Franklin County CES

Title:

Increasing Financial Literacy for All

MAP:

Securing Financial Stability for Everyday Living

Agents Involved:

T.Thomas, L.Bullock, K Perry, A Leonberger

MAJOR PROGRAM 1:

Securing Financial Stability (general)

MAJOR PROGRAM 2:

Managing in Tough Times

MAJOR PROGRAM 3:

Estate Planning

MAJOR PROGRAM 4:

Economic Development

Situation:

The President's Advisory Council on Financial Literacy defines personal financial literacy as "the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being." (2008 Annual Report to the President). Financial education is “the process by which people improve their understanding of financial products, services, and concepts, so they are empowered to make informed choices, avoid pitfalls, know where to go for help and take other actions to improve their present and long-term financial well-being.” (Levengood & Vendetti, 2012).

According a S&P Global FinLit Survey, a detailed and comprehensive analysis of worldwide financial literacy by the World Bank, Gallup, and George Washington University,the U.S.ranked 14th in the world, with 57% of Americans passing a financial literacy test. On a global basis, 35% of men are financially literate, compared to just 30% of women. In addition, it was found that that “while women were less likely to provide correct answers to the financial literacy questions, they were also more likely to indicate that they ‘don’t know’ the answer”. (http://www.forbes.com/sites/maggiemcgrath/2015/11/18/in-a-global-test-of-financial-literacy-the-u-s/#734728b66a16)

Long-Term Outcomes:

* Build a solid financial future
* Be prepared for financial emergencies
* Increase savings and pay off debts
* Make sound choices when it comes to credit
* Avoid foreclosures or repossession
* Make a long-term investment e.g, purchase a home
* Set an example for children to follow
* Major financial documents are prepared

Intermediate Outcomes:

Set up a written personal spending and savings plan
Seek financial counseling if needed
Establish a plan for debt reduction
Request annual credit report

Initial Outcomes:

Learn basic concepts of money management
Awareness of their spending habits
Understand wants vs. needs and set priorities
Understand the cost of credit
Understand a credit report
Understand financial scams
Understand needed for financial records

Evaluation:

Initial Outcome: Basic Knowledge
Indicator:
Method: Survey
Timeline: Annually

Intermediate Outcome: Savings and Reduced Debt
Indicator:
Method: Questionnaire or Survey - Feedback
Timeline: 6 month follow up

Long-term Outcome: Building a solid future
Indicator: Savings, emergency fund
Method: Questionnaire or Survey
Timeline: 6 month follow up

Learning Opportunities:

Audience: Youth, Adults, Seniors
Project or Activity: School Clubs, Workshops,
Content or Curriculum: Budgets, needs and wants lesson, financial planning, scholarships, Where Does Your Money Go?, Money Habitudes, estate planning
Inputs: curriculum, schools, 4-H Agents, FCS Agent, local agencies, Volunteers
Date: Year Around

Audience: Youth
Project or Activity: In-School Club
Content or Curriculum: Health Rocks, Exploring the Treasures of 4-H,My Financial Future, Step Up to Leadership, Moneywise, MITT, STEPS to a Healthy Teen
Inputs: CES staff, Franklin County Schools
Date: September – April

Audience: Youth
Project or Activity: Reality Store
Content or Curriculum: Health Rocks, Exploring the Treasures of 4-H, My Financial Future, Step Up to Leadership, Moneywise, MITT, STEPS to a Healthy Teen
Inputs: CES staff, Chamber of Commerce, Facilities, Sponsors
Date: November