Floyd County CES

Title:

Financial Education and Developing Human Capital

MAP:

Enhance Life Skills and Build Consumer Awareness

Agents Involved:

Slone, Coleman, Hackworth

MAJOR PROGRAM 1:

Family Development General

MAJOR PROGRAM 4:

Family and Consumer Science

Situation:

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.

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.
• Be responsible and contributing individuals and family members

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 better employee “soft/essential skills” such as communication, networking, teamwork, time management, problem-solving, etc.
• Improve employability through practical living skills and continued education practices. 
• Utilize and practice life skills in projects and life situations 
• Practice responsible consumer and financial decision-making 

Initial Outcomes:

• Increased 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. 
• Understand the decision-making process 
• Gain skills in setting a goal and developing a plan of action 

Evaluation:

Outcome:  Increased awareness of sound financial behaviors and skills related to managing financial resources

Indicator(s):  Number of individuals who implemented at least one strategy to reduce expenses or manage money as well as confidence in handling money issues or specific financial matters. 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

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

Outcome:  Improved workforce communication

Indicator:  Number of individuals who reported the intent to utilize etiquette practices to improve verbal, written, and electronic communication practices (Communicating Effectively)
Indicator:  Number of individuals reporting increased levels of understanding in the area: demonstrate strong verbal and nonverbal communications (Conveying Your Message)
Method:  Pre/Post Evaluation
Timeline:  Following Positive Employability

Outcome:  Networking Skills

Indicator:  Number of individuals reporting increased levels of confidence in the area: participate in a productive business conversation (Networking for Success)

Method:  Pre/Post Evaluation

Timeline:  Following Positive Employability 

Learning Opportunities:

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: Fall and Spring

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: Spring

Audience: Adults, young adults, and teens

Project or Activity: Credit Education 

Content or Curriculum: Good Credit Game

Inputs: FCS Agent, curriculum publications and resources, Good Credit Game set

Date: Fall and Spring

Project or Activity: Financial Education

Content or Curriculum: Real Skills for Everyday Life

Inputs: Agents, curriculum publications and resources

Date: Fall, Spring and Smmmer

Audience: Youth 5-12 

Project or Activity: Workforce Prep

Content or Curriculum: It's Your Reality, World of Work, National Dollars and Scents, Jump Start for Job Seekers

Inputs: Club Leaders, FRYSC, Agents and Staff

Date: Sept.-May

Audience: Recovery Centers, Penitentiary Facilities 

Project or Activity: Financial Education

Content or Curriculum: Recovering Your Finances

Inputs: Coordination with community stakeholders

Date: Spring and Summer

Success Stories