cover of financial capability education impact report

Financial Capability Education Impacts 2017

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February 11, 2019 - Author:

Whether it’s handling credit card debt, investing for retirement or college funds, purchasing a new home, avoiding foreclosure, or simply wishing to have more control over personal finances, MSU Extension has expert educators located across the state that help Michigan residents in all aspects of money management. They assist individuals, households, organizations and communities to become more sustainable spenders through education focused on financial capability.

In 2017, our team reached 665 adults, conducted 113 programs with an average session time of 120 minutes and had residents of 45 counties participate in programming.

The average age of our participants was 37 years old. Out of those participants, 62 percent had an income under $18,000, 45 percent were renting and 31 percent were unemployed.

91 percent of participants agreed that the educational program received was of high quality and effectiveness. 90 percent agreed that the educational were effective in helping them find the resources that they needed. 99 percent said they were likely to recommend the educational program to someone else who was in the same situation as they were.

After the educational program the the following data was obtained from participants. 66 percent felt they were able to write smart financial goals. 81 percent felt that they could keep track of their income and spending. 76 percent felt that they could review bills and financial statements. 66 percent felt that they could write out a spending plan.76 percent felt that they could save money regularly. 58 percent felt like they could obtain and review their credit report annually. 81 percent felt as though they could pay their bills on time. 69 percent thought they could pay down their debt. 63 percent felt that they could obtain affordable housing payments.70 percent said they had a plan for retirement. 

 

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Tags: mi money health, money management


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