Building Financial Capacity in Children and Youth

Building Financial Capacity in Children and Youth

The Consumer Financial Protection Bureau, (CFPB) has defined financial capacity as a the combination of attitude, knowledge, skills, and self-efficacy needed to make and exercise money management decisions that best fit the circumstances of one’s life, within an enabling environment that includes, but is not limited to, access to appropriate financial services. 

Many of the attitudes, knowledge and skills needed to build financial capacity can be learned.  People learn behavior through a variety of contexts.  Children, in particular, learn through practices modeled by a parent or caregiver. In fact, research shows that parents and caregivers have the most influence on their children’s financial capability.

If you are like most parents, you probably recognize this—and you are interested in setting your kids on a good path toward financial well-being. However, many parents also say they do not always have time, tools, or personal confidence to start talking about money thinking their children will learn about it in school, later on, when they are old enough to understand.

This is most unfortunate. According to the Council for Economic Education 2018 Survey of the States, only 17 States require high school students to take a course in personal finance.  So, if a parent isn’t teaching their children basic money/financial skills who is?  Economical and financial literacy is a foundational element to achieving financial health and financial well-being.  It is never too early (or too late) to start building this.

Talking to children about money, even in EARLY CHILDHOOD, helps children build the skills they need later in life.  Early childhood education experts like to call this scaffolding.  You are setting the framework…the support…the platform, encouraging financial capability milestones from early childhood into young adulthood. Children can learn the behaviors, knowledge, skills, and personal characteristics that support financial health and well-being.

Books can help start these critical early conversation. The CFPB has made it EASY!  Parents can be their child’s first financial capability teacher!  The University of Wisconsin-Extension Family Living Programs and the University of Wisconsin-Madison Center for Financial Security have selected books for the CFPB Money as you Grow Book Club.  This program uses easy to read and understand children’s books to discuss money concepts. These books include many favorites:

  • A Bargain for Frances, by Russell Hoban
  • A Chair for My Mother, by Vera Williams
  • Alexander, Who Used to Be Rich Last Sunday, by Judith Viorst
  • Count on Pablo, by Barbara deRubertis
  • Cuenta con Pablo, by Barbara deRubertis
  • Curious George Saves His Pennies, by Margaret and H.AS. Rey
  • Just Shopping With Mom, by Mercer Mayer
  • Lemonade in Winter, by Emily Jenkins
  • My Rows and Piles of Coins, by Tololwa M. Mollel
  • Ox-Cart Man, by Donald Hall
  • Sheep in a Shop, by Nancy Shaw
  • The Berenstain Bears & Mama’s New Job, by Stan & Jan Berenstain
  • The Berenstain Bears’ Trouble With Money by Stan and Jan Berenstain
  • The Purse, by Kathy Caple
  • The Rag Coat, by Lauren Mills
  • Those Shoes, by Maribeth Boelts
  • Tia Isa Wants a Car, by Meg Medina
  • Tia Isa Quiere un Carro, by Meg Medina

Fortunately, many of the building blocks for good financial decision making – like self-regulation, patience, planning, and problem-solving – do not require a lot of financial know-how.

Reading books with children is a creative way to learn about the many sides of money management. Pick up a few of the titles at your local library and influence your children’s financial capability.  Building good habits leads to a life of good financial health and well-being.

Example of key ideas from reading books:

 

PLANNING How Children Show It
Making Decisions Can look at a few choices and select on what will bring the best results.
Setting Goals Can follow a multi–step plan.
Prioritizing Can prioritize choices when they want two or more things at once.
Solving problems

 

Can describe problems and come up with a few idea to make things better.
MONEY
Earning Can identify the different jobs people in the family and in the community do to earn money and keep it safe.
Spending Make spending choices with their own money – real or play.
Saving Keeps money in a safe place and keeps track of amount saved for future spending.
Sharing and borrowing Can explain the difference between lending and giving something away.
ME
Self-control Can talk about times when they were able to wait and how they were able to do it.
Follow-through Can identify who they can turn to for help reaching a goal, or what tools or tricks might help them stick with a plan.
Staying true to yourself Name one special thing they like about themselves and their loved ones.
Flexibility Can talk about a time when their plans did not turn out how they wanted and what they did instead.

 

Resource:  https://www.consumerfinance.gov/consumer-tools/money-as-you-grow/

Make Mindfulness Part of Your Daily Routine in 2019

Make Mindfulness Part of Your Daily Routine in 2019

Blue and orange sunset over a lake surrounded by trees in the foreground and background.

Be mindful and enjoy the moment.
Photo source: UF/IFAS Northwest District

Now that the busy holiday season is over, it is time not only to reflect on the past, but to prepare and refocus for the New Year ahead. As we focus on the New Year, it is always refreshing to have a clean slate. As the year begins to unfold, there are tips to help you manage your day-to-day stress levels.  It begins with mindfulness.

What is mindfulness? Mindfulness means paying attention in a particular way; on purpose, in the present moment, and nonjudgmentally.” –Dr. Jon Kabat-Zinn (1991)

Mindfulness is best thought of as a way of being rather than an activity in and of itself. Almost any activity can be carried out with mindful awareness.

Mindful awareness has three key features:
Purpose – mindfulness involves intentionally and purposefully directing your attention rather than letting it wander.

Presence – mindfulness involves being fully engaged with and attentive to the present moment. Thoughts about the past and future that arise are recognized simply as thoughts occurring in the present.

Acceptance – mindfulness involves being nonjudgmental toward whatever arises in the moment. This means that sensations, thoughts, and emotions are not judged as good or bad, pleasant or unpleasant; they are simply noticed as “happening,” and observed until they eventually pass (Naik, Harris, and Forthun 2016).

Mindfulness is a mind-body practice that has been found to benefit both psychological and physical health. The primary psychological change that occurs during mindfulness practice is an increased awareness of thoughts, feelings, and sensations in the present moment. Over time, mindfulness practice can help you to become aware of the space between noticing experiences and reacting to them by letting you slow down and observe the processes of your mind (Black 2010). The ultimate goal of mindfulness practice is for you to take advantage of this space so you can make more intentional decisions – to wake up from living life on autopilot, based on unproductive habits of mind (Black 2010; Walach et al. 2007).

According to the American Psychological Association, some empirically supported benefits of mindfulness include the following (Davis & Hayes 2011):

Psychological Benefits
Increased awareness of one’s mind
Significantly reduced stress, anxiety, and negative emotions
Increased control over ruminative thinking (a major cause and symptom of depression and anxiety)
Increased mental flexibility and focus
More working memory
Decreased distracting thoughts
Decreased emotional reactivity
Increased capacity for intentional, responsive behaviors
Increased empathy, compassion and conscientiousness of others’ emotions

Physiological Benefits
Enhanced immune system functioning
Increased brain density and neural integration in areas responsible for positive emotions, self-regulation, and long-term planning
Lowered blood pressure
Lowered levels of blood cortisol (a major stress hormone)
Greater resistance to stress-related illnesses such as heart disease

Spiritual Benefits
Increased self-insight and self-acceptance
Increased acceptance of others
Increased compassion and empathy
Increased sense of morality, intuition, and courage to change
Increased control over automatic behaviors
Increased self-discipline

The question is: how many of us would like to benefit from mindfulness if it provides these positive benefits?  All of us should strive to lower our stress level and enjoy our daily lives with a more positive attitude and more attentiveness. So, how can we incorporate this into our lives?  The majority of this practice is about familiarizing yourself with what it feels like to be mindful, and getting better at “remembering” to maintain mindful awareness.

Experiment with creating your own mindfulness practices throughout your day. Being mindful of the sensation on the soles of your feet as you walk to your car or the taste and texture of your morning coffee can transform routine moments into deeply satisfying practices. However, having a ritualized and structured practice can be beneficial. To find out more about practicing mindfulness and how to incorporate a more structured practice in your life visit http://edis.ifas.ufl.edu, Publication # FCS2335 – Mindfulness: An Introduction.

Source: Mindfulness: An Introduction. http://edis.ifas.ufl.edu. Publication # FCS2335.

Handling the Holiday Blues

Handling the Holiday Blues

As the holiday season quickly approaches, many people are filled with extra holiday cheer and enthusiasm.  Some are jolly, but still overwhelmed with all of the activities, decorating, and shopping that needs to be completed.  Then, there are those that find the holiday season as a reminder of things such as, the death of a loved one, family feuds, divorce, and the list goes on. If you are feeling this way here are a few tips to make getting through the season a little bit easier.

1. Feel your emotions – Many people want to suppress their sadness or anxiety, but this only makes it worse. We are all allowed to grieve, cry and feel mad at times.  If you feel this way, let yourself feel your feelings.  You will feel better once you have accepted and worked through the emotions. You also do not have to force yourself to feel happy just because it is the holiday season.

2. Reach out to others – Instead of secluding yourself spend time with others, whether it is at church, a community group or with family and friends. Spending time with others and socializing is good for the spirit.  In addition, there are tons of volunteer opportunities during the holidays.  Try something new and volunteer your time to a worthy cause.  You will feel great about helping others and contributing to the cause. Research such as this one conducted by UnitedHealth Group commissioned a national survey of 3,351 adults and found that the majority of participants reported feeling mentally and physically healthier after a volunteer experience. The research showed:

  • 96% reported that volunteering enriched their sense of purpose in life
  • 94% of people who volunteered in the last twelve months said that volunteering improved their mood
  • 80% of them feel like they have control over their health
  • 78% of them said that volunteering lowered their stress levels
  • 76% of people who volunteered in the last twelve months said that volunteering has made them feel healthier
  • About a quarter of them reported that their volunteer work has helped them manage a chronic illness by keeping them active and taking their minds off of their own problems
  • Volunteering also improved their mood and self-esteem

3. Be realistic – Realize that times and traditions change as families grow and age. Do not focus on everything having to be the same every year.  Be willing to accept changes, such as adult children may not be able to attend the family gathering, so utilize technology and talk through video conferencing, share pictures on email and/or Facebook.  Find a way to make it work.

4. Set aside differences for everyone’s sake. Aim to accept family and friends the way they are, even if they do not meet your expectations. Leave grievances at the door for the day and enjoy your family and friends. Share those grievances and talk at a more appropriate and private time. Also, remember they could be feeling the stress of the holiday too. So, be patient if someone is grouchy or sad as you celebrate.  You may both be feeling the same way.

5. Learn to say no – Be realistic in the number of activities you and your family can participate. Do not feel guilty because you cannot attend every party and event you are invited too.  Graciously decline an invite and share that your schedule is booked, but thank them for thinking of you. A host does not expect that everyone will attend their parties.

6. Take a breather as needed – If you start to feel overwhelmed with anxiety, anger or sadness take a few minutes to be alone. Take 15 minutes to spend in the quiet to reduce the stress and clear your mind. For example: listen to soothing music, do a few mindful breathing exercises to slow yourself down or read a book to temporarily escape the stress.

7.Seek professional help as needed – there are times when the emotions are just too overwhelming to sort through on our own. If you continue to feel sad, anxious, angry, etc. there is absolutely no shame in seeking the help of a doctor or mental health professional. It will only help you work through your feelings with a non-bias person. Helping yourself feel better will improve your quality of life and those around you.

Do not let the idea of the holidays turn you into a modern day Ebenezer Scrooge.  Learn to take care of yourself first. Learn your limitations and accept them.  Do not let others’ expectations overwhelm you.  Just remember when you start feeling extreme levels of emotions and/or stress take a few deep breathes and remind yourself to relax and feel the moment.  Be mindful of your surroundings and remind yourself of your many blessings, even when going through difficult times.  Make it your personal goal to feel your feelings and enjoy what you can about the holiday season, whether it is the twinkling lights, time with friends and family, the food or any of the many special holiday traditions.

Aim to find JOY during this holiday season.

Sources:

Stress, depression and the holidays: Tips for coping. www.mayoclinic.org,

Signs and Symptoms of Depression http://edis.ifas.ufl.edu/pdffiles/FY/FY10000.pdf

Depression and Older Adults  http://edis.ifas.ufl.edu/pdffiles/FY/FY95200.pdf

Water Safety is Key to a Fun-Filled Summer at the Pool

Water Safety is Key to a Fun-Filled Summer at the Pool

Always supervise children closely around water.
Photo credit: Marie Arick

Summer is here!  As the long, hot days of summer move forward there are many things to consider when it comes to children and water safety. Each summer we hear of tragic incidents of children drowning in pools, spas, and other bodies of water.  These tragedies may be avoided by following a few simple tips to keep your child safe while letting them enjoy their summer break.

The U.S. Consumer Product Safety Commission (CPSC) is the agency charged with protecting the public from unreasonable risks of injury or death from thousands of types of consumer products under the agency’s jurisdiction. In addition to Pool and Spa Safety, the CPSC is committed to protecting consumers and families from products that pose a fire, electrical, chemical, or mechanical hazard. CPSC launched the campaign, PoolSafely.gov, which provides Pool Safely: Simple Steps to Save Lives, a national public education campaign to reduce childhood drownings, submersion injuries and entrapments. Review these tips below.

 Tips from PoolSafely.gov and CPSC:

  1. Never leave a child unattended in or near water.

It is recommended to designate an official “Water Watcher”, this is an adult assigned with supervising the children in the water. This should be their only task – they should not be reading, texting or playing games on their phone. Have a phone close by at all times, in case you need to call for help, and if a child is missing, check the pool first. Even when a lifeguard is present, parents and caregivers should still take the responsibility of being a designated “Water Watcher”. When the lifeguard chair is empty, the other lifeguards may not be able to see the entire pool and when lifeguards are sitting in low chairs; other people in the pool can block their view.

  1. Teach children how to swim.

Swimming is fun, great exercise and it is a lifesaving skill, so why would you not instill this skill in your child? Be sure to enroll children in swimming lessons – the earlier the better.  A few swimming lessons may just save their life.

  1. Teach children to stay away from pool drains.

Show your children where the pool drain is located and remind them of the dangers of those drains. Remind them not to play or swim near drains or suction outlets, especially in spas and shallow pools, and never enter a pool or spa that has a loose, broken or missing drain cover. Sadly, children’s hair, limbs, jewelry or bathing suits, etc. can get stuck in a drain or suction opening. When enjoying time in a spa, be sure to locate the emergency vacuum shutoff before getting in the water.

  1. Ensure all pools and spas – both in your backyard and any public pool you may visit – have compliant drain covers.

The powerful suction from a pool or spa drain can even trap an adult, let alone a child.  The Pool and Spa Safety Act is named after Virginia Graeme Baker, a child that tragically died from drowning due to a suction entrapment from a faulty drain cover. Do to this act, it is now required by law that all public pools and spas must have drain grates or covers that meet safety standards to avoid incidents like the one that took Graeme’s life.

  1. Install proper barriers, covers and alarms on and around your pool and spa.

One of the biggest dangers with pools or spas is when they are left open without any proper fences, barriers, alarms and covers.  Each of these can be lifesaving devices. A fence of at least four feet in height should surround the pool or spa on all sides and should not be made of a climbable material. The pool should only be accessible through a self-closing, self-latching gate. Teach children to never climb over a pool gate or fence. Always remove portable pool ladders when not in use, just so your child is not enticed to enter the water. It is also highly recommended to install a door alarm from the house to the pool area, and keep pool and spa covers in working order.

  1. Know how to perform CPR on children and adults.

CPR can be the reason a drowning victim survives. With all of the possible locations of CPR trainings, why not get CPR certified as an extra precaution in case there is a water emergency? CPR classes are available through many hospitals, community centers, or by contacting your local American Red Cross.  Once certified, be sure to keep the certification up to date.

  1. Finally, take the Pledge!

Before heading to the water with your family, remember to take the Pool Safely Pledge. This online call to action is a reminder to stay safer around the water. This pledge for you and your child can be found at https://www.poolsafely.gov/pledge/. The pledge is supported by CPSC and the PoolSafely.gov initiative and Olympic swimmer Michael Phelp along with over 60,000 other pledge takers. Parents, you can also download coloring sheets and other fun PoolSafely.gov child friendly apps and songs.

With the large variety of water related summer activities available it does leave a chance for risky incidents. Some work and preparation ahead of time will make for a less anxious and more fun-filled summer.  Planning for risk will lessen the high-risk stakes and make sure everyone is prepared in case of an emergency.  So remember, Simple Steps Save Lives. Enjoy a safe, fun, and water filled time this summer!

 

Resources: For more information be sure to visit Pool Safely: Simple Steps Save Liveshttps://www.poolsafely.gov

 

Grandparents Raising Grandchildren

Grandparents Raising Grandchildren

May is Older Americans Month – Photo credit: Wendy Meredith

“Grandparents Raising Grandchildren” are grandparents who are caregivers for their grandchildren.  They have obtained temporary custody or have adopted because the grandchildren’s biological parents often are either incarcerated for crimes related to drugs and/or alcohol addictions or the parents are deceased due to their lifestyles and addictions.  The UF/IFAS Escambia County Extension Expanded Food and Nutrition Education Program (EFNEP) ​has partnered with the Council on Aging in our area to work with these “great” grandparents.  EFNEP is a series of nine lessons.  We teach parents and grandparents raising grandchildren the knowledge, skills, and behaviors needed to raise healthy families.

What EFNEP Offers Grandparents Raising Grandchildren

Welcome!

Eating Smart Being Active. Tell us your story – we listen to you.  We share helpful resources available in the county.

Get Moving!

Let’s Be Active. Learn Physical Fitness with Exercises and Games for the family. Drink Water.

Plan, Shop, and Save!

Plan for nutritious meals and recipes.  Shop on a budget and save money.

Fruits and Vegetables Half Your Plate!

Make simple, family-friendly recipes using fruits and vegetables.  Use all varieties including what’s in season and grown locally.  Learn about important family vitamins, minerals, and dietary fiber.

Make Half Your Grains Whole Grains!

How many grains do I need a day? Why is it important to eat grains?

Go Lean with Protein!

What are animal proteins?  What are plant proteins? How much protein do you need each day? What is a lean protein?

Build Strong Bones!

What are sources of low-fat or no-fat dairy?  How many servings does your family need each day?

Make a Change!

What are good ways to get rid of too many fats, salts, and sugars from your families’ daily meals and snacks?

Celebrate!

Each EFNEP participant receives a certificate of completion to frame and hang in their home.

Why are Grandparents Raising Grandchildren?

The opioid epidemic is affecting so many families and, really, these folks should be enjoying retirement and their “Older Years.”  We are here to supply grandparents who are raising grandchildren with education and tools that equip them to raise healthy and happy children.

EFNEP is here to help

Grandparents Shopping Healthy – Photo credit: Wendy Meredith

EFNEP aids in the challenge with recipes, activities, cooking skills, and researched info. Then we educate about nutritious foods, food safety, physical activity, and how to shop for food on a limited budget. We also provide fresh produce grown, harvested, and donated by the Extension Master Gardeners for in-class recipe tastings. We have, on occasion, taken the grandparents to a local grocery store to “put into action” what they have learned in the EFNEP classes. Each one is given a challenge to purchase a healthy item from each of the five food groups with money that is provided for them.

We also are currently working with Fresh Access Bucks (FAB), which enables us to share with our Grandparents Raising Grandchildren the locations and times of local Farmers Markets and Produce Stands that are FAB partners and accept SNAP and WIC when purchasing Fresh Florida Grown Produce.

Raising children can be hard in our younger adult years.  Raising children in our “Older Years” can be extremely challenging, overwhelming, or downright exhausting.  Through our partnership, we have been able to help the grandparents by eliminating some of their everyday stresses.  We do this by offering them fun, factual, and fresh ideas about nutritious foods and how to prepare yummy, kid-approved snacks and meals.  Working with the grandparents has been and continues to be very rewarding.  They are always eager to learn and they are committed to the program.  And they are so grateful for our involvement.  The big smiles on the faces of the Super Grandmas and Super Grandpas say it all!!!