Note: This site is for reviewing legacy plan of work data from 2007-2011. If you are looking for the current plan of work interface, visit pow.nmsu.edu.

Financial Security for All (San Juan County)

Plan Goal

To improve the financial literacy of San Juan County Citizens through better money management, increased savings, and wise use of credit.

Situation Statement

Financial security is important to individuals, families and the communities of San Juan County. Financial literacy is important for all income levels. It is especially critical for limited resource families. The fewer the resources the less room to make financial errors or deal with emergencies such as medical, dental, loss of job or death of a wage earner. The household assets of communities are an indicator of a region’s economic stability and prosperity.

The 2004 per capita income in New Mexico was $26,191 making it 47th in the nation which was down from 46th in 2003. The per capita income in San Juan County was $14,282. San Juan County has a population of about 126,208 people and about 18.4% of them live below the poverty level. Approximately 26.1% of San Juan County children under 18 years of age live in or near poverty.
Many of our young adults do not know how to manage their finances and many college students graduate with a high debt load due to student loans and overuse of credit cards. The average debt for a family with one or more credit cards is over $8,000.

Residential real estate is the biggest holding of wealth for most households. Credit problems and lack of savings can make it difficult for families to become home-owners. The home-ownership rate for San Juan families in 2004 was 75.4%, which is greater than the state average of 70%. But there is still a shortage of affordable housing in many areas and lower income families have difficulty finding housing in their price range. This has been exacerbated by the increase in home prices in the past few years.

Recent national and regional disasters have shown the need for preparation for emergencies such as floods or fires. Preparation includes an evacuation plan and emergency supplies. There also is a need to have legal financial papers organized and available in the event of evacuation to assist individuals and families cope and recover in a timelier manner.

Approximately 60% of Americans die without a will and even fewer have advanced health directives. Some reasons given for this is the belief that family will take care of this, the laws are already in place, discomfort with the topic and not knowing where to get the information needed. The lack of preparation can leave family members of all ages struggling to take care of a loved one’s estate in a time of grief.

The economic stability of the San Juan County, New Mexico and the nation is built on the financial stability of individuals and families. This in turn depends on educational attainment, availability of jobs and individual financial practices.

Target Audience and Actions

The target audience will be all San Juan County citizens including individuals, families, youth, and seniors, as well as citizens with limited resources or who are homeless.

The San Juan County Extension Home Economist will coordinate and implement the following educational endeavors:
1. Teach basic money management classes to PATH (Persons Assisting the Homeless), Navajo Nation Houseing Authority residents.

2. Network with areas schools to implement the High School Personal Finance Program.

3. Promote the new Homebuyer Education program – Home of My Own curriculum.

4. Present Legally Secure your Financial Future to Extension Association of New Mexico members, as well as other San Juan County residents.

Short-Term Objectives

Develop evaluation forms that can be used with basic money management class
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.

50% of participants will plan to get their credit report.
50% of participants will plan to change one financial practice.

40% of participating teens will increase knowledge about credit costs.
40% of participating teens will plan to start saving.

Medium-Term Objectives

40% of participants will have obtained their credit reports after one month.
40 % of participants will have made one financial change after one month.

30% of participants will have taken the first step to buying a home within three months.
30% of participants will have taken steps to save for retirement within six months.
20% of teens will have started a savings plan within two months.

40% of participants will develop a list of important documents related to being legally secure to be organized and or updated within two 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

In San Juan County the following evaluation tools will be used:
High School Financial Planning Program evaluations and life skills surveys will be used for short term and medium term objectives. Long-term objectives cannot be measured without additional funding.
CreditSmart evaluations will be used for credit
Pre-post tests for increase in awareness, knowledge and intention to take action.