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Financial Problems. Upset Black Couple Managing Family Budget Together At Home, Counting Remaining Money, Suffering From Crisis

*This is an excerpt from The Urban Difference: Report 2020

Teaching consumers good money management practices inspires them to reach financial goals. 

FLIP: Overcoming Financial Hardship

Unemployment benefits claim and stack of documents.

Financial problems.

The financial impact of COVID-19 will be felt for a long time to come. According to a Pew Research Center survey conducted in January 2021, lower-income adults, minorities, and adults under 30 were more likely to experience job loss or a pay cut in 2020. The survey further reported that 61 percent of working individuals indicated that COVID made reaching their financial goals even harder. Many individuals accumulated more debt and delayed paying monthly bills just to make up for loss income. 

FLIP: Financial Literacy in Progress can help individuals and families to find their way back from financial hardship.
In 2020, 1,663 completed the five-lesson series on managing debt, developing a spending plan, maintaining good credit, and avoiding fraud and scams. A comparison between the pre-test and post-test survey of 60 participants revealed increased knowledge of financial management strategies, such as how to create and use a spending plan and track expenditures, how to reduce impulsive spending, and a greater understanding of how interest compounds on credit cards.

View other excerpts from The Urban Difference: Report 2020 here. 

 


Author & Editor, Wendi Williams, Communications & Marketing Coordinator, Alabama A&M University. Design/layout, Shannon Schoeneweiss, Technology Media Coordinator, Alabama A&M University.

New November 2021, The Urban Difference: Report 2020, UNP-2184

 

This work is supported by the USDA National Institute of Food and Agriculture (NIFA). USDA is an equal opportunity provider and employer. Any opinions, findings, conclusions, or recommendations expressed in this publication are those of the author(s) and do not necessarily reflect the view of the U.S. Department of Agriculture.

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