Date: Fri 30-Apr-1999

Publication: Bee

Author: KAAREN

Quick Words:

women-financial-information

Full Text:

Financial Info Program For Women

(with photo)

BY KAAREN VALENTA

Joan Hutson was devastated when her husband died, but she did not think she

would have financial problems.

"My husband was an accountant, and had always taken care of everything," she

said. "I wasn't prepared for what happened after he died."

Mrs Hutson soon learned that their finances were in shambles because of some

poor investments that her husband had made. She was forced to sell her house

and move in with her daughter's family.

Mrs Hutson (her last name has been changed to protect her privacy) was one of

several dozen women who participated in the Women's Financial Information

Program (WFIP) that was held in Winsted last year. Designed by the American

Association of Retired Persons (AARP) and facilitated by the University of

Connecticut Cooperative Extension System, WFIP is coming to Newtown, where it

will be co-sponsored by the Newtown Business & Professional Women (BPW) and

the Cyrenius H. Booth Library.

The goal of the program is to help women become financially literate and

prepare them for the changing stages of their lives.

Newtown BPW member Donna Howard signed up for the program in Winsted when she

discovered she did not have enough information to help her deal with the elder

care issues of her aging parents.

"I saw a small notice about it in The Bee and drove to Winsted for all of the

sessions," she said. "I signed up specifically because of the part that

focused on elder issues."

A single parent for years, Ms Howard thought she knew all she needed to manage

her own life.

"When I attended the WFIP, I was shocked at how little I really knew," she

said. "I learned so much in the program about many different areas of

finances, such as insurance. I think everyone should have access to this

information. That's why I wanted to have it offered in Newtown."

Annette FitzGerald, senior extension educator with the UConn Cooperative

Extension System, held one of the first WFIP programs in the nation in 1988.

"It was a program designed for midlife and older women," Ms FitzGerald said.

"I had 200 women come for the series when I held one of the pilot programs in

Hartford. That's the program that is now used all over the country."

The program consists of six interactive seminars led by women who are experts

in their field. The seminars, which will be held on six consecutive Thursday

evenings beginning May 20, from 7 to 9 pm, at the Cyrenius H. Booth Library

meeting room include:

Getting Organized;

Managing Cash Flow/Banking And Credit;

Managing Your Risks Through Insurance;

Preparing For the Unexpected Illness, Disability, Widowhood, Divorce;

Investing For Retirement;

Estate Planning: Wills, Probate, Taxes and Trusts.

The presenters, all women, will include a community educator from the UConn

Cooperative Extension System, an educator from Connecticut Consumer Credit

Counseling (CCC), an insurance agent, a certified financial planner, an

attorney who specializes in elder care issues, and a probate court judge.

Each evening consists of a 45-minute speaker/program, followed by a 15-minute

coffee break, then the participants break out into discussion groups of 10

persons in each including one or two facilitators.

"In the discussion, I heard a lot of comments from women who had tried to get

information from so-called professionals and were made to feel inadequate,"

Kay Brown said. "In the program we learned new ways of asking questions to get

the responses we wanted."

Shante Miller said she signed up for the program because she wanted "to come

out of my ostrich mode and take charge of my life" after a separation and

divorce.

"I was married for 13 years and for 11 of those years I had my head buried in

the sand," she explained. "One day I lifted my head out of the sand and saw

that everything was not fine. I didn't know how to manage my own finances. I

didn't know what a Roth IRA was. I thought a CD was something that sounded

good and you could boogie to it."

Ms FitzGerald said the WFIP is a "door-opening experience. It's networking and

sharing. We use the workshops to help women grow step by step."

When Rosemary Haspel took the program in Winsted, she found her husband began

to feel threatened by her questions about their finances.

"For him, it took some getting used to," she said, laughing. "He never used to

tell me anything because he figured I wouldn't understand. Now he asks me what

I've found out when I do research on some money issue. I even negotiated the

purchase of my last car without his help."

Cooperative Extension Educator Lynne Grant of the Bethel office, who helped

coordinate plans for the program in Newtown, will be the first speaker. Others

include Diane Mull of CCCC; Ann Bowen of Insurance and Investments,

Torrington; Jerri MacMonagle, president of the Connecticut chapter of

Certified Financial Planners; elder care attorney Michele Murphy; and Probate

Court Judge Margot Hall.

On April 19 an all-day training session for facilitators and speakers was held

at the Booth Library. Newtown Savings Bank underwrote the cost of the

luncheon; Chase Manhattan Bank paid for the printing of brochures and other

materials needed for the six-week program. Among the other local sponsors are

Avance Esthetiques, Consumer Credit Counseling Service of Connecticut, the

Family Counseling Center, Friends of the C.H. Booth Library, the Newtown

Chamber of Commerce, Newtown Junior Women's Club, Newtown Woman's Club,

People's Bank Securities, and Women Involved in Newtown.

The cost of the program is $15, and includes a workbook. Scholarships are

available. Registration forms are available at the main circulation desk of

the Booth Library. For more information, call Donna Howard at 426-3634.