Studies show that youth are not getting the financial education they need in order to be successful in their adult lives. The results of the 2008 Jump Start Coalition Survey, that was done among 12th grade students, showed only an average score of 48.3% on financial literacy testing and only fifty-nine percent of the young adults in Generation Y (ages eighteen to twenty-one) pay their bills on time every month. (2008 Financial Literacy Survey National Foundation for Credit Counseling, Inc. and MSN Money).

Due to the results from these studies, along with feedback from local business leaders and county extension council members, one of the Laurel County 4-H agents presented the 4-H Dollars and Sense program to elementary school age students. During the 2017-2018 school year the 4-H Dollars and Sense program was conducted in 5 local elementary schools in the southern district of the county. With the help of family resource directors, school counselors, administrations, and over 50 volunteers, the program was delivered to a total of just over 600 students.

During the program, students received a $200 allowance for a given month and were expected to stay within their monthly budget as they purchased items from 15 different booths that represented stores. Some of the booths consisted of food, clothing, transportation, taxes, etc. The program has become an excellent tool for teaching youth how to count money, make change, budget, save and manage money.

The results of the pre-test and post-test surveys given to each student upon completion of the program were as follows:

3rd-5th grades
•BEFORE the program, 36% of students said they thought it was a little hard or pretty hard to manage money
AFTER, 95% said it was pretty hard or extremely hard to manage money.
•BEFORE the program, 31% of students said they were comfortable making financial decisions

AFTER, 90% of students said they were comfortable making financial decisions

•BEFORE the program 25% said they didn’t have a good or great understanding of counting money

AFTER 100% of them said they had good or great understanding of counting money

BEFORE the program 25% had a low level of understanding what it cost their parents to purchase things. AFTER the program 95% had a good or great understanding of costs to their parents.

BEFORE the program 38% had a low understanding of saving for their future.

AFTER the program 95% had a good or better understanding of saving for the future.

Comments from students:
“I had no idea how expensive things were.”
“I can’t believe how much it costs to take care of my pets!”
“I can’t believe what my family has to spend to live!”

“I paid for everything but now I have no money and I would have liked to put money in savings.”