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RuFES ReFresher Webinar Tuesday August 17, 2010 1:00-2:30 EDT

Roll Your Change Week Helping rural families and communities turn the pennies in their pockets into assets. RuFES ReFresher Webinar Tuesday August 17, 2010 1:00-2:30 EDT. Brought to you by: Aspen Institute Community Strategies Group With support from: Annie E. Casey Foundation.

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RuFES ReFresher Webinar Tuesday August 17, 2010 1:00-2:30 EDT

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  1. Roll Your Change Week Helping rural families and communities turn thepennies in their pockets into assets RuFES ReFresher Webinar Tuesday August 17, 2010 1:00-2:30 EDT Brought to you by: Aspen Institute Community Strategies Group With support from: Annie E. Casey Foundation

  2. Welcome! Janet Topolsky - Moderator Co-Director Aspen Institute Community Strategies Group • This is one in a series of Rural Family Economic Success (RuFES) Webinars. • Open to anyone in the RuFES Action Network, your colleagues and friends – and to anyone else who wants to participate! • As of yesterday, more than xx people had registered for this Webinar. Some of those are groups! • Each webinar is recorded and archived, so you – and others – can watch and listen again at your “leisure.”

  3. Tough Timespresent even more need for working families to creativelycreate afinancial cushion and build their assets. Roll Your Change Week (RYCW) is an easily replicable – and energizing -- effort. Rural organizations and groups can use it to promote savings among low-income families. Today’s Presenterswill provide information on The importance of savings The basic components of RYCW How the concept has worked on the ground in a rural community Today’s Topic

  4. Notes on participation... • Mute for Now. The webinar administrator has you all on “mute” for now. This minimizes barking dogs, annoying muzak, and sinus coughs. • Clarifying Questions?See that little Questions Box in your Webinar Control panel? During the presentations, if George, Judy or René say something that you just don’t get, please type in your question and send it. I will see see the questions, and try to find the right time to pose them. • More Cosmic Questions? After the presentations -- during the last half hour or so, we will have more time for questions. In that case, you can RAISE YOUR HAND by clicking on the little hand icon in your control panel. I will see it, and call on people in turn – and you will be magically unmuted when I call on you! (You can also just type a question into the Questions Box, if you prefer or are shy.) • Technical Problems?Use the Questions Box if you are having technical problems or want to know how to do something. If it’s really bad, email or call Janet Topolsky at@jt@aspeninst.org or 202-812-2118. She is standing by. 

  5. René Bryce-Laporte Senior Associate Aspen Institute Community Strategies Group Washington, DC Today’s Presenters George Barany Director, Youth and Financial Education Consumer Federation of America Cleveland, OH Judy Woodward Senior Associate Family Resource Center Gorham, NH

  6. At the end of today’s Roll Your Change Week Webinar you should understand: The background on the origins of Roll Your Change Week (RYCW) The results of RYCW campaigns in other communities The components of a quality RYCW program including: program structure, staffing, partnerships, cost and promotion. How your organization might launch a RYCW campaign Today’s Objectives

  7. Earn It Working families earn a living that allows them to survive, thrive and raise their children in their community. Built on Three Family-Focused GoalsThe RuFES Framework Keep It • Working families have access to and make good choices that safeguard their family income and lower their cost of living, forging stable and predictable financial lives. Grow It • Working families accumulate and maintain assets that gain value and advance family and community prosperity over time.

  8. Today’s Framework Focus Keep It Working families have access to and make good choices that safeguard their family income and lower their cost of living, forging stable and predictable financial lives. RYCW targets these FAMILY-FOCUSED GOALS K1:Families set short-term and long-term financial goals, and attain them. K2:Families use reasonably priced services, accounts, and products for their savings, checking and other financial transactions. K4:Families reduce their debt burdens and improve their credit ratings over time.

  9. Today’s Framework Focus Grow It Working families accumulate and maintain assets that gain value and advance family and community prosperity over time. RYCW targets these FAMILY-FOCUSED GOALS G1: Families members establish a financial cushion by regularly building their savings over time. G6: Family members increasingly participate in community activities and hold leadership roles. G8: Family purchasing power, productivity and entrepreneurship strengthens local businesses.

  10. America Saves: Who We Are Consumer Federation of America • Founded in 1968. • Association of more than 300 nonprofit pro-consumer organizations including Consumers Union, AARP, credit unions, housing co-ops, and grassroots organizations. • Located in Washington, D.C. America Saves • A national social marketing campaign that seeks to motivate and support low- to moderate-income households to save and build wealth.

  11. Economic Crisis: Impact on Individual Savings

  12. The Basics • A national initiative • Thousands of organizations encourage and assist Americans, especially lower-income households, to save and build wealth • Over 210,000 Savers • Annual reach of more than 40,000,000 people • Collaborators/Partners -- FDIC -- Federal Reserve Board -- ASEC -- Social Security Administration -- OCC -- Department of Defense -- Cooperative Extension -- ABA Educational Foundation -- CUNA -- Many others • Campaign managed by Consumer Federation of America

  13. What We Do • Support a wide range of stakeholders and service providers that organize to positively impact their constituents in 45 states • Provide materials, resources, web site, data base and infrastructure to support the organizing effort and individual savers • Ensure that financial institutions provide no-fee and low-opening-balance savings accounts • Organize America Saves Week, the last week in February, as a national call for positive financial action

  14. Promotional Materials

  15. Roll Your Change Week • Everyone has loose change at home – regardless of income • Coinstar estimates over $10 billion in loose change That’s $99 per household. • We don’t like to roll change. Banks and credit unions don’t like taking change. • Once a year… we roll and they take it • Easy and effective way to open or add to an account

  16. Roll Your Change WeekPromotional Material

  17. Roll Your Change WeekKey Components • Financial institutions as excited partners: marketing, promoting, tellers trained • Community Marketing: media partner, articles, flyers, posters • Organizational Marketing: presentations, newsletter articles, special events • Tracking: branch level with incentive(s) • Coordinator: lead organizer • Budget: varies depending on scope and in-kind contributions

  18. Roll Your Change WeekSAMPLE: Drawing Entry Form • Roll Your Change Week Drawing Entry Form • Please Print Clearly • Date _________________________________________________________ • Name ________________________________________________________ • Address _______________________________________________________ • City __________________________________ Zip __________________ • Phone (___) ______ - ____________ • Bank/Credit Union ______________________________________________ • Branch ___________________________ Amount Deposited $___________ Sites use a form like this to document transactions and enter savers into their drawing for incentives like Savings Bonds!

  19. Roll Your Change WeekSample Action Plan

  20. Roll Your Change WeekSample Action Plan

  21. Roll Your Change WeekAnnual Deposit Comparison: Cleveland

  22. Roll Your Change WeekFinancial Institution Benefits • Akron, Ohio – 2009 • Towpath FCU realized more than $250,000 in deposits of change • 850 new members added over four days. Charter One Bank (example) • Northwoods – Wisconsin AmericaSaves Week – 2004 • 11 financial institutions participated • Seven $50 Savings Bonds given away • 64 Depositors deposited $5,119.63 into financial institutions • $2,367.79 RIPCO Credit Union • $1,234.59 First National Bank of Eagle River • $807.39 Mid-Wisconsin Bank

  23. Contact George Barany 216-375-3255 gbarany@consumerfed.org

  24. Changing Savings Habits One Penny at a TimeRoll Your Change WeekThe Family Resource Center at Gorham

  25. The Family Resource Center at GorhamStrengthening Families, Building Communities Family Support and Parent Education Programs After-School and Summer Youth Programs Financial Literacy Program Building Financial Futures Asset Building Coalition Volunteer Income Tax Assistance Program (VITA) The Coös County Family Support Project

  26. Coös County, NH COÖS • Population: 31,487 (2009 data) • – 17.48 people per square mile • Median Income: $33,593 • – 32% less than state median income • Almost 20% of Coos residents receive Medicaid • – compared to 11% for state • Transitioning Economy Berlin Gorham

  27. Genesis: RYCW Gorham, New HampshireBuilding Financial Futures Coalition • Formation of Asset Building Coalition • Offered Financial awareness events such as: • Credit Repair Clinics • Financial Workshops • Low attendance • Needed to engagethe public

  28. Genesis: RYCW Gorham, New HampshireBuilding Financial Futures Coalition • Our Asset Building Coalition wanted to sponsor a community wide event to focus attention on the importance of saving and being prepared for life’s emergencies. • It had to be funand engaging. • We wanted to change the framework of savings from a need to a “Want.”

  29. Genesis: RYCW Gorham, New HampshireEnter… National Community Tax Coalition and America Saves Atthe NCTCannual conference in Los Angeles, CA, Nancy Register from America Savesspoke about the success of the Cleveland Saves Roll Your Change Weekcampaign.

  30. Rationale: RYCW Gorham, New HampshireRoll Your Change Week was a great fit for us because… • Successful model of best practices via America Saves and Cleveland Saves • Small steps and small change can add up to BIG results! • Low start-up cost

  31. RYC Week – Gorham, New HampshireComponents Use of Behavioral Economics to change the concept of what savings means and to frame it differently … as a Want Reconnectpeople with the value of money … beginning with small change Present an incentive to motivate the savings mindset and encourage behavior change

  32. RYC Week – Gorham, New HampshireWho is the Target Audience? • Anyone! • Everyone! • Because the campaign is for anyone, it appeals to everyone. No negative messaging… …only positive messages.

  33. Getting Started RYC Week – Gorham, New HampshireGetting Started • Campaign Coordinator – Central contact/project manager • Asset Building Group – or other support agency as sponsor • Partners

  34. RYC Week – Gorham, New HampshireWho do you need as partners? Financial Partners • Representatives from financial institutions participate in Roll Your Change Weekplanning committee. • Financial partners provide: • Prizes of $100 Series EE Savings Bond at each branch • Contribute $75 per branch for grand prize drawings of $1,000 Bonds • We offered three last year • We hope to do five this year due, to an expanded coverage area • Total cost of $125/branch • Engagement is essential

  35. RYC Week – Gorham, New HampshireWho do you need as partners - 2? Schools and Youth Programs • Marketing • Rock and “Roll” Events - High School or other youth groups get together to… • Listen to music (Rock) and • Roll change (Roll) for the public as a community service. • Contact person at high schools and after-school programs to assist in getting youth engaged

  36. RYC Week – Gorham, New HampshireWho do you need as partners - 3? The entire initiative is a Community Partnership. Social service agencies, financial partners, schools, media and, of course… the peoplewho participate.

  37. Rock and “Roll”Events RYC Week – Gorham, New HampshireRock and Roll Events High School or other youth groups get together to listen to music (Rock) and to roll change (Roll) for the public as a community service. Teachable moments Social marketing campaign SeeHandoutfor more information on the Family Resource Center Rock and “Roll” Procedure Guidelines

  38. Roll Your Change Week – Gorham, New HampshireWhat does it cost? $Campaign Coordinator’s time as project manager $ Printing and design cost for posters and stuffers $ Time (and other?)cost of promotion (speaking, advertising) $ Cost of prizes $ Cost of refreshments for rolling events

  39. Roll Your Change Week – Gorham, New HampshireReal, Measurable RuFES Results

  40. Roll Your Change Week – Gorham, New HampshireOther Important Community Results Savings Success • People with no previous savings open accounts – then add to those accounts the following year • A Family Affair New” connection to the value of real money…NOT plastic • Youth indicated their shock at how pennies add up to such significant amounts • A-HA! Moments • People “get it” – because it is so simple

  41. If I Knew Then What I Know Now… Roll Your Change Week – Gorham, New HampshireIf I knew then what I know now… What would I do differently? • In our first year, I got the financial partners on board and then let them know how much it would cost for each branch • Too open ended and possibly caused some not to participate. • More Rock and “Roll” events - incredibly successful and rewarding to be a part of. • Better funding

  42. Tips to Remember Roll Your Change Week – Gorham, New HampshireTips to Remember Branding ConceptsTry to follow the best practices of those who’ve had successful campaigns and use similar marketing materials and processes (Cleveland Saves was my model.) Say Thank-You(Mama was right)Don’t forget to say Thank-You to those who help make your campaign work and be sure to let them know that because of them, $_______ has been deposited into savings accounts in their community. Everyone needs to know that their efforts have an impact.

  43. And What Does It Do For You? Roll Your Change Week – Gorham, New HampshireAnd what does it do for YOU? • Builds Social Capital • Increases community awareness of your organization and the other services you offer • Provides a source for participants in your financial education activities • Expands your Network and opens doors to financial institutions and employers so you can access financial specialists or offer other services in the future

  44. Roll Your Change Week…Please DO Try This at Home! This savings awareness campaign is a great opportunity for all involved Financial Institutions • Receive positive press and build social capital. • New accounts are opened • Many accounts are added to in subsequent years • Develop customer loyalty Schools • Positive method of introducing or reinforcing financial education which is becoming a required component of many curricula Community • Residents begin to think differently about how they spend and how they save • Increased awareness of the need for emergency savings and a simple method for achieving success increases financial stability of community members and decreases demand on social services

  45. The Family Resource Center at Gorham MISSION STATEMENT "To build healthier families and stronger communities through positive relationships, programs and collaboration in the North Country."  Judy Woodward Financial Literacy/VITA Program judy.woodward@frcberlin-gorham.org 603-466-5190 123 Main Street, Gorham, NH 03581 Strengthening Families... Building Communities.

  46. Questions?

  47. Webinar recording and handouts at: http://www.aspencsg.org/rufes/about/resources.html • Handout List: Cleveland Roll Your Change Week Campaign • Public Relations Poster • Roll Your Change Week Marketing Toolkit • Statistical Results Comparison • Roll Your Change Week Summary New Hampshire Roll Your Change Week Campaign • Event Timeline • Public Relations Bag Stuffer • Invitation Letter to Financial Institutions • Public Relations Poster • Procedure Guide • Letter from U.S. Representative Paul Hodes

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