About

The Kentucky Financial Empowerment Commission (KFEC) plays a vital role in promoting financial empowerment for all Kentuckians. We have identified six focus groups with three key initiatives:

Focus Groups:

1. Aging Kentuckians: For seniors, KFEC offers resources related to scam and fraud awareness, budgeting, retirement planning, and financial security in later stages of life.

2. Commonwealth Employees: KFEC provides online and in-person financial wellness programs and resources for employees to help them manage their finances effectively.

3. K-12 Teachers & Students: KFEC's efforts for K-12 teachers and students focuses on a free online financial literacy platform (KFEC Money Academy), in-person programs in schools, scholarships, college savings plans, teacher professional development, classroom resources, and other resources for making informed financial decisions.

4. Kentuckians with Disabilities: KFEC provides financial education and resources tailored to the specific needs and challenges faced by individuals with disabilities. This includes information on disability benefits, financial planning resources, accessible banking services, employment services, and entrepreneurial opportunities.

5. Low-Income Families: Supporting low-income families involves initiatives related to budgeting, debt management, affordable banking options, and access to government assistance programs.

6. Veterans and Military Personnel: Military members and veterans benefit from specialized financial education on topics such as VA benefits, military-specific financial challenges, and transitioning to civilian life.

Key Initiatives:

1. Kentucky Financial Educators Network: This network facilitates collaboration among financial literacy education and economic education educators, helping them share best practices and resources for teaching financial literacy and economics effectively. KFEC created this valuable network for teachers to enhance their skills and provide access to up-to-date information and materials.

2. Online Financial Education Platform for High Schoolers: KFEC Money Academy is a free platform for high school students. Our free platform is a solution to satisfy, and exceed, the financial literacy graduation requirement. It is a great way to engage students through articles, videos, infographics, tools, calculators, assessments, and more. KFEC Money Academy provides young people with free access to financial literacy education and equips them with essential financial knowledge and helps prepare them for life after graduation.

3. Kentucky Bank On Network (KBON): The Kentucky Financial Empowerment Commission, in collaboration with the Cities for Financial Empowerment Fund, is thrilled to announce the re-launch of the Kentucky Bank On Network (KBON). This dynamic initiative aims to foster greater financial inclusion and accessibility by strengthening partnerships with local communities and financial institutions. This statewide partnership is dedicated to expanding bank accessibility and accounts for both individuals and businesses across the Commonwealth. According to the Federal Deposit Insurance Corporation’s How America Banks Survey, nearly eight percent of Kentuckians remain unbanked, which is higher than the national average of six percent. Kentucky Bank On Network (KBON) unites organizations dedicated to bolstering account access throughout the state. Partners will share insights and collaborate to further develop the Bank On initiative in Kentucky, with the primary focus being to expand account access for those in need.

By addressing the unique needs of each focus group and implementing these initiatives, KFEC plays a crucial role in enhancing financial literacy and overall financial well-being for Kentuckians. Financial empowerment is a valuable step toward building a more financially secure and prosperous future for all residents of the state.