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ASEC Spring Partners Meeting

Training the Trainers: Tools, Trends and Tips for Those Who Help Others Make Better Financial Decisions

April 9, 2014

Brent A. Neiser, CFPSenior Director of Strategic Programs and AlliancesNational Endowment for Financial Education

www.nefe.orgASEC

NEFE Reaches Consumers2www.NEFE.orgTools & Strategies for Community Financial Literacy ProgramsNovember 18, 20112www.nefe.orgFinancial Workshop Kits

www.nefe.orgFWK Video Resources for Presenters

Financialworkshopkits.orgwww.nefe.orgWorkshops indexed against 10 categoriesAgingCollege SeriesDiversityGeneral Financial EducationHealth & DisabilityHuman ServicesLow IncomeSpecial SituationsWorkplaceYouth

NEFE 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 Disabilities6www.NEFE.org

Tools & Strategies for Community Financial Literacy ProgramsNovember 18, 20116NEFE Financial Workshop KitsCollege SeriesBudgeting: Keeping Track of Your MoneyBudgeting for Life After GraduationDealing with DebtMoney Management: Actions You Can Take TodayPreventing Identity TheftMoney Potholes7www.NEFE.org

Tools & Strategies for Community Financial Literacy ProgramsNovember 18, 20117New FWK TopicsFirst-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)

Workshops9www.NEFE.org

Financial Workshop Kitwww.nefe.orgTools to enhance effectivenessCustomizable programs and presentationsContentDeliveryEach workshop consists ofPresentationScript (facilitator's guide)HandoutsOther resourcesFAQsRelevant information for audiences

Agreementwww.nefe.orgThe 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 ]Kahn Academy Videos

Social Service Microsite on Financial Workshop Kits

Case Management Tools for Social or Human Services

Blueprint for Community-Based Financial EducationSmart About MoneyMoney Resolution Strategies (2 versions)Your Spending, Your Savings, Your FutureManaging My Money.com 13Blueprint for Community-Based Financial Education In Cooperation with Catholic Charities USA

[introduce section with question to parallel other sections][Brent present sectionTools & Strategies for Community Financial Literacy ProgramsNovember 18, 201114FWK Outreach: E-Newsletter15www.NEFE.org

myretirementpaycheck.org16www.NEFE.org

Consumer Tool

My Retirement Paycheck

Interactive featureOutlines a range of decision areas and shows interrelatednessAsks questions, provides insightEncourages critical decisions to stretch retirement paycheck

178 Decision AreasWorkSocial SecurityHome & MortgageInsuranceRetirement PlansSavings & InvestmentsDebtFraud

18How long should I continue working before retirement? Make sure you can afford it: Dont 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.

Work

Social SecurityWhen 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

JumpStart Teacher Training Alliance Teacher Training

Historical BackgroundSchool-based financial education decreased post-World War IILimited shelf space in schoolsAssessments indicate declining financial knowledge among high school students

22Increased 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.

23BackgroundWay & Holden (2009)Lack of Knowledge and ConfidenceCEE (2011); Gutter, Copur, & Garrison (2010)Increasing state mandatesHira (2010); Schuchardt, Hanna, Hira, Lyons, Palmer, & Xiao (2009)Deeper examination needed

24Research-Based NeedK-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 25The 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 states 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 http://www.nefe.org/Grantmaking/AwardedNEFEGrants/WayGrantStudiesTeachers/tabid/246/Default.aspx

25Research-Based NeedState Mandate StudyStudents 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

2626Response Meeting at the U.S. Department of Education held March 2010GoalDevelop 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

27ResponseProvide opportunity for educators to build financial literacy confidenceEstablish a model framework for teacher financial literacy programs across the country 2828VisionCreate a shared teacher training program through Jump$tart

2929The Model 30As a result of this model,teachers will increase their own personal finance knowledge and skillto build confidence to teach personal finance in the classroom.30Model DescriptionLocally-based Planning TeamsAssistance & Guidance from AllianceNonprofitsEducatorsState agenciesBusinesses Financial plannersUniversity partners Numerous DisciplinesLocally Relevant Credential/CreditTimingVarious strength of local Jump$tart Coalitions

31Model DescriptionThree-hour classes1. 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.

32Program ContentEcon 101Spending and PlanningBorrowingSaving and InvestingEarning CapabilityFinancial ServicesFraud Insurance/Risk ManagementTargeted learning outcomesApplied learningRelevant and personalizedPrep work / Post workCredible resourcesExpert facilitatorsClassroom applicationAssessmentWorkshop TopicsMethodology3333Participant Materials34Learning plansHandoutsResourcesPre-workScenariosAction

34Facilitator Materials35

Orientation with expectationsPrescribed outcomesFacilitator guidesCustomizable presentationsSupporting materials35Planning ToolkitEvent planning guide (suggested timeline)Learning expectations/outcomesMaterials for 7 topical seminarsPresenter orientation guideAssessment templateBudget templateCollaboration strategies

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Tested375 pilots; over 700 K-12 educatorsILLINOIS (Chicago Public Schools)COLORADOVERMONTARIZONASOUTH CAROLINAVaried formatsThree-day, week-long, blendedAssessment (pre and post)37AssessmentsMeasuring ImpactAttitude & ConfidencePre/Post AssessmentFocus GroupsBehaviorPre/Post AssessmentFocus GroupsCredential/Graduate CreditLocally relevant

38Findings(73%) volunteered to participate in the surveysPractically 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)39FindingsNearly 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%). 40Change 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.41Change 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 training42Additional ResultsKey Findings: DemographicsThose 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: 65.08 to 74.21Previous Training: 68.72 to 75.33 Similar findings for measured behavior changeNo previous Training: 16.33 to 20.28Previous Training: 18.24 to 21.00

43Conclusions & ImplicationsIf, 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.

44Conclusions & ImplicationsWhile 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 studentsand even parents) at the state, district, community, and school-level. 45SuccessesCollaborative planningEnthusiasm for financial literacyEducator incentivesApplied and relevant learningQualified presenters learn from the expertsPrepared presenters

4646Use the ModelAny organization/institution can conduct trainingbased on the modelHost organization utilizes local experts,local funders, partner marketingHost agrees to follow curriculum elementsof the model and participate in assessment47Rules of EngagementFollow 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.4848Final ThoughtsA 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. 49For More Information50

www.jumpstart.org/teacher-training-alliance.htmlFor More Informationwww.jumpstart.org/teacher-training-alliance.html

http://www.nefe.org/Portals/0/WhatWeProvide/PrimaryResearch/PDF/J$TTA%20Pilot%20Research%20Report.pdf

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Tools Available from NEFE

ContactBrent A. Neiser, CFPSenior Director, Strategic Programs and AlliancesNational Endowment for Financial Educationban@nefe.org(303) 224-3501

www.nefe.org