Kentucky Saves Week 2021 Impact Statement

Kentucky Saves is led by the University of Kentucky Cooperative Extension Service as part of the national America Saves campaign. The initiative, which culminates during Kentucky Saves Week the last week of February, encourages individuals and families to save money and build personal wealth.

Research suggests that those who write down their goals are 42% more likely to achieve them. The Kentucky Saves Pledge is a tool to help consumers visualize their goals by writing down what they are saving for and how much they plan to save. The University of Kentucky Cooperative Extension Service challenged consumers to take the Kentucky Saves Pledge and make a personal commitment to save.

Across the state, 263 Kentucky Savers pledged to save a total of $199,915 in 2021. Monthly savings pledges ranged from $1 to $1,000, with the average monthly savings amount $60.60, and the average total pledge amount $760.13. Savings goals ranged from 1 month to 60 months, although most savers planned to reach their goal in just over a year (13 months average). The most popular savings goal was general savings at 32.32%, followed by emergency fund savings at 23.19%. Others included saving for a vacation or special event (14.45%), homeownership (13.69%), debt repayment (10.27%), education (3.42%), retirement or long-term investment (1.9%), and large purchase (0.76%).

Research also indicates that sharing financial goals can help consumers stay on target toward success. Another benefit of the Kentucky Saves Pledge is that those who sign up can choose to become a part of the national America Saves campaign’s Community of Savers to receive email or text reminders and resources. On the pledge form, 13 Kentucky savers opted to receive text reminders, and all savers have access to the campaign resources online.

Some county Extension agents may have led local events utilizing Kentucky Saves/America Saves theming and information, contributing to this success. According to zip code reports, Hardin County had the most savers at 109 pledges, Meade County 82, Jefferson County 18, Breckinridge County 9 , and smaller numbers of pledges were reported across 25 other counties statewide.

Through a variety of efforts, the Family Finance and Resource Management team at UK Extension reached at least 12,724 people statewide online, in-person, or by mail/email. The following is a summary of 2021 Kentucky Saves activities.

Social Media Campaign – UK Extension incorporated all five of the 2021 national campaign's daily themes: Save Automatically, Save for the Unexpected, Save to Retire, Save by Reducing Debt, and Save as a Family. Extension also incorporated other content to create a social media campaign throughout the month of February. Posts appeared on www.facebook.com/moneywise and many were shared/promoted by UK Extension Family and Consumer Science, county agents, and others on Facebook.

Piggy Bank Contest – County agents could opt to participate in a statewide piggy bank contest. In 2021, there were 9 winners from different counties across the state. Winners were displayed at the state capitol during all of February and March. Winners were recognized on social media and in a video, and they also received letters and certificates in the mail.

Partner Activities – Extension partnered with the Kentucky Jump$tart Coalition for Personal Financial Literacy and others to extend the Kentucky Saves Week campaign reach. Jump$tart conducted a student video contest, and winners from both contests were recognized together.

Student Winner Video – The 2021 winner video, which was shared on Facebook and YouTube, was headlined by KY Governor Andy Beshear. Other video guests included: the KY Treasurer, UK FCS Extension, Federal Reserve Bank of St. Louis – Louisville Branch, Kentucky Jump$tart. https://www.youtube.com/watch?v=2CCKFK64aS4  

Podcast – Talking FACS aired an episode titled “Kentucky Saves Week” on Feb. 22. https://ukfcsext.podbean.com/e/kentucky-saves-week/  

Newsletter – The February edition of the MoneyWi$e newsletter was “Kentucky Saves Week: Saving for Retirement.” https://fcs-hes.ca.uky.edu/files/moneywise_feb_2021.pdf

Other UK Extension Programming – Other statewide Extension programming promoted during or immediately following the Kentucky Saves campaign for 2021 included: Big Blue Goals, which ran January through March with specific financial education resources highlighting Kentucky Saves themes; Big Blue Book Club, which featured “Flipping a Switch: Your Guide to Happiness and Financial Security in Later Life” in February; and It’s Time to Talk: Estate Planning statewide estate planning webinar series in March.