Kentucky, as well as the national, economy entered into a period of prolonged recession in December 2007. As the United States financial situation has evolved from December 2007 to present day, many of the economic events have been identified as unprecedented. The National Bureau of Economic Research declared the end to the Great Recession in June 2009; however, given the severity of the economic crisis, a short recovery is not anticipated.
Many individuals, families, communities, and households were unprepared to manage the rapidly changing economic conditions. Many household financial strategies employed prior to the recession most likely made them more vulnerable during the period of economic crisis. As the nation enters into the post-recession recovery period, the University of Kentucky, College of Agriculture’s Managing in Tough Times Initiative, seeks to assist Kentuckians in understanding and identifying the financial practices which made them more vulnerable during the recent recessionary period. The initiative seeks to help individuals, families, communities, and households understand and respond to the current economic conditions or their “new” financial realities. It is important for Kentuckians to recognize their “new normal” may differ significantly from their pre-recession financial lifestyle. Finally, based upon an understanding of financially vulnerable characteristics, Kentuckians will become better prepared to manage future economic challenges.
The mission of the Managing in Tough Times (MITT) Initiative of the University of Kentucky College of Agriculture commits to helping individuals, families, farms, and communities to improve their financial livelihood through extension outreach, research, and community service by applying research based knowledge to their locally identified critical issues and creating financial education learning opportunities.
FDIC Chairman Sheila Bair on America Saves Week
from the University of Kentucky Cooperative Extension Service
o Finding Ways to live on a Reduced Income
o Couponing 101: Surviving an Economic Crunch
o Questions and Answers About Credit and Debt
o Money Management: How to Make Your Money Go Further
o How to Get out of Debt
o Family Communications about Money