With a reported 57 percent of all Americans struggling financially, how effective are financial literacy programs when it comes to achieving long-term financial security? A research team from The University of Kansas’ Communication Studies reviewed Catholic Charities of Northeast Kansas’ Family Financial Transformations (FFT) program to determine its impact on the financial success of participants.
FFT is designed to help families reach their financial goals such as increasing savings and reducing debt. Since its start 10 years ago, the program has served 626 families, including 839 adults and 700 children. Together, these families have saved over $612,000 and reduced their debt by more than $1.6 million! Kimberly Burau, FFT Program Manager, has been integral to the advancement of the program, which offers individualized financial coaching plans, as well as interactive online classes for adults and their children. “Finances affect everyone, yet how to manage money hasn’t always been taught in school,” explained Burau. “As part of our curriculum, we discuss cash flow, debt, credit scores and more. We also explore the impact of spending choices, even in our classes geared for younger children and teens, so that they can become financially savvy and understand how buying decisions can affect the entire family.”
Kimberly Burau, FFT Program Manager, has been integral to the advancement of the program, which offers individualized financial coaching plans, as well as interactive online classes for adults and their children. “Finances affect everyone, yet how to manage money hasn’t always been taught in school,” explained Burau. “As part of our curriculum, we discuss cash flow, debt, credit scores and more. We also explore the impact of spending choices, even in our classes geared for younger children and teens, so that they can become financially savvy and understand how buying decisions can affect the entire family.”
Angela Gist-Mackey, Ph.D., and Alesia Woszidlo, Ph.D., led the KU study, which spanned from 2019-2024. “We were very excited when KU approached us about partnering on this study that would take a deeper dive into whether our education program was in fact providing the skills and resources that families need to one day achieve financial stability,” explained Suzanne Evans, Catholic Charities’ Senior Director of Education and Literacy.
Before FFT, families often admitted to making uninformed financial decisions or feeling reassured to purchase large items, such as a car, that they could not afford. Following the program’s completion, participants experienced significant change. “FFT families were able to better evaluate, plan and execute financial decisions that served their long-term best interest and goals toward family stabilization,” said Dr. Gist-Mackey and Dr. Woszidlo.
There was also an increase in financial stability and financial well-being. “Participants felt more prepared, equipped, and resilient when navigating the financial stressors that they were currently experiencing and those that they have yet to face,” added Dr. Gist-Mackey and Dr. Woszidlo.
One client shared, “I didn’t think we had enough. Now I see that we do have enough. It’s just the way that we spend is different.” This past year, FFT has added an after-care component offering additional financial coaching sessions and classes for those who have completed the program. “It’s a huge compliment to our program that they want to come back to learn more and share their progress,” Burau said. “It speaks to the support that we provide and the relationships we build with our participants.”
Overall, the KU study solidified what Catholic Charities knew about the program’s impact. “Our teams analyze the data and the outcomes of all of our programs to identify gaps and determine impact,” said Lauren Solidum, President & CEO, “but this collaboration with KU further validated that our agency is doing critical work in the community, and more importantly, we are moving people out of poverty.”
