HECOL 321: Introduction to Family Finance

Fall 2019

Instructor: Adam M. Galovan, Ph.D. Lecture Time: Tues/Thurs 2-3:20 pm

Email (preferred): adam.galovan@ualberta.ca Lecture Location: ED 170
Phone: (780) 492-9277 Office Hours: By appointment; I am often
Office: 321 Human Ecology Building available; email me!

Welcome!
I am looking forward to this term and want to welcome each of you to this course. Within Human
Ecology, family finances play an important role contributing to both human development and
relationship functioning. As such, Family Finance is an exciting area of study for me, and I hope you
catch some of the excitement! My research interests focus on family roles, marriage/couple
relationships, and parenting. As we discuss sound financial principles, I am excited to share my
knowledge and experiences, as well as learn from you and your life experiences. I am thrilled to be
teaching this course and am looking forward to a wonderful term!
It is my hope that you will not only learn about family finance, but that you will come to understand
how principles of effective financial management can be beneficial in many areas of your life. I hope
you will gain a greater understanding of yourself and the motivations behind your financial behaviour
and be prepared to assist others in navigating their own financial situation.

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Course Description (from the calendar):
An introduction to the principles of money management for individuals, households, and families. Students
learn basic financial literacy skills and tools required to make key financial decisions by identifying financial
goals, assessing current resources, developing and implementing a financial plan and evaluating financial
progress. It is also expected that students will be able to apply these tools in their professional work to
enhance clients' financial literacy and their ability to resolve financial management challenges. Prerequisites:
ECON 101; it is recommended that students have completed both ECON 101 and 102.
Course Objectives
Upon completion of the course, students should be able to:
1. Understand the basic terms and concepts related to personal financial management.
2. Identify current social, demographic and economic trends and describe their implications for personal
financial management.
3. Understand the financial management process as it applies to individuals and families.
4. Understand the importance of the family context to financial management and the roles of financial
resources in family relationships.
5. Apply the principles and processes of financial management to solve specific personal and family
financial management problems.
6. Gain an appreciation for careers based in the personal and family financial sector such as financial
counselling, financial planning, and accounting.
Required Text, Additional Readings, and Calculator

Required Textbook:
Kapoor, J.R., Dlabay, L.R., Hughes, R.J., Stevenson, L.,
Kerst, E. J. Ahmad, A., & Fortino, J. (2018).
Personal finance: Seventh Canadian Edition.
Toronto, ON: McGraw-Hill Ryerson.
The textbook is available from the University of Alberta
bookstore (eBook available at McGraw-Hill Ryerson).
The bulk of the course will center on Kapoor and
colleagues’ (2018) discussion of personal financial
principles. However, I will also refer to other sources
and add additional information to their framework
during lecture.
Other required readings outlined in the course schedule
are posted on eClass. Additional required readings may
be posted during the semester.
Students should have access to a nonprogrammable
calculator for exams.
Students will need their Campus Computing ID (CCID)
and password received via e-mail from the Office of the
Registrar to logon to eClass.
Access eClass at: https://eclass.srv.ualberta.ca/portal/
Assistance with eClass is available on the website at
http://ctl.ualberta.ca/technology-services/eclass/using-eclass-moodle/for-students, and includes tutorials,
computer set-up information, and frequently asked questions.

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Course Policies
Code of Student Behaviour: The University of Alberta is committed to the highest standards of academic
integrity and honesty. Students are expected to be familiar with these standards regarding academic honesty and
to uphold the policies of the University in this respect. Students are particularly urged to familiarize themselves
with the provisions of the Code of Student Behaviour (online at www.governance.ualberta.ca) and avoid any
behaviour which could potentially result in suspicions of cheating, plagiarism, misrepresentation of facts and/or
participation in an offence. Academic dishonesty is a serious offence and can result in suspension or expulsion
from the University. Key components of the code include the following statements:
30.3.2(1) No Student shall submit the words, ideas, images or data of another person as the Student’s own
in any academic writing, essay, thesis, project, assignment, presentation or poster in a course or program
of study.
30.3.2(2) c. No Student shall represent another’s substantial editorial or compositional assistance on an
assignment as the Student’s own work.
All students at the University of Alberta are subject to the Code of Student Behaviour, as outlined in the 2019 /
2020 University Calendar (see University Governance > Code of Student Behaviour). Please familiarize yourself
with it and ensure that you do not participate in any inappropriate behavior as defined by the Code.
Students should speak with the course instructor about any questions or concerns about the code. Students should
be particularly aware of the code as it pertains to internet and library research, use of previous class notes,
reclamation plans of former students and interviews or discussions with others.
Accessibility Resources: Students requiring special accommodations in this course due to a disability affecting
mobility, vision, hearing, learning, or mental/physical health, should discuss their needs with Accessibility
Resources located at 1-80 Students’ Union Building, Telephone: (780) 492-3381 or TTY: (780) 492-7269 and
https://www.ualberta.ca/current-students/accessibility-resources
Students registered with Accessibility Resources who will be using accommodations in the classroom, or who
will be writing exams through Accessibility Resources, are required to provide a “Letter of Accommodation” to
me as soon as possible. Those students who need accommodated exams must provide me with an Exam
Instructions & Authorization form one week before each exam. You are encouraged to make an appointment with
me to discuss any required accommodations.
For students who write exams with accommodations at Accessibility Resources, please be cognizant of their
deadlines and regulations. If you fail to meet these deadlines or follow the procedures, the result is most likely
that Accessibility Resources will be unable to provide the necessary space and/or services you require. In these
situations, the department of Human Ecology does not have the resources to provide accessibility-related exam
accommodations, and you will be invited to write your exams with peers during the allotted time in the assigned
room.
Absence from Exams: Instructors and Faculties are not required to grant excused absences for unacceptable
reasons that include, but are not limited to personal events such as vacations, weddings, or travel arrangements. If
a student is absent from the midterm exam without acceptable excuse, a final grade will be computed using a raw
score of zero for the exam missed.
Any student who is incapacitated because of illness, is suffering from severe domestic affliction or has other
compelling reasons (including religious conviction) is advised not to sit for the midterm exam. In such cases a
student may apply for an excused absence for the missed exam. If you miss an exam due to illness or other
acceptable reason (see Calendar 23.3.1) you will be granted an excused absence and the percentage weighting for
the exam will be added to the final exam automatically. If you need to miss the final exam for an acceptable
reason, you should contact your faculty for instructions regarding applying for deferral of a missed final exam.
Technology: This course has an eClass page available through Moodle. This page contains course power point
outlines, reading assignments, and full assignment instructions.
Nonprogrammable calculators are permitted during exams. No other electronic devices, including programmable
calculators and cellular telephones, are permitted during exams. Please turn cellular telephones off or to vibrate
during class time.
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Laptops are only permitted for note taking during class. Although, there is compelling evidence their use is
associated with shallower information processing and less retention of information than hand-written notes (e.g.,
Mueller & Oppenheimer, 2014).
Audio or video recording, digital or otherwise, of lectures, labs, seminars or any other teaching environment by
students is allowed only with the prior written consent of the instructor or as a part of an approved
accommodation plan. Student or instructor content, digital or otherwise, created and/or used within the context of
the course is to be used solely for personal study, and is not to be used or distributed for any other purpose
without prior written consent from the content author(s).
Email Policy: I welcome communication via email for quick questions. Please refer to the syllabus and specific
assignment instructions prior to sending an email, as the answer to your question may be located there. Please
note that email communication between the Instructor and Students will only be done using University of Alberta
accounts (i.e., student@ualberta.ca). I will respond to all emails within 2 business days. For lengthier questions,
please make an appointment to visit with me in my office.
Additionally, students need to regularly check their University of Alberta email (i.e., student@ualberta.ca) for
communications from the instructor. If I have an emergency and need to cancel class, email will be the
mechanism for communicating this information.
Late Work Policy: Late work is NOT accepted in this course and any assignment not completed as designated in
the course outline will result in no credit for that assignment. In the case of illness or serious personal/family
issue, alternate arrangements may be made at the discretion of the instructor.
COURSE OUTLINE CONTENT
The University of Alberta’s policy about course outlines can be found in Course Requirements, Evaluation
Procedures and Grading of the University Calendar.
Attendance and Participation
Class participation and attendance is an expectation. The ideas, experiences, insights, and knowledge of each
class member are an integral part of the overall learning process. Therefore, you should arrive on time, complete
all the readings prior to coming to class, and be prepared to engage the topic of the day and each other. If you are
unable to attend class for any reason other than an emergency, please let me know in advance. Evidence of class
engagement (or not) includes participating in all activities, listening to what others have to say, building on
others’ ideas, remaining on task, refraining from smartphone and social media use during class time, and offering
your experience, knowledge, and opinions respectfully and openly. Attendance will be assessed randomly
throughout the semester and students will complete self-evaluation of their class participation at the end of the
course; student attendance and the self-evaluation constitute 5% of the final grade.
Grading
Grades for the course will be based on one assignment, Dollars & Sense activities, class participation, and a
midterm and final exam. Each exam will consist of multiple choice and short answer questions.

Assignment Weight Due Date

Fictional Family Financial Plan 30% December 5, 2019
Midterm Exam 25% October 17
Dollars & Sense Activities 10% Eleven activities over term – see schedule
Class Participation & Self-Evaluation 5% Random date and time
Final Exam - Comprehensive 30% Monday, December 16 – 9 a.m.
TOTAL 100%

Detailed explanations for each assignment will be provided on eClass. Papers must follow APA format.
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Grading Scale
Evaluation of assignments is expressed in raw marks throughout the term. A final, cumulative score is translated
into a letter grade based on the university four-point grading system (see below). Assignment of final grades is
based on a combination of absolute achievement and relative performance in this course.

Excellent: A+ Outstanding: The student has demonstrated an extraordinary grasp of the

The student has
demonstrated excellent
understanding of course
content.
course content and performance reflects creativity and innovation, in
addition to a high level of analytical ability.
A Excellent: The student has demonstrated superior understanding of the
course content and a high level of analytical ability.

A- The student has demonstrated superior understanding of the course

content, but has not shown the same level of analytical ability as students
receiving an A.

Good: B+ The student has demonstrated a sound understanding of course material,

The student has
demonstrated a sound
understanding of course
content.
with superior understanding being evident in some topics.
B The student has demonstrated a uniformly sound understanding of course
material.
B- The student has demonstrated a generally sound understanding of course
material, but there are some areas in which depth of understanding is
limited.

Satisfactory/Adequate:
The student has
demonstrated awareness of
course content.
C+ The student has demonstrated adequate awareness of course content with
sound understanding of some topics.
C The student has demonstrated adequate awareness of all of the central
dimensions of the course.

C- The student has demonstrated adequate awareness of most of the central

dimensions of the course, but lacks knowledge of one or two topics.

Poor D+ The student has demonstrated a lack of knowledge in one or more of the
central dimensions of the course, and has very superficial understanding
of most topics.

Minimal Pass D The student’s performance is only minimally acceptable due to a lack of
understanding of several central dimensions of course content.

Fail F The student has demonstrated a lack of knowledge of most of the course
content.

Assignments
Assignment Submission
My TA or I will mark each of your assignments electronically. You will upload your assignments to eClass on the
due date before the designated time. Assignments will be returned on eClass approximately 2 weeks after they
were due.
Dollars & Sense Activities
These activities are varied in content and expectations and need not be referenced or written according to APA
publication guidelines. Requirements are outlined for each activity and students are permitted latitude in style. All
activities should be submitted through eClass.
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Fictional Family Financial Plan
Near the beginning of the semester, you will create a fictional family that you will consider as we discuss each
topic; we will begin this process in class. In our discussions about each topic, you will continue to update your
fictional family’s story, noting important ecological, psychological, and relationship factors that may influence
their decisions about finances. Aligning with each of the Dollars & Sense activities, you will consider challenges
that your fictional family may encounter in trying to implement recommended financial practices. You will also
discuss ways that you would work with them as a financial advisor or caseworker to be able to effectively help
your fictional family overcome these challenges. Your overarching goal is to present a plan for this family to
effectively manage their resources and prepare for the future.
As we meet in class and talk about each topic, you will be given time to discuss your fictional family and how you
can apply the concepts. You are encouraged to take notes during these discussions so that you can make a more
effective financial plan.
You will select some brief information about your family’s situation (e.g., the family’s debt situation; budgeting
preferences; Money Habitudes, etc.) from a list of possibilities that will be posted on eClass. This is to ensure that
your fictional family is more realistic. It will also provide you opportunities to both discuss challenges that many
families might face in managing their finances and consider appropriate solutions. This brief information will be
enough to get you started—you will have a general idea about the challenges (e.g., partners that have different
spending habits)—but you will need to elaborate with greater detail.
Your full financial plan will be due at the end of the semester (December 5, 2019), and you will receive feedback
on the content of your plan when it is returned to you. You will, however, turn in portions of your plan twice
earlier in the semester. These submissions before the final due date will simply be evaluated on completeness of
your plan regarding the topics we have covered to that point (i.e., did you cover all of the topics with sufficient
effort). Feedback will not be provided on the content of your plan. If you would like to discuss the content of
your plan for your fictional family before the final due date, you are encouraged to make an appointment with Dr.
Galovan.
More details regarding this assignment will be posted on eClass during the first few weeks of the semester.

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 Fall 2019 Class Schedule*
Date Part Topics and Readings
Course Introduction:
3 ▪ Objectives, Schedule, Assignments, Grading, Introductions
▪ The Financial Planning Process
Personal Financial Planning: An Introduction
▪ Personal Finance: Chapter 1
▪ Kerkmann, B. C. (1998). Motivation And Stages Of Change In Financial Counseling.
▪ Archuleta K.L., Asebedo S.D., Palmer L. (2019) Contemporary Theories and Frameworks
5 & 10
for Use in Financial Counseling. In D. Durband, R. Law, A. Mazzolini (eds.) Financial
Counseling. Cham, Switzerland: Springer.
▪ (optional) Xiao, J. J. (2008). Applying Behavior Theories to Financial Behavior. In J. J.
I. Planning Your Personal Finances

Xiao (Ed.) Handbook of Consumer Finance Research. New York, NY: Springer.
Money Management Strategy: Financial Statements and Budgeting
▪ Personal Finance: Chapter 2
September

▪ Money Mentors. (2013). Stretch your dollars: Budgeting basics. Calgary, Alberta:
12 & 17
Money Mentors.
▪ Financial Consumer Agency of Canada (2012). Making a budget and sticking to it
[Brochure]. FCAC: Author.
Planning Your Tax Strategy
▪ Personal Finance: Chapter 3
▪ Retirehappyblog. (2016). 2016 Tax Rate Card [Brochure]. Jim Yih: Author.
19 ▪ Ernst & Young. (2016, January). Alberta: Combined federal and provincial personal
income tax rates – 2016 [Brochure]. Ernst & Young: Author.
▪ Canada Revenue Agency (2016, December 21). Students and income tax [Brochure].
Government of Canada: Author.
The Banking Services of Financial Institutions
24
▪ Personal Finance: Chapter 4
Introduction to Consumer Credit
▪ Personal Finance: Chapter 5
26 & 1
▪ Financial Consumer Agency of Canada. (2016, March). Understanding your credit
report and credit score [Brochure]. FCAC: Author.
Choosing a Source of Credit: Costs of Credit Alternatives
▪ Personal Finance: Chapter 6
▪ Government of Alberta. (2010, September). Payday lending [Brochure]. Government of
Alberta: Author.
3&8
II. Managing Your Credit

▪ Financial Consumer Agency of Canada. (2012, March). Credit cards: Understanding

your rights and your responsibilities [Brochure]. FCAC: Author.
October

▪ Government of Alberta. (2017, February). What creditors can do if you don’t pay
[Brochure]. Government of Alberta: Author.
The Finances of Housing October 15:
▪ Personal Finance: Chapter 7 Financial Plan Part 1 Due
10 & 15 ▪ Financial Consumer Agency of Canada. (2015, June). (Beginning - Oct 8 topics)
Buying your first home: Three steps to successful mortgage
shopping [Brochure]. FCAC: Author.
Midterm Exam
17
▪ 1 hour and 20 minutes

*Dates and readings may be revised throughout the semester.

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 Date Part Topics and Readings
Home and Automobile Insurance

III. Insuring Your

▪ Personal Finance: Chapter 8

Resources
22 ▪ Cazzin, J. (2015, February/March). The only insurance guide you need. MoneySense,
17(1), pp. 56, 58-60. Retrieved from http://www.moneysense.ca/planning/the-only-
insurance-guide-you-need
Life, Health, and Disability Insurance
24
▪ Personal Finance: Chapter 9
October

Fundamentals of Investing
▪ Personal Finance: Chapter 10
▪ Canadian Securities Administrators. (2013, October). Working with a financial adviser
29 [Brochure]. CSA: Author.
▪ CFA Institute. (2016, July) Tips for avoiding the top 20 common investment mistakes
[Brochure]. CFA Institute: Author.
IV. Investing Your Financial Resources

▪ Invesco. (2017, March). Tax & Estate: Tax-free savings accounts (TFSAs) [Brochure].
Invesco: Author.
Investing in Stocks
31
▪ Personal Finance: Chapter 11 (pp. 327-347)
Investing in Bonds
▪ Personal Finance: Chapter 12 (pp. 363-378)
November 8:
▪ Canadian Securities Administrators. (2012, June). Investments
Dollars & Sense
at a glance [Brochure]. CSA: Author.
6&7 Activities
Investing in Mutual Funds
1, 3, 4, 5, & 6
▪ Personal Finance: Chapter 13 Due
November

▪ Canadian Securities Administrators. (2012, June).

Understanding mutual funds [Brochure]. CSA: Author.
12 & 14 Reading Week. No classes.
NO CLASSES. I will be attending the National Council on Family
November 21:
Relations conference.
19 & 21 Financial Plan Part 2 Due
Work on Fictional Family Financial Plan and Dollars & Sense
(Oct 10 – Nov 7 Topics)
Activities
Retirement Planning
▪ Personal Finance: Chapter 14
26 & 28
▪ Invesco. (2016, November). Tax & Estate: Registered retirement savings plans (RRSPs)
V. Controlling Your
Financial Future

[Brochure]. Invesco: Author.

Estate Planning December 3:
▪ Personal Finance: Chapter 15
Dollars & Sense
3 Activities
December

2, 7, 8, 9, & 10
Due

Financial Plan Due

5 Course Wrap-up.
(All Parts)
9 AM: FINAL EXAM (Cumulative - 2 Hours)
16 Fall Exam Planner - https://www.ualberta.ca/registrar/examinations/exam-schedules/fall-
2019-winter-2020-exam-planner