Photo By Julius Evans | Julius Evans is presented his graduation certificate by Karen Munden, Senior Family...... read more read more
Twenty Hampton Roads residents graduated from the Virginia Cooperative Extension Master Financial Educator Certificate Program Oct. 31.
The Master Financial Education Volunteer program helps build financial capabilities through research-based financial education. Volunteer instructors educate participants on getting out of debt, budgeting, preventing identity theft, and more.
The Virginia Cooperative Extension (VCE) is a partnership between Virginia Tech, Virginia State University, the U.S. Department of Agriculture, and local governments. Serving as the educational outreach arm of these universities, VCE is dedicated to addressing the social, economic, and environmental needs of Virginia residents. VCE achieves this by providing unbiased, science-based information, practical tools, and resources to enhance and sustain the quality of life for residents.
“I joined this training program because I have seen personal financial hardships first-hand,” said Julius Evans, Naval Medical Readiness Logistics Command Public Affairs Officer of Naval Weapons Station Yorktown-Cheatham Annex, Williamsburg, VA, and a graduate of the most recent training program. “Volunteering as a Master Personal Financial coach is another way I can give back to the community. I believe that no matter how you give, if you can make your community better through your personal gifts, that makes us all a better and well-rounded community.”
The Master Financial Education Volunteer (MFEV) training program is a 20-hour course designed to equip participants with the knowledge and skills needed to teach and coach financial literacy to Virginians of all ages, from grade school students to senior citizens. At the conclusion of the training course, volunteers commit to donating 40 community-hours over the course of the next 12 months to maintain their MFEV certification.
Home to more than 1.8 million people, the Hampton Roads region includes the independent cities of Chesapeake, Franklin, Hampton, Newport News, Norfolk, Poquoson, Portsmouth, Suffolk, Virginia Beach, Williamsburg and the counties of Gloucester, Isle of Wight, James City, Mathews, Southampton, Surry, and York.
Lead by Senior Family and Consumer Sciences Extension Agent Karen Munden, a team of Family and Consumer Sciences (FCS) Agents including Newport News VCE FCS Agent Sonja Mitchell, Portsmouth VCE FCS Agent Bertrille Lomax, and Chesapeake VCE FCS Agent Elizabeth Mundoma. The FCS agents combined with a cadre of seasoned financial and social services experts to deliver a well-established training curriculum to new graduates to provide focused information to community members who desire personal financial management education and coaching.
Through community opportunities like the MFEV program, Virginians have experienced positive benefits from learning and incorporating the valuable lessons taught by program volunteers.
The median household income in Virginia in 2021 was $80,615, which is higher than the median U.S. household income of $69,021 (Census.gov, Dec 2022). However, 65% of Virginia’s localities are below the U.S. median, with the lowest county median at $33,905 (data.Virginia.gov, Jan 2023). Virginians also take on more debt than the typical U.S. household.
For example, Virginia is among the top 10 states with the highest level of household debt (Federal Reserve Bank of New York, 2021). At the national level, the 2021 Consumer Financial Literacy and Preparedness Survey by Harris Poll found that 75% of adults would benefit from advice and answers to everyday financial questions and 62% are currently worried about their personal finances.
The same survey revealed that 34% of the population feel they are ‘just getting by’ financially. Relating specifically to money management, the report showed that only 30% have a detailed plan for what to do with their paychecks and only 44% have a budget and keep close track of their expenses. Relating to debt, the report indicated that 38% carry a balance on credit cards from month to month and for those who have some kind of household debt, 26% have more than $100,000 in debt.
The well-being of Virginians depends on individual and family financial capacity. Financial capacity will enable individuals to make informed choices, sound decisions, and avoid financial pitfalls, as well as obtain knowledge of strategies to implement during times of financial crisis.
The process of developing financial capacities will provide individuals the appropriate tools to understand and apply financial products, services, and concepts to improve their financial situation.
According to Karen Munden from the City of Virginia Beach – Virginia Cooperative Extension office, FCS extension agents worked with Master Financial Education Volunteers, Extension Leadership Council members and community volunteers to deliver financial literacy workshops, and one-on-one counseling sessions to Virginia residents. They also collaborated with the Department of Social Services, Department of Housing, community colleges, Volunteer Income Tax Assistance Sites, Financial Empowerment Centers, Virginia Tech Income Tax School, community organizations, correction facilities, as well as churches and businesses across the Commonwealth.
Sonja Mitchell from the Newport News provided the following information that solidifies the successes of the program. Of sessions offered, 2,264 adults attended one of 275 sessions given by 16 extension agents in 2023. Of the 1,008 participants completing the end-of-session evaluations, prior to the programs 125 (12%) of the participants used a spending plan and afterward 836 (83%) planned to do so, which is a 568% increase.
Similarly, before the programs 164 (16%) had an emergency savings fund, while afterward 807 (80%) planned to do so, a 392% increase. In addition, prior to the program’s 89 participants (9%) checked their credit report annually and afterward 819 (81%) planned to do so, an 820% increase.
Also, prior to the programs, only 120 (12%) had a plan for paying down their debts, but afterward, 764 (76%) planned to do so, which is a 537% increase.
Thirty-one people responded to a follow-up survey question asking about whether they had put money into savings, emergency funds, or retirement accounts or reduced debt. Their responses indicated an amount of $112 in savings or debt reduction (net financial gain) per person per month following the series or a total of $10,416 in net financial gain in the three months following the series for those participants.
If you wish to sign up for free and confidential one-on-one personal financial coaching through the VCE program, you may contact your local extension office for more information about Thrive Peninsula https://www.thrivepeninsula.org/ or Bank On Hampton Roads, http://www.bankonhr.org/, a five-month financial educational program open to all residents. This program is offered twice a year. Some classes are offered online and others in-person. Participants are assigned a financial coach to assist them to improve their financial literacy and implement financial to improve the situation.
| Date Taken: | 11.15.2024 |
| Date Posted: | 12.03.2024 10:45 |
| Story ID: | 486479 |
| Location: | WILLIAMSBURG, VIRGINIA, US |
| Hometown: | CHESAPEAKE, VIRGINIA, US |
| Hometown: | NEWPORT NEWS, VIRGINIA, US |
| Hometown: | PORTSMOUTH, VIRGINIA, US |
| Hometown: | VIRGINIA BEACH, VIRGINIA, US |
| Hometown: | WILLIAMSBURG, VIRGINIA, US |
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