REPORT OF THE 2016 PUBLIC LIBRARY PERSONAL FINANCE SURVEY SUMMER 2017

Transcription

1 REPORT OF THE 2016 PUBLIC LIBRARY PERSONAL FINANCE SURVEY SUMMER 2017

2 KELSEY HENKE American Library Assciatin Office fr Research & Evaluatin The missin f the Office fr Research & Evaluatin (ORE) is t prvide leadership and expert advice t ALA staff, members and public n all matters related t research and statistics abut libraries, librarians and ther library staff; represent the Assciatin t Federal agencies n these issues; and initiate prjects needed t expand the knwledge base f the field thrugh research and the cllectin f useful statistics. This research was funded in part by the FINRA Investr Educatin Fundatin. All results, interpretatins and cnclusins expressed are thse f the research team alne and d nt necessarily represent the views f the FINRA Investr Educatin Fundatin r any f its affiliated cmpanies. The FINRA Investr Educatin Fundatin, established in 2003 by the Financial Industry Regulatry Authrity, empwers underserved Americans with the knwledge, skills and tls t make sund financial decisins thrughut life. Special thanks t Kathy Rsa, Rachel Wedeward, and Rbert Ganem. CONTACT INFORMATION OFFICE FOR RESEARCH AND EVALUATION 50 E. Hurn. St. Chicag, IL , x Fr questins r cmments, cntact re@ala.rg RECOMMENDED CITATION Henke, K. (2017). Reprt f the 2016 Public Library Persnal Finance Survey. Open-File Reprt, Chicag, IL: American Library Assciatin.

3 TABLE OF CONTENTS HIGHLIGHTS PG 3 INTRODUCTION PG 4 1. STAFF COMPETENCIES PG 5 A CLOSER LOOK AT REPORTED STAFF COMPETENCIES BY LOCALE PG 5 2. LIBRARY DIRECTORS AND PERSONAL FINANCE PG 7 3. LIBRARY RESOURCES PG 7 TRAINING ON PERSONAL FINANCE TO PATRONS PG 8 WEB RESOURCES PG 9 4. CONCLUSION PG 9 5. SURVEY QUESTIONS PG 10 LIST OF FIGURES FIGURE 1. Library directr assessment f staff knwledge abut the library s persnal finance and investing services and cllectins FIGURE 2. FIGURE 3. FIGURE 4. FIGURE 5. FIGURE 6. FIGURE 7. FIGURE 8. FIGURE 9. FIGURE 10. FIGURE 11. Library directr assessment f staff knwledge abut the library s persnal finance and investing services and cllectins, srted by lcale Library directrs wh feel at least smewhat cnfident that their staff can respnd t questins n persnal finance tpics, by lcale Library directrs wh feel at least smewhat cnfident that their staff can respnd t questins n investing tpics, by lcale Library directrs wh feel at least smewhat cnfident that their staff can design financial educatin prgramming that is apprpriate fr library patrns, by lcale Library directrs wh feel at least smewhat cnfident that their staff can identify cmmunity partners t help deliver unbiased financial educatin prgramming, by lcale Library directrs wh reprted that they have participated in prfessinal develpment activities related t assisting patrns with persnal finance questins in the past five years Prfessinal develpment tls library directrs reprted using t learn abut prviding persnal finance assistance t patrns Library directrs wh reprted their library system has ffered frmal r infrmal training n persnal finance t patrns in the past 12 mnths Library directrs wh reprted that their library system ffered persnal finance prgramming fr the public in lcatins ther than a library facility, such as at a wrkplace, schl, senir center, r ther cmmunity lcatin in the past 12 mnths, by lcale Library directrs wh reprted that their library system has space n its website devted t persnal finance resurces and services 3

4 HIGHLIGHTS The majrity f library directrs in ur sample (77.2%) were at least smewhat cnfident in the ability f staff t identify cmmunity partners fr financial educatin prgramming. The majrity f library directrs in ur sample (65.4%) were at least smewhat cnfident in the ability f staff t respnd t patrns questins abut persnal finance tpics. Fewer library directrs in ur sample expressed cnfidence in the ability f staff t respnd t questins abut investing. Mst library directrs (69.4%) reprted that they have nt participated in prfessinal develpment activities related t assisting patrns with persnal finance questins in the past five years. Nearly half (47.14%) f the library directrs surveyed reprted that their library system ffered frmal r infrmal training n persnal finance t its patrns. Library directrs mst cmmnly respnded that they used nline resurces t learn abut prviding persnal finance assistance t patrns. Mst library directrs (76.48%) reprted that their library system des nt have space n its website devted t persnal finance resurces and services. INTRODUCTION The American Library Assciatin (ALA) s 2016 Public Library Persnal Finance Survey aimed t assess U.S. public libraries capacity t advance financial capability in the United States. The sixteen-questin digital survey explred library directrs and library staff s ability t assist patrns with persnal finance inquiries and the types f financial capability prgramming and digital resurces ffered t the public thrugh libraries. SAMPLE AND METHODOLOGY This reprt explres staff cmpetencies and library resurces within United States public libraries in The data used in this reprt is drawn by researchers in the American Library Assciatin s Office f Research and Evaluatin frm a survey that was cnducted frm April 1 st thrugh Octber 14 th, 2016 amng a stratified sample f randmly selected public libraries listed in the FY 2013 Institute f Museum and Library Services Public Libraries Survey (PLS) dataset. 511 libraries cmpleted the survey. Our randm sample was stratified based n IMLS s data element Lcale, which classifies each library int ne f fur majr categries (urban, suburban, twn, and rural) based n a system f lcale cdes develped by the Natinal Center fr Educatin Statistics (NCES). A mre detailed analysis f the Lcale metric can be fund at in the FY 2013 IMLS PLS Survey Reprt. 4

5 STAFF COMPETENCIES Natinally, the majrity f library directrs in ur sample expressed cnfidence in the ability f their staff t identify cmmunity partners fr financial educatin prgramming and respnd t patrns questins abut persnal finance tpics. 77.2% f library directrs surveyed felt smewhat cnfident (25.0%), cnfident (23.9%), r very cnfident (28.3%) in the ability f their staff t identify cmmunity partners t help deliver unbiased financial educatin prgramming. 68.4% f all library directrs reprted that their library systems have staff wh are knwledgeable abut persnal finance tpics and the library s persnal finance resurces. 65.4% f public libraries surveyed felt smewhat cnfident (38.6%), cnfident, (20.1%), r very cnfident (6.71%) in the ability f their staff t respnd t patrns questins n persnal finance tpics. Additinally, 71.85% f library directrs indicated that their staff were smewhat knwledgeable, knwledgeable, r very knwledgeable abut the library s persnal finance and investing services and cllectins. Hwever, while mst library directrs in the sample respnded favrably abut the knwledge f their staff abut the library s cllectins, mst f these directrs ranked that aptitude in the mre mdest middle Likert categry smewhat knwledgeable rather than selecting knwledgeable r very knwledgeable. Figure 1 illustrates the distributin f their respnses and makes visually explicit the verwhelming number f library directrs surveyed wh characterized the staff s knwledge as smewhat knwledgeable. FIGURE 1. Library directr respnses t Hw wuld yu rate the staff s knwledge abut the library s persnal finance and investing services and cllectins? Very Knwledgable, 4.83% Knwledgeable, 17.44% Smewhat Knwledeable, 49.58% Nt Very Knwledgeable, 15.97% Nt At All Knwledgeable, 12.18% Fewer library directrs in ur sample expressed cnfidence in the ability f their staff t respnd t questins abut investing. 48.6% felt smewhat cnfident (30.1%), cnfident, (14.5%), r very cnfident (4.0%) in the ability f their staff t respnd t patrns questins n investing. 49.7% f library directrs reprted that their library systems have staff wh are knwledgeable abut investing tpics and the library s investing resurces % felt smewhat cnfident (26.58%), cnfident, (13.92%), r very cnfident (8.86%) in the ability f their staff t design financial educatin prgramming that is apprpriate fr the library s patrns. A CLOSER LOOK AT REPORTED STAFF COMPETENCIES BY LOCALE Library directrs frm all lcales cnsistently reprted that their staff were smewhat knwledgeable abut the library s persnal finance and investing services and cllectins. Hwever, library directrs frm urban and suburban libraries were mre likely t rank their staff as very knwledgeable. Cmpared t the 8.4% f urban library directrs and 6% f suburban library directrs wh rated their staff as very knwledgeable abut their library s persnal finance and investing services, nly 2.3% f library directrs frm rural libraries rated their staff as very knwledgeable, and nly 0.98% library directrs frm twn libraries rated their staff as very knwledgeable. Significantly mre library directrs frm twn and rural libraries rated staff as nt very knwledgeable r nt at all knwledgeable abut persnal finance and investing services and cllectins cmpared t suburban and urban library directrs. 5

6 FIGURE 2. Library directr assessment f staff knwledge abut the library s persnal finance and investing services and cllectins, srted by lcale Very knwledgeable Knwledgeable Smewhat knwledgeable Nt very knwledgeable Nt at all knwledgeable 2.30% 5.75% 56.32% 18.39% 17.24% Twn 0.98% 13.73% 46.08% 20.59% 18.63% 5.95% 21.43% 48.81% 14.88% 8.93% 8.40% 23.53% 48.74% 11.76% 7.56% Library directrs frm urban and suburban libraries were mre likely than their cunterparts frm twn and rural libraries t express cnfidence in the ability f their staff t respnd t questins n persnal finance and investing tpics, t identify cmmunity partners t help deliver unbiased financial educatin, and t design financial educatin prgramming fr library patrns. Library directrs frm twn and rural libraries were least likely t express cnfidence in their staff s abilities acrss all fur categries. Lking at Figure 4 and 5, we can see that significantly fewer twn and rural library directrs were significantly likely t express cnfidence their staff s ability t respnd t questins n investing tpics and their staff s ability t design financial educatin prgramming. FIGURE 3. Library directrs wh feel at least smewhat cnfident that their staff can respnd t questins n persnal finance tpics, by lcale* FIGURE 4. Library directrs wh feel at least smewhat cnfident that their staff can respnd t questins n investing tpics, by lcale* Twn 76% 69.1% 55.9% 54.7% Twn 33.3% 33.3% 60.1% 57.8% Smewhat Cnfident Cnfident Very Cnfident FIGURE 5. Library directrs wh feel at least smewhat cnfident that their staff can design financial educatin prgramming that is apprpriate fr library patrns, by lcale* FIGURE 6. Library directrs wh feel at least smewhat cnfident that their staff can identify cmmunity partners t help deliver unbiased financial educatin prgramming, by lcale* 61.9% 86.6% 57.5% 79.4% Twn 34.6% Twn 69.6% 34.5% 69% Smewhat Cnfident Cnfident Very Cnfident * Percentages reflect the ttal number respndents wh answered Smewhat cnfident, Cnfident, r Very Cnfident 6

7 Mst library directrs (69.4%) 1 reprted that they have nt participated in prfessinal develpment activities related t assisting patrns with persnal finance questins in the past five years. Only abut ne-third f library directrs frm urban libraries have participated in prfessinal activities related t persnal finance. Still, this is far better than the situatin in rural libraries, where less than 13% f library directrs have participated in such activities during the past five years. LIBRARY DIRECTORS AND PERSONAL FINANCE Library directrs mst cmmnly respnded that they used nline resurces (35.1% f directrs respnding) t learn abut prviding persnal finance assistance t patrns. They als reprted utilizing ther resurces nt named in the survey ptins, prfessinal cnferences, and library in-huse training seminars. Very few library directrs reprted using credit-bearing r nn-credit cllege curses t learn abut prviding persnal finance assistance t patrns. FIGURE 8. Prfessinal develpment tls library directrs reprted using t learn abut prviding persnal finance assistance t patrns Twn 12.64% 15.89% 25.27% 33.07% FIGURE 7. Library directrs wh reprted that they have participated in prfessinal develpment activities related t assisting patrns with persnal finance questins in the past five years Online resurce(s) 35.14% Other Prfessinal cnference Library in-huse training seminar 21.32% 20.42% 19.52% Cllege curse 3.60% In pen-text respnses, library directrs mst ften listed state library assciatin cnferences when nting prfessinal cnferences they have attended t learn abut prviding persnal finance assistance t patrns. Library directrs als listed the fllwing ther prfessinal cnferences: ALA cnferences Public Library Assciatin cnferences Alliance fr Ecnmic Inclusin Library system spnsred meetings Specific state library assciatin spnsred initiatives and meetings, including the Schls Educatrs Plice Liaisn Assciatin Financial Summit and the Pennsylvania Library Assciatin s PA Frward LIBRARY RESOURCES T assess what financial literacy resurces libraries were currently ffering their patrns, ur survey cllected data frm library directrs abut what frmats and tpics f frmal and infrmal training were ffered by their library in the past 12 mnths, as well as the libraries current nline resurces % (116 respndents) reprted that they have participated in prfessinal develpment activities related t assisting patrns with persnal finance questins in the past five years. 0.5% (24) answered Dn t Knw, and an additinal 0.1% (4) answered Prefer Nt t Say. 7

8 TRAINING ON PERSONAL FINANCE TO PATRONS Nearly half (47.14%) f the library directrs surveyed reprted that their library system ffered frmal r infrmal training n persnal finance t its patrns in the past twelve mnths. Of thse library directrs, the mst frequently reprted tpics fr which a library system has ffered training t its patrns in the last 12 mnths include: 1. Retirement planning (63.18%) 2. Budgeting (57.32%) 3. Financing cllege (53.0%) 4. Cnsumer prtectin and fraud (50.2%) 5. Investing (46%) Figure 9 cmpares library directrs respnses t whether their library system has ffered frmal r infrmal training n persnal finance t patrns. Abut duble Twn 31.78% 30.85% 54.40% the number f urban library directrs (62.2%) reprted that their library ffered such prgramming cmpared t twn library directrs (31.8%) and rural library directrs (30.9%). Retirement planning was the mst frequently reprted tpic by suburban, twn, and rural library directrs and secnd mst frequently reprted tpic by urban library directrs. Cnsumer prtectin and fraud was the nly ther tpic listed with high frequency by library directrs frm all lcale cdes (ranking first amng rural library directrs, third amng suburban library directrs, furth amng urban library directrs, and furth amng twn library directrs). While financing cllege was frequently reprted as a tpic f prgramming amng urban and suburban library directrs, it did nt appear with the same frequency amng twn and rural library directrs. Cnversely, library directrs frm twn and rural libraries frequently nted that their libraries hsted prgrams abut investing, while urban and suburban library directrs did nt. A listing f the mst frequently reprted tpics that libraries ffered t their patrns, srted by lcale, appears belw % FIGURE 9. Library directrs wh reprted their library system has ffered frmal r infrmal training n persnal finance t patrns in the past 12 mnths URBAN 1. Budgeting (68.4%) 2. Retirement planning (63.3%) 3. Financing cllege (62%) 4. Cnsumer prtectin and fraud (53.2%) 5. Banking services and saving (51.9%) 5. Incme taxes (51.9%) 5. Cnsumer credit (51.9%) TOWN 1. Retirement planning (67.7%) 2. Budgeting (61.8%) 3. Investing (47.1%) 4. Banking services and saving (41.2%) 4. Cnsumer prtectin and fraud (41.2%) SUBURBAN 1. Retirement planning (63.6%) 2. Financing cllege (60.6%) 3. Cnsumer prtectin and fraud (48.5%) 3. Cnsumer credit (48.5%) 5. Incme taxes (45.5%) RURAL 1. Retirement planning (58.6%) 1. Cnsumer prtectin and fraud (58.6%) 3. Budgeting (41.4%) 3. Incme taxes (41.4%) 3. Investing (41.4%) Library directrs least cmmnly reprted that their libraries had ffered training n selecting financial prfessinals, insurance, and cmmunity services fr thse facing financial hardship. 8

9 When asked abut the training frmats ffered t patrns, library directrs indicated that their library systems had mst frequently ffered wrkshps, seminars, and speakers (71.9%); fllwed by individualized help, either n a walk-in basis r by appintment (22.5%); and nline training (5.7%). Apprximately 80% f the services ffered t individuals by appintment dealt with incme taxes. Just ver 13% f library directrs indicated that their library system ffered persnal finance prgramming fr the public in a lcatin ther than a library facility. Cmpared t ther lcales, mre twn library directrs reprted ffering prgramming utside the library space (16.2%). When asked Where was the mst recent prgram? 96% f respndents indicated that the mst recent prgram their library ffered was hsted in the library. Other lcatins listed as the site f the library s Twn 10.75% mst recent prgram included: cmmunity centers, senir centers, public schls, universities, a supermarket, the Salvatin Army, a disability resurce center, a lcal church, and a mall. WEB RESOURCES Mst library directrs (76.48%) reprted that their library system des nt have space n its website devted t persnal finance resurces and services. This pattern is true acrss lcale cdes, thugh urban library directrs were mre likely t respnd that their library system has a space fr such resurces. FIGURE 11. Library directrs wh reprted that their library system has space n its website devted t persnal finance resurces and services, by lcale 14.86% 13.79% 16.21% FIGURE 10. Library directrs wh reprted that their library system ffered persnal finance prgramming fr the public in lcatins ther than a library facility, such as at a wrkplace, schl, senir center, r ther cmmunity lcatin in the past 12 mnths, by lcale 34.65% 19.23% Twn 14.02% 12.64% CONCLUSION The results f the 2016 Public Library Persnal Finance Survey suggest that in terms f persnal finance capabilities, public library systems are best at respnding t persnal finance questins, identifying cmmunity partners fr develping prgramming, and cultivating knwledge f the library system s persnal finance cllectins. The results als suggest that beynd reference services related t persnal finance, patrns mst cmmnly receive persnal finance infrmatin in the frm f prgrams, cmmnly in the wrkshp, seminar, r speaker frmat. Where public libraries appear t struggle is in the ability f staff t design persnal finance prgramming, in the ability f staff t respnd t questins abut investing, in the pprtunities fr directrs t engage in related prfessinal develpment, and in the ability f the library system t ffer web resurces related t persnal finance. Mst library directrs had nt participated in prfessinal develpment activities related t assisting patrns in persnal finance. Of the directrs wh had, they mst ften utilized nline resurces ver cnferences, seminars, cllege curses, and all ther resurces, which culd indicate decreasing 9

10 prfessinal develpment budgets r might reflect the intentinal strengthening f digital resurces, such as the Cnsumer Finance Prtectin Bureau s training webinars and ther nline financial educatin materials. Additinally, few library directrs reprted that their library system had space n its website devted t persnal finance resurces and services. The lack f financial literacy cntent may be in part due t limitatins f webpage frmats impsed by webpage hsts r a lack f institutinal resurces required t develp and maintain up-t-date financial literacy cntent. Alternatively, libraries culd be chsing t link t financial literacy resurces rather than t hst riginal material n their wn site. As certain subjects such as incme taxes are accmpanied by legal restrictins as t what written advice individuals and rganizatins are allwed t give, libraries may pt t cnnect patrns t the websites f licensed practitiners rather than risk misstating tax law. Further, when respnses were divided by lcale cdes, library directrs frm the rural and twn subsets were generally less likely than twn and city library directrs t express cnfidence in their staff s abilities and knwledge, less likely t reprt that their library system ffered digital resurces, and less likely t reprt participating in prfessinal develpment related t persnal finance. The disparity in prfessinal develpment participatin culd reflect smaller prfessinal develpment budgets as rural public libraries ften perate n significantly smaller verall budgets than libraries in ther lcale cdes r might als just be a result f natural gegraphical hindrances i.e. the remteness f a rural area necessitates lnger travel times and higher transprtatin csts fr any cnferences r events nt lcated within that area. TECHNICAL NOTE Fewer library directrs frm rural library systems respnded than was needed fr the sample t accurately represent the subset. The results have nt been weighted. 10

11 SURVEY QUESTIONS 1. What is the name and address f the library that yu wrk at? 2. Des this library system have staff wh are knwledgeable abut general persnal finance tpics and the library's persnal finance resurces? (Resurces include print and digital cllectins, websites, databases and public prgrams ffered thrugh the library) N Dn t Knw Prefer Nt t Say 3. Des this library system have staff wh are knwledgeable abut investing tpics and the library's investing resurces? (Resurces include print and digital cllectins, websites, databases and public prgrams ffered thrugh the library) N Dn t Knw Prefer Nt t Say 4. Des this library system have space n its website devted t persnal finance resurces and services? [Fr example: Curtis Memrial Library's Mney Pages] N Dn t Knw Prefer Nt t Say 5. In the past 12 mnths, did this library system ffer frmal r infrmal training n persnal finance t its patrns? N Dn t Knw Prefer Nt t Say 6. Did this library ffer training n the fllwing tpics t its patrns in the last 12 mnths? Mark ne fr each tpic) Budgeting Banking services and saving Incme taxes Insurance fundamentals Hme buying Children and mney Financing cllege Cnsumer credit Dealing with debt Investing Retirement planning Selecting financial prfessinals Cnsumer prtectin and fraud Cmmunity services fr thse facing financial hardship N Dn t Knw 11

12 7. Fr each f the fllwing tpics, what type(s) f training did the library system ffer t its patrns in the last 12 mnths? Check all that apply. Insurance fundamentals Banking services and saving Incme taxes Hme buying Children and mney Financing cllege Cnsumer credit Dealing with debt Investing Retirement planning Selecting financial prfessinals Cnsumer prtectin and fraud Cmmunity services fr thse facing financial hardship Public Prgram(s), such as wrkshps, seminars and speakers Individual help by appintment Individual help as needed Online training 8. In the last 12 mnths, did the library system ffer persnal finance prgramming fr the public in lcatins ther than a library facility, such as at a wrkplace, schl, senir center r ther cmmunity lcatin? N Dn't knw Prefer nt t say 9. Where was the mst recent prgram: 10. Hw wuld yu rate the staff's knwledge abut the library s persnal finance and investing services and cllectins? Nt at all knwledgeable Smewhat knwledgeable Very knwledgeable 11. Hw cnfident are yu that the library staff can respnd t patrns questins n persnal finance tpics? Nt at all cnfident Smewhat cnfident Very cnfident 12. Hw cnfident are yu that the library staff can respnd t patrns questins n investing tpics? Nt at all cnfident Smewhat cnfident Very cnfident 13. Hw cnfident d yu feel in the library staff s ability t design financial educatin prgramming that is apprpriate fr the library s patrns? Nt at all cnfident Smewhat cnfident Very cnfident 12

13 14. Hw cnfident d yu feel in yur library staff's ability t identify cmmunity partners t help deliver unbiased financial educatin prgramming? Nt at all cnfident Smewhat cnfident Very cnfident 15. Have yu participated in prfessinal develpment activities related t assisting patrns with persnal finance questins in the past five years? N Dn't knw Prefer nt t say 16. What prfessinal develpment tls have yu used t learn abut prviding persnal finance assistance t patrns? Please check all that apply, and give details if applicable. Library in-huse training seminar Prfessinal cnference Webinar Online resurce(s) Cllege credit curse Cllege nn-credit curse Other 13