2011 minnesota financial fitness conference materials developed by inger giuffrida, financial...

2011 Minnesota Financial Fitness Conference

Materials developed by Inger Giuffrida, Financial Educator and Asset Building Consultant

Materials developed by and copyrighted to Inger Giuffrida. Please cite if using. Thanks.1

Opener—Group 1In your group, draw a picture using anything

EXCEPT WORDS that depicts or represents:

The way your clients’ lives look now without financial education, financial stability or economic security.

2Materials developed by and copyrighted to Inger Giuffrida. Please cite if using. Thanks.

Opener—Group 2In your group, draw a picture using anything

EXCEPT WORDS that depicts or represents:

The way your clients’ lives would look with financial stability or economic security.


Reflection on the Posters: Round 1

What most keeps people from making the transition from the first picture to the second?


Reflection on the Posters: Round 2

What most keeps people from holding on to the vision in the second set of posters—maintaining and retaining their position of economic security?


Session PurposeTo provide practitioners from a broad range

of agencies information about ways to integrate financial education into their current models of financial education delivery.

Integration starts with the target audience and their outcomes—what is depicted in the posters.


OutcomesIncreased understanding of:Ways to integrate financial education into their agency programs.Theories of change and their importance in considering approaches to integration of financial education within an agency.How integration increases opportunities for reinforcement of financial education and the benefits of reinforcement in a financial education model.How to tailor financial education content and delivery for different target audiences.The “right time” to provide financial education for different target audiences and under different circumstances.Resources for the provision of financial education including funding, staffing, partnerships, and other tools. 7Materials developed by and copyrighted to Inger Giuffrida. Please cite if using. Thanks.

Learning CovenantsUse your BIG voice when asking a question or

contributing.

Keep yourself comfortable.

Provide peers a safe place to express themselves and share their questions and comments - in the large group and in the small groups - and in ways that are culturally relevant to them.

Try to keep questions, comments and ideas on topic and within a timeframe that allows other to share.


Please put cell phones, PDAs, etc. on meeting setting and wait until lunch and breaks to send text messages.

Learning Covenants


Formal education NOT systemically provided on understanding and managing personal finances even though this touches every person’s life.

Increased complexity of financial products and services.

Increased number of choices for financial products and services; paradox of choices.

Making the Case for Financial Education:The Macro-level Perspective


Increased and aggressive marketing of financial products, especially debt-creating financial products to individuals; deregulation of credit.

Increased responsibilities for the average individual—retirement (shift from defined benefit to defined contribution plans), health care, and education.

Increased complexity and instability in the financial services industry/financial markets as a whole.

Making the Case for Financial Education:The Macro-level Perspective


What is Financial Education?Information and skills

building opportunities that build individual and family capacity to get, manage, and use their resources to maintain a healthy existence and achieve their goals.

Many definitions.

Many approaches.

Many topics.


Economic literacyFinancial literacyFinancial educationFinancial capability

What’s next?

Sidebar on Terminology: Staying ahead of the curve


Financial Education and Asset Building

Is financial education really asset building?It depends on how you define asset building.An asset is something that you own that has value.Financial assets v. productive assets

What is the difference between a financial asset and a productive asset?

A productive asset is one that increases individual, household or community capacity to acquire, maintain and leverage others assets and achieve financial well being/economic security.


Theory of Change

What is the role of attitude/beliefs in financial education?

How is attitude related to behavior?

What causes someone’s attitudes/beliefs to change?


Behavior Change

Experiences +

Knowledge & Skills

Changes in Attitudes (Beliefs and Values)

Changes in Behavior Now & in the Future

(Practices and Habits)

Forcing behavior can also lead to changes in attitudes and beliefs

Experiences + Knowledge &

Skills

Changes in Attitudes (Beliefs and Values)

And so on . .

f: quality, time, support and reinforcement


Theory of Change

Based on this model of change, what are the implications on the design and delivery of our financial education efforts?


Financial Education: A Perpetual System Rather Than Episodic

A financial education course is not a lifetime vaccination ESPECIALLY GIVEN life stage/life cycle concerns.

18

FinancialEducation Lifetime

Dose

I wonder if this will change when I have children? When I have to take care of my parents? If I become chronically ill?

Materials developed by and copyrighted to Inger Giuffrida. Please cite if using. Thanks.

19

Assessment Self Study

Useable/Accessible Resources

Teachable MomentsCounseling

Promotional Campaigns

Group/Classroom Based Training

Coaching

Ongoing Advocacy for Systemic and Policy Changes

Participant/Client

Linkages to Resources, Incentives, and APPROPRIATE Services, Accounts & Other Products

System of Financial EducationSystem of Financial Education


20

Reinforcement

Start End

Assessment

Financial Education

Application

Assessment

Assessment

Financial Education

Financial Education

Application

Application


Reinforcing Systems Participatory classroom-based training—cohort-based training with set number of

sessions based on the curriculum.

Individual financial management counseling—responsive one-on-one meetings with clients designed to solve specific problems they may be facing.

Financial coaching—a one-on-one relationship with a coach designed to proactively meet

the person’s financial and other life goals.

Individual study—using either online materials or a workbook (the curriculum being developed) empowers young person to work through sections of material with one-on-one check-in sessions with staff. For people with complicated lives yet very motivated to succeed, this option may be very workable.

The Stock Market Game

Social marketing—using Facebook, Twitter or group texts, provide daily tips and financial literacy updates.

Resource centers—onsite and website based financial resource centers. People would be able to access these materials when they need them.

Linkages to Resources, Services, and Accounts—Consumer Credit Counseling Services for debt management and credit repair, credit union or bank to open a savings accounts, etc.21Materials developed by and copyrighted to Inger Giuffrida. Please cite if using. Thanks.

Transtheoretical Model for Change

Transtheoretical Model for Change

PrecontemplationNot intending to act within the next 6 months

ContemplationIntending to change in the next 6 months

PreparationIntending to take action to

change within the next month

ActionImplementing new behavior

MaintenanceWorking to keep from using old behavior again (can last from 6 months to 5 years in model)

Developed by: James Prochaska, Ph.D. and Carlo DiClemente, Ph.D.


The Role of Integration in the System

What is integration?

Combining parts so they work together as a whole.

To unify or unite.


The Role of Integration in the SystemRationale for IntegrationPRIMARY REASONSClients are busy—efficiency in addresing many issues in one stop.Financial and economic issues cut across situations and challenges: basic needs, housing (and all issues related to safe housing), health and health care, child rearing and care, work, transportation, and so on; may present a more holistic approach to working with clients.May result in better outcomes for the clients.Builds on established relationships staff may have with clients; may open additional channels for financial education that are not staff intensive.SECONDARY REASONSIncreased competition for “financial education” dollars.Decreased funding overall.


The Role of Integration in the System

The truth about integration:Integration is NOT without cost—it does not save money initially.

High upfront costs—staff training, creating linkages and partnerships, securing appropriate tools and resources to support staff, developing resources and technology-based systems to deliver financial education.

Potential for intra-agency resistance—reluctance to take on new responsibility without increased pay or decreased workload in the case of staff driven approaches.

Effectiveness and efficiency will improve with time—does the organization have the patience to allow this to occur?


Lower level of staff

involvement

High level of staff

involvement

Integrated Financial Education:Non-comprehensive example of staff centered approaches


Low level of staff

involvement for maintenance

High level of staff

involvement for maintenance

Integrated Financial Education:Non-staff centered approaches


Where to Integrate Financial Education?

• Existing financial education system components for clients

• Possible partnerships

• Analysis of whether integration benefits outweigh costs (short and long term costs)


Learn about the IDAprogram.

Contact theOrganization

Make the first depositinto the IDA

Take &completefinancial

education

Withdraw funds fromthe IDA (individual

account and match) &purchase asset

Participate inasset retention& maintenance

follow up

Enroll in &attend

Orientation

Meet 1-on-1 withprogram staff to

determine eligibility,review financial

situation, review creditreport, choose asset

goal, ask any questions

Enroll in theIDA Program

Open theIDA

Continueregular

deposits

Take and completeasset specific education/

technical assistance

Reach savingsgoal

Prepare forAsset

Participatein

Evaluation

Financial Education

Financial Education

Financial Education

Financial Education

Financial Education

Financial Education

Financial Education

Financial Education

Financial EducationFinancial

Education

Integrated Financial Education: IDAs


Integration in Action: Some ExamplesCredit union and one-stop customer service

representatives (tellers) trained to provide specific financial education (advice) and recommend linking products based on transaction being conducted by the participants. Teller becomes a “just-in-time” coach pointing customer to beneficial products while providing beneficial information.

Efficient for client Client able to act on new knowledge immediately with

appropriate product or services Efficient for organization although high investment in

staff training and longer transaction time per customer/members


Integration in Action: Some ExamplesTax preparation sites enlist volunteer or paid

asset building coaches to meet with clients while waiting turn to complete tax return. Focus on ways to leverage tax refund, provide information about the savings bond option and in some cases, schedule appointment for benefits screening. Some sites also use passive financial education strategies—information posted in waiting area.

Efficient for client Client able to act on new knowledge immediately Efficient for organization although high investment in

volunteer or staff training; volunteer management31Materials developed by and copyrighted to Inger Giuffrida. Please cite if using. Thanks.

Integration in Action: Some Examples

Provide financial education in the context of a parent education program.

Efficient for client—they have to be at parent education program; the financial education is an added benefit.

Client able to contextualize financial information within role as parent; budgeting approached in terms of fulfilling responsibilities to children first.

Efficient for organization although parent education program is longer (in terms of hours) to cover both necessary parenting information and the integrated financial information.


Integration in Action: Some ExamplesFinancial education workshops provided in the

workplace through partnerships with employers (large and small). Options for individual work with Consumer Credit Counseling Services (they meet onsite with employees during breaks, lunch or before/after shifts). Financial education tips provided as inserts with paychecks and through posters in break area, etc.

Efficient for client—they have to be at work; the financial education is an added benefit.

Client able to contextualize financial information within role as worker—where they are earning their money.

Efficient for organization because recruitment is done by employer to captive audience.


Integration ConsiderationsIs it more efficient

for the client?

Is it likely to achieve better outcomes for the client?

Is it likely to be more efficient for the organization in the medium to long term?

Staff training

Resources needed for staff and organization

Partnerships needed

Organizational culture

Ways to measure financial education results if integrated into other services (does this matter)


Case StudyUse the information and worksheet to

identify potential integration points for financial education.


Facilitator BiographyInger Giuffrida, Financial Educator & Asset Building Consultant

Inger Giuffrida has operated her own consulting business for nine years. As a financial educator and asset-building consultant, she has developed and delivered asset building training and financial education “training for trainers” to thousands of practitioners in the asset-building field across the United States and Canada and is frequently asked to be a keynote speaker or featured trainer at state and national conferences. She served in the U.S. Peace Corps in East Africa, ran a community-based non-profit in Michigan helping women with low income build businesses and achieve economic security, and led the asset-building department at a think tank in Washington, D.C. She has written several nationally distributed financial education curricula, including one named the best financial literacy curriculum of the year by the Financial Literacy Institute. She is currently developing a national financial education program for Jim Casey Youth Opportunity Initiative, a foundation dedicated to helping young people make the transition from foster care to independence; serving as the lead trainer and TA provider for United Way Worldwide and FINRA Investor Education Foundation; developing resources and training and serving a lead trainer for the Financial Literacy Enhancement Initiative for the AFI Resource Center (Abt Associates); serving as project consultant for the Pioneer Library System Smart Investing @ your library® initiative; and providing financial education for Citizen Potawatomi Nation’s youth asset building camp, among other projects. She has served on numerous community boards and has volunteered in every community in which she has lived. Currently, she serves on the board of the Oklahoma JumpStart Coalition for Personal Financial Literacy, the steering committee of the Oklahoma Asset Building Coalition, the Family Impact Council for United Way of Cleveland County, the Truman Elementary PTA and the Pack 217 Committee. She also founded Touch a Truck Day, a fundraiser for the children’s section of the Norman Public Library in 2005. She holds an MBA from Western Michigan University and a BS in Business Finance from Miami University. She lives in Norman, OK where she resides with her spouse, two young children and a house full of pets. 37Materials developed by and copyrighted to Inger Giuffrida. Please cite if using. Thanks.

Contact InformationInger Giuffrida

Financial Educator and Asset Building Strategies Consultant

405-819-7039 or 405-364-4462

[email protected]
