Teaching families and youth to budget and spend money wisely
Securing Financial Stability
Renata Farmer, Wayne Kirby
Financial Education - General
Family and Consumer Science
Promote positive personal finance behaviors prepares Kentuckians for any future economic shift. The United States has been in an extremely long period of economic expansion; however, expansions are cyclical, meaning growth is eventually followed by recession. Securing financial stability for Kentuckians will help families thrive no matter the economic outlook. Financial stability is achieved when families are able to secure and manage resources needed to supply food, clothing, and shelter. Through increased financial knowledge, families may be able to make wise financial decisions, increase buying power, avoid overextended credit, develop savings habits, and manage risks.
- Better family money management skills, such as reducing debt, increasing savings, and financial planning.
- Individuals and families are increasing their income as well as maximizing income resources consumption.
- Improve the quality of life for Knox County residents resulting in stronger families.
Number of people who:
- adopt short, mid and long term financial planning strategies.
- improve employ-ability through practical living skills and continued education practices.
- demonstrate practical living skills related to economic or enterprise development, as well as seeking to ascertain advance education credentials.
- practice one or more resource management behaviors resulting in increased savings or investments.
- Teenagers and adults will show increased knowledge and skills related to managing available financial and non-financial resources.
- Change knowledge, opinions, skills and attitudes to improve through practical living skills and continued education practices.
- Increase financial literacy related to savings
Initial Outcome: Families will learn to recognize where their money goes and identify needed areas or change.
Indicator: Families will create a budget and identify ways to increase savings and decrease spending.
Method: Information will be gathered through surveys/pre-post tests and individual testimonials.
Timeline: Program and evaluation will be conducted throughout the year
Initial outcome: Youth will learn that performance, soft skills and ability can impact employment
Indicator:Youth will recognize the relationship between money/employment
Method: pre and post evaluations/ 4-H Common Measures Tool
Intermediate Outcome: Families and youth will save money
Indicator: Establishment of savings accounts/increase in present saving plans.
Method: Information will be gathered through surveys/pre-post tests and individual testimonials, 4-H Common Measures Tool.
Timeline: Program and evaluation will be conducted throughout the year
Long-Term Outcome: Decrease in the poverty rate/unemployment rate
Indicator: Families increasing savings based on employment.
Method: U.S. Census Bureau and other federal statistics for Knox County
Timeline: 2019-2021
Audience/4-H Parents/General Public
Project or Activity:programs on budgeting
Content or Curriculum: Moneywise curriculum, FCS curriculum.
Date: throughout year
Project or Activity: 4-H Dollars and Sense
Content or Curriculum: 4-H Curriculum
Inputs: Extension Agents, FRYSC, Program Assistants, Teachers, Volunteers
Date: Spring 2021
Project or Activity: It's Your Reality/ 4-H Reality Store
Content or Curriculum: 4-H Curriculum: Consumer Savvy; It's Your Reality; good credit game
Inputs: Extension Agents, FRC, Program Assistants, Teachers
Date: Throughout 2020-2021
Author: Renata Farmer
Major Program: 21st Century Skills (Career & Workplace Development)
A recent study by AIPCA revealed that only 13 percent of parents talk to their children about money matters regularly. 3 out of 10 parents never talk about money at all with their children. According to the study, parents are more likely to talk about good manners or about the dangers of drugs and alcohol more than they are about financial literacy. The Knox County 4-H program responded to requests by teachers for financial literacy/work-force prep programs by collaborating with the