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Forum moderator and guest speakersList convener, moderator, and guest speakers

for your event here.

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Enhanced understanding of a societal / community problem

Brainstorming of possible solutionsRealistic weighing of pros and cons

of suggested solutionsCommitment to take action in one or

more waysFormation of partnerships to carry

out a multifaceted strategy to bring positive change

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Everyone is encouraged to participate. No one or two individuals dominate. The discussion focuses on the

approaches (solutions). All approaches on the issue are considered

equally. A constructive atmosphere for dialogue

and analysis of alternatives is maintained.

People listen respectfully to each other. All cell phones and pagers are off. The moderator guides the deliberation, yet

remains neutral.

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Excessive debtNo savings or

emergency fundsPoor credit ratingVulnerability to

predatory lending and other scams

Loans involving negative equity

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Personal bankruptcyHome foreclosure

and car repossessionFew, if any,

workplace benefitsInability to retire

when desired, if at allLack of financial

security at important stages of life

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PovertyCompulsive and impulsive

spendingAddictive behaviors related

to alcohol and drug misuse, as well as gambling

Physical and mental health problems

Individual and family crisesLack of helpful networks of

supportCultural and societal

barriersLack of knowledge and

skills

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What can be done?Four possible approaches

Prevention Through EducationProvide Counseling / AdviceExpand and Improve RegulationAsset Building Strategies and other Innovations

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Prevention Through Education Design and deliver

educational programs High quality Convenient / accessible Low cost Varied

Require completion of personal finance course prior to high school graduation

Take advantage of “teachable moments”

Concerns Effectiveness has not been

proven Few qualified teachers People do not realize or admit

deficiencies Receiving information does

not mean it will be used well

Likely trade-offs Resources to enhance

financial literacy means less devoted to other educational needs

Returns on funding for financial education not guaranteed

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Provide Counseling / Advice

Develop and deliver counseling and advisement services Accessible Reasonable cost Customized where possible

Ensure counselors/advisors are well-trained, competent, and credentialed

Create cadre of volunteers to serve low-income persons and families

Incentives/grants to providers to offset costs of pro bono work

Concerns: Some cannot or will not

accept responsibility Until standards/

certification is in place, charlatans will seek to take advantage

Expensive / resource intensive

Trade-offs Is subsidization

worthwhile? Initial positive outcomes

may not be long-lasting Loss of privacy

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Expand and Improve RegulationAuthorize and fund

financial product safety regulatory entities

Use existing regulatory agencies to bring about improved products and services

Provide protection for those most vulnerable

Fund and carry out well-designed consumer research studies

Concerns Already too much

regulation & oversight Market pressures provide

best incentive for making improvements

Regulation stifles innovation

Trade-offs Willingness to

participate in consumer studies

Willingness to lose some freedom in order to gain protection

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Asset Building and Other Innovations Individual Development

Accounts (IDAs) Tax advantages of 401(k) Earned Income Tax

Credit (EITC)

ASPIRE Act – KIDS Accounts

Young Saver’s Accounts or Roth IRAs for kids

Automatic payroll deposits in savings account unless employees opt-out

Credit card innovations

Concerns Reduces free will Can seem patronizing,

even Orwellian Cannot truly be

customized for each unique situation/ need

Likely trade-offs Willingness to allow employers

to make some financial decisions Willingness to divert current

funds for immediate uses to build assets for future

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Final reflections Is there a fifth approach? If so,

what does it involve? Is any one approach going

to solve the problem by itself? Which approach(es) have

the most promise in your community? Which “interested parties” in

your community need to be energized to work on these strategies?

What action(s) are those who arepresent at tonight’s forum willing to undertake?

What innovative partnerships could be formed in order to bring about positive change?

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Gentry, D. B. (2012). (2nd Ed.) Financial fitness... It’s priceless: Public policy deliberation guide. Alexandria, VA: American Association of Family Consumer Sciences.

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