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About Us
County Impact Statements - Lafayette County
Money Management Programs Teach Families How to Save a Dollar When
They Don’t Have a Dime
"As a result of the Money 2000 program, I now realize how long it would takes
to pay off credit by just making minimum payments and how much I would be paying
just in interest. Money 2000 has helped me become more aware of my debt problems
and ways I can decrease my debt. This helps my entire family." - Money 2000
Participant
The combination of low national savings rate and high debt levels present
serious economic problems for many families. Families living on the "financial
edge"- with no savings and a high debt load-find it difficult, if not
impossible, to weather a financial crisis. Families with limited resources are
especially vulnerable.
A family of four in Lafayette County requires $26,695 per year for basic
living expenses according to the Arkansas Family Income Standard, Arkansas
Advocates for Children and Families, 1999. This equates to a wage of $12.83 per
hour. The median wage paid to Arkansas workers is $8.59 per hour. According to
2000 census information 50% of households in Lafayette County earn less than
$13,849 annually or $6.66 per hour. Nationally, 25% of high school graduates owe
$2000.00 or more on credit cards.
Money 2000 is an educational program designed to encourage an increase in
savings or a decrease in debt. Advisory committee members in Lafayette County
suggested that financial resource management programs be targeted especially to
youth before poor money management habits were permanent. The Lafayette County
Cooperative Extension Service has developed a range of educational programs to
address the issues of low saving and high debt among families.
Students from Stamps High learn about budgeting and wise use of
credit from program offered by Extension Service.
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Impacts
- 15 educational meetings on resource money management, 81 persons
attending, 5 educational materials developed.
- Exhibits and information supplied on Dealing with Reduced Income to 108
factory employees during factory closing.
- FY01Money 2000, adults reported $5154 saved, $760 debt reduced , youth
reported 12 decreased debt by $300, $600 increased savings, 6 adults and 48
youth developed written spending plan .
- 42 youth (juniors and seniors) reached with consumer credit information and
wise use of credit.
- Over 180 youth from 3 schools presented with information on career
planning and understanding the importance of college education to achieving
financial dreams.
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