flcp presentation for naf 2009

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1 2009 Institute for Staff Development Students Today, Leaders Tomorrow Financial Literacy Certification Program from w!se

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Page 1: Flcp presentation for naf 2009

1

2009 Institute for Staff Development

Students Today, Leaders Tomorrow

Financial Literacy Certification Program from w!se

Page 2: Flcp presentation for naf 2009

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Financial Literacy Certification Program

Less than a quarter of students (24%) say they are very well prepared to deal with life’s financial challenges (Hartford Financial Services Group, 2007)

68% of high school seniors today do not understand the basics of personal finance and only 21% have taken a personal finance class (Jump$tart, 2008).

Universities lose more students to credit card debt than to academic failure

US consumer debt stands at $2.4 trillion and exceeds household income by over 8%

Why Youth Financial Literacy is Important!

Page 3: Flcp presentation for naf 2009

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Prior Exposure to Financial EducationVery few students have exposure to financial education

prior to their school participating in the w!se program

22.00% 23.00% 22.00%

36.00%

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%

2003-4 2004-5 2005-6 2006-7 2007-8

% S

tude

nts

N/A

Financial Literacy Certification Program

% of students with financial education

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Financial Literacy Certification Program

Origin: Established in 2003 in New York City as an initiative of the New York Financial Literacy Coalition (the NY State Jump$tart affiliate)

Goals: increase the number of young people who are financially

literate measure the level of school effectiveness in the teaching of

finance and the financial literacy of students graduating from high school

reward achievement

Market position: 50 schools in the Upstate Region of New York Over 200 schools in 18 States

Recognition: Recipient of the 2007 US Treasury John Sherman Award for Excellence in Financial Education

Background about the Program

Page 5: Flcp presentation for naf 2009

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Partnership: Schools teach Personal Finance and test all students

Topics: Money, Cost of Money, Budgeting, Banking, Credit, Insurance, Investing, Money Management, Retirement Planning, Housing, Regulatory Agencies

Features: Orientations Teacher Workshops Annual Conference Resources (curriculum outline, practice tests online) Certification Testing (pre-and post test)

administered by teachers, scored by w!se Student, Teacher and School Recognition The Blue Star Financial Literacy Report

Program Cost: Offered at no charge to schools in New York State

Confidentiality: Results ONLY shared with school contact

Program Characteristics

Financial Literacy Certification Program

Page 6: Flcp presentation for naf 2009

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The Certification Test

More than one test per semester 50 Multiple Choice questions 15 Survey Questions 60-70 minutes Administered in the fall and spring Test Available in English and Spanish Paper and on-line testing Spring 09

Financial Literacy Certification Program

Page 7: Flcp presentation for naf 2009

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Participating Students

22,528

7,532

11,666

16,76715,447

10,273

6,226

4,614

2,208 4,5483,350

1,7360

5,000

10,000

15,000

20,000

25,000

2003 2004 2005 2006 2007 2008

Number of Students Tested # of Students Financially Literate

Total of 61,296 participating students and 45,599 Certified Financially Literate!

Pass Rate 79% 73% 73% 73% 75.5% 74.4%

Financial Literacy Certification Program

Page 8: Flcp presentation for naf 2009

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Pre-test vs Post-test Scores

43.00%

50.00%

48.00% 50.00% 47.10%

72.00% 69.00%74.00% 73.90% 72.00%

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%

2005-6 Fall 2006 Spring 2007 Fall 2007 Spring 2008

Pre-test Post-test

At least 20% improvement between pre-test scores and post-instruction scores.

Financial Literacy Certification Program

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Page 10: Flcp presentation for naf 2009

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Awards and Recognition Results ONLY shared with school contact Schools with 75% + passing the FLC Test

are designated BLUE STAR SCHOOLS Teachers with 90% of class passing test are

designated as GOLD STAR TEACHERS Certificates to students who pass the test;

Medals for students who achieve a 95%+. The w!se CFL!

Financial Literacy Certification Program

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The Financial Literacy Certification (CFL)

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Testimonials about the Certification

The Financial Literacy Certification Program has been a home run at our high school. A leading college recently honored more than 15 certified students for business leadership at a reception. All involved were very

proud and now have a great knowledge base in personal finance.” - Teacher from New York

“I had a girl last semester who earned a $4/hr raise when she showed to her manager her financial literacy

certification from w!se ” - Teacher from Tennessee

“On a recent job interview, one of my students was about her financial certification, credit score and credit history.  She said she was surprised but felt confident in being able to answer the questions.  She also explained that she had received a financial literacy certification

from w!se.  She got the job! “- Teacher from New Jersey

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Performance by Topic Area

Performance generally strongest in the area of credit and money management weakest in insurance/investing

0%

20%

40%

60%

80%

100%

Money Management Banks & Banking Credit Insurance/Investing

Spring 2006 Spring 2007 Spring 2008

% Correct

Financial Literacy Certification Program

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Pass Rate by Gender

73.40%

73.40%

74.30%

73.20%

76.40%

83.00%

72.20%

72.80%

72.80%

72.40%

72.60%

75.80%

80.00%

73.10%

0.00% 20.00% 40.00% 60.00% 80.00% 100.00%

2003-4

2004-5

2005-6

Fall 2006

Spring 2007

Fall 2007

Spring 2008

Males Females

No statistical difference between the performance of males and females.

Interestingly, however, females had a higher pass rate than males for the first time in Spring 2008.

Financial Literacy Certification Program

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Value of Financial EducationAfter personal finance instruction, students report confidence in

managing their finances, that financial education is valuable to them and that they will use the skills and knowledge learned

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

2003-4 2004-5 2005-6 2006-7 2007-8

% S

tuden

ts

Confidence Value of Learning Relevance

Financial Literacy Certification Program

Page 16: Flcp presentation for naf 2009

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38%

50%

68%63% 64%

75%

64%56%

82% 83%75%

85%

0%

20%

40%

60%

80%

100%

Budgeting Banked Saving FinancialGoals

Talking Money ComparingPrices

Changes in Student Behavior

38%

54%

38%

72%66%

75%

56%61%

56%

84%77%

89%

0%

20%

40%

60%

80%

100%

Budgeting Banked Saving Financial Goals Talking Money ComparingPrices

2007-2008

2006-2007

Financial Literacy Certification Program

Each year since 2005, there has been an increase in the percentage of students:

Using budgets Having bank accounts Saving regularly Setting financial goals Talking about money with their

parents Comparing prices

Page 17: Flcp presentation for naf 2009

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Use of Financial Products and Test Scores

7.70%

4.30%

1.90%

7.00% 7.10%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

BankAccount

ATM Card Debit Card Credit Card InvestmentProduct

Score differential 2007-2008

Financial Literacy Certification Program

Ownership of financial products consistently affects Certification Test scores

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Frequently Asked Questions

Can the test be given in class? Should I count it toward the final grade? Can all schools administer the pre-test? Do the practice tests matter? How does the program work with block schedules? Can you use the program to support dual credit? Do you have multiple testing dates? How long does it take to receive test scores? What is the passing rate on the test?

Financial Literacy Certification Program

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The program calendar - 2008-2009 August 17th 2008, First Program Orientation August 27th 2008, Fall 2008 – First Pre-test Date September 16th 2008, Second Program Orientation October 2nd 2008, Fall 2008 Second Pre-test Date October 16th 2008, Fall Workshop New York City November 4th, 2008, 6th Annual MoneyPOWER Conference for Educators December 16th 2008, Fall Financial Literacy Certification Test January 2009, Reporting of Fall Certification Test Scores January 2009, Spring Program Orientation available through You Tube February 2nd 2009, Spring Workshop I (NYC) January 27th and February 10th, 2009, Spring 2009 Pretest March 2009, Spring workshop (Long Island, NY) April, 2009, Teacher orientation for Spring test May 2009, Spring Financial Literacy CertificationTest June, 2009, Reporting of Spring Test scores June, 2009, Scholars Reception

Financial Literacy Certification Program

Page 20: Flcp presentation for naf 2009

Thank You!