Money 2000^™ - An Overview

Why did Clemson University Cooperative Extension sponsor Money 2000^™?

One of the program goals of the Clemson University Cooperative Extension’s Family and Youth Development Department is to assist families and individuals in the management of resources for improved family living. This includes increased family economic stability through the development of financial management skills and enhanced savings. Thus, Money 2000^™ fit very closely with our organization mission, and was an extension of programs we have already been providing.

What was Money 2000^™?

Money 2000^™ was a program designed to increase the financial well-being of South Carolina residents through increased savings and reduced household debt. Progress was monitored and the cumulative amount of savings and debt reduction was documented by follow-up studies.

What lessons were included in the program?

Lessons on the following topics were included:

• How to Get What You Want in Life
• Pennies Make Dollars
• PowerPay Your Way Out of Debt
• Jumpstart Your Retirement
• Setting and Achieving Housing Goals
• Insure Wisely to Achieve Your Financial Goals

What was the impact of Money 2000^™ in South Carolina?

The Money 2000^™ program in South Carolina was conducted from January, 1997 through December, 2000. Over the four years, there was a total of 3,200 participants including 462 youth who had enrolled from 44 counties (96%) with 2826 participants remaining active at the official conclusion of the program. Participants had set individual or family financial goals to save over $7.1 million and/or to reduce their debt by over $4.2 million. Participants (N = 861) voluntarily provided periodic progress reports over the four years documenting a total savings of $1,877,907 and total debt reduction total of $3,231,314.

In the spring of 2001, the fourth and final year follow-up study estimated the total economic impact of the Money 2000^™ program in South Carolina. A random sample of 346 of the 3200 Money 2000 enrollees in the program was drawn and the participants were interviewed by telephone. There were 179 useable responses for a response rate of 51.7%. The four-year progress reported toward savings goals was $424,575.25 and the total debt reduction reported was $385,602. This represents an average savings amount of $2372 per survey participant and an average debt reduction of $2154 for the useable responses. Generalizing these results to all 2826 participants enrolled at the time of the sample selection would indicate total savings of $6,703,074 and total debt reduction of $6,087,769 for a total economic impact of $12.8 million for the four years of the Money 2000^™ program within a 5% margin of error (The sampling methodology yields a 5% sampling error according to Krejcie & Morgan, 1970).

What did participants say about Money 2000^™?

“Money 2000 has made me more aware of my spending personality. The tips that I have read through the FCL organization have really helped me stay focused on my long-time goal of realization of retiring. I really think that I was a bit depressed thinking about cutting back. The program made me realize that my budget plan did not have to be a master. All in all, I am very impressed and excited about Money 2000.” -- Participant, West Columbia

“Knowledge is power, and after reading my newsletter, I feel empowered to take control of my finances.” -- Participant, Lexington

“Money is the source of a lot of family problems. [Money 2000] could really help a lot of people with not only money problems, but family problems.” -- Participant, Greenville

“It creates an awareness of how much savings add up and makes it easier to want to save for your goals.” -- Participant, Lugoff

“Once you totally commit yourself to totally focus on a secure financial setup, Money 2000 can help you set a goal. See it, believe it, and achieve it. As long as you are true to your dreams, your dreams become a reality. I got off track by financial strains, but I am now ready to get back.” -- Participant, Sumter

“It is not just teaching, but giving us tools to make our dreams a reality.” -- Participant, Greenville

Where can I get further information about Money 2000^™?

• Contact the Clemson University Cooperative Extension Office closest to you.
• Money 2000 Newsletters
• For non-South Carolina residents, contract the Cooperative Extension Office closest to you.

What courses similar to Money 2000^™ are available?

The following courses are also available:

• Money 2000:  Financial Management for the Not-Yet-Wealthy
• Money My Way for Youth
• Money My Way for Adult Leaders