About 10 percent of children live in households with a Social Security program beneficiary or are beneficiaries themselves. Many have low incomes limiting the resources available to spend on caring for these children. The Child Tax Credit (CTC) expansion in 2021 increased income for many households and reduced poverty dramatically for children. Children in Social Security beneficiary households stood to gain as CTC benefit receipt did not affect Social Security payments. In fact, poverty fell substantially for these children, however, there were disparities based on demographic characteristics, geography, and Social Security program type.
A study was conducted by Asset Funders Network (AFN) and the University of Wisconsin-Madison Center for Financial Security (CFS) to better understand the transition to remote services among financial capability and asset building (FCAB) programs, which includes financial education, counseling, coaching, emergency assistance, benefits navigation, housing supports, workforce development, and other related services. A full report, six regional briefs, and a webinar are available. Visit the AFN website and project landing page for all materials and regional briefs.
In late 2021 into early 2022, the Wisconsin Department of Financial Institutions (DFI) surveyed Wisconsin employers on behalf of the Adult Health and Workplace Financial Literacy Committee of the Governor’s Council on Financial Literacy and Capability. The purpose of the survey was to learn more about employer-provided financial wellness programs in the State. The Committee, chaired by Jeff Grothman, partnered with DFI and the Center for Financial Security (CFS) to develop and administer an online survey via Qualtrics. The 2021-2022 survey was based on an earlier survey launched in 2012 by the Workplace Financial Literacy Committee. The report with survey findings and recommendations is now available to download and view.
Lack of health insurance and underinsurance threaten the near term and long-term economic security of households approaching retirement. For lower income households near retirement but not yet eligible for Medicare, Medicaid may reduce financial hardship caused by medical bills, improve savings for retirement, and change use of Social Security benefits. Whether Medicaid significantly improves the financial health of households near retirement informs how Social Security beneficiaries will fare once they reach retirement.
This January 31, 2023 webinar explores this topic with the researchers, Katie Fitzpatrick, Associate Professor & MPP Program Director at Biden School of Public Policy & Administration at the University of Delaware, and Keisha Solomon, Research Scientist in the Department of Economics at Howard University. Webinar discussants include Kabir Dasgupta, Senior Economist at the Federal Reserve, and Caroline Gomez-Tom, Outreach Specialist with Covering Wisconsin.
CFS is pleased to announce the release of four training and funding opportunities supported through the Social Security Administration’s Retirement and Disability Research Consortium (RDRC). The CFS Retirement and Disability Research Center (CFS RDRC) is one of four Centers of the Consortium, all of which offer training and funding for research in retirement and disability topic areas.
The scholars’ projects investigate important topics related to labor force and employment across the life course, equity and access, and financial stability.
The U.S. Social Security Administration is funding 15 major research projects investigating retirement and disability topics surrounding racial wealth, children and families, and the economic security of older adults.
The University of Wisconsin-Madison’s Center for Financial Security (CFS), as part of the Retirement and Disability Research Consortium (RDRC), has been awarded a fifth year of funding for $3.11 million from the U.S. Social Security Administration (SSA).
One of just four such centers in the country supported by the SSA, the UW-Madison’s CFS focuses on the financial well-being of economically vulnerable families, households of color, older adults, people with disabilities, low-wealth households, and children.
For a week in June 2021, the Center for Financial Security (CFS)—in collaboration with Howard University’s Center on Race and Wealth—held the annual summer workshop of Junior Scholar Intensive Training (JSIT) program. JSTI is an intensive training program for emerging researchers, and made possible with funding from the Retirement and Disability Research Consortium of the Social Security Administration (SSA).
This year’s JSIT workshop was virtual, allowing participation from Minnesota to Mississippi, and California to Cambridge (England!). Scholars are first-generation and/or are economically disadvantaged and/or are from historically underrepresented populations.
“I’ve participated in a lot of junior scholar workshops, but none were as beneficial as JSIT. JSIT provided the opportunity to develop and get feedback through “hands on,” iterative activities. I’m still amazed at how much I developed in just one week!”
Mila Turner, Assistant Professor of Sociology at Florida A&M University was part of this year’s JSIT cohort.
Our Spring 2023 HHF Seminars will be held virtually via Zoom and sometimes in-person in 1199 Nancy Nicholas Hall. View individual seminars listed below for mode.
With over 50 faculty affiliates across departments at UW-Madison, as well as more than 50 fellows at other institutions throughout the nation, The Center for Financial Security is pleased to provide a platform for sharing some of the most exciting and innovative early stage research in the household finance realm. Join us every Thursday of the academic year for a seminar from 3:45-4:45 pm for this multi-disciplinary exploration of household finance research.
The Center for Financial Security and the Asset Funders Network (AFN) collaborated on a case-study investigation of employer-based financial coaching programs in the latest research: Supporting Employee Financial Stability: How Philanthropy Catalyzes Workplace Financial Coaching Programs. This brief shares innovative approaches employers believe increase recruitment and retention while impacting employee financial well-being.
The Financial Findings Podcast is a series developed by the Center for Financial Security that features interviews with researchers about household finance, financial security, and retirement and disability research and the implications for policy, practice, and relevance for the general public. The podcast series is hosted by Jonathon Ferguson.
Episode 3: Interview with Molly Costanzo and Lisa Klein Vogel
Dr. Costanzo is an associate scientist at the University of Wisconsin-Madison’s Institute for Research on Poverty. She studies policies and programs that affect children and their families, with a particular focus on family economic well-being and supports for children with disabilities. Molly has a PhD in Social Welfare from the University of Wisconsin-Madison.
The Financial Findings Podcast is a series developed by the Center for Financial Security that features interviews with researchers about household finance, financial security, and retirement and disability research and the implications for policy, practice, and relevance for the general public. The podcast series is hosted by Jonathon Ferguson.
Episode 2: Interview with Jill Hoiting
For this episode we have an interview with Jill Hoiting. Jill is a PHD student in the Social Welfare program at the University of Wisconsin, Madison.
Jill’s research interests include affordability, accessibility and quality of childcare, prevention of expulsion in early education, quality and effectiveness of family support programming and systems, and early childhood and family policy.
Jill holds a Master of Social Work degree from the University of Wisconsin-Madison and a bachelor’s of science degree from the University of Georgia.
The Financial Findings Podcast is a series developed by the Center for Financial Security that features interviews with researchers about household finance, financial security, and retirement and disability research and the implications for policy, practice, and relevance for the general public. The podcast series is hosted by Jonathon Ferguson.
Episode 1: Interview with Dr. Cliff Robb
For this episode we have an interview with Dr. Cliff Robb. Cliff A. Robb is the chair for the department of consumer science at the University of Wisconsin, Madison, and a professor in the School of Human Ecology.
Dr. Robb studies consumer financial decision-making, with an emphasis on financial knowledge and capability. He is interested in the financial decision-making of young adults in particular, with a focus on college student debt management and well-being. His research is widely published in a number of peer-reviewed journals.
*The research reported herein was performed pursuant to a grant from the U.S. Social Security Administration (SSA) funded as part of the Retirement and Disability Consortium. The opinions and conclusions expressed are solely those of the author(s) and do not represent the opinions or policy of SSA or any agency of the Federal Government. Neither the United States Government nor any agency thereof, nor any of their employees, makes any warranty, express or implied, or assumes any legal liability or responsibility for the accuracy, completeness, or usefulness of the contents of this report. Reference herein to any specific commercial product, process or service by trade name, trademark, manufacturer, or otherwise does not necessarily constitute or imply endorsement, recommendation or favoring by the United States Government or any agency thereof.
University of Wisconsin-Madison Center for Financial Security 