Carroll County Leaders Convene For Financial Wellness Summit

Local and state officials gathered in Carroll County recently for a Financial Wellness Scorecard Summit to examine the economic health of the region and discuss strategies for improvement.

The event, co-sponsored by Senator John Stevens and Representatives Brock Martin and Tandy Darby, was led by State Treasurer David H. Lillard, Jr., who serves as Chair of the Tennessee Financial Literacy Commission (TNFLC). The summit focused on data from the Tennessee Financial Wellness Scorecard, a collaborative project between the TNFLC and the University of Tennessee’s Boyd Center for Business and Economic Research.

During the review of local data, officials revealed that Carroll County holds a Composite Financial Wellness score of 51.9, trending slightly below the statewide average of 59. The scorecard is designed to identify specific areas where financial education and economic development can make the most significant impact on citizens’ lives.

Economic data presented at the summit highlighted a median household income of $50,391 for Carroll County, which is approximately 25% lower than the state average of $67,097. Additionally, reports indicated that one in six households live in poverty, with nearly 14% of the population receiving some form of social assistance. These challenges are often linked to higher rates of non-business bankruptcies and distressed debt within the community.

Despite these hurdles, the data also showcased local strengths. Carroll County boasts a homeownership rate of 74.8%, a figure that stands well above the Tennessee state average. Treasurer Lillard noted that homeownership remains a critical indicator of long-term financial stability and asset-building for families.

“The purpose of the Scorecard Summit was not simply to report these figures, but to guide action,” the Treasurer’s office stated regarding the mission to empower Tennesseans with better financial management tools.

The summit concluded with a call for continued collaboration between educators, business leaders, and policymakers to address persistent financial stressors and improve upward economic mobility across generations in Carroll County.

Residents interested in reviewing the full data set or learning more about commission resources can visit TNFLC.org.