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Economic Development and Quality of Life for People and Communities
Money 2000+TM
Issue
The standard of living varies widely across Arizona. While income levels
are near national averages in Phoenix, they are below average compared
to other large urban areas. Among other Arizona cities, the standard
of living ranges 15 to 30 percent below the national averages.
Research shows that people with a financial plan have twice the money
saved for retirement as those without. MONEY 2000+™ is an example
of a comprehensive plan that supports the Federal Performance Goals
to reduce consumer debt and to increase consumer savings. The program
also supports the Cooperative State Research, Education, and Extension
Service agency goal "to enhance economic opportunities and quality
of life among families and communities."
What has been done?
A task force was formed comprising local, county and state partners
from Arizona Cooperative Extension, public schools, volunteer organizations,
government, Native Americans, and non-profit agencies. For a $10 enrollment
fee, Extension provided each participant with financial education: start-up
kit, record-keeping materials, seminars, workshops, classes, home study
course, educational materials, quarterly newsletter, video loan, ongoing
support with six-month follow-up. Individual training sessions were
provided to FCS agents preparing to implement the program in their counties.
Investing For Your Future, a basic investor home study course developed
by a partnership of five land-grant universities, the CSREES-USDA and
the U.S. Securities and Exchange Commission was released in July 2000.
Five hundred copies of the course were distributed to active MONEY 2000+™
counties.
Since September 1, 2000, 149 households have also enrolled in Investing
For Your Future. Because of the continued success and active participation
by members of MONEY 2000+™, the program has been extended to December
31, 2002. The program will then transition to Financial Security in
Later Life, a new national CSREES initiative.
Impact
As of December 31, 2001, the total dollar impact of MONEY 2000+™
in Arizona, with three counties reporting impact data, was $756,356
of financial improvement that included $368,002 of increased savings
and $388,354 of reduced debt. There are 454 households enrolled in MONEY
2000+ ™ in Arizona.
County and state statistics were compiled and reported to Utah Cooperative
Extension for a national impact. As of December 2001, the total dollar
impact of MONEY 2000+™ nationwide, with 29 states reporting impact
data, was just under $20 million. That includes $10,618,271 of increased
savings and $8,247,219 of reduced debt. Currently the program has more
13,000 households enrolled nationwide.
"Because of this program I am documenting all expenses and know
where my money is going; working more hours; setting goals to reduce
credit card debt and I don''t carry credit cards with me anymore."
–participant
"Thanks to the MONEY 2000 program I have been able to finally open
discussions with my husband about personal finances. Now after three
years of participation in the program we have set goals for retirement
and are planning together." –participant
Funding
Cooperative Extension––statewide programming
Contact
Linda Block, assistant agent
Pima County Cooperative Extension
The University of Arizona
4210 N. Campbell Avenue, Tucson, AZ 85719-1109
Tel.: (520) 626-5161, FAX (520) 626-5849
Email: lblock@ag.arizona.edu
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