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Financial Security for All (Valencia County)

Plan Goal

Improve the utilization of Valencia County family resources which include money, assets, education, internet skills, and time management across individuals of different ages, ethnicities, educational levels, and socioeconomic groups in the increasingly co

Situation Statement

Understanding personal finance and household resource management is important to individuals, families and communities. It is of particular importance for limited resource families. The fewer the resources and how to manage those resources, the more difficult it is to handle unforeseen emergencies such as medical, dental, loss of a job or death of a wage earner.

Wise management of personal finances and household resources is imperative to the residents of Valencia County where 17.3% of the population lives in poverty. Nearly a fourth (22%) of the county residents are uninsured and have little or no access to the healthcare system, while another third (31.5%) are on Medicare or Medicaid. As a state, New Mexico’s per capital income in 2007 was $31,474 which ranks 43rd in the nation.

The low per capita income can be directly related to low education attainment. Within Valencia County, one out of five people over the age of 25 does not have a high school degree or its equivalent. This figure is even larger for Hispanic and Native Americans in the state at 40%. It is estimated that at least 20% of adults in New Mexico are illiterate while half of adults in New Mexico are functionally illiterate, which refers to the inability to adequately deal with simple daily demands. Given the complex nature of personal finance, the proportion of functionally financial illiterate in New Mexico is expected to be more than 50%. The area of personal finance itself covers a wide array of fields such as budgeting, savings, spending, investments, retirement planning, credit, mortgage, financing, frauds, scams, and taxes.

Areas of financial planning which are often neglected are financial preparation for those previously stated unforeseen emergencies. Lack of health insurance, which includes being under-insured, will surely hit hard on people's financial well-being and the quality of health care. Recent natural disasters have accentuated the need for preparation for emergencies-in this case, 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 to cope and recover in a timelier manner.

The economic stability of Valencia County and the nation is built upon the financial stability of each individual and family. This, in turn, depends on educational attainment, availability of jobs and each individual’s financial practices.

Target Audience and Actions

Audience:
The target audience will be Valencia County residents including individuals, families, youth and seniors, as well as citizens with limited resources. Also included are Native American, Spanish speaking and Anglo residents of Valencia County as well as agencies, organizations and educators that work with Valencia County consumers and families.

Actions:

Job seeking skills classes offered at local agencies that serve county residents typically lacking experience, education and previous employment opportunity.
Basic money management classes offered in coordination with local banks and lending institutions to under-served financially limited individuals in the county.
Networking with area schools leading to the implementation of NEFE High School Financial Planning Program.
Presentation of Money Talk, A Financial Guide for Women, in coordination with state specialist, Dr. Fahzy Abdul-Rahman.
Participation in personal finance and household resource management presentations as requested for local agencies, nonprofit and community groups.
Providing monthly financial/resource management related articles to county E-newsletter.
Begin providing twice yearly news columns in the Valencia County News Bulletin.

Short-Term Objectives

70% of participants will increase knowledge of successful application completion.
70% of participants will increase knowledge of programs which assist job seekers.
70% of participants will successfully complete a professional resume and summary statement.
70% of participants will increase knowledge of interviewing and self-presentation skills.
70% of participants will increase knowledge of basic money management practices.
70% of participants will increase knowledge about credit card costs.
70% of participants will recognize the importance of personal records, a valid will, durable power of attorney and other estate planning documents.
60% of participants will plan to get their credit report.
60% of participants will plan to change one financial practice.
40% of youth participants will plan to start saving.

Medium-Term Objectives

25% of participants will be actively searching for employment using techniques and tools discussed in the program within 6 months of program completion.
25% of participants will have obtained employment within 6 months of completing the program.

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 steps to save for retirement within six months.
20% of youth participants will have started a savings plan within two months.
40% of participants will be practicing healthy personal finance habits such as budgeting, savings, retirement planning, debt elimination and wise credit card use.

Long-Term Objectives

25% of participants (adult) will have maintained consistent employment after two years.

30% of participants (adult and youth) will have increased savings after two years.

20% of participants will have employed a solid ongoing retirement plan after three years.

Evaluation Plan

Evaluations will be completed by participants immediately following program participation.

Surveys and/or questionnaires will be conducted by mail or phone 1-3 months following program participation.

Pre- and post tests will be given to evaluate personal finance and household resource understanding of participants before programs and following program participation.