Family Economic Wellbeing

Team Coordinators
Brenda Miller
N.E. District Directors Office
230 W. Okmulgee, Suite B
Muskogee, OK 74401
918-686-7800

Sissy Osteen
233 HES
405-744-6282

Team Administrator
Glenn Muske
104 HES
405-744-9931

Family Economic Well-Being Impact/Initiative Team
Top Priorities

Priority I - Family Financial Insecurity

Current Situation:

• Poverty data for Oklahoma indicate that in 1999, 11.2% percent of all families lived below poverty level. Among families with related children, the rates increased to 16.5% for those with children under 18 and to 21.5% for those with children under 5. The highest poverty rates were for female-headed households (32%) and for female-headed households with related children under 18 (39.8%) or under 5 (54%).
• In 2000, 23.8% of Oklahoma households had members who were 65 and older and the average retirement income (for those households receiving some type of retirement income) was $16,704.
• Oklahoma lagged well below the national average in 2000 for various measures of income, including per capita income ($17,646 versus $21,587), median household income ($33,400 versus $41,994), and median family income ($40,709 versus $50,046).
• Non-business bankruptcy filings in Oklahoma increased 22.5% between 2000 and 2001.
• Youth in limited-resource families or in families facing financial crises are at risk of not being provided opportunities to learn and practice the money management knowledge and skills needed to function wisely in this complex, every-changing world.

Why is this issue critical to Oklahoma communities?

With low incomes relative to the U.S. as a whole, achieving and maintaining a desirable and sustainable quality of life in Oklahoma is difficult. Financial insecurity—which may include inadequate planning for (and funding of) current and future income needs, inadequate insurance, excessive debt, and lack of wealth accumulation—not only affects the welfare of the family, but the economic prosperity of the community and state as well.

Priority II - Financial Literacy for Youth

Current Situation:

• Youth exercise control over (and influence the use of) considerable amounts of money—and will continue to do so throughout their lives. It is important that they develop sound consumer and financial skills early in life. Yet studies continue to suggest that youth lack basic economic and money management skills.
• Youth ages 5 through 19 represented 22.2% of the Oklahoma population in 2000.
• While children can learn the meaning of earning, spending, and saving by the time they have learned to speak in sentences, parents are often reluctant to discuss money with children – and especially young children.
• According to a nationwide survey by Teenage Research Unlimited, older youth (ages 12-19) spent an average of more than $104 a week each (over $5,400 per year) in 2001. Collectively, older youth spent more than $172 billion.
• A 2002 nationwide survey sponsored by the Jump$tart Coalition for Personal Finance Literacy looked at high school seniors' knowledge levels dealing with income, money management, saving and investment, and spending. On average, students answered only 50% of the questions correctly.

Why is this issue critical to Oklahoma communities?

While the ability to manage money is important prior to getting out on their own, it becomes basic to survival when youth graduate from high school; get married, have children, and/or establish households; attend college or vocational training; and pursue a job or career. Oklahoma youth need to be offered adequate opportunities to learn and practice the basic money management skills needed to function wisely in this complex,

Priority III – Assessing Home Ownership

Current Situation:

Public policy has made the expansion of homeownership opportunities a major focus for the last ten years. The advent of private mortgage insurance, specialized funding, and down payment assistance has expanded home buying opportunities for many potential homebuyers but many still lack the requisite skills and information for maintaining homeownership. Foreclosures cost the lender, the community and the consumer. Research indicates that homebuyer education is useful in lowering delinquency rates.

• Currently on a national level almost 67% of Americans own their own home. These statistics are much lower for rural residents and minority populations.
• Sixty four of the 77 counties in Oklahoma are rural counties
• Forty one percent of working families consider affordable housing to be a big or fairly big problem

Why is this issue critical to Oklahoma communities?

Home ownership provides stability to the community, the workforce and the tax base in communities, but availability of affordable housing is scarce in rural counties. Playing an active role in homebuying/homeownership education can allow the Cooperative Extension Service to collaborate with stakeholders in affecting needed change. Educating consumers and communities about the sources of available homes and the funds to purchase those homes can lead to both direct and indirect economic impact in Oklahoma Counties.

Priority IV - Lack of viable business opportunities and jobs

Current Situation:

• Oklahoma ranks 41st in entrepreneurial activity.
• Oklahoma ranks 43rd in 2001 per capita income trailing the nation by over 20%. Within Oklahoma there is a wide difference in income.
• Although the economic is growing, it is doing so at a rate slower than the rest of the country. In some areas, particularly rural areas, there has been no growth and even, at times, negative economic growth.
• Rural Oklahoma counties make only 77% of urban counties per capita income ($38,213 in Tulsa County vs. $22,127 in Pushmataha County). Rural retail sales remain static or have decreased.
• Oklahoma's 125,000+ home-based business owners make only $21,478 as compared to the national average of over $50,000.
• Census figures show over 11,000 people left the state in the 1990’s with many western counties losing over 2% of their population and the urban areas growing only by .2% in 2001.
• Rural youth are leaving the local area and the state.

Why is this issue critical to Oklahoma communities?

As noted in many of the recent county “listening sessions,” both rural and urban, Oklahomans are struggling with the need to enhance economic activity within their community. The development of an entrepreneurial economy would enable more higher-paying jobs, the ability to remain in one’s current location, and an increased economic well-being for individuals, families and communities. It also would encourage youth to remain in Oklahoma and the local community.