Delivering Financial Education in five Rural Counties in Arizona: and beyond geographic borders

Authors: Melissa Wyatt, Ashely Dixon, Christy Stuth, Hope Wilson, Evelyn Whitmer, Dan McDonald, Cathy Martinez, Noel Wilkinson, Cate Gore, Sybil Peters, and Jodi Uebergang

Abstract: This poster describes the efforts of the Extension Financial Education Working Group, including the development and implementation of a financial literacy education program initially delivered in five rural counties in Arizona, the pivot to online program delivery, and the ongoing development of financial education resources disseminated through social media, factsheets, and online tools. Evaluation results are presented for the initial in-person program delivery and feedback from the pilot of online workshops.

Need: A statewide Extension survey conducted in 2015 showed that 57% of respondents endorsed “teaching financial planning and budgeting” as a priority area for CES. A scan of statewide needs and assets, conducted by the Financial Education Working Group (FEWG) in 2017, showed a lack of programming and resources in rural communities throughout the state.

Results from the FINRA Investor Education Foundation US Financial Capability Study (2018), in Arizona: 47% of individuals lack a rainy-day fund, 39% of individual spending is equal to income and 17% is more than income.

Reach: The Extension Financial Education Working Group is in 11 counties and three tribal areas.

We welcome new members! If you are interested in participating, please contact either Ashley Dixon or Dan McDonald.

ESIP & TCAI Funding

Partnership between Financial Education Working Group & Take Charge America Institute.
Extension Strategic Initiative Program (ESIP) funding = $142K and $19K from TCIA March 2019.
Curricula identified and program developed with best practices for delivering financial literacy education.
Program Coordinator and Instructional Specialists pilot-tested modules and refined delivery over several months.
Where Does Your Money Go?: 1 X financial literacy curriculum produced by Purdue Extension.
Building Financial Security for Self, Your Family, and Your Community: 4-part series adapted from Rutgers, the Federal Deposit Insurance Corporation, and the Consumer Financial Protection Bureau.
Over 75 in-person lessons delivered through February 2020.
Pivoted to online delivery--piloted with AmeriCorps members May and June 2020.

Evaluation Results: Where Does Your Money Go?

100% of respondents (N = 74) reported that they will think differently about how they manage their money.
97% of respondents (N = 72) reported that they could have more money if they made different spending choices.
64% reported “spending leaks” over the course of one year averaging $1,800.

Evaluation Results: Building Financial Security

49% of participants in lesson one showed improved knowledge in at least one concept or term (N = 71);
38% of participants in lesson two showed improved understanding in at least one of the emergency preparatory practices(N = 55);
71% of participants in lesson three showed improved understanding of at least one of the borrowing concepts (N = 44); and
75% of participants in lesson four showed improved understanding of at least one of the credit report concepts and terminology(N = 45).

Pivot to online delivery

With the onset of Covid-19 pandemic, the Extension Financial Education team developed online workshops. The UA Wildcat Corps (AmeriCorps) program piloted online workshops developed employing synchronous sessions via Zoom and asynchronous learning opportunities using D2L. Feedback was obtained on the methods of delivery. One respondent commented, “The zoom classes were awesome! Very easy to follow. Great information and presentations were easy to follow. Topics were right on target!” Another shared, “I didn't think that I was going to like the Zoom format, but I really did...I liked that I could contribute via chat. I really enjoyed all the additional financial information I gleaned from the experience and the instructors/presenters were very knowledgeable and did a great job.”

Statewide Financial Literacy Working Group

Group Leader: Ashley Dixon

Building the Financial Literacy programming for University of Arizona Cooperative Extension, through reviewing data, selecting and refining curricula, building community partnerships, and campus partnerships.

Sub-work Groups: Moving beyond curricula delivery

Financial socialization

Group Leader: Hope Wilson, Yavapai County

Financial Socialization is a concept of how parents introduce money concepts to their children.

This working group is developing resources to for parents and caregivers to introduce developmentally-appropriate money concepts and skills to young children. These concepts are the initial building blocks for future financial education and eventual financial capability as adults. Currently, the group is creating a series of facts sheets for two age groups, ages 2-3 year and 3-5 years. The content of each fact sheet is developed based on the early childhood developmental milestones and pairing it with activities for financial literacy concepts.

Each sheet creates structured ideas for building financial concepts using activities and encouraging everyday learning opportunities. All concepts are based on early childhood developmental milestones. These fact sheets include purpose and importance of the skill as it relates to child development and financial education, teachable moments that families can use from everyday activities, structured activities and suggested children’s books that reinforce the skill on concept.

Photo Credit: Sybil Peters- Draft of publication

social media for financial literacy

Group Leader: Melissa Wyatt, Yuma/La Paz Counties

Social media has become an invaluable tool in recent times for advertising and getting bit-size chunks of educational content to our clients and beyond. Consistent messaging is key for content that will be out on multiple platforms that can be reached by anyone with an internet connection.

This working group focuses on development of social media content provides financial literacy information and advertising to our fans and followers. Current work is focused on development of a content strategy. The content strategy is a living document that helps bring consistency to social media content creation that involves multiple counties across the state.

Photo Credit: Jodi Ubergang- Messaging about Financial Literacy Workshops

Insurance terms

Group Leader: Christy Stuth, Coconino/Mohave Counties

This sub-work group focuses on development of publications that clarify insurance terms for consumers. Four different publications are being developed to address different types of insurance, which are listed below:

- General Terms
- Medical: medicare and regular
- Auto
- Homeowner

The goal is to have consumers become educated so they can make decisions based on understanding and the needs of their situation when purchasing insurance.

Cost of raising a child

Group Leader: Christy Stuth, Coconino/Mohave Counties

This publication develops a general sense of costs associated with having a child through the first five years. The publication covers basic medical care associated with pregnancy and birth and childcare essentials. The goal is to provide parents-to-be of general costs associated with having a child and provide a place to begin budgeting. This publication may be used in parenting or financial literacy classes as a resource.