Franklin County CES

Title:

Increasing Financial Literacy Across the Life Span

MAP:

Building Diversity and Inclusion in Extension Programming

Agents Involved:

A. Brewer, M. Preece, K. Bishop, A. Leonberger, C. Carter

MAJOR PROGRAM 1:

Financial Education - General

MAJOR PROGRAM 2:

Community Engagement

MAJOR PROGRAM 3:

Economic and Business Development - ANR

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 to America's Growing Financial Literacy Problem (2018)

The U.S. ranks 14th globally in terms of financial literacy. With a 57%, literacy the U.S. beats Botswana (52%) but gets edged out by countries like Germany (66%) or Canada (68%) Only 16.4% of U.S. students are required to take a personal finance class in schools. 76% of millennials lack basic financial knowledge.  

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 needs 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,The Good Credit Game , 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 Clubs

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