Farmers have unique financial information needs
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Transcript of Farmers have unique financial information needs
eXtensionNational Launch:
Helping Farm and Ranch Families Make Critical Financial Decisions
Financial Security for All CoP
Farmers have unique financial information needs
• As self employed, they are responsible for planning and funding retirement
• They have both farm and off-farm income to manage
• Their wealth is often tied up in land and not tax-deferred retirement savings accounts and other investments
Farmers have unique financial information needs
• They face extreme vulnerability due to past/present/future economic crises
• Sale of assets/land requires wise investment decisions
• Rural areas are under-served by large financial service firms and financial education providers
Farm Computer Usage and Connectivity
• 57% of over 2 million farms use computers
• 27% use DSL (rate doubled from 2005 to 2007)
Source: 2002 Census of Agriculture, USDA National Agricultural Statistics Service
Online Financial Education for Farm Households
• Financial Security for All Features
– Basic Information
– Learning Lessons
– Finance Calculators and Tools
– News Stories
– Calendar
Online Investment Education for Farm Households Project
• Funded by FINRA Investor Education Foundation
– Market analysis to clarify investment concerns and learning preferences
– Enhance Investing for Your Future learning lesson
– Pilot test program with Annie’s Project
– Potentially reach 13,500 farm households with investment education program
eXtension.org/personal_finance