Enhancing farm financial skills for Kansas women in agriculture

Enhancing farm financial skills for Kansas women in agriculture

According to U.S. Department of Agriculture, there are 25,611 women producers in Kansas that farm more than 14 million acres. The downturn in the farm economy has highlighted a need for more education in farm financial management specifically focusing on debt/asset relationships, cash flow management, financial analysis and benchmarking. In a four-part program broadcast to 32 locations across the state by Kansas State University, 216 participants learned about various financial topics, including managing operating expenses, family living expenses, farm stress and financial uncertainty.

In a post-program survey, more than 95% of participants ranked the material as valuable or very valuable. All participants showed an increase in their levels of knowledge for keeping quality farm records and putting together and assessing balance sheets, income statements and cash flow statements. More than 87% of participants stated they plan to develop a balance sheet for their farm business every year, more than 75% stated they would develop an income statement and cash flow statement every year and 63% plan to make a family living budget.