Financial Security and Economic Well-Being
Situation Statement
A disproportionate number of Kentuckians live in economically distressed communities (39% of Kentuckians, compared to 15% nationally). Further, most Kentucky households are concerned with financially sustaining a quality of life that allows them to survive and thrive in an economically challenged society. From housing to grocery expenses, the cost of living continues to rise, and households are ill-equipped to adjust. Securing financial stability is vital for the well-being of state constituents. The University of Kentucky Cooperative Extension Service (CES) is committed to improving the financial security and economic well-being of families across the Commonwealth. Related CES programming is designed to help Kentuckians become more economically resilient by promoting financial literacy education, comprehensive family resource management skills, and small business engagement and support.
In a 2023 University of Kentucky Cooperative Extension Community Needs Assessment, with nearly 28,000 responses from across the state, Building Financial Literacy and/or Resource Management Skills was among the top 10 state-identified priority issues reported by Kentuckians, and Efforts that Support Local & Small businesses was among the top 10 Community & Economic Development needs in the state.
Youth Focus
In Kentucky, economic uncertainty due to job market fluctuations and agricultural shifts impacts youth through unstable family environments and limited resources. Hospitality, retail, and tourism generated over $10 billion in 2023, with job growth in culinary arts, tourism, and hobby industries. The unemployment rate increased by 4.7% from July 2023 to July 2024. According to the Kentucky Cooperative Extension System Community Needs Assessment (2023), priorities include building financial literacy and resource management skills, youth life skill training (e.g., leadership and communication), strengthening youth workforce readiness (e.g., entrepreneurship, business development), and engaging diverse and non-traditional youth audiences. America’s future relies on a ready workforce and engaged communities to tackle major challenges. Kentucky 4-H develops youth potential for lifelong success through essential skills in communication, leadership, and civic engagement. 80% of 4-Hers reported that 4-H helped them explore career options and 95% reported 4-H helped them identify things they were good at, and 50% reported 4-H helped them with college decision-making. 4-H programs equip individuals with the knowledge, skills, and resources needed to thrive in their personal lives, family lives, and communities.
Long-term Outcomes
Adult
- Increased financial literacy skills
- Improved financial security and stability
- Improved financial and economic well-being
Youth
- Youth will have increased economic security.
- Youth will make sound financial decisions.
- Youth will have an increased rate of savings.
Medium-term Outcomes
Adult
- Increased sound financial decision making
- Implementation of financial literacy and resource management strategies/skills
- Increased savings (e.g., as a result of budgeting, saving, reducing debt, spending wisely, stretching resources)
- Increased access to community financial resources
Youth
- Youth will practice responsible consumer and financial management decision-making such as budgeting, actions on needs verses wants.
- Youth will practice habits and skills that contribute toward sound economic and financial well-being.
Short-term Outcomes
Adult
Strengthening financial literacy and well-being, including but not limited to, budgeting, spending wisely, saving, using credit responsibly, reducing debt, estate planning, fraud reduction, etc.
- Improved financial literacy knowledge
- Improved employability and interpersonal skills
- Increased confidence to implement employability strategies
- Developed strategies for maintaining a health work-life balance
Youth
- Youth will increase knowledge in understanding personal financial management.
- Youth will aspire to make SMART (specific, measurable, attainable, relevant, and time-bound) economic and financial well-being decisions.
Learning Opportunities
Adult
Audience: Individuals, Families, Employees
Project or Activity: Development of Financial Literacy Skills
Content or Curriculum: Use Less. Spend Less. Stress Less. curriculum; publications; MONEYWI$E newsletter and podcasts; PROFIT; Recovering Your Finances curriculum; OneOp; Big Blue Book Club; In the Face of Disaster; Leader Lessons; Money Habitudes; etc.
Inputs: Programmatic materials, paid staff, volunteers, community partners, non-profit organizations, schools, financial entities and organizations, businesses, etc.
Date: Ongoing
Audience: Individuals, Families, Employees
Project or Activity: Development of Family Resource Management Skills
Content or Curriculum: Use Less. Spend Less. Stress Less. curriculum; publications; MONEYWI$E newsletter and podcasts; PROFIT; Recovering Your Finances curriculum; OneOp; Leader Lessons; etc.
Inputs: Programmatic materials, paid staff, volunteers, community partners, non-profit organizations, schools, Court system, community centers, etc.
Date: Ongoing
Audience: Individuals, Families, Employees
Project or Activity: Estate Planning
Content or Curriculum: Estate Planning publication series; Transferring Cherished Possessions curriculum; MONEYWI$E newsletter and podcasts;OneOp; Leader Lessons; farm succession and legacy building programs; etc.
Inputs: Programmatic materials, paid staff, volunteers, community partners, non-profit organizations, schools, farms, community centers, etc.
Date: Ongoing
Audience: Communities
Project or Activity: Local & Small Business Support
Content or Curriculum: Small Business Roadmap, SBDC publications, Growing Our Own, Economic Development Collaborative resources, Economic Subject Matter resources CEDIK Vibrant Economies toolkit, Creative Economy Program, KFMN, Market Ready Producer Training
Inputs: Programmatic materials, paid staff, small businesses, volunteers, community partners, non-project organizations, schools, farms, community centers, etc.
Date: Ongoing
Youth
Audience: Youth
Project or Activity: Consumer and Financial Education
Content or Curriculum: Consumer Savvy
Inputs:
- 4-H Family and Consumer Sciences programs in which youth experience a sense of belonging, and developmental relationships, explore their spark, and actively engage in meaningful opportunities.
- Accredited and certified volunteers in 4-H FCS projects.
- Kentucky Extension Homemakers Association
- Clothing Volunteers
- Four residential camping facilities.
- Cooperative Extension Educational facilities.
- Utilization of approved research-based curriculum.
- Outreach of the Cooperative Extension Land-Grant System.
- Funding from the Kentucky 4-H Foundation, Inc.
- Funding from local, state, and federal sources.
- Engagement of youth and volunteers in program delivery.
- Engaging communities in identifying and implementing programming based on local needs.
Date: September 1 – August 30
Audience: Youth
Project or Activity: Building a Healthy, Wealthy Future
Content or Curriculum: Building a Healthy, Wealthy Future
Inputs:
- 4-H Family and Consumer Sciences programs in which youth experience a sense of belonging, and developmental relationships, explore their spark, and actively engage in meaningful opportunities.
- Accredited and certified volunteers in 4-H FCS projects.
- Kentucky Extension Homemakers Association
- Clothing Volunteers
- Four residential camping facilities.
- Cooperative Extension Educational facilities.
- Utilization of approved research-based curriculum.
- Outreach of the Cooperative Extension Land-Grant System.
- Funding from the Kentucky 4-H Foundation, Inc.
- Funding from local, state, and federal sources.
- Engagement of youth and volunteers in program delivery.
- Engaging communities in identifying and implementing programming based on local needs.
Date: September 1 – August 30
Audience: Youth
Project or Activity: Reality Store
Content or Curriculum: It’s Your Reality
Inputs:
- 4-H Family and Consumer Sciences programs in which youth experience a sense of belonging, and developmental relationships, explore their spark, and actively engage in meaningful opportunities.
- Accredited and certified volunteers in 4-H FCS projects.
- Kentucky Extension Homemakers Association
- Clothing Volunteers
- Four residential camping facilities.
- Cooperative Extension Educational facilities.
- Utilization of approved research-based curriculum.
- Outreach of the Cooperative Extension Land-Grant System.
- Funding from the Kentucky 4-H Foundation, Inc.
- Funding from local, state, and federal sources.
- Engagement of youth and volunteers in program delivery.
- Engaging communities in identifying and implementing programming based on local needs.
Date: September 1 – August 30
Audience: Youth
Project or Activity: Entrepreneurship
Content or Curriculum:
Be the E: Entrepreneurship, Level 1: Love It
Be the E: Entrepreneurship, Level 2: Plan It
Be the E: Entrepreneurship, Level 3: Do It
Inputs:
- 4-H Family and Consumer Sciences programs in which youth experience a sense of belonging, and developmental relationships, explore their spark, and actively engage in meaningful opportunities.
- Accredited and certified volunteers in 4-H FCS projects.
- Kentucky Extension Homemakers Association
- Clothing Volunteers
- Four residential camping facilities.
- Cooperative Extension Educational facilities.
- Utilization of approved research-based curriculum.
- Outreach of the Cooperative Extension Land-Grant System.
- Funding from the Kentucky 4-H Foundation, Inc.
- Funding from local, state, and federal sources.
- Engagement of youth and volunteers in program delivery.
- Engaging communities in identifying and implementing programming based on local needs.
Date: September 1 – August 30
Audience: Youth
Project or Activity: Piggy Bank Contest
Content or Curriculum:
Money Habitudes
Building a Healthy Wealthy Future
Jump$tart: Reality Check
Money Smart
Building Your Financial Future
Kentucky Saves Week
Inputs:
- 4-H Family and Consumer Sciences programs in which youth experience a sense of belonging, and developmental relationships, explore their spark, and actively engage in meaningful opportunities.
- Accredited and certified volunteers in 4-H FCS projects.
- Kentucky Extension Homemakers Association
- Clothing Volunteers
- Four residential camping facilities.
- Cooperative Extension Educational facilities.
- Utilization of approved research-based curriculum.
- Outreach of the Cooperative Extension Land-Grant System.
- Funding from the Kentucky 4-H Foundation, Inc.
- Funding from local, state, and federal sources.
- Engagement of youth and volunteers in program delivery.
- Engaging communities in identifying and implementing programming based on local needs.
Date: September 1 – August 30
Audience: Youth
Project or Activity: Kentucky 4-H Teen Conference
Content or Curriculum:
4-H Major Study of Emphasis
Money Habitudes
Building a Healthy Wealthy Future
Jump$tart: Reality Check
Money Smart
Building Your Financial Future
Inputs:
- 4-H Family and Consumer Sciences programs in which youth experience a sense of belonging, and developmental relationships, explore their spark, and actively engage in meaningful opportunities.
- Accredited and certified volunteers in 4-H FCS projects.
- Kentucky Extension Homemakers Association
- Clothing Volunteers
- Four residential camping facilities.
- Cooperative Extension Educational facilities.
- Utilization of approved research-based curriculum.
- Outreach of the Cooperative Extension Land-Grant System.
- Funding from the Kentucky 4-H Foundation, Inc.
- Funding from local, state, and federal sources.
- Engagement of youth and volunteers in program delivery.
- Engaging communities in identifying and implementing programming based on local needs.
Date: September 1 – August 30
Evaluation
Adult
Outcome: Improved knowledge related to financial literacy concepts (initial)
Indicator: Number of individuals who reported increased knowledge of family finance and/or resource management concepts.
Method: Self-reported surveys
Timeline: Post-program/curricula survey administration
Outcome: Improved financial and/or resource management skills (e.g., creating a budget, checking credit report, developing an estate plan, etc.) (initial)
Indicator: Number of individuals who reported developing skills related to family finance and/or resource management
Method: Self-reported surveys
Timeline: Post-program/curricula survey administration or follow-up evaluation
Outcome: Increased confidence to implement family finance and resource management skills (e.g., budgeting, spending wisely, saving, using credit responsibly, reducing debt, estate planning, reducing fraud, etc.) (initial)
Indicator: Number of individuals who reported improved confidence to implement family finance and/or resource management skills.
Method: Self-reported surveys
Timeline: Post-program/curricula survey administration
Outcome: Increased sound financial decision making (intermediate)
Indicator: Number of individuals who made a sound financial decision (e.g., regarding credit, budgeting, savings, debt, estate planning, fraud reduction, etc.).
Method: Self-reported surveys, documentation, or interviews
Timeline: Follow-up evaluations to capture action/behavior change over time.
Outcome: Implementation of financial literacy and resource management strategies/skills (intermediate)
Indicator: Number of individuals who implemented at least one strategy to better manage their family finances and resources (e.g., considered wants/needs, avoided bank fees, reviewed tax forms, set savings goals, started estate plan, developed budget, increased fraud protection, etc.).
Method: Self-reported surveys, documentation, or interviews
Timeline: Follow-up evaluations to capture action/behavior change over time.
Outcome: Increased savings (intermediate)
Indicator: Dollars reported saved as a result of participating in a financial education or family resource management program.
Method: Documentation (direct report, repeated survey) or interviews
Timeline: Ongoing/as changes are made and projects progress
Outcome: Improved business development and operation skills (e.g. marketing, branding, customer outreach)
Indicator: Number of small businesses who report developing skills related to business marketing, expansion, or retention through participating in Extension programming.
Method: Self-reported surveys, documentation, direct report
Timeline: Post-program survey administration; follow-up evaluation
Outcome: Improved knowledge of small business management and financial literacy concepts (initial)
Indicator: Number of small businesses who report increased knowledge of business financial management concepts (e.g. budgeting, pricing, taxes, financial planning)
Method: Self-reported surveys
Timeline: Post-program survey administration; follow-up evaluation
Outcome: Increased access to community financial resources through Extension support (intermediate)
Indicator: Number of grants or tangible financial resources accessed by communities, nonprofits, or small businesses as a result of Extension-supported initiatives
Method: Tracked through self-reported surveys from community partners, nonprofits and small businesses, documentation from grant reports where Extension provided support
Timeline: Ongoing
Youth
Outcome: Short term
Indicator:
- Number of youth who reported learning the differences between purchases made for “needs” vs “wants”
- Number of youth who reported that they learned about budgeting.
- Number of youth who reported that they learned about savings.
Method: Standard Evaluation Tool for 4-H Family Consumer Sciences: Survey
Timeline: Immediate Post Program
Outcome: Medium Term
Indicator:
- Number of youth who reported that they have identified one or more jobs that might be a good fit for them in Family Consumer Sciences.
- Number of youth who reported that have taken steps to pursue gaining knowledge for a job in Family Consumer Sciences.
- Number of youth who reported that they have practiced budgeting skills.
- Number of youth who reported that they have practiced needs versus wants knowledge when making purchases on a budget. .
- Number of youth who reported that they have included savings in their budget.
Method: Standard Evaluation Tool for 4-H Family Consumer Sciences: Survey
Timeline: End of program year
Outcome: Long Term
Indicator: Long-term evaluation will be conducted using the National 4-H Index Study.
Method: Standard Evaluation Tool for 4-H Family Consumer Sciences: Survey
Timeline: 1 or more years
