Shelby County CES

Title:

Securing Financial Stability

MAP:

Life Skill Development

Agents Involved:

Corinne Belton, Regina Browning, Sheila Fawbush

MAJOR PROGRAM 1:

Farm Management, Economics and Policy

MAJOR PROGRAM 2:

Financial Education - General

MAJOR PROGRAM 3:

Small Farm Management

MAJOR PROGRAM 4:

21st Century Skills (Career & Workplace Development)

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:

Better family money management skills, such as reducing debt, increasing savings, and financial planning.

More effective employees and community leaders.

Improved financial capability for Kentuckians, results in better quality of life and stronger families.

Maximized or extended resources to maintain or increase financial stability.

Increased number of individuals reporting improved family financial stability and economic well-being.

Increased number of individuals who avoided breaches in personal or financial security.

Farmers adopt new technologies in ag production

Farmers improve equipment or facilities

Farmers increase profits, reduce expenses and/or reduce risk

Intermediate Outcomes:

Practice one or more resource management behaviors resulting in increased savings or investments.

Adopt financial planning strategies for short-, mid-, and long-term goals.

Practice one or more resource management behavior(s) resulting in increased savings or investments

Apply practical living skills to advance education or employability

Examine personal and financial stability on a regular basis (at least annually).

Farmers improve or maintain record keeping practices

Farmers incorporate technology to effectively manage farm operations

Farmers apply marketing techniques for meat animals

Farmers adopt practices or adapt equipment for safety

Initial Outcomes:

Increase knowledge and skills related to managing financial resources, including savings, credit, and financial planning.

Change knowledge, opinions, skills, and aspirations, to improve employability through work and practical living skills and continuing education practices.

Increase financial literacy (knowledge and skills) related to savings and investments.

Teenagers and adults will show increased knowledge and skills related to managing available financial and non-financial resources. (Social marketing and Program participants)

Participants will increase understanding of consumer rights and privacy protection measures.

Teens and young adults will simulate life situations to recognize importance of education and employability skills.

Participants will identify short, medium and long term personal goals and objectives related to maintaining and improving their financial stability.

Farmers increase knowledge of farm business planning and financial management skills

Increase knowledge of Ag policy

Recognize methods to reduce risk and improve farm profit

Discuss and compare leasing agreements and options

Increase knowledge of farm health and safety practices

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: GOAP information, agents, UK publications

Date: Year round

Audience: New-to-farming producers

Project or Activity: For Rookies Series

Content or Curriculum: Extension publications

Inputs: Extension publications, agents, specialists

Date:  Spring 2021

Audience: Farmers/Horticulturists/Rooted in Shelby

Project or Activity: Direct Marketing Workshop

Content or Curriculum: UK Publications

Inputs: UK Specialists

Date:  Fall 2020

Audience: Beef Cattle Producers

Project or Activity: Regional Beef Field Day

Content or Curriculum: Value added information

Inputs: UK Specialists, Agents, KCARD

Date: October  2020

Audience: Adults 55 and older

Project or Activity: Driver Safety Program

Content or Curriculum: AARP Driver Safety Programs

Inputs: Instructor, booklets, certificates

Date: November 2020 and April 2021

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 2020; Mar 2021

Audience: Extension Homemakers and other adults

Project or Activity: Scam Red Flags and Avoiding Fraud

Content or Curriculum: UK publications, 

Inputs: FCS Agent

Date: Oct – Nov 2020 

Audience: Extension Homemakers and other adults

Project or Activity: Savings Savvy

Content or Curriculum: UK publications, 

Inputs: FCS Agent

Date: March – April 2021

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:  Nov 2020; Feb 2021

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: Feb 2021

Audience: Recovery Centers

Project or Activity: Financial Education

Content or Curriculum: Recovering Your Finances

Inputs: Coordination with community stakeholders

Date:   Jan 2021

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:   Jan 2021

Audience: 4-H Age Youth

Project or Activity: 4-H Workforce Prep Classes

Content or Curriculum: 4-H Workforce Prep and Career Preparedness Curriculum

Inputs: 4-H Agent and program assistant , curriculum publications and resources, workforce prep teacher at public school

Date:   Oct-Dec 2021, Feb-Apr 2022

Audience: Farm/land owners

Project or Activity: Ag Services Tutorial

Content or Curriculum: Local ag entities

Inputs: Staff of ag entities

Date:   Winter 2020-21

Audience: Farm/land owners

Project or Activity: "Free Money" Workshop

Content or Curriculum: Entities that provide loans, grants, assistance programs for farmers

Inputs: Representatives of entities that provide loans, grants, assistance programs for farmers

Date:   Winter 2020-21

 

Audience: Young Farmers

Project or Activity: Financial Planning and Guidance for Young Farmers

Content or Curriculum: Entities that provide loans, grants, assistance programs for farmers, lending institutions, UK pubs

Inputs: Representatives of entities that provide loans, grants, assistance programs for farmers, lenders, speicalists

Date:   Winter 2020-21

Updated 6/29/20

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