Flipping a Switch Impact Statement 2021

The National Institute on Retirement Security (2021) found that two-thirds of Americans say the nation faces a retirement crisis, with 56% concerned they will not be able to achieve financial security in retirement. COVID-19 only exacerbated this problem as 51% of Americans reported increased concerns about finances in later life. Further, 70% agreed that workers do not have the financial skills necessary to manage their money in retirement.

To address these issues, a three-week “Book Club” webinar series on retirement planning was hosted by Kentucky Family and Consumer Sciences Extension Service. Dr. Nichole Huff, Extension Specialist for Family Finance and Resource Management, served as the moderator for the series. The series featured the book, “Flipping a Switch: Your Guide to Happiness and Financial Security in Later Life,” by Dr. Barbara O’Neill, Extension Professor Emeritus Rutgers University. Dr. O’Neill joined Dr. Huff each week to present material from her book.

Kentucky FCS purchased 200 copies of “Flipping a Switch” and distributed them through county Extension offices to participants who preregistered for the Book Club. Participants were emailed a reading guide and invited to attend three, one-hour weekly sessions on Zoom organized by the book’s main sections: Financial, Social, and Lifestyle Transitions related to retirement.

Participation in the book club ranged from 74-167 per week, with an average weekly attendee count of 122. Participants were also invited to join a private Facebook group where they could engage more with the Dr. Huff and peers on the retirement-related topics discussed each session. The Facebook group included 147 active members, with 288 engagements during the series (i.e., reactions, comments, shares). The Kentucky FCS Facebook page reported an additional online reach of 12,428 from its wider audience on book club-related posts.

The purpose of the book club was to find a novel way to educate clientele about retirement planning. 71 participants representing 40 Kentucky counties completed the post-program evaluation. 86% of program participants reported discussing the material with someone outside of the webinars or Facebook group, suggesting a social multiplier effect may exist. 93% of participants set a future financial goal as a result of the book club, such as: “work towards an actual retirement date,” “begin estate planning,” “review investment strategies for preservation of capital and tax planning,” “reduce expenses and set a budget,” “put aside $25 per week in a savings account,” “make an appointment with a financial advisor,” “increase retirement contributions,” and numerous others.

Further, 96% indicated they gained knowledge/skills about the topics presented and are likely to apply the material/knowledge gained. 90% indicated they felt more confident in their general knowledge related to financial management in later life, and 96% could identify at least one new strategy to reduce expenses, manage money, or downsize in retirement.