Empowering Arkansas families to make informed financial decisions

The Financial Capability Survey revealed that nearly 20% of Arkansans report spending more than their income, and 50% do not have an emergency savings fund. Additionally, 67% could not correctly answer more than three of five questions about financial management. 

Extension programs can enhance financial stability, reduce economic stress and contribute to stronger, more resilient communities. The University of Arkansas Cooperative Extension Service is providing individuals and families with educational tools to enhance their financial stability. In 2024, faculty members developed and delivered training, curricula and materials to increase the knowledge and skills of Extension agents to impact target populations. Extension professionals offered 725 programs in personal finance and consumer economics to youth and adult audiences. 

As a result, evaluation surveys indicated consistent, positive results in knowledge gain and intended behavior change. Personal finance and consumer economics programs reached 19,379 people through direct contacts like face-to-face programs and 103,122 people through indirect contacts such as newsletters and social media. Of those surveyed, 75% reported increased knowledge, and 62% reported intention to implement at least one positive behavior change. 

In addition, Extension’s Get Real personal finance simulation was delivered to 3,224 students. This learning opportunity allows high school students to experience real-life household financial management through an interactive event. Students reported an increase in knowledge and skills and plan to implement recommended personal finance behaviors. The percentage of students reporting feeling very capable more than doubled for being able to follow tips to protect finances when using financial apps and websites, balance a bank account register and read and interpret a credit card statement. 

One student participant reported, “I stopped carelessly spending money.” Another shared, “I find money management easier to understand.”

View the full statement on the NIDB.

Project supported by Smith-Lever (3b&c) and State Appropriations funds. Photo courtesy of University of Arkansas Cooperative Extension Service.