work after retirement? ;

running a small business ; Running a hobby/home business ; ERB rules now that changes have been made, PERA update (for those who have funds in that program as well), fraud knowledge, insurance knowledge, 403b adn 457 plan details, mainly every topic on the first page of this questionnaire. Those topics are surprisingly comprehensive, applicable and overall very good topics. Good job to whomever came up with those. ; How to live well and die broke. ; Your list is sufficient - but savings bonds, mutual funds, different between Morgan Stanley, AG Edwards, Charles Schrab? How to select or know you have selected a good advisor. Who can you trust? ; Yes ; tener mas oportunidades (I want to have more opportunities) ; me gustaria aplicar para otre posision donde me pagen mejor (I want to be able to apply this so I can get another position that pays better) ;

Open Ended• Do you have any expertise in any of the above topics for which

you would like to teach a workshop or training class? 4.5% Yes vs. No– Way more than expected– If yes, please specify topic(s): n=10

• Wilcoxon signed ranks test

DemographicsAge Range 18-34 35-55 56+

15.1% 57.1% 25.7%

Gross income level

<$10K [$10K,$24K) [$25,$50) [$50,$75) >$75

0.4% 8.6% 47.8% 24.1% 17.1%

Education level

Some H.S.H.S. or GED

Associate degree

Bachelor's degree

Master's degree Ph.D.

0.4% 14.3% 16.7% 24.9% 29.4% 11.0%

LocationAlamo-gordo Carlsbad

DACC Main

DACC East Mesa Grants

Las Cruces

ABQ Center

1.6% 2.9% 7.8% 4.9% 0.8% 77.6% 0.8%

Classification Exempt Non-exempt9-month faculty

12-month faculty

52.2% 33.5% 7.3% 5.7%

FTE Full-time Part-time Other95.9% 2.4% 0%

Demographics: Survey vs. PopulationResponse rate: 4.5% Survey respondents tend to be• Slightly in the 35-55

age group• Less educated

Age Range 18-34 35-55 56+ Total

Survey 15.10% 57.10% 25.70% 100% (n=245)

NMSU: Headcount 1,108 2,780 1,568 5,464

NMSU: % 20.30% 50.90% 28.70% 100.0%Some

HSHS or GED

Assc. degree

Bach. degree

M.S. degree Ph.D. Other/

Unknown Total

Survey 0.40% 14.30% 16.70% 24.90% 29.40% 11.00%  100%NMSU 2.45% 5.42% 20.79% 25.07% 18.39% 27.87% 100%"Other/ Unknown" Out 3.40% 7.51% 28.83% 34.76% 25.50%  100%

Demographics: Survey vs. PopulationLocation Alamog

ordo Carlsbad DACC Main

DACC East Mesa

Grants Las Cruces

ABQ Center Total

Survey 1.60% 2.90% 7.80% 4.90% 0.80% 77.60% 0.80% 100.00%

n(NMSU) 284 198 835 116 4,031 5,464

NMSU % 5.20% 3.60% 15.30% 2.10% 73.80% 100.00%

Classification Exempt Non-exempt

9-month faculty

12-month faculty

4-month faculty

Total

Survey 52.20% 33.50% 7.30% 5.70%n(NMSU) 1,661 1,822 358 855 768 5,464NMSU % 30.40% 33.30% 6.60% 15.60% 14.10% 15.60%

FTE Full-time Part-time TotalSurvey 95.90% 2.40% 100.00%

n(NMSU) 3,953 1,511 5,465NMSU % 72.30% 27.60% 100.00%

Also, survey respondents tend to be• Classified in the

exempt category and

• Full-time employees

Staff vs. Faculty• Employee Council wanted to know if results were

different between faculty and staff– E.g. if faculty not interested, none on those topics for them

for the summer• Difference in need for scheduling• Method:

– SAS: Proc Freq with ChiSq option• Wilcoxon-Mann Whitney test because DV is ordinal

Staff vs. FacultyFull Question Staff Fac χ2 WFrequency, n(no response)=3 (1.22%) 210 32Percent 85.7% 13.1%I consider myself knowledgeable in personal finance topics. 2.49 2.41 0.4248I will benefit from learning more about personal financial management. 1.66 1.88 0.3942I would like to learn more about the tax-sheltered annuity plans offered to NMSU employees to add to my New Mexico Educational Retirement Board (NMERB) retirement income. 1.97 2.38 0.0517I would like to know more about the eligibility retirement requirements for NMERB. 1.92 2.50 0.0797I would like to know more about the NM Alternative Retirement Plan. 1.96 2.32 0.2056I like to use online training materials and learn in a self-paced format. 2.04 2.16 0.5056I like to learn in an instructor lead environment with time to discuss materials with my instructor and other class members. 2.25 2.19 0.6513I think my supervisor will allow me to review training materials during work hours and/or attend training during work hours. 2.17 1.68 0.0158I would like for these materials to be offered in Spanish. 3.27 3.44 0.4126I am interested in learning more and would pay a small fee ($50 or less) to attend workshops or learn through online training materials (full course). 3.52 3.66 0.4949

Strongly Agree Agree Neutral Disagree Strongly Disagree1 2 3 4 5

Staff vs. FacultyFull Question Staff Fac χ2 WBudgeting and cash management 2.12 2.44 0.0062Credit, debt, paying off debt 2.18 2.47 0.0209Identity theft and financial security 1.85 1.94 0.498Buying a home 2.20 2.63 0.0015Consumer rights/scams and frauds 1.93 2.19 0.049Renting a home 2.33 2.50 0.1805College funds for my children 2.25 2.41 0.2315Insurance 1.94 1.94 0.9269Building savings 1.77 1.78 1Increasing income 1.67 1.66 0.7396Retirement planning 1.61 1.53 0.4223Investments 1.64 1.53 0.2918Estate planning 1.56 1.66 0.4745

Interested / No Knowledge

Interested / Some Knowledge

Not Interested (I have plenty of knowledge or just not interested)

1 2 3

Staff vs. FacultyFull Question Staff Fac χ2 WWhat would you hope to learn, or what financial goals would you like to achieve with this type of training?Please provide any other topics of interest that you would like:Are you willing to participate in further surveys that will help guide us in developing employee workshops? Yes=2 vs. No=1 1.31 1.23 0.3687

If yes, please provide your email address:Do you have expertise in any of the above topics for which you would like to teach a workshop or training class? Yes=2 vs. No=1 1.95 1.93 0.5901

If yes, please specify topicWhat is your age range? 18-35=3 vs. 36-55=2 vs. 56 and older=1 2.09 2.19 0.4727What is your gross annual income level? [$0,$10K)=1; [$10K,$25K)=2; [$25,000,$50K)=3; [$50,000,$75K)=4; [$75,000, ∞)=5 3.38 4.22<.0001

What level of education have you completed? Some H.S.=1; High School or GED=2; Associate degree=3; Bachelor’s degree=4; Master’s degree=6; Ph.D. =7;

3.84 5.42<.0001

At what location would you like to receive your training? NMSU-Alamogordo=1; NMSU-Carlsbad=2; NMSU-Dona Ana Main=3; NMSU-Dona Ana East Mesa=4; NMSU – Grants=5; NMSU-Las Cruces=6; Albuquerque Center=7;

5.49 5.19 0.0612

My NMSU classification is: Exempt staff=1; Non-exempt staff=2; 9-month faculty=3; 12-month faculty=4; 1.39 3.44******

I am employed by NMSU: Full-time=1; Part-time=2; Other=3; 1.02 1.00 0.3794

Full Question (Categories breakdown) Staff Fac χ2 WAre you willing to participate in further surveys that will help guide us in developing employee workshops? Yes=2 vs. No=1

Yes

1.31

31.5%

1.23

23.3%

0.3687

Do you have expertise in any of the above topics for which you would like to teach a workshop or training class? Yes=2 vs. No=1

Yes

1.95

95.4%

1.93

93.1%

0.5901

What is your age range? 18-35 (value=1)36-5556 and older (3)

2.0916.9%57.0%26.1%

2.196.3%

68.8%25.0%

0.4727

What is your gross annual income level? [$0,$10K) (1)[$10K,$25K)[$25,000,$50K)[$50,000,$75K)[$75,000, ∞) (5)

3.38 0.5% 9.7%54.1%22.7%13.0%

4.22 0.0% 3.1%15.6%37.5%43.8%

<.0001

What level of education have you completed? Some H.S. (1)High School or GEDAssociate degreeBachelor’s degreeMaster’s degreePh.D. (6)

3.84 0.5%17.1%20.0%29.3%26.8%6.3%

5.42 0.0% 0.0% 0.0% 3.2%51.6%45.2%

<.0001

Since I am not a big fan of averaging categorical responses …

Full Question Staff Fac χ2 W

At what location would you like to receive your training?NMSU-AlamogordoNMSU-CarlsbadNMSU-Dona Ana MainNMSU-Dona Ana East MesaNMSU – GrantsNMSU-Las CrucesAlbuquerque Center

5.49 2.0%

2.9%

7.4%

3.9%0.5%

82.4%1.0%

5.190.0%3.2%

12.9%12.9%

3.2%67.7%

0.0%

0.0612

My NMSU classification is:Exempt staff (1)Non-exempt staff9-month faculty12-month faculty (4)

1.3961.0%39.1%0.0%0.0%

3.440.0%0.0%

56.3%43.8%

******

I am employed by NMSU:Full-time (1)Part-time (2)

1.0297.6%2.4%

1.00100%

0.3794

4. Discussion• Based on overall results and other information

– There is a need for personal finance education on campus– Concern: Low response rate

• Staff vs. Faculty:– I. Opinion: 1 of 10 was significantly different

• Supervisor allowing time off to attend– II. Topic: 4 of 13 was significantly different

• Budgeting and cash management; Credit, debt, paying off debt; Buying a home; and Consumer rights/scams and frauds

• We’ve also decided– Group faculty and staff together– Offer classes at different levels of difficulty– Trying to figure out the best design that fits the demand

• Debt deduction vs. convention• Coordinator (Anna Dyson and I) vs. professional• Basic, intermediate, and advanced

Lessons Learned• IRB: Takes time, check on them, inconsistent

– 2 weeks in the past vs. 10 week here– Your faculty member in IRB. All good?

• Qualitative analysis is not the inferior one.

Current Planning• Eight Topics identified: Budgeting and cash (2); Credit card,

debt, and debt management: (3); Identity theft & consumer rights/scams (2); Buying a home (2); College funds (1); Insurance (2); Increasing income (1); and Retirement planning (6).

• Allocate 2-3 one-hour sessions for each topics– Fahzy and Anna will teach the basic and maybe the intermediate

levels. NMSU professors and local professional will be invited to teach the advanced level.

• Take advantage of facilities and event– Smart classroom, library, Career Service, Financial Literacy month

in April• Evaluation for each session

Future Considerations • Lower-income population inadequately

covered by the survey– More focused effort– Custodians have different work schedule. E.g.

lunch at 10a. • … while we’re thinking of sessions at noon and 4p

– Tend to be Spanish-speaking– Focused group– Direct face-to-face approach to the supervisors

New Mexico State UniversityFinancial Wellness Project

Fahzy Abdul-Rahman

Family Resource Management SpecialistDepartment of Family & Consumer Sciences

Extension