Hardin County CES

Title:

Developing Skills and Confidence through Financial and Consumer Education

MAP:

Enhancing Financial Literacy and Consumer Awareness

Agents Involved:

Fentress, Aldenderfer, McCandless, DeRamus

MAJOR PROGRAM 1:

Farm Management, Economics and Policy

MAJOR PROGRAM 2:

Financial Education - General

MAJOR PROGRAM 3:

Family and Consumer Science

MAJOR PROGRAM 4:

Substance Use and Mental Health - ANR

Situation:

17% of Hardin County families with children live below poverty., and 10.4% of those age 65 and older do so. Hardin County’s official poverty rate is 13.8%, which is just under the state rate at 18.2%

The Urban Institute estimates that 20% people in Hardin County with a credit bureau record in 2016 had student loan debt compared to 16% for the state.

Between 2012 and 2016, 2.8% (+/-0.7%) of workers ages 16 and over who worked full-time year round were below poverty compared to 3.5% (+/- 0.1%) for the state as a whole.

40.8% of principal agriculture operators rely on their farm income as their primary occupation. Total farm expenses for Hardin County was $42,660 compared to $62,002 for the state. 984 hired farm labor workers worked on 278 farms, providing additional expenses for those land owners.

The estimated food insecurity rate for Hardin County is 14.1%, compared to 15.5% for the state

County Extension Council identified financial management as their top priority across all program areas for Hardin County. They specifically, using data from the Community Assessment, encouraged agents to provide information and programs on budgeting and financial management across all program areas, specifically farmers and youth; consumer awareness and consumer education, specifically for the agriculture industry; educational marketing to increase sales of agricultural commodities to be able to compete against modern and new marketing of plant based options.

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.

Long-Term Outcomes:

For those who attend programs or workshops, or receive financial education through Cooperative Extension to maximize or extend resources to maintain or increase finances.

For the number of individuals reporting improved family financial stability and economic well-being to increase.

For individuals to avoided breaches in personal or financial security.

For individuals to have improved the quality of their life resulting in a stronger family.

Enhancing Financial Literacy - CD

Long Term Outcomes

• Participants will know what their credit score is and how to improve that score or maintain a good credit score (670-900). 
• Participants will have a basic understanding of how to make sound financial decisions about their personal finances.
• Participants will know how to find resources for consumer protections and rights for billing errors and issues.  
• Participants will have a clear understanding on the policies and agreements that relate to applying for loans, credit cards, and rental agreements/contracts. 
• Participants will be able to re-enter the job market by having assessed some new skills in employability and job mapping. 
• Participants will have the basic skills to complete a sewing project or a craft/science project.

Enhancing Financial Literacy - CD

Intermediate Outcomes:

For participants who attend programs or workshops, and those receiving financial education to:

Adopt one or more short, mid and long term financial planning strategies.

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).

Enhancing Financial Literacy - CD

Intermediate Outcomes

• Participants will develop the habit of tracking their expenses thru the use of a transaction logs and debit card logs to track their expenditures.
• Participants will be able to make a spending plan for their personal expenses and a savings goal. 
• Participants will have a clear understanding of how their credit score can impact their ability to make future purchases. 
• Participants will know how to read and understand a loan contract, a job offer, mortgage agreement, business contract, and a rental agreement. 
• Participants will know how to apply and interview for a professional job in any career field. 
• Participants will know the basics of how to read a pattern to a sewing design or a craft/science project. 
• Participants can identity how to start a loan application for a car, house, business, or land.

Enhancing Financial Literacy - CD

Initial Outcomes:

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

Enhancing Financial Literacy - CD

Initial Outcomes

• Increase knowledge of basic banking terms such as banking accounts, investing, and deposits. 
• Increase knowledge of consumer rights pertaining to credit & borrowing. 
• Increase knowledge of how to market a business on-line and find resources to support your business. 
• Increase knowledge of what credit is and how banks process loan applications.  
• Increase knowledge on purchasing your first home and how to go thru the loan process.
• Promote awareness of getting financial aid to attend a community or private college. 
• Increase knowledge of updating a resume and interviewing skills. 
• Increase knowledge of basic sewing skills, craft designing and terminology.

Enhancing Financial Literacy - CD

Evaluation:

Initial Outcome: Teenagers and adults will show increased knowledge and skills related to managing available financial and non-financial resources.

Indicator: Initial evaluation results after financial education is given, whether through a program or workshop or through newsletters, social media, or more.

Method: Evaluations provided with packaged curriculum programs from FCS and 4-H specialists.

Timeline: Immediately after education is given.

Intermediate Outcome: Adopt one or more short, mid and long term financial planning strategies.

Indicator: That one has implemented a budget, began using cash envelope system, opened a checking/savings account, etc...

Method: Follow up evaluation

Timeline: 3 - 6 months after financial education

Long-term Outcome: For the number of individuals reporting improved family financial stability and economic well-being to increase.

Indicator: Families that report following a budget, living within their means, saving more money, and feeling more financially secure because of the financial education received through Cooperative Extension.

Method: Follow Up evaluation

Timeline: 1 year after financial education

Enhancing Financial Literacy - CD

Outcome: 

• Participants will develop the habit of tracking their expenses thru the use of a transaction logs and debit card logs to track their expenditures.

Indicator: Number of individuals with increased knowledge of overall banking skills. 

Method: Pre & Post-test, Surveys, Phone calls, Testimonials, Emails, pictures, Videos, and Zoom Presentations

Timeline: Fall and Winter

Outcome: 

• Participants will be able to identify terms related to credit and credit score.  

Indicator:  Number of individuals making informed consumer decisions about their personal finances. 

Method: Pre & Post-test, Surveys, Phone calls, Testimonials, Emails, pictures, Videos, and Zoom Presentations

Timeline: August - November

Outcome: 

• Participants will be able to choose a profession that fits their personal goals and skill set. 

Indicator: Number of individuals applying skills that they learned to a college degree program or to a career after high school.  

Method: Pre & Post-test, Surveys, Phone calls, Testimonials, Emails, pictures, Videos, and Zoom Presentations

Timeline: August- November 

Enhancing Financial Literacy - CD

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, high school classrooms, Money Habitudes cards

Date:  2021-2022 school year, 2022-2023 school year, 2023-2024 school year 

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: 2022

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, Library, high school classrooms

Date: 2021-2024

Audience: General Public

Project or Activity: Financial and Consumer Education Day

Content or Curriculum: Where Does Your Money Go?, farm specific budgeting apps/programs

Inputs: FCS agent, Ag agent, curriculum and resources, local banks, local farm organizations, ag marketing specialist

Date: 2021

Audience: Youth

Project or Activity: Piggy Bank Design Contest + education at Design Day about earning, spending and saving

Content or Curriculum: Building a Healthy/Wealthy Future, America Saves information, Captain Cash curriculum

Inputs: CES agents, local banks, United Way, CES publications and resources, America Saves resources, captain cash curriculum

Date: November

Audience: Youth

Project or Activity: Reality Store

Content or Curriculum: It's Your Reality

Inputs: 4-H Agents, local businesses, schools, CES publications

Date: Spring 

Enhancing Financial Literacy - CD

Project or Activity: Life Skills & Financial Literacy Program

Audience: Youth & Adults, At-Risk Youth, Limited Resource Audiences

Content or Curriculum:  Money Habitudes, Wells Fargo Online Banking, Teens Take on Grocery Shopping, Wells Fargo Hands on Banking, 4H Content or Curriculum on Life Skills Financial Literacy, Needs vs. Wants Content or Curriculum, 21^st Century Life-skills 

Inputs: FCS Agent, Family resource centers, Schools, Family Resource Centers, Public Library, Non-profit Organizations, Career Centers, Military Youth Programs, Colleges, Community Centers

Date: September - December 2024

Enhancing Financial Literacy - CD 

Success Stories