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 (Doña Ana County)

Plan Goal

Improve the financial literacy of Doña Ana County residents through better money management, increased savings, and wise use of credit.

Situation Statement

Financial security is important to individuals, families and communities. Financial literacy is important for all income levels but 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. Doña Ana County’s per capita income is even lower at $20,576. Many families in Doña Ana County have very limited resources with 21.7% of families living below the poverty level (2000 Census) and approximately 35.1% of Doña Ana children under 18 years of age living in poverty(2004 NM Vital Records & Health Statistics).

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 Doña Ana County families in 2000 was about 67% which is lower than New Mexico’s rate of 70%. There is 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 state 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

Individuals and families in Doña Ana County, particularly limited resources audiences
English and Spanish-speaking residents of Doña Ana County
Agencies that work with Doña Ana County individuals and families

Short-Term Objectives

70% of participants will increase knowledge of one or more of the following money management concepts:

• Difference between needs and wants
• Setting financial goals
• Creating a budget
• Understanding credit costs
• The importance of savings

70% of participants will plan to change one financial practice

Medium-Term Objectives

60% of participants will have made one financial change 1-3 months following participation in the program

Long-Term Objectives

Evaluation Plan

Short-Term: Evaluations will be completed by participants immediately following program participation

Medium-Term: Behavior surveys will be conducted by mail or phone 1-3 months following program participation