Morgan County CES

Title:

6. Financial Education

MAP:

Supporting Skills Development for Morgan County Youth and Families

Agents Involved:

FCS, 4-H, ANR

MAJOR PROGRAM 1:

Financial Education - General

MAJOR PROGRAM 2:

Farm Management, Economics and Policy

MAJOR PROGRAM 3:

Family and Consumer Science

Situation:

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 managerisks.
Thirty-five percent of Morgan Co. people have credit bureau record of medical debt compared to the state average of 27%. Average median income in 2016 was $13,000.00 below the state level. The county poverty rate was 27% ranking 10% higher than the state level.

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 oflife and stronger families.

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.

Initial Outcomes:

•Increased knowledge and skills related to managing financial resources, including savings, credit, and financial planning.
•Change knowledge, opinions, skills, and aspirations, to improvee mployability through work and practical living skills andcontinuing education practices.
•Increase financial literacy (knowledge and skills) related to savings and investments.

Evaluation:

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

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

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

Learning Opportunities:

Audience: Adults, young adults
Project or Activity: Taxes for Farmers Content or Curriculum: Farm Financial Stress Resources Inputs: Extension Specialists, Local Bankers, ANR Agent 

Date: Fall 2023

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: On-line Spring 2024

Audience: Adults
Project or Activity: Creating a Legacy Box
Content or Curriculum: Estate Planning
Inputs: FCS Specialist (family finance and resource management), curriculum publications and resources, FCS Agent, local partners i.e. attorney, CPA and/or financial planner
Date: February 2024

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: February 2024

Audience: Limited “financial literacy” participants
Project or Activity: Financial Education Content or Curriculum: Recovering Your Finances Inputs: Coordination with community stakeholders, FCS agent 

Date: As referred from community partners

Audience: 5th & 7th Graders
Project or Activity: Reality Store Content or Curriculum: 4-H Reality Store, Workforce Prep

Inputs: Teachers, FRC-YSC directors, 4-H Council, all agents 

Date: Spring 2024

Audience: 4th Graders
Project or Activity: Dollars & Sense Content or Curriculum: 4-H Workforce Prep, Dollars & Sense Inputs: 4th Grade Teachers, 4-H agent 

Date: Spring 2024