Community Mentorship for Financial Capability Program 2011 Minnesota Council on Economic Education University of Minnesota Extension In partnership with generous funders

Community Mentorship for Financial Capability Program 2011 Empowering individuals and families with the financial knowledge they need to survive and thrive The Community Mentorship for Financial Capability Program will help community organizations better serve their clientele through in-depth training on personal & family finance topics and how to in turn teach these topics, built on a mentorship model

How? We recruit community partners who have a mission to teach financial capability to their clients. Often these agencies have language skills, cultural understanding or access to their clients that is required, but the agency wants training, curricula, and mentoring. Excellent partnership. We train our community partners on financial capability topics and how to teach them We are committed to “go home” with you to plan, promote, teach, evaluate, and report teaching one six-hour financial capability classes August check in to hear how it is going and provide additional training at a conference Agency and extension educator implement a second six hour – this time with agency taking the lead in teaching Final Report Lasting partnership in building Minnesota financial capability

Shift focus from financial education to financial capability Financial capability emphasizes behavior change in addition to knowledge gains.

No standard definition of financial capability exists, but most definitions tend to include the following elements: Being able to cover monthly expenses with income Tracking spending Planning ahead and saving for the future Selecting and managing financial products and services Gaining and exercising financial knowledge

Most effective interventions strive to be:

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Let’s get to know you What is your name and where do you work? How will you or your agency effectively use this educational intervention? Effective interventions strive to be:

Training

Mini-Grant Proposal Objectives is the foundation. When done, participants will be able to……. Recruitment - Promotion Activities to meet objectives Topics to cover

Budget 6 hour education for a minimum of 15 participants… How would you allocate $1,500? – reduce barriers for participants to attend class or – Provide incentive to attend class (all classes) – Insure evaluation completion: pre-assessment, post-assessment, & follow-up

More budget Go back to your objectives…. How does how you want to use your money relate to your class objectives? How can how you use your $1,500 reflect to class participants “financial capability”?

Local Implementation/Mentoring Opportunities Challenges

Evaluation Go back to your objectives – what did you want your participants to learn or be able to do after the training? How long before you will be able to tell if they have learned something new or they have changed their behavior? Pre-assessment Post-assessment Follow-up

Report Who needs to know about your experience – both successes and challenges? What do they need to know? Why do they need to know the information? What do you need to know as an educator, facilitator, administrator, an agency?

How would you implement? Find a funder – who? Do you need one? Why? Recruit participants Plan – objectives, activities, evaluation Implement education Evaluation Report Celebrate

Thank you Trish Olson, University of Minnesota Extension – Rosi Heins, University of Minnesota Extension – Phyllis Onstad, University of Minnesota Extension –