N.C. Cooperative Extension declares year of fiscal fitness

Family and Consumer Sciences agents with North Carolina Cooperative Extension in the seven westernmost counties of North Carolina and the Qualla Boundary are declaring 2007 the "Year of Financial Fitness."

With the goal of "building strength through sound financial management," Cooperative Extension will provide programming on reducing debt, making a spending plan, growing your savings, children and money, handling holiday spending, and making the most of your housing dollars. Avariety of methods will be used to share financial workshops, programs for community groups, displays, etc.

A highlight of the year will be a presentation from Dr. Carolyn Bird on retirement planning. Dr. Bird is an Extension specialist in Family Resource Management at N.C. State University. Her presentation will be in April.

The rationale behind Extension's campaign to help individuals and families become fiscally fit is found in these startling trends:

*Numerous studies in recent years indicate that most adults and students have no mastered basic economic concepts. The average student graduating from high school lacks basic skills in managing personal financial affairs. Many are unable to balance a checkbook and most have no insight into the basic survival principles involved with earning, spending, saving, and investing.

*Most Americans are three paychecks away from bankruptcy. A majority of Americans live "paycheck to paycheck."

*The average household debt is over $12,000 (excluding mortgages).

*Approximately 30 percent of the American population is rapidly approaching retirement and many are financially unprepared.

*The U.S. Population is 300 million, but there are 1.5 billion credit cards in circulation.

*On average, a worker would need to earn at least $16.31 an hour to afford a modest two-bedroom rental house or apartment.

*Americans are saving less than ever before. The savings rate for Americans is in the negative.

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