Progress 10/01/20 to 09/30/21
Outputs
Target Audience:The target audience is South Carolina farmers. Although the research is open to all SC farmers, we will give priority to small farmers from the Tri-county area including Orangeburg, Bamberg, Calhoun, and the surrounding areas. The project will pay special attention to the disadvantaged farmers, which are African Americans, Hispanics, women, and other minority groups. Project staff including student researchers contacted a small number of local farmers and collected feedback about interested financial literacy topics and preferred delivery methods on training and workshops. Changes/Problems:
Nothing Reported
What opportunities for training and professional development has the project provided?This 1890 project will provide broad training and professional development opportunities for local farmers. The following are a list of workshops and seminars on financial literacy: The roadblocks to financial success and six Keys to Financial success; Risk Management - Health Insurance, Medicare, Property and casualty insurance, Life Insurance; Cash Management- Cash flow, budgeting, Month to month accounting, savings and investing, financing alternatives, credit cards; Goal Planning - Retirement, Buying equipment, College Planning, Homes, Budgeting; Investment Planning - Stocks, Bonds, Real estate, Risks, Diversification; Taxation- Planning, Audits, Filing Taxes, Paying taxes; Retirement Planning - Goals, Implementation, Evaluation; Estate Planning; How Demographics affect planning and outcomes; The current economic situation and Planning for potential outcomes; Other related financial literacy topics. How have the results been disseminated to communities of interest?One literature review paper on financial literacy among farmers was presented at Academy of Economics and Finance 2021 annual conference virtually on Feb 11-13, 2021; The conference presentation raised a lot of interest, and valuable feedback was collected from participants. The following three abstracts were submitted to the 2022 ARD meeting (Atlanta, GA, April 2-6, 2022): 1. Improving Farm Performance through Financial Literacy Education. G. Ma*, Department of Business Administration and Information Systems, College of Business and Information Systems, South Carolina State University, 300 College Street NW, Orangeburg, SC 29117. 2. A Survey of Financial Literacy among Farmers in South Carolina. A. Stupar*, Department of Business Administration and Information Systems, College of Business and Information Systems, South Carolina State University, 300 College Street NW, Orangeburg, SC 29117. 3. Literature Review: Improving Farm Performance through Financial Literacy Education. J. Diggs*, Department of Business Administration and Information Systems, College of Business and Information Systems, South Carolina State University, 300 College Street NW, Orangeburg, SC 29117. What do you plan to do during the next reporting period to accomplish the goals?Project staff has designed online surveys so that farmers can complete the initial survey online. Project staff plans to conduct workshops virtually.
Impacts
What was accomplished under these goals?
This research project will enhance local farmers' knowledge of financial literacy and promote the application of financial literacy in the process of managing farming businesses. Researchers will gain valuable information about the status quo of financial literacy and farm performance among South Carolina rural farmers. Three student researchers have participated in the research and built up their research experience related to this project. One literature review paper on financial literacy among farmers was presented at the Academy of Economics and finance 2021 annual conference virtually Feb 11-13, 2021. The research team has published the following paper: Ma, G., W. Wan, A. Stupar, T. Brunson, and J. Digg, 2021, "Literature Review: Improving Farm Performance through Financial Literacy Education", 58th Academy of Economics and Finance annual conference (virtual), Feb 11-13, 2021 The following three abstracts were submitted to the 2022 ARD meeting (Atlanta, GA, April 2-6, 2022): 1. Improving Farm Performance through Financial Literacy Education. G. Ma*, Department of Business Administration and Information Systems, College of Business and Information Systems, South Carolina State University, 300 College Street NW, Orangeburg, SC 29117 Agribusiness plays an essential role in the economy. Agribusiness development depends on individual farm's performance and growth. Among the factors that determine the farm's performance, financial literacy is a critical factor that governs the survival and growth of the farms. Financial literacy is defined as the ability to use knowledge and skills to manage financial resources effectively (Organization for Economic Cooperation and Development 2011). Even though studies have shown that financial literacy significantly impacts the success and failure of businesses, scant attention has been paid to how financial literacy impacts the farm's performance in the agricultural context. A number of crucial questions, such as the farmers' current financial literacy level, the determinants for farmers' financial literacy and farm performance, and the transmission mechanism of financial literacy on the farm performance, remain unanswered. This study reviews relevant literature and proposes a model that connects financial literacy education and farm performance. Financial literacy education among farmers should greatly improve farm performance, create jobs, and ultimately enhance agribusiness development. We also anticipate that financial literacy education can benefit farmers and rural communities. 2. A Survey of Financial Literacy among Farmers in South Carolina. A. Stupar*, Department of Business Administration and Information Systems, College of Business and Information Systems, South Carolina State University, 300 College Street NW, Orangeburg, SC 29117 The purpose of the study is to identify the current financial literacy level and the financial education needs among local farmers in South Carolina. This study reports the results of a survey of financial literacy among local farmers in South Carolina. The 32 responses were collected from either online or paper surveys. The major results are: 1) Older farmers weren't able to provide a correct answer on 50% or more questions in the questionnaire; 2) Farmers with college degrees tend to understand questions much better, and the majority of their answers were correct; 3) Non-educated farmers who own a bigger land (150 + acres) have equivalent financial literacy as educated farmers with smaller land; 4) Farmers with smaller farms are more interested in getting knowledgeable with cash management, and farmers who own larger farms expressed more interest in taxation and accounting skills. The survey results will be used to direct future financial literacy education for farmers in South Carolina. 3. Literature Review: Improving Farm Performance through Financial Literacy Education. J. Diggs*, Department of Business Administration and Information Systems, College of Business and Information Systems, South Carolina State University, 300 College Street NW, Orangeburg, SC 29117 Agribusiness development depends on individual farms' performance and growth. Among the factors that determine the farm's performance, financial literacy is a critical factor that governs the survival and growth of the farms. This study reviews relevant literature and proposes a conceptual model that connects financial literacy education and farm performance. The authors expect that financial literacy education among farmers can greatly improve farm performance, create jobs, and ultimately enhance agribusiness development. They also anticipate that financial literacy education can benefit farmers and rural communities. The research team has established a partnership with SCSU 1890 Extension group and other local agencies to recruit participants and provide outreach activities. The research team has also conducted research to investigate methods to evaluate the status quo of financial literacy and farm performance among local farmers, and tools to facilitate farmers with effective financial literacy training. Researchers and students gained valuable research experience in the following areas: Identify and train research staff and student researchers; Conduct a thorough literature review on financial literacy; Conduct a thorough literature review on farm performance; Develop research methodology; Design survey questions; Prepare online survey, questionnaires, pre-tests, post-tests; Continue to work with 1890 Extension to recruit farmer participants and conduct financial literacy surveys; Send survey questions to 1890 Extension agent and collected feedback; Revise survey questions based on all feedback; Participate in the Black Cowboy Festival August 2021; Collect surveys from local farmers; Review and modify pre- and post-tests; Design pre- and post-tests; Identify financial literacy training topics; Establish a speaker roster for financial literacy workshops; Present initial research results at academic conferences; Publish a full research paper at an academic conference; Project staff complete Protecting Human Research Participants online training and a certificate obtained; One student researcher completed the Money Management Essentials training from the Association of Financial Counseling and Planning Education.
Publications
- Type:
Conference Papers and Presentations
Status:
Accepted
Year Published:
2021
Citation:
Ma, G., W. Wan, A. Stupar, T. Brunson, and J. Digg, 2021, Literature Review: Improving Farm Performance through Financial Literacy Education , 58th Academy of Economics and Finance annual conference (virtual), Feb 11-13, 2021.
- Type:
Conference Papers and Presentations
Status:
Accepted
Year Published:
2022
Citation:
Ma G., Improving Farm Performance through Financial Literacy Education. Department of Business Administration and Information Systems, College of Business and Information Systems, South Carolina State University, 300 College Street NW, Orangeburg, SC 29117. Submitted to the 2022 ARD meeting, Atlanta, GA, April 2-6, 2022.
- Type:
Conference Papers and Presentations
Status:
Accepted
Year Published:
2022
Citation:
A. Stupar*, A Survey of Financial Literacy among Farmers in South Carolina. Department of Business Administration and Information Systems, College of Business and Information Systems, South Carolina State University, 300 College Street NW, Orangeburg, SC 29117. Submitted to the 2022 ARD meeting, Atlanta, GA, April 2-6, 2022.
- Type:
Conference Papers and Presentations
Status:
Accepted
Year Published:
2022
Citation:
J. Diggs*, Literature Review: Improving Farm Performance through Financial Literacy Education. Department of Business Administration and Information Systems, College of Business and Information Systems, South Carolina State University, 300 College Street NW, Orangeburg, SC 29117. Submitted to the 2022 ARD meeting, Atlanta, GA, April 2-6, 2022.
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Progress 05/16/20 to 09/30/20
Outputs
Target Audience:The target audience are South Carolina farmers. Although the research is open to all SC farmers, we will give priority to small farmers from Tri-county area including Orangeburg, Bamberg, Calhoun and the surrounding areas. The project will pay special attention to the disadvantaged farmers, which are African Americans, Hispanics, women, and other minority groups. Project staff including student researchers contacted a small number of local farmers and collected feedback about interested financial literacy topics and preferred delivery methods on training and workshops. Changes/Problems:
Nothing Reported
What opportunities for training and professional development has the project provided?Paper presentation, "Financial Literacy Education and Farm Performance: A literature review", Financial Education Association 2020 annual meeting, virtually Sep 17-19, 2020. This 1890 project will provide broad training and professional development opportunities for local farmers. The following are a list of potential workshops and seminars on financial literacy: The roadblocks to financial success and six Keys to Financial success; Risk Management - Health Insurance, Medicare, Property and casualty insurance, Life Insurance; Cash Management- Cash flow, budgeting, Month to month accounting, savings and investing, financing alternatives, credit cards; Goal Planning - Retirement, Buying equipment, College Planning, Homes, Budgeting; Investment Planning - Stocks , Bonds , Real estate, Risks, Diversification; Taxation- Planning, Audits, Filing Taxes, Paying taxes; Retirement Planning - Goals, Implementation , Evaluation; Estate Planning; How Demographics affect planning and outcomes; The Current economic situation and Planning for potential outcomes; Other related financial literacy topics. How have the results been disseminated to communities of interest? One literature review paper on financial literacy among farmers was presented at Financial Education Association 2020 annual conference virtually on September 17, 2020; The conference presentation raised a lot of interest, and valuable feedback were collected from participants. What do you plan to do during the next reporting period to accomplish the goals?Due to COVID-19, SCSU school campus was closed and no face-to-face training and workshops were conducted in the fall 2020 semester. Project staff are designing online surveys so that farmers can complete the initial survey using cell phones. Project staff will also investigate the feasibility of alternative methods of delivering workshops.
Impacts
What was accomplished under these goals?
Identify and train research staff and student researchers; Conduct a thorough literature review on financial literacy; Conduct a thorough literature review on farm performance; Partner with 1890 Extension to recruit farmer participants and conduct financial literacy workshops; Design survey questions; Design pre- and post-tests; Prepare online survey, questionnaires, pre-tests, post-tests; Identify financial literacy training topics; Establish a speaker roster for Spring 2021 financial literacy workshops; Project staff complete Protecting Human Research Participants online training and obtain the certificate. This research project will enhance local farmers' knowledge of financial literacy and promote the application of financial literacy in the process of managing farming businesses. Researchers will gain valuable information about the status quo of financial literacy and farm performance among South Carolina rural farmers. One literature review paper on financial literacy among farmers was presented at Financial Education Association 2020 annual conference virtually on September 17, 2020. Three student researchers have participated in the research and built up their research experience related to this project. Right after the project started in June 2020, the research team has established partnership with SCSU 1890 Extension group and other local agencies to recruit participants and provide outreach activities. The research team has also conducted research to investigate methods to evaluate the status quo of financial literacy and farm performance among local farmers, and tools to facilitate farmers with effective financial literacy training. Researchers and students gained valuable research experience in the following areas: Perform literature review in financial literature, farm performance, and other related area; Develop research methodology; Design surveys, pre-tests, and post-tests; Contact a small number of local farmers to collect feedback; Identify financial literacy training topics; Prepare financial literacy training materials; Develop and prepare for conference presentations.
Publications
- Type:
Conference Papers and Presentations
Status:
Published
Year Published:
2020
Citation:
Paper presentation, Financial Literacy Education and Farm Performance: A literature review , Financial Education Association 2020 annual meeting, virtually Sep 17-19, 2020
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