Extension
It Starts With Us
Securing Financial Stability
Life Skill Development
Corinne Belton, Regina Browning, Candice Hollingsworth, Elizabeth Coots
Farm Management, Economics and Policy
Financial Education - General
Substance Use Recovery - ANR
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.
- 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
- 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
- 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
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
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: KOAP information, agents, UK publications
Date: Year round
Audience: Youth with interest in agriculture
Project or Activity: YAIP Grant Program
Content or Curriculum: Cost-share program/projects and related publications/curriculum
Inputs: KOAP information, agents, UK publications
Date: Year round
Audience: Farmers/Horticulturalists/Rooted in Shelby
Project or Activity: Farm Financial/Record Keeping Class
Content or Curriculum: Extension publications
Inputs: Extension publications, agents, specialists
Date: Winter 24-25
Audience: Farmers/Horticulturalists/Rooted in Shelby
Project or Activity: Using Quick Books for Farm/Small Business
Content or Curriculum: Extension publications, program support
Inputs: Extension publications, agents, specialists
Date: Winter 24-25
Audience: Farmers/Horticulturists/Rooted in Shelby
Project or Activity: Direct Marketing Workshop
Content or Curriculum: UK Publications
Inputs: UK Specialists
Date: Spring 2025
Audience: Beef Cattle Producers
Project or Activity: Regional Beef Field Day
Content or Curriculum: Value added information
Inputs: UK Specialists, Agents, KCARD
Date: October 2024
Audience: Adults 55 and older
Project or Activity: Driver Safety Program
Content or Curriculum: AARP Smart Driver Programs
Inputs: Instructor, booklets, certificates
Date: September 2024, March 2025
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 2024; Mar 2025
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: November 2024, February 2025
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: November 2024
Audience: Recovery Centers
Project or Activity: Financial Education
Content or Curriculum: Recovering Your Finances
Inputs: Coordination with community stakeholders
Date: February 2025
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: February 2025
Updated 5/5/2024
