Securing Financial StabilityPlan of Work

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Shelby County CES

Title:
Securing Financial Stability
MAP:
Life Skill Development
Agents Involved:
Corinne Belton, Regina Browning, Candice Hollingsworth, Elizabeth Coots
MAJOR PROGRAM 1:
Farm Management, Economics and Policy
MAJOR PROGRAM 2:
Financial Education - General
MAJOR PROGRAM 3:
Substance Use Recovery - ANR
Situation:

Promoting positive personal finance behaviors prepares Shelby Countians for economic shifts. The United States was in an extremely long period of economic expansion; however, expansions are cyclical, meaning growth is eventually followed by recession that we are now in as of June 2020 due to COVID-19. Securing financial stability for Shelby Countians 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.

Kentucky consistently lags behind other areas of the United States in key household economic indicators, including: personal income, population living below the poverty line, unemployment, and revolving debt. These indicators, especially unemployment numbers have become higher during the period of COVID-19.  It is important to acknowledge the impact of current economic conditions on family financial management. Shelby Countians need to be able to understand and respond to changing economic conditions, while promoting healthy financial behaviors across the lifespan.

Consumer debt is rising. In 2018 the typical Kentucky household carried an average credit card debt of $5,555 according to Experian in 2018.  This is higher now because of so much recent unemployment due to COVID-19.  Lack of sound personal money management leads to an increase in bankruptcies and has a negative impact on the overall economy of the community. Many of Shelby County farmers are "land rich" but "cash poor" and need to make sound finanical plans for transitioning to the next generation. The County Extension Council and FCS Council identified financial strain, budgeting and long term financial planning as key issues in Shelby County.

The Kentucky Extension Community Assessment Statewide Report 2019 indicates that money management for families and youth and employee “soft/essential skills” training continue to be important issues statewide. Research conducted by Harvard University, the Carnegie Foundation, and Stanford Research Center indicates 85% of job success comes from having well developed soft and people skills, and only 15% of job success comes from technical skills and knowledge (hard skills).  Employers are often prepared to teach technical job skills; however, the intangible skills of being a team player, time management, and positive attitude are difficult to teach on-sight but critical to success.   




Long-Term Outcomes:
Intermediate Outcomes:
Initial Outcomes:
Evaluation:

Initial Outcome:  Increased awareness of sound financial behaviors

Indicator(s):  Number of individuals who implemented at least one 

strategy to reduce expenses or manage money

Number of individuals who made a sound financial decision 

(regarding credit, budgeting, savings, and/or debt)

Method:  Retroactive pre-post

Timeline: Following financial education workshops


Initial Outcome:  Increase knowledge and skills related to 

managing financial resources

Indicator: Number of individuals reporting increased levels of

understanding in the area: confidence in handling money issues

or specific financial matters

Method:  Retroactive pre-post 

Timeline:  Following financial education workshops


Initial Outcome:  Increase knowledge and skills related to 

estate planning

Indicator: Number of individuals who took action toward 

implementing at least one estate planning strategy in regard to the subject matter presented

Method:  Retroactive pre-post 

Timeline:  Following financial education workshops


Initial Outcome: Increased KOSA related to money management strategies

Indicator: KOSA gained related to money management strategies

Method: questionnaires, self reporting

Timeline: End of sessions


Initial Outcome:  Compared leasing agreements and options

Indicator:  KOSA gained related to leasing agreements and options

Method:  One-on-one visits, self-reporting

Timeline: Annually


Initial outcome:  Inceased KOSA related to recognizing methods to reduce risk and improve farm profit

Indicator:  KOSA gained related to recognizing methods to reduce risk and improve farm profit

Method:  Surveys, self-reporting

Timeline: End of sessions


Intermediate Outcome: Positive practice changes related to money management strategies

Indicator: Change in practice related to money management strategies

Method: Self reporting

Timeline: Follow-up surveys


Intermediate Outcome:  Applied marketing techniques for meat animals

Indicator:  Change in practice related to marketing techniques

Method:  Surveys, self-reporting

Timeline: End of sessions, follow-up interviews


Intermediate Outcome: Improved or maintained record keeping practices

Indicator:  Change in practice related to record keeping practices

Method:  Surveys, self-reporting

Timeline: End of sessions, follow-up interviews


Long-term Outcome: Shelby Countians maximize and/or extend resources to maintain or increase their financial stability.

Indicator: Participants maximize or extend resources to maintain or increase financial stability.

Method: County statistical data

Timeline: Annually for ten years


Long-term Outcome:  Increased profits, reduced expenses and/or reduced risk

Indicator:  Participants increase profits, reduced expenses and/or reduced risk

Method:  Census and self-reported data

Timeline: Annually and in ag census years

Learning Opportunities:

Audience: Farmers transitioning away from tobacco production

Project or Activity: CAIP Grant Program

Content or Curriculum: Cost-share program/projects and related publications/curriculum

Inputs: KOAP information, agents, UK publications

Date: Year round


Audience: Youth with interest in agriculture

Project or Activity: YAIP Grant Program

Content or Curriculum: Cost-share program/projects and related publications/curriculum

Inputs: KOAP information, agents, UK publications

Date: Year round


Audience: Farmers/Horticulturalists/Rooted in Shelby

Project or Activity: Farm Financial/Record Keeping Class

Content or Curriculum: Extension publications 

Inputs: Extension publications, agents, specialists

Date:  Winter 24-25


Audience: Farmers/Horticulturalists/Rooted in Shelby

Project or Activity: Using Quick Books for Farm/Small Business

Content or Curriculum: Extension publications, program support 

Inputs: Extension publications, agents, specialists

Date:  Winter 24-25


Audience: Farmers/Horticulturists/Rooted in Shelby

Project or Activity: Direct Marketing Workshop

Content or Curriculum: UK Publications

Inputs: UK Specialists

Date:  Spring 2025


Audience: Beef Cattle Producers

Project or Activity: Regional Beef Field Day

Content or Curriculum: Value added information

Inputs: UK Specialists, Agents, KCARD

Date: October  2024


Audience: Adults 55 and older

Project or Activity: Driver Safety Program

Content or Curriculum: AARP Smart Driver Programs

Inputs: Instructor, booklets, certificates

Date: September 2024, March 2025


Audience: Youth and Adults

Project or Activity: Community Events & Festivals

Content or Curriculum: Budgeting, savings, banking accounts, home buying debt reduction, Managing in Tough Times Materials

Inputs: Budgeting, savings, banking accounts, home buying, debt reduction, Managing in Tough Times Materials

Date: Nov 2024; Mar 2025


Audience: Adults, young adults, and teens

Project or Activity: Money Habitudes Workshop

Content or Curriculum: Money Habitudes

Inputs: FCS Agent, curriculum publications and resources, 

Money Habitudes cards

Date:  November 2024, February 2025


Audience: Adults

Project or Activity: Estate Planning Workshop

Content or Curriculum: Estate Planning

Inputs: FCS Specialist (family finance and resource 

management), curriculum publications and resources, and local 

partners such as an attorney, CPA and/or financial planner

Date: November 2024


Audience: Recovery Centers

Project or Activity: Financial Education

Content or Curriculum: Recovering Your Finances

Inputs: Coordination with community stakeholders

Date:   February 2025


Audience: Working-age adults and young adults preparing for the workforce

Project or Activity: 10 Soft Skills for Success

Content or Curriculum: Positive Employability

Inputs: FCS Agent, curriculum publications and resources, local employers and community leaders

Date:   February 2025


Updated 5/5/2024





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