Teaching Financial Literacy: Engagement of Multigenerational Learners

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  • 1.Reaching Multiple Generations Becky Hagen Jokela & Lori Hendrickson Extension Educators, University of Minnesota Extension Barbara Haynes, Extension Educator University of Wisconsin Extension

2. Increase knowledge and understanding of the six generations. Enhance comprehension of how generational differences affect communication patterns and specifically financial education. Promote skills for effective intergenerational communication and financial education. 3. Generally about 20 year span Happenings during formative years affect attitudes, values and perceptions Core values of the large group Stencel and Bjorkland (2008) 4. Depression/GI 1901-1924 Silent 1925-1940 Baby Boomers 1941-1964 Gen X 1965-1980 Millennials 1981-2000 Generation Z or @ 2001 present Underwood (2007) 5. Depression/GI 1901-1924 Uniformity - good and normal for all to agree, work & look the same Cooperative - put trust in government, authority & community; civic-minded Winners and achievers Leaders Public interest over personal gain Underwood (2007) 6. Silents Silents 1925-1940 Ambitious, seeking achievement, power and status Spend money freely Strong work ethic Respect for authority Delayed reward Loyalty to organization Desire to be youthful & vital Underwood (2007) 7. Boomers 1941-1964 Enjoy working in creative and independent manners Teamwork Personal gratification Health & wellness Require lots of interaction and talk time Workaholic Underwood (2007) 8. Gen X 1965-1980 Fiercely self-reliant Require regular feedback Are adaptable and informal Technologically capable May lack interpersonal skills Require relevance in tasks given Underwood (2007) 9. Millennials 1981-2000 Social Easily able to multi-task Comfortable with active learning Motivated by money and earning potential Goal-oriented Experienced with technology 10. Generation Z or Generation @ 2001 - present Highly connected to media and technologies Less used to interpersonal communication Active consumers High influence over how parents spend money More highly indulged Strong work ethic and social conscientious 11. Financial tasks differ at different stages in life Various generations deal with these tasks in different manners The generation we are born into influences our expectations Find ways to promote financial education through methods to meet each generations needs *These are generalizations, not necessarily applicable to all individuals with whom we work. 12. Building the foundation Early accumulation Rapid accumulation Financial independence Conservation Distribution Sunset Bert Whitehead, Cambridge Advisors 13. Financial tasks differ at different stages in life Various generations deal with these tasks in different manners The generation we are born into influences our expectations Differing methods will help to meet each generations needs 14. Give plenty of time for activities & group work Provide both group & individual response opportunities Provide opportunities to share experiences, but dont make everyone respond 15. Change activities often-variety of types Use technology pairs-teaming up learners Games, puzzles- individual or group Role play-use cautiously! Be flexible in allowing participants to opt out 16. Communicating Across the Generations JCEP PPT, Beverly J. Stencel, Professor Community Resource Development, University of Wisconsin-Extension and Annette Bjorklund, Associate Professor 4-H Youth Development, University of Wisconsin-Extension Teaching Across Generations. Effective Teaching & Learning Department, instructionaltech@baker.edu, Baker College, 2005. Teaching Strategies/Methodologies: Advantages, Disadvantages/Cautions, Keys to Success The Generational Imperative, Chuck Underwood, 2007 Bert Whitehead, Cambridge Advisors 17. Becky Hagen Jokela- hagen022@umn.edu Lori Hendrickson- lhend@umn.edu Barbara Haynes barbara.haynes@ces.uwex.edu