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Building a Savings Culture in TEXAS: Dreams Can Come True

Presented by Larry Garcia 2011 Raise Texas Summit Federal Reserve Bank of Dallas Nov 1, 2011, Dallas, TX. Building a Savings Culture in TEXAS: Dreams Can Come True. El Paso Affordable Housing CUSO, 6801 Viscount Blvd, El Paso, TX 79925

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Building a Savings Culture in TEXAS: Dreams Can Come True

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  1. Presented by Larry Garcia2011 Raise Texas SummitFederal Reserve Bank of DallasNov 1, 2011, Dallas, TX Building a Savings Culture in TEXAS: Dreams Can Come True El Paso Affordable Housing CUSO, 6801 Viscount Blvd, El Paso, TX 79925 epaffordablehousing@sbcglobal.net phone 915-838-9608 fax 915-838-8085

  2. SURVEY Chose Questions that would: • Determine Savings Behaviors before the Financial Education Workshop • Determine if Financial Education Workshop addresses Savings Behaviors • Determine after 6 months if Savings Behaviors were positively affected by the Financial Education Workshop Conducted in workshops held from April 1, 2011 through Sept. 30, 2011—received approximately 400 surveys for this analysis.

  3. Results of the pre-survey represent a spectrum of savings behavior among participants: while some report healthy practices and attitudes with respect to saving, others are skeptical or uninformed of the process. Of those who do not save and/or do not use formal financial institutions, there seems to predominate a: Lack of knowledge regarding the mechanisms and techniques for healthy saving Perception that resources are insufficient for savings to be plausible Fear of/distrust for financial institutions

  4. These observations are demonstrated in the following…

  5. Percentage of participants that put money aside as savings:

  6. For those that don’t put money aside, what are the major reasons they do not?

  7. For those that do put money aside, how do they decide the amount to save?

  8. Frequency with which participants save money for a certain reason, but end up using it for something else:

  9. Months in the past year that participants had an unexpected expense over $200:

  10. Which of the following were factors in this situation?

  11. Which places did participants most use to save money during the last year?

  12. Prevalence of checking accounts:

  13. For those that don’t have checking accounts, why don’t they?

  14. To Review Three principle barriers to saving, as indicated in the pre-survey, are: • A lack of knowledge regarding the mechanisms and techniques for healthy saving • The perception that resources are insufficient for savings to be plausible • A fear of/distrust for financial institutions

  15. A lack of knowledge regarding the mechanisms and techniques for healthy saving Five Step Financial Plan • Establish Goals • Analyze Information • Create a Plan • Implement Plan • Follow the Plan and Modify Appropriately

  16. The perception that resources are insufficient for savings to be plausible Needs VS. Wants Establish Goals

  17. A fear of/distrust for financial institutions Selecting a Financial Institution • Previous negative experience with financial institution • No experience by parents with financial institutions • Feel “out of place” in financial institution

  18. At present, there have not been sufficient post-surveys completed to determine the effectiveness of the Financial Education and Home Ownership Clinic. This said, we predict with confidence that the Clinic will result successful in addressing the barriers to saving that have been discussed in this presentation.

  19. Demographics:Approximately 400 surveys

  20. Size of household:

  21. Language most spoken at home:

  22. Gender of participant:

  23. Average age of participant: 38.2

  24. Is participant Hispanic or Latino

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