The financial challenges faced by older adults are well-documented, with millions of seniors living at or below the federal poverty level. According to the National Council on Aging (NCOA), more than 17 million Americans aged 65 and older are living at or below 200% of the Federal Poverty Level (FPL), which equates to an income of $30,120 per year for a single person in 2024. These financial hardships are often compounded by rising housing costs, increasing healthcare expenses, a lack of transportation options, diminished savings, and job loss. While programs focused on financial literacy—such as budgeting, managing credit card debt, and saving—offer essential knowledge, they often overlook the emotional and psychological drivers that impact financial decisions, especially in seniors.

In response to this need, the Kenton County Extension Office implemented the Money Habitudes program, aiming to address the emotional and practical issues behind overspending and improve seniors' relationships with money.  The two-part series was held at Hathaway Court, a senior living complex in Covington, Kentucky, and provided a unique opportunity for 19 residents to reflect on their financial behaviors.

The program's goals were to:

1. Help participants recognize their spending habits and attitudes toward money.
2. Provide tools for improving their relationship with money and making informed financial decisions.
3. Offer insights into emotional triggers that contribute to spending and financial challenges.
4. Assist participants in creating personalized financial plans using SMART goals.

A key feature of the program was the use of the Money Habitudes solitaire game, an interactive tool that allowed participants to identify their spending habits and attitudes through a series of reflective exercises. By engaging with this game, seniors could uncover how their emotional responses to money might influence their financial choices.

Following the completion of the Money Habitudes sessions, a follow-up evaluation was conducted to assess the impact of the program. The results revealed the following insights:

• 12 participants reported learning how their habits and attitudes could trigger unnecessary spending. This demonstrates that many seniors were able to recognize the emotional factors influencing their financial decisions.
• 16 participants indicated that they planned to adjust one or more of their spending habits as a result of the program. This suggests that the Money Habitudes sessions had a tangible impact on participants’ ability to change their financial behaviors.
• 9 participants reported that the knowledge they gained from the Money Habitudes solitaire game significantly impacted the way they view financial decisions moving forward. The game appears to have been an effective tool in helping participants understand their spending and saving behaviors.
• 11 participants created financial plans based on the SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goal-setting framework. These individuals are now better equipped to make concrete steps toward reaching their financial objectives, improving their long-term financial stability.

The Money Habitudes program at Hathaway Court successfully addressed the emotional and practical aspects of financial decision-making for seniors. By helping participants identify their spending triggers, reflect on their attitudes toward money, and create actionable financial plans, the program contributed to greater financial literacy and empowerment among older adults. The positive feedback and changes in financial behavior demonstrate the program's potential for long-term impact on improving seniors’ financial well-being. Given the positive results, Money Habitudes program will be offered to other senior living communities in the region to reach a broader audience and follow-up sessions could be incorporated, offering participants an opportunity to review and update their financial goals.

The Kenton County Extension Office’s efforts highlight the importance of considering both practical and emotional factors when providing financial literacy education. Programs like Money Habitudes play a crucial role in supporting the aging population, helping them navigate financial challenges with greater confidence and understanding.