Low financial literacy, coupled with stagnant incomes and rising living costs create economic pressures that erode financial security. Over a third of Iowans (35%) reported a large and unexpected drop in income over the past year, 44% reported spending more than their income, and 60% reported difficulty covering expenses and paying bills. Nearly 13% live in poverty; 39% of single mothers with children are poor. In Iowa, 61% lack sufficient emergency savings and 56% carry credit card balances. Those in many rural communities struggle to find well-paying jobs and to access services. Targeted and timely Extension education addresses these issues.
Improved financial well-being
Increase motivation to participate in on-going financial education, increase awareness of the higher lifelong financial security risk faced by women, and increased awareness of Extension and Outreach as a source of high-quality, research-based financial information.
Identify spending leaks to plug to find cash for other priorities, increase awareness of ways to improve financial well-being, and become motivated to register for Your Money Your Future to improve their finances.
Participants will plan and track spending, assess insurance coverage, improve short-term financial security by reducing debt and starting/increasing emergency fund savings, assess retirement readiness and/or increase retirement savings, and assess legal preparedness for future life events.
Increase family financial security, improve financial management skills, and increase community support for people living within their means.
Increase skills and knowledge in financial management and develop and make progress towards financial goals.