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 DecisionsApril 9, 2014Brent A. Neiser, CFP®Senior Director of Strategic Programs and AlliancesNational Endowment for Financial Education
2 NEFE Reaches Consumers Tools & Strategies for Community Financial Literacy ProgramsNovember 18, 2011NEFE Reaches Consumers
6 NEFE Financial Workshop Kits Tools & Strategies for Community Financial Literacy ProgramsNovember 18, 2011NEFE Financial Workshop KitsWorkshopsFormer InmatesDomestic ViolenceAddictionIncome Savings and AssetsLiving with MSTransitional HousingFamily Money SkillsSaving Through Tax RefundsMilitary PersonnelYour Spending Your Savings Your Future40 Money Management TipsChildren with Disabilities
7 NEFE Financial Workshop Kits Tools & Strategies for Community Financial Literacy ProgramsNovember 18, 2011NEFE Financial Workshop KitsCollege SeriesBudgeting: Keeping Track of Your MoneyBudgeting for Life After GraduationDealing with DebtMoney Management: Actions You Can Take TodayPreventing Identity TheftMoney Potholes
8 New FWK Topics First-time Homebuyers (for Low Income Population) Managing Utility Bills (future)Homeownership (Risk & Protection)Homeownership Foreclosure IssuesMaking Adoption an Affordable OptionProblem 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)
10 Financial Workshop Kit Tools to enhance effectivenessCustomizable programs and presentationsContentDeliveryEach workshop consists ofPresentationScript (facilitator's guide)HandoutsOther resourcesFAQsRelevant information for audiences
11 AgreementThe content on this site may be used only for non-profit, non-commercialeducational purposes. You must agree to the Content License terms todownload or use the content on this site. By clicking the “I Agree” button below, you acknowledge that you have read and agree to theContent License Agreement.__________[ I AGREE ]
13 Social Service Microsite on Financial Workshop Kits Case Management Tools for Social or Human ServicesBlueprint for Community-Based Financial EducationSmart About MoneyMoney Resolution Strategies (2 versions)Your Spending, Your Savings, Your FutureManaging My Money.com
14 Tools & Strategies for Community Financial Literacy Programs November 18, 2011Blueprint for Community-Based Financial Education In Cooperation with Catholic Charities USA[introduce section with question to parallel other sections][Brent present section
17 My Retirement Paycheck Interactive featureOutlines a range of decision areas and shows interrelatednessAsks questions, provides insightEncourages critical decisions to stretch retirement paycheck
18 8 Decision Areas Work Social Security Home & Mortgage Insurance Retirement PlansSavings & InvestmentsDebtFraud18
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 IILimited shelf space in schoolsAssessments indicate declining financial knowledge among high school students
23 Increased InterestThe recession triggered great national interest in financial literacySignificant increase in financial literacy researchStrong government interestRapid growth in state mandates46 today vs. 21 in 1998School-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 mandatesHira (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, 2009The 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 buyingmore likely to accept average financial riskmore likely to pay off credit cards each monthmore likely to save moneyNEFE-Funded Study; University of Florida, 2010
27 Response Meeting at the U.S. Department of Education held March 2010 GoalDevelop a shared teacher training program focused on:Making it easy for teachers (Interviewed Teachers)Core financial knowledgeTeacher needsInclusive of all quality providersAlignment with emerging standards/core competenciesPortabilityInclusion of reinforcement/follow-upCommon front door for teachersDisseminated through Jump$tart Coalition
28 ResponseProvide opportunity for educators to build financial literacy confidenceEstablish a model framework for teacher financial literacy programs across the country
29 Core Financial Knowledge/Skills VisionCreate a shared teacher training program through Jump$tartCore Financial Knowledge/SkillsRelevantAdaptableScalableAlignedEasyInclusiveMeasureableQualityCommon
30 The ModelAs 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 AllianceNonprofitsEducatorsState agenciesBusinessesFinancial plannersUniversity partnersNumerous DisciplinesLocally Relevant Credential/CreditTimingVarious 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; and9. Explore personal finance resources.
33 Program Content Workshop Topics Methodology Econ 101 Spending and PlanningBorrowingSaving and InvestingEarning CapabilityFinancial ServicesFraudInsurance/Risk ManagementTargeted learning outcomesApplied learningRelevant and personalizedPrep work / Post workCredible resources“Expert” facilitatorsClassroom applicationAssessment
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 FindingsNearly all (99.1%) of participants indicated that they think other teachers would find a similar training opportunity helpfulHad a positive impact on their own personal finances (93%) and also on their classroom instruction (94.7%).
41 Change in BehaviorParticipants 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 ConfidenceThose 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 trainingA 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 coursesNo Previous Training: to 74.21Previous Training: to 75.33Similar findings for measured behavior changeNo previous Training: to 20.28Previous 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 incentivesApplied and relevant learningQualified presenters … learn from the expertsPrepared presenters
47 Use the ModelAny organization/institution can conduct training based on the modelHost organization utilizes local experts, local funders, partner marketingHost 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.”