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ASEC Spring Partner’s Meeting

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Presentation on theme: "ASEC Spring Partner’s Meeting"— Presentation transcript:

1 ASEC Spring Partner’s Meeting
Training the Trainers: Tools, Trends and Tips for Those Who Help Others Make Better Financial Decisions April 9, 2014 Brent A. Neiser, CFP® Senior Director of Strategic Programs and Alliances National Endowment for Financial Education

2 NEFE Reaches Consumers
Tools & Strategies for Community Financial Literacy Programs November 18, 2011 NEFE Reaches Consumers

3 Financial Workshop Kits

4 FWK Video Resources for Presenters

5 Workshops indexed against 10 categories
Aging College Series Diversity General Financial Education Health & Disability Human Services Low Income Special Situations Workplace Youth

6 NEFE Financial Workshop Kits
Tools & Strategies for Community Financial Literacy Programs November 18, 2011 NEFE Financial Workshop Kits Workshops Former Inmates Domestic Violence Addiction Income Savings and Assets Living with MS Transitional Housing Family Money Skills Saving Through Tax Refunds Military Personnel Your Spending Your Savings Your Future 40 Money Management Tips Children with Disabilities

7 NEFE Financial Workshop Kits
Tools & Strategies for Community Financial Literacy Programs November 18, 2011 NEFE Financial Workshop Kits College Series Budgeting: Keeping Track of Your Money Budgeting for Life After Graduation Dealing with Debt Money Management: Actions You Can Take Today Preventing Identity Theft Money Potholes

8 New FWK Topics First-time Homebuyers (for Low Income Population)
Managing Utility Bills (future) Homeownership (Risk & Protection) Homeownership Foreclosure Issues Making Adoption an Affordable Option Problem Gambling (future) Money Learning: Connecting Generations (future) Auto Financing (future) My Retirement Paycheck (future) Disasters: Financial Preparation and Recovery (American Red Cross/AICPA Foundation) (future)

9 Workshops

10 Financial Workshop Kit
Tools to enhance effectiveness Customizable programs and presentations Content Delivery Each workshop consists of Presentation Script (facilitator's guide) Handouts Other resources FAQs Relevant information for audiences

11 Agreement The content on this site may be used only for non-profit, non-commercial educational purposes. You must agree to the Content License terms to download or use the content on this site. By clicking the “I Agree” button below, you acknowledge that you have read and agree to the Content License Agreement. __________ [ I AGREE ]

12 Kahn Academy Videos

13 Social Service Microsite on Financial Workshop Kits
Case Management Tools for Social or Human Services Blueprint for Community-Based Financial Education Smart About Money Money Resolution Strategies (2 versions) Your Spending, Your Savings, Your Future Managing My

14 Tools & Strategies for Community Financial Literacy Programs
November 18, 2011 Blueprint for Community-Based Financial Education In Cooperation with Catholic Charities USA [introduce section with question to parallel other sections] [Brent present section

15 FWK Outreach: E-Newsletter

16 Consumer Tool

17 My Retirement Paycheck
Interactive feature Outlines a range of decision areas and shows interrelatedness Asks questions, provides insight Encourages critical decisions to stretch retirement paycheck

18 8 Decision Areas Work Social Security Home & Mortgage Insurance
Retirement Plans Savings & Investments Debt Fraud 18

19 Work How long should I continue working before retirement?
Make sure you can afford it: Don’t stop working until you prove you can afford to – as long as you are healthy. Work until full retirement age: Aim to work at least until your full retirement age (66-67). This produces many benefits including: Larger monthly Social Security payment: By delaying taking Social Security, you will receive a much larger monthly payment, and all Social Security retirement benefits are adjusted for inflation. Increased savings: You will keep adding to your retirement nest egg instead of depleting it too quickly. Health-care: You will keep your health-care benefits longer.

20 Social Security When should I start collecting Social Security?
Delaying taking Social Security can increase your payments significantly. Let's look at the numbers:  Deciding when to take Social Security is one of the most critical decisions affecting your retirement. You may be eligible to claim Social Security at the age of 62, but you can significantly increase your payments by waiting longer: If you wait until age 66, your payments may be as much as 30 percent higher than if you start claiming at 62. If you wait until age 70, the monthly payments are at least 75 percent more than if you start claiming at 62. Articles include: “How are Benefits Calculated?,” “When Should I Start Claiming?,” and “Special Situations to Consider”

21 JumpStart Teacher Training Alliance Teacher Training

22 Historical Background
School-based financial education decreased post-World War II Limited shelf space in schools Assessments indicate declining financial knowledge among high school students

23 Increased Interest The recession triggered great national interest in financial literacy Significant increase in financial literacy research Strong government interest Rapid growth in state mandates 46 today vs. 21 in 1998 School-based programs are growing: 313,000 NEFE High School Financial Planning Program student guides were requested in 2000. We sent over 700,000 student guides in 2010.

24 Background Way & Holden (2009) Lack of Knowledge and Confidence
CEE (2011); Gutter, Copur, & Garrison (2010) Increasing state mandates Hira (2010); Schuchardt, Hanna, Hira, Lyons, Palmer, & Xiao (2009) Deeper examination needed

25 Research-Based Need K-12 Teacher Preparedness Study
Teacher responses . . . students should study financial literacy (89%) do not feel competent to teach financial education (< 20%) feel unqualified to use financial literacy standards (63.8%) willing to get formal financial education training (> 70%) NEFE-Funded Study; University of Wisconsin-Madison, 2009 The basis for this initiative stems from independent research, conducted by University of Wisconsin-Madison researchers and funded by NEFE, which found that relatively few teachers believe they are adequately prepared to teach personal finance topics.  Wendy L. Way, Ph.D., and Karen Holden, Ph.D., surveyed more than 1,200 K-12 teachers and found fewer than 20 percent reported feeling “very competent” to teach any of the six personal finance topics outlined in the National Standards for K-12 Personal Finance Education.  Nearly 64 percent did not feel well qualified to use their state’s financial literacy standards. Yet, 89 percent agreed or strongly agreed that students should take a financial literacy course or pass a test for high school graduation. The Teachers' Background and Capacity to Teach Personal Finances: Results of a National Study is available for review at

26 Research-Based Need State Mandate Study
Students from states with FL mandates in place were . . . less prone to compulsive buying more likely to accept average financial risk more likely to pay off credit cards each month more likely to save money NEFE-Funded Study; University of Florida, 2010

27 Response Meeting at the U.S. Department of Education held March 2010
Goal Develop a shared teacher training program focused on: Making it easy for teachers (Interviewed Teachers) Core financial knowledge Teacher needs Inclusive of all quality providers Alignment with emerging standards/core competencies Portability Inclusion of reinforcement/follow-up Common front door for teachers Disseminated through Jump$tart Coalition

28 Response Provide opportunity for educators to build financial literacy confidence Establish a model framework for teacher financial literacy programs across the country

29 Core Financial Knowledge/Skills
Vision Create a shared teacher training program through Jump$tart Core Financial Knowledge/Skills Relevant Adaptable Scalable Aligned Easy Inclusive Measureable Quality Common

30 The Model As a result of this model, teachers will increase their own personal finance knowledge and skill to build confidence to teach personal finance in the classroom.

31 Model Description Locally-based Planning Teams
Assistance & Guidance from Alliance Nonprofits Educators State agencies Businesses Financial planners University partners Numerous Disciplines Locally Relevant Credential/Credit Timing Various strength of local Jump$tart Coalitions

32 Model Description Three-hour classes
1. Examine how economic trends impact personal financial situations; 2. Develop personal finance strategies; 3. Identify ways to build wealth through saving and investing; 4. Assess how career planning impacts earning power; 5. Compare and contrast financial services and products; 6. Specify strategies to protect from fraud; 7. Consider options when using credit and managing debt; 8. Devise plans to minimize financial risk; and 9. Explore personal finance resources.

33 Program Content Workshop Topics Methodology Econ 101
Spending and Planning Borrowing Saving and Investing Earning Capability Financial Services Fraud Insurance/Risk Management Targeted learning outcomes Applied learning Relevant and personalized Prep work / Post work Credible resources “Expert” facilitators Classroom application Assessment

34 Participant Materials
Learning plans Handouts Resources Pre-work Scenarios Action

35 Facilitator Materials
Orientation with expectations Prescribed outcomes Facilitator guides Customizable presentations Supporting materials

36 Planning Toolkit Event planning guide (suggested timeline)
Learning expectations/outcomes Materials for 7 topical seminars Presenter orientation guide Assessment template Budget template Collaboration strategies

37 Tested 5 pilots; over 700 K-12 educators Varied formats
ILLINOIS (Chicago Public Schools) COLORADO VERMONT ARIZONA SOUTH CAROLINA Varied formats Three-day, week-long, blended Assessment (pre and post)

38 Assessments Measuring Impact Attitude & Confidence Behavior
Pre/Post Assessment Focus Groups Behavior Credential/Graduate Credit Locally relevant

39 Findings (73%) volunteered to participate in the surveys
Practically all teachers (99.1%) in both 2011 and 2012 reported that they learned something new. This is encouraging considering several teachers had previously attended training or taken a class (56.4% of those from 2011 and 38.2% of those from 2012)

40 Findings Nearly all (99.1%) of participants indicated that they think other teachers would find a similar training opportunity helpful Had a positive impact on their own personal finances (93%) and also on their classroom instruction (94.7%).

41 Change in Behavior Participants demonstrated significant gains in mean pre/post behavior change scores. 28 percent  56 percent: Participants who calculated the amount of money they would like to have when they retire and are making contributions to a retirement account based upon attaining that amount. 39 percent  71 percent: Participants who took steps to improve their credit score. 50 percent  72 percent: Participants who had reviewed their credit report.

42 Change in Confidence Those with no previous training in financial education topics nearly closed the gap in measured confidence gained compared to those who had participated in some sort of previous training. 38 percent  80 percent: Participants who agreed they have the knowledge necessary to effectively teach their students about personal finance. 61 percent  90 percent: Participants who had integrated financial education into their classroom instruction. A low of 35% were teaching PFL in Colorado prior to the training A high of 100% were teaching PFL in Vermont 6-months after the training

43 Additional Results Key Findings: Demographics
Those with no previous training in PFL topics nearly closed the gap in measured confidence gain than those who had taken a previous PD or courses No Previous Training: to 74.21 Previous Training: to 75.33 Similar findings for measured behavior change No previous Training: to 20.28 Previous Training: to 21.00

44 Conclusions & Implications
If, by way of effective teacher training models, personal finance topics are presented in a way to increase teacher knowledge for personal use, it is demonstrated here that educators will become more comfortable with the subject area and begin to teach the topics more frequently and hopefully effectively.

45 Conclusions & Implications
While this approach is not the single answer to address the gaps identified by Way & Holden (2009), it is an effective step forward. Building a research-based, replicable model of teacher professional development has the potential to touch individual lives (both teachers and students—and even parents) at the state, district, community, and school-level.

46 Successes Collaborative planning Enthusiasm for financial literacy
Educator incentives Applied and relevant learning Qualified presenters … learn from the experts Prepared presenters

47 Use the Model Any organization/institution can conduct training based on the model Host organization utilizes local experts, local funders, partner marketing Host agrees to follow curriculum elements of the model and participate in assessment

48 Rules of Engagement Follow the model.
Focus on specified learning outcomes. Facilitate at least 18 hours of learning. Conduct pre- and post-assessments; share results. Collaborate with local organizations. Host event within 12 months of securing permission. Credit the J$TTA Model.

49 Final Thoughts A teacher-participant said it best,
“This was one of the best conferences I've ever been to. I wish I had learned some of this 20 years ago when I was just starting my career.”

50 For More Information

51 For More Information

52 Tools Available from NEFE

53 Contact Brent A. Neiser, CFP®
Senior Director, Strategic Programs and Alliances National Endowment for Financial Education (303)

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