ASEC Spring Partner’s Meeting

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

April 9, 2014

Brent A. Neiser, CFP®Senior Director of Strategic Programs and Alliances

National Endowment for Financial Education

www.nefe.org

ASEC

NEFE REACHES CONSUMERS

2www.NEFE.org

www.nefe.org

Financial Workshop KitsFinancial Workshop Kits

www.nefe.org

FWK Video Resources for PresentersFWK Video Resources for Presenters

FINANCIALWORKSHOPKITS.ORG

FINANCIALWORKSHOPKITS.ORG

www.nefe.org

• Workshops indexed against 10 categories

- Aging- College Series- Diversity- General Financial

Education- Health & Disability- Human Services- Low Income- Special Situations- Workplace- Youth

NEFE Financial Workshop Kits

Workshops• Former Inmates

• Domestic Violence

• Addiction

• Income Savings and Assets

• Living with MS

• Transitional Housing

• Family Money Skills

• Saving Through Tax Refunds

• Military Personnel

• Your Spending Your Savings Your Future

• 40 Money Management Tips

• Children with Disabilities

6www.NEFE.org

NEFE Financial Workshop Kits

College Series• Budgeting: Keeping Track of Your

Money

• Budgeting for Life After Graduation

• Dealing with Debt

• Money Management: Actions You Can Take Today

• Preventing Identity Theft

• Money Potholes

7www.NEFE.org

New FWK Topics

• First-time Homebuyers (for Low Income Population)– Managing Utility Bills (future)– Homeownership (Risk & Protection)– Homeownership Foreclosure Issues

• Making Adoption an Affordable Option• Problem 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)

Workshops

9www.NEFE.org

Financial Workshop KitFinancial Workshop Kit

www.nefe.org

Tools to enhance effectiveness

Customizable programs and presentations

Content Delivery

Each workshop consists of- Presentation- Script (facilitator's

guide)- Handouts- Other resources- FAQs- Relevant information

for audiences

AGREEMENTAGREEMENT

www.nefe.org

The 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 Education• Smart About Money• Money Resolution Strategies (2 versions)• Your Spending, Your Savings, Your Future• Managing My Money.com

BLUEPRINT FOR COMMUNITY-BASED FINANCIAL EDUCATION IN COOPERATION WITH CATHOLIC CHARITIES USA

FWK Outreach: E-Newsletter

15www.NEFE.org

myretirementpaycheck.org

16www.NEFE.org

Consumer Tool

MY RETIREMENT PAYCHECK

Interactive feature• Outlines a range

of decision areas and shows interrelatedness

• Asks questions, provides insight

• Encourages critical decisions to stretch retirement paycheck

17

8 Decision Areas

1. Work

2. Social Security

3. Home & Mortgage

4. Insurance

5. Retirement Plans

6. Savings & Investments

7. Debt

8. Fraud

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.

Work

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”

JumpStart Teacher Training Alliance

Teacher Training

Historical Background

• School-based financial education decreased post-World War II• Limited shelf space in schools• Assessments indicate declining financial knowledge among high

school students

22

Increased Interest

• The recession triggered great national interest in financial literacy• Significant increase in financial literacy research• Strong government interest• Rapid growth in state mandates

– 46 today vs. 21 in 1998

• School-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.

23

Background

• Way & Holden (2009)– Lack of Knowledge and Confidence

• CEE (2011); Gutter, Copur, & Garrison (2010)– Increasing state mandates

• Hira (2010); Schuchardt, Hanna, Hira, Lyons, Palmer, & Xiao (2009)– Deeper examination needed

24

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, 2009

25

Research-Based Need

State Mandate Study

Students from states with FL mandates in place were . . .

– less prone to compulsive buying

– more likely to accept average financial risk

– more likely to pay off credit cards each month

– more likely to save money

NEFE-Funded Study; University of Florida, 2010

26

Response

• Meeting at the U.S. Department of Education held March 2010• Goal

– Develop a shared teacher training program focused on:• Making it easy for teachers (Interviewed Teachers)• Core financial knowledge• Teacher needs• Inclusive of all quality providers• Alignment with emerging standards/core competencies• Portability• Inclusion of reinforcement/follow-up• Common front door for teachers

• Disseminated through Jump$tart Coalition

27

Response

– Provide opportunity for educators to build financial literacy confidence

– Establish a model framework for teacher financial literacy programs across the country

28

Vision

Create a shared teacher training program through Jump$tart

Core Financial Knowledge/Skills

Relevant

Adaptable Scalable

Aligned

Easy Inclusive

Measureable

Quality Common

29

The Model

30

As 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.

Model Description

• Locally-based Planning Teams– Assistance & Guidance from Alliance– Nonprofits– Educators– State agencies– Businesses – Financial planners– University partners

• Numerous Disciplines• Locally Relevant Credential/Credit• Timing• Various strength of local Jump$tart Coalitions

31

Model Description

• Three-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.

32

Program Content

Econ 101 Spending and Planning Borrowing Saving and Investing Earning Capability Financial Services Fraud Insurance/Risk

Management

Targeted learning outcomes Applied learning Relevant and personalized Prep work / Post work Credible resources “Expert” facilitators Classroom application Assessment

Workshop Topics Methodology

33

Participant Materials

34

• Learning plans• Handouts• Resources• Pre-work• Scenarios• Action

Facilitator Materials

35

• Orientation with expectations

• Prescribed outcomes

• Facilitator guides

• Customizable presentations

• Supporting materials

Planning Toolkit

• Event planning guide (suggested timeline)• Learning expectations/outcomes• Materials for 7 topical seminars• Presenter orientation guide• Assessment template• Budget template• Collaboration strategies

36

Tested

37

• 5 pilots; over 700 K-12 educators• ILLINOIS (Chicago Public Schools)• COLORADO• VERMONT• ARIZONA• SOUTH CAROLINA

• Varied formats• Three-day, week-long, blended

• Assessment (pre and post)

Assessments

• Measuring Impact– Attitude & Confidence

• Pre/Post Assessment• Focus Groups

– Behavior• Pre/Post Assessment• Focus Groups

– Credential/Graduate Credit• Locally relevant

38

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)

39

Findings

• Nearly 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%).

40

Change in Behavior

Participants 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.

41

Change in Confidence

Those 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 training

– A high of 100% were teaching PFL in Vermont 6-months after the training

42

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 courses

• No Previous Training: 65.08 to 74.21• Previous Training: 68.72 to 75.33

– Similar findings for measured behavior change

• No previous Training: 16.33 to 20.28• Previous Training: 18.24 to 21.00

43

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.

44

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.

45

Successes

Collaborative planning

Enthusiasm for financial literacy

Educator incentives

Applied and relevant learning

Qualified presenters … learn from the experts

Prepared presenters

46

Use the Model

• Any organization/institution can conduct trainingbased on the model

• Host organization utilizes local experts,local funders, partner marketing

• Host agrees to follow curriculum elementsof the model and participate in assessment

47

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.

48

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.”

49

For More Information

50

www.jumpstart.org/teacher-training-alliance.html

For More Information

•www.jumpstart.org/teacher-training-alliance.html

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

51

Tools Available from NEFE

Contact

Brent A. Neiser, CFP®Senior Director, Strategic Programs and AlliancesNational Endowment for Financial Educationban@nefe.org(303) 224-3501

www.nefe.org