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Financial Security for All (Bernalillo County)
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Plan Goal
Improve financial literacy of Bernalillo County residents through better money managment, increased savings and wise use of credit.
Situation Statement
More than 30% (583,000) of New Mexico's population live in Bernalillo county. In 2004 Bernalillo County's per capita personal income was $30,204 compared to New Mexico's $23,081. 48.8% of the population are males and 51.2% are females with a median age of 35. Over 84% of county residents have a high school degree, and over 30% have a Bachelor's degree or higher.
About 4,500 grandparent-headed households have sole responsibility for raising grandchildlren. Over 65,000 of the population are over age 65, and more than a third of this group has some form of disability. Almost a fourth of county residents have no health insurance with another 31% on Medicare or Medicaid. 21% of children under 18 years of age in the county live in poverty, while 14% of the county's total population live in poverty. 44% of births in Bernalillo county are to single mothers. 31% of all New Mexico residents who are eligible for WIC live in Bernalillo County. These groups have limited resources with which to reach their financial goals.
Although residentail real estate is the biggest holding of wealth for most households, credit problems and lack of savings can make it difficult for lower-income families to become home owners. In 2000 county homeownership rate was 63.7%. 27% of available housing are units in multi-unit structures. The median price of homes in Bernalillo County is $128,300 with a monthly median mortgage payment of $1,045. Median monthly rent is $560. The average household size is 2.47. The increase in home prices in the past few years make it difficult for lower income families to find affordable housing.
Families and youth in Bernalillo County are experiencing problems that have not been encountered by previous generations. Rapid economic and technological changes continue to affect the economic well being of residents. Many residents lack necessary finanacial managment skills needed to assure that family members are successful, contributing members of society. Consumer education programs in the area of family finance will help families and individuals maximize their economic position.
Target Audience and Actions
Bernalillo County residents including individuals, families, youth, seniors.
Bernalillo County residents particularly limited resource families.
Native American, Spanish-speaking and Anglo residents of Bernalillo County.
Agencies that work with Bernalillo County consumers and families.
Policy makers.
Mass media.
Actions
Basic money management classes
CreditSmart
Homebuyer education
Short-Term Objectives
70% of participants will increase knowledge of basic money management practices.
70% of participants will increase knowledge of credit costs.
70% of participants will increase knowledge on how to buy a home.
70% of participants will recognize the importance of personal records, a valid will, durable power of attorney and other estate planning documents as a result of the legal education program.
Medium-Term Objectives
40% of participants wil have obtained their credit reports after one month.
40% of participants will have made one financial change after one month.
40% of participants will develop a list of important documents related to being legally secure and be organized or updated within two months.
30% of participants will have taken the first step to buy a home within three months.
30% of participants will have taken steps to save for retirement within six months.
30% of participants will prepare at least one of the recommended documents within three months of attending the legal education program.
Long-Term Objectives
30% of participants will have increased savings after two years.
20% will have purchased a home or be in the process after three years.
Evaluation Plan
CreditSmart surveys and life-skill surveys will be used for short-term and medium-term objectives. Long-term objectives cannot be measured without additional funding.
Pre- and post-tests will measure increase in awareness, knowledge and intention to take action.