Improving financial literacy and well-being in adults

Adults in the U.S. often struggle with financial well-being. They face challenges including insufficient savings, debt struggles and confusion around changing tax codes. The Land-grant University System helps adults improve their financial literacy and stability.

Here are a few examples of that work:

• In-person and virtual finance education programs in South Dakota taught fiscal management practices and consumer economics that helped participants learn to budget, set goals, manage debt, increase income and prioritize bills.
  South Dakota State University Extension. Supported by Smith-Lever (3b&c) capacity funds. See full statement.

• Volunteers in Kansas provide free services to low-income earners, students, retirees, individuals with disabilities and taxpayers with limited English skills, and help taxpayers claim critical credits for which they are eligible.
  Kansas State Research and Extension. Supported by Smith-Lever (3b&c) capacity funds; county funding. See full statement. 

• Extension professionals in Indiana created a program to help adults identify financial priorities and areas where they spend without thinking and create a tailored spending plan to help them achieve their goals.
  Purdue Extension. Supported by Smith-Lever (3b&c) capacity funds. See full statement. 

• Extension educators delivered a financial literacy and agribusiness education program in a supportive environment to Ohio adults who are recovering from substance addiction, empowering them with financial skills to better support themselves in their sobriety journey.
  Central State University Extension. Supported by 1890 Extension capacity funds. See full statement.

• Volunteer peer finance mentors in Maryland use their deep community ties and knowledge from Extension education programs to provide one-on-one guidance to individuals, helping them develop positive financial habits and better long-term financial stability.
  University of Maryland Extension. Supported by state appropriations; county funding. See full statement. 

• In Michigan, Extension professionals who are certified by the U.S. Department of Housing and Urban Development provide comprehensive homeownership and financial education programs, improving financial decision-making capabilities and pathways to housing stability. Participants reported increased confidence in the financial elements of buying a home, as well as in basic financial areas like budgeting, saving and debt reduction.
  Michigan State University Extension. Supported by Smith-Lever (3b&c) capacity funds; state appropriations. See full statement. 

• Extension professionals in Oklahoma helped taxpayers understand changes and long-term tax implications following the passage new national legislation. They created a widely shared fact sheet, and delivered information through podcasts, presentations and webinars.
  Oklahoma Cooperative Extension Service. Supported by Smith-Lever (3b&c) capacity funds; fee-based funding. See full statement. 

Helping adults understand their relationship and behaviors with money

Adults who never received personal finance education in their youth often face significant financial hurdles. Extension professionals in Ohio offer a customizable curriculum that goes beyond financial skills to explore participants’ money values and examine influences that drive their behavior with money. This can illuminate root causes of financial problems from which participants can build healthier mindsets and behaviors and increase their capacity to implement practical skills like budgeting, saving and managing debt. To expand reach, Extension partners with health clinics, libraries, churches, community centers and nonprofit organizations.

Central State University Extension. Supported by 1890 Extension capacity funds. See full statement.