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Strengthening financial wellness in Scott County and across TN
By State Treasurer David H. Lillard, Jr.
As State Treasurer and Chair of the Tennessee Financial Literacy Commission, I believe financial wellness is essential for building strong families, thriving communities, and a prosperous Tennessee.
While Tennesseans work hard to provide for their loved ones and build brighter futures, many lack the foundational financial knowledge needed to succeed. That is why the Tennessee Financial Literacy Commission (TNFLC) partnered with the Boyd Center for Business and Economic Research at the University of Tennessee to better understand the financial well-being of our citizens.
The result is the Tennessee Financial Wellness Scorecard, a tool that shows how Tennesseans are doing financially and where we can focus efforts to make the greatest impact. The Scorecard reflects encouraging trends from our state’s economic development strategies. Legislative priorities that emphasize job creation, higher educational attainment, and attracting new businesses are making a difference. However, the data also reveals persistent challenges. Many Tennesseans continue to struggle with high rates of non-business bankruptcies, distressed debt, and subprime credit scores. These financial stressors not only affect individuals, they limit the ability to build assets, own homes, save for college, and ultimately reduce upward economic mobility across generations.
TNFLC hosted a Financial Wellness Scorecard Summit in Scott County, co-sponsored by Senator Ken Yager and Representative Kelly Keisling. The summit brought together community leaders, including Representative Keisling and Oneida Mayor Lori Phillips-Jones, educators, business representatives, and policymakers to review Scott County’s Composite Financial Wellness score of 35.3, which is significantly below the statewide average of 59. While the report shows challenges such as lower median household income and higher poverty rates, it also highlighted strengths such as strong homeownership.
These insights sparked an important conversation about how financial health affects every aspect of life.
The median household income in Scott County is $42,679, more than 36% below the state average of $67,097. One in four households live in poverty, and 24.5% receive some form of social assistance. Homeownership stands at 71.8%, above the state average. These numbers matter because owning a home and building assets are key indicators of long-term financial stability.
The purpose of the Scorecard Summit was not simply to report these figures, but to guide action. By understanding where the needs are greatest, we can work together to provide tools and resources families need to make informed financial decisions.
When Tennesseans are empowered to manage their finances wisely, they are better equipped to contribute to their communities and build a stronger future for themselves and their children.
The Tennessee Financial Literacy Commission is committed to this mission, but we cannot do it alone. It will take educators, business leaders, policymakers, and community advocates working together to turn these numbers around. Scott County’s challenges are real, but so is its potential. Let us seize this opportunity to ensure every Tennessean has the knowledge and tools to thrive.
To learn more about the Tennessee Financial Literacy Commission, explore the Tennessee Financial Wellness Scorecard, and read more about the Financial Wellness Summit, please visit TNFLC.org.