u.s. department of the treasury - tion & ccess among y … · 2020. 1. 19. · u.s. departm m the...

Findings from the Assessing Financial

Capability Outcomes (AFCO) Youth Pilot

FINANCIAL EDUCATION &

ACCOUNT ACCESS AMONG

ELEMENTARY STUDENTS

April 2014

1

FINDINGS FRO

This repor039 for the Authors

Kasey WiJ. MichaeLaura RoIda Radem

Acknow

This progDistrict aand HappTexas CoassistanceWalsh froand LeighElliott III All of thfindings, Departme

OM THE ASSES

rt was preparee U.S. Depart

s

iedrich el Collins osen macher

wledgement

gram would and Royal Crpy State Banouncil on Ece with the imom UW‐Madh Tivol from for the guida

he findings, conclusions

ent of the Tre

SSING FINANC

ed by the Corpment of the Tr

CF Cen Op CF

ts

not have beeredit Union ink in Texas. Wonomic Edumplementatidison providCFED for yoance during

conclusions s and recomeasury.

CIAL CAPABILI

poration for Ereasury.

ED nter for FinapportunityTeED

en possible win WisconsinWe are also gucation (TCEion of the Aed invaluablour support athe design an

and recommmmendation

ITY OUTCOME

Enterprise Dev

ncial Securityxas

without the cn, as well as grateful to LaEE) and Donmarillo pilotle research aand insights nd implemen

mendations ns contained

ES (AFCO) YOU

FINA

velopment (CF

y, University

cooperation the Amarilloaura Ewing n Baylor Jr. at. Michael Bssistance. Althroughout ntation of the

are those od in this re

UTH PILOT

ANCIAL EDUCAAM

FED) under c

y of Wisconsi

of the Eau Co Independeand Cindy Mand Monica Batty, Nilton lso thank youthe project ae pilots.

of the authoeport are th

ATION AND ACMONG ELEMENT

contract TOS‐

in‐Madison

Claire Area Sent School DiManzano fromSharma for Porto and Ku to Anita Dand to Dr. Wi

rs. None ohose of the

CCOUNT ACCETARY STUDEN

‐11‐F‐

School istrict m the their

Karen Drever illiam

of the U.S.

ESS TS

2

FINDINGS FRO

DEPARTWASHIN April X, 2 Dear Coll The Depfinancial assesses taged chilstudents’actions. The findigovernmfinancial economy We are vWisconsinIndepend(TCEE), aparticipat As the Dability toWisconsinpractices Presidentagencies across othsimilarly

DEPARTMEWASHINGT April 7, 2014 Dear Colleag The Departmknowledge aclassroom fexamines hosavings prac The findingswell as the young peop We are veryMadison, thOpportunityand are grat As the Depamake soundhelp expandauthors’ findour partner policy makeproviders to Best regards

Melissa KoidDeputy AssiU.S. Departm

OM THE ASSES

MENT OF TNGTON, D.C

2014

leagues:

artment of tknowledge the interplaydren. The re financial kn

ings in this ent, as well capability o.

very pleased n‐Madison, dent School and financialted in the pro

epartment coo make sounn‐Madison’sin this are

t’s Advisory in the Finanher levels of use the asses

ENT OF THE TON, D.C. 20

4

gues:

ment of the and capabilityfinancial eduow these twctices, and att

s in this reporefforts of thele and better

y pleased to hhe Eau Claire yTexas, the Teful to the tea

artment consid financial ded our undersdings with thfederal ageners across oto similarly use

s,

de istant Secretament of the Tr

SSING FINANC

HE TREASUC. 20220

the Treasuryand capabil

y of classroomsearch examnowledge, sa

report will as the effortsof young peo

to have wothe Eau CDistrict, Op institution poject.

onsiders polnd financial Center for Fea. MoreovCouncil on Fcial Literacy governmentssment, and

TREASURY 0220

Treasury is y of young pecation and a

wo important titudes and co

rt will informe private andprepare them

have worked w(Wisconsin) ATexas Councilachers, parent

iders policies ecisions, the fstanding of bhe President’sncies in the Fther levels oe the assessm

ry for Consumreasury

CIAL CAPABILI

URY

y is pleasedlity of younm financial e

mines how theavings pract

inform Treas of the privople and bet

rked with CClaire (Wiscopportunity Tpartners, and

icies that hedecisions, tFinancial Secver, the DepFinancial Capand Educatit, employersconsider furt

pleased to heople. The resaccess to a sstrategies ca

onfidence in th

m Treasury’s wd non‐profit sm to fully part

with CFED, tArea School Dl on Economts and studen

that help youfindings issuebest practicess Advisory CFinancial Liteof governmenent, and cons

mer Policy

ITY OUTCOME

to have cong people. Teducation anese two impotices, and at

asury’s workvate and nontter prepare

CFED, the Ceonsin) AreaTexas, the Td are grateful

lp young pethe findings curity shouldpartment wipability for Yion Commisss, financial inther research

have commisssearch, condusavings accouan affect elemheir financial

work and the sectors, as weticipate in our

the Center forDistrict, the Aic Education’nts who partic

ung people med by CFED a in this areaouncil on Fineracy and Ednt, employersider further r

ES (AFCO) YOU

FINA

ommissionedThe researchnd access to aortant strategttitudes and

k and the wn‐profit sectothem to ful

enter for Fina School DiTexas Councl to the teach

eople manageissued by Cd help expanll share theYoung Amersion. Finally,nstitutions, ah and evaluat

sioned this ructed over twunt for schomentary‐age l actions.

work of othere all seek to r nation’s eco

r Financial SeAmarillo (Tex’s (TCEE), ancipated in the

manage their and the Centa. Moreover,nancial Capabducation Comrs, financial research and

UTH PILOT

ANCIAL EDUCAAM

d this reporth, conducteda savings accgies can affeconfidence

work of others, as we all lly participat

nancial Securistrict, the cil on Econohers, parents a

e their moneCFED and tnd our undee authors’ firicans, and ou, we encouraand social sertion of simila

report on buwo years, assesool‐aged childstudents’ fin

r agencies acrbuild the finnomy.

ecurity, Univexas) Independnd financial ie project.

money and gter for Financ, the Departmbility for Yoummission. Fininstitutions, evaluation of


t on buildind over two ycount for schct elementarin their fina

er agencies aseek to builte in our na

rity, UniversAmarillo (Tomic Educaand students

ey and growthe Universierstanding oindings withur partner feage policy mrvice providear projects.

ilding the finsses the interpdren. The renancial know

ross governmnancial capab

ersity of Wiscdent School Dinstitution pa

grow their abcial Security ment will shaung Americannally, we encand social

f similar proje


ng the years, hool ‐ry‐age ancial

across ld the ation’s

ity of Texas) tion’s s who

w their ity of f best h the ederal makers ers to

nancial play of esearch wledge,

ment, as ility of

consin‐District, artners,

bility to should are the ns, and ourage service ects.

ESS TS

3

FINDINGS FRO

Conte

Introduct

Prior Stud

Program

Eau Cl

Amaril

Data Coll

Analysis .

Knowl

Bankin

Deposi

Attitud

Persiste

Summary

Implicatio

Call for

Reference

Appendix

Appendix

Appendix

Appendix

Appendix

Appendix

Appendix

OM THE ASSES

ents

tion ...............

dies on Yout

Design ........

aire, Wiscon

llo, Texas Pil

lection ..........

......................

edge Gains ..

ng ..................

its ..................

des.................

ence of Treat

y of Findings

ons for Policy

r Future Rese

es ..................

x A: Full Sum

x B: Compari

x C: Savings

x D: Lesson L

x E: Teacher

x F: Summar

x G: Student

SSING FINANC

......................

th Financial E

......................

sin Pilot .......

ot ..................

......................

......................

......................

......................

......................

......................

tment Effects

s .....................

y and Resear

earch ............

......................

mmary Table

isons of Stud

Account Ter

Learning Obj

Instructions

ry of School‐B

Assessments

CIAL CAPABILI

.......................

Education an

.......................

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.......................

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s .....................

.......................

rch .................

.......................

.......................

es ....................

dy Communi

rms ................

jectives .........

for Lesson D

Based Financ

s ....................

ITY OUTCOME

......................

nd Account A

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ities ...............

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Delivery ........

cial Educatio

......................

ES (AFCO) YOU

FINA

......................

Access ............

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on Studies .....

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UTH PILOT

ANCIAL EDUCAAM

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....... 4

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..... 10

..... 14

..... 16

..... 18

..... 20

..... 22

..... 25

..... 28

..... 30

..... 32

..... 35

..... 37

..... 39

..... 41

..... 42

..... 45

..... 46

..... 50

..... 51

ESS TS

4

FINDINGS FRO

Introd

Programsproliferatgrowing attitudes ExecutiveAmericannew straincreasedissue.

As intereneeding tcritical toevidence education

One progimprovemprogramsbank, andprogramsmanagemthat progto activeimprovemhave beehypothes

With sup(CFED), Opportunimpact oFinancial

1 Opportun

OM THE ASSES

duction

s and policieted in recent recognition tthat will sere Order estans and the reategic focus d levels of co

est and investo determineo pair prograbout “whan is limited a

gram strategyments in finas pair financd with oppos afford stument behaviograms that prely use the ments in finan few rigorosis.

pport from ththe Center nityTexas1 paof financial Capability

nityTexas is a jo

SSING FINANC

es designed tyears in the that more murve as the baablishing the ecent announon “Startingommitment

stment in yoe the most coram innovatiat works.” Sand inconclus

y that holds pancial capabicial educationortunities to udents the oors alongsiderovide a comaccount areancial capabious evaluatio

he U.S. Depafor Financiaartnered witeducation anOutcomes (A

oint venture of

CIAL CAPABILI

to promote haftermath ofust be done asis for a lifePresidentʹs

ncement of thg Early for and dedicat

outh financiaost‐effective uion with rigSadly, the exisive, especial

promise as aility is schooln with accesactively useopportunity e their peers.mbination of e more likelility than thaons of bank‐

artment of thal Security ath local schond financialAFCO) proje

f the Center for

ITY OUTCOME

higher levels f the recent eto equip youetime of souAdvisory Cohe Financial Financial S

tion among n

al capability use of limitegorous evaluisting evalually for elemen

a potentially l‐based banks to a savinge those accouto gain exp Leading finfinancial eduly to help sat provide ed‐at‐school pr

he Treasury, at the Univeool districts l access on ect consisted

r Public Policy

ES (AFCO) YOU

FINA

of financial economic crisung people wund financialouncil on FiLiteracy Edu

Success” arenational pol

grows—espeed taxpayer duation in ordation literatuntary and mi

effective appking or “bankgs account wunts on a reperience pranancial capabucation, accostudents maducation alonrograms that

Corporationersity of Wand financielementary‐

d of field stu

Priorities and

UTH PILOT

ANCIAL EDUCAAM

capability amsis. This trenwith the knowl decision‐minancial Capucation Comboth signif

licy makers

ecially amondollars—it beder to amasure on the effiddle school

proach for drk‐at‐school” with either a egular basis acticing savbility researcount access aake measurane. Howevet could supp

n for Enterprisconsin‐Madial institution‐age childrenudies with 4

RAISE Texas.


mong youthnd is fueled bwledge, skillaking. The r

pability for Ymmission’s (Fficant marketo this impo

ng public offecomes espes a solid baficacy of finachildren.

riving measuprograms. Tcredit unionat school. T

vings and mchers hypothand opportuable and dur, until now port or refute

rise Developdison (CFS),ns to explorn. The Asse4th and 5th g


h have by the ls and recent Young FLEC) ers of ortant

ficials ecially ase of ancial

urable These n or a These money hesize unities urable there e this

pment , and re the essing grade

ESS TS

5

FINDINGS FRO

students and 2012approximunion bra

• Fi• Fi• A

Financialassessmeknowledgprovide abranches services maccounts education

Overall, educationhad bankevidence attitudes result of fto increaswas easy

This studresearch emergingthe field,Education

• Idqu

• Eapbe

• Idm

OM THE ASSES

in two schoo2‐2013 acadmately five hanch in schoo

inancial knowinancial beha

Attitudes tow

education ints. Studentge gains coman opportunwithout accomight increasmay also ben.

we found thn and that thk accounts ssuggesting on how easfinancial eduse not only tto save and

dy is the firstoverall on

g interest and, addressingn Commissio

dentify and evuality financia

valuate the dpproaches, delehaviors) that

dentify, evaluameasures of kno

SSING FINANC

ol districts—demic years.hours of clasol, both alone

wledge avior, i.e., op

wards saving a

is predicted ts in schoolmpared to nity to applyounts may dese the perceie more likely

hat studentshe gains in knshowed stronthat the finy they founducation. Sepahe likelihoodthat banks w

rigorous exaimpact of fid occurrence g several of on in 2013 for

valuate the real products.

delivery of finlivery channelenhance effec

ate, and build owledge, behav

CIAL CAPABILI

Eau Claire, W This studyssroom‐basede and in com

pening and usand financial

to increase s with in‐scstudents recy learning. Eemonstrate inved relevancy to make ne

did increasnowledge penger effects ancial educad it to save arately, havind a student iwere useful.

amination ofinancial eduof these intethe researchr its “Starting

lationship bet

nancial educals, and other ftiveness.

consensus onvior, and well

ITY OUTCOME

Wisconsin any offers thed financial e

mbination, on

sing savings l institutions

students’ cochool bank ceiving educEven studenncreased knoce of the finaet deposits (fe

se their finanrsisted a yeain terms of ation correlaand whetherng a bank or is banked, bu

f in‐school baucation, evenerventions. Th priorities g Early for Fi

tween financia

ation for youfactors (such a

n “key metrics‐being.

ES (AFCO) YOU

FINA

nd Amarillo,e first rigoreducation anstudents’:

accounts s

orrect respobranches mcation alonents in schoolowledge leveancial educatiewer withdr

ncial knowlear after receivchanges in

ated to morer they foundcredit unionut also the de

anks and finn less on acThis study offidentified byinancial Succ

al education a

uth and adultas the interac

s” for financia

UTH PILOT

ANCIAL EDUCAAM

, Texas—durrous test ond access to

onses on finamay also deme because anls with bankels as the vision curriculurawals) if exp

edge after reving the lessolearning, ane active accod banks usefn located in thegree to whi

ancial educaccounts for cfers a valuaby the Financess” Strategi

and access to

ts in order ttion of knowle

al education/ca


ring the 2011of the impaa bank or c

ancial knowmonstrate grn account wk or credit usibility of banum. Studentsposed to fina

eceiving finaons. Studentnd there wasount use. Stuful improvedhe school is fich students

ation, despitechildren, andble contributincial Literacyic Focus:

and design of

to identify effedge, product

apability, incl


1‐2012 act of credit

wledge reater would union nking s with ancial

ancial ts that s also udent d as a found felt it

e little d the ion to y and

of high

ffective s, and

luding

ESS TS

6

FINDINGS FRO

• Idfin

Prior Acces

Scores onconsisteneducationincludingschool thstates (Co

Some autfinancial out that independmedia. Athese stud

In generunderstanadult” arattributabmultiple (includinreported life.

In‐schoolbank or money wexperientall backgSlay, 2008to reflect and Mainaccount mapproach

OM THE ASSES

dentify opportnancial capab

Studiesss

n the nationntly low sincn may be a tg those who han others. Pouncil for Eco

thors conclueducation duyounger ch

dent financiappendix F sudies are sugg

al developmnding betweround age 1ble to age‐recausation og teaching) parental teac

l banking prcredit union

with their owtial educationgrounds to fi8). Interactionupon concrenemelis, 199may help reh (Fox & Bart

SSING FINANC

tunities and rility.

s on You

nal Jump$tarce its debut tool to imprhave had fe

Personal finaonomic Educ

de that oldeuring younghildren coulal decisions ummarizes thgestive of pos

mental psycheen the ages 12 (Webley, elated cognior arithmeticare also impching of mon

rograms suchn partnershipwn accounts n that complinancial servn with a saviete experienc99; Kourilskyach childrentholomae, 19

CIAL CAPABILI

roles for local

uth Fina

rt Coalition’in 1998 (Move low leveewer opportance is includcation, 2012).

er students cer grades (Sod benefit frand are subhe few studiesitive effects

hology suggof six and 12005). Muchitive developc (Webley, 2portant. Grinney managem

h as Save fops with scho(Johnson & lements stanvices (Sherradings account ces and test y & Carlsonn who learn 999; Sherrade

ITY OUTCOME

l, state, and f

ancial Ed

s biannual tMcCormick, 2els of youth tunities to leded to some.

could achieveosin et al., 19rom financiabject to encoues focused onon learning b

gests that ch12, such thah of the propment, such2005). Howenstein‐Weiss ment and hig

or America, Iools offer chSherraden, 2dard financiden et al., 20may allow ftheir own co

n, 1996). In pbetter from en et al., 2011

ES (AFCO) YOU

FINA

federal govern

ducation

test for high2009; Mande financial litearn about the extent in th

e more cumu997). Suiter aal educationuragement tn youth in mbut far from

hildren makat children’s ogress childrh as acquirinever, direct et al. (2009)gher credit s

Illinois Bankhildren the 2007). These ial education011; Johnsonfor experientioncepts and particular, phands‐on pr1). Account a

UTH PILOT

ANCIAL EDUCAAM

nments as sca

n and Ac

h school stuell, 2009). Interacy and tohe financial he education

ulative learnand Meszarosn as they into spend fro

middle and eleconclusive.

ke great striunderstandiren make byng the abilitexperience found a corscores of thei

k at School, chance to p programs pn and helps en & Sherradeial learning, assumption

providing accractice than access may a


alable platform

ccount

udents have n‐school finao reach all yworld outsin standards

ning if they bs (2005) also ncreasingly om peers anementary sch

ides in econing is “esseny age 12 maty to underand socializrrelation betir children la

and indepenpractice manprovide a forexpose children, 2007; Raallowing chi

ns (Kolb, Boycess to a saa classroom

also help mot


ms for

been ancial youth, ide of of 46

begin point make d the hools;

nomic ntially ay be stand zation tween ater in

ndent aging rm of ren of and & ildren yatzis, avings m‐only tivate

ESS TS

7

FINDINGS FRO

learning (Sherrade

Similarly,school stfinancial found anknowledg

Schools achildren successfutwo K‐12Sherraden

Exposureupon theichildren behaviorseducation

Progr

This studWisconsinstudy thegraders intwo sites,

• T• U• U

be• C• A

ot• A• Fo

fo

OM THE ASSES

of financial en et al., 2011

, account owtudents in Inliteracy test

n association ge and rates

and financialfrom eleme

ul financial h schools, andn, 2007).

e to banking ir experiencewho have hs. Additionan and access.

ram Des

dy began inn. Because the next schoon Amarillo, T, as described

eacher prepaUse of standarUse of a stanehaviors;

Collection of bA random, stthers did not

Access to in‐scor all outcomollow‐up mea

SSING FINANC

education 1; Mandell &

wnership mandiana foundscores (Valebetween owof saving (Pe

l institutionsentary to hiabits. As of 2d 13 youth ce

services coules. Financial had relativelal research is This field st

sign

n the 2011‐20he sample siol year with Texas. Whiled below, they

aration includrdized curricdardized in‐

banking usagtaggered det chool bankinmes, baselineasures were

CIAL CAPABILI

content by Klein, 2007)

ay lead to ind an associaentine & Khawning bank aeng et al., 200

are increasiigh school t2007, 198 higenters in 30 s

ld allow childinclusion andly little oppos required, htudy is design

012 school yize was insuf4th graders there were ay were simila

ding in‐serviculum that co‐school asses

ge (for studensign in whi

ng for approx measures wcollected afte

ITY OUTCOME

demonstratin.

ncreased finaation betweeayum, 2005), accounts and07).

ingly partnerto help comgh schools, 2states had yo

dren to learnd financial edortunity to lhowever, to ned in part to

year with 4t

fficient in thin Eau Claira small numbar in design a

ice trainings ould be compssment surve

nts with accoich classroom

ximately halfwere collecteder the financi

ES (AFCO) YOU

FINA

ng concrete

ancial knowen owning awhile an on

d investment

ring to offer mplement fin207 elementarouth‐run cred

n by testing wducation coulearn about causally ideo further und

th and 5th grhe first year ore and addedber of differeand both incl

and lesson mpleted in fiveey on financ

ounts); m‐based coh

f of the schood before the fial education

UTH PILOT

ANCIAL EDUCAAM

applications

wledge. A sua savings accnline survey assets and h

savings acconancial educry schools, 4dit union bra

what they knuld be especior practice entify the efderstand the

rade studenof the pilot, d a second pences betweeluded:

materials; e to six weekcial knowled

horts receive

ols in the schfinancial edun was admini


s of the ma

urvey of 312 count and hof college alhigher invest

ount programcation and i41 middle schanches (Johns

now and refleally importahealthy finaffects of finase issues.

nts in Eau Cwe continuepilot site wien the pilots i

ks; ge, attitudes

ed education

ool districts; ucation beganistered.


aterial

high higher lumni tment

ms to instill hools, son &

ecting nt for ancial ancial

Claire, ed the ith 4th in the

s, and

n and

n and

ESS TS

8

FINDINGS FRO

With the bank and

Cresch

Nosch

EAU CLA

During thparticipatdistrict’s (“treatmeassessmereceive thstart of thended (beduring tImplemen2012 4th educationpersisten

The MonFitness fodecision‐curriculutreatmentafter eachpositive. held theimaterial a

Teachers were comcases volu

OM THE ASSES

random assid credit union

edit union orhool

credit unionhool

AIRE, WISC

he spring 20ted in a fiveclassrooms went”), and thnt had beenhe financial ehe financial efore the “cothe spring 2nting the stugraders alm

n. Students wce on any aff

ney F‐I‐T curor Life currmaking, and

um was delivt and collect h lesson wasThe teachersir interest. Imand that the

attended a 3mpensated $1unteers from

SSING FINANC

ignment of thn branches, th

r bank in

n or bank in

ONSIN PILO

012 semestere‐lesson classwere randomhe remainingn completed education. Aleducation prontrol group”2013 semestudy for a secmost a yearwere adminifects we see i

rriculum wariculum, drad money mavered in fiveteachers’ pe

s taught in ths reported thamportantly, lessons were

3‐hour traini100 for time sm Royal Cred

CIAL CAPABILI

he financial ehe research d

Financial ed

Credit unionschool + fina

No credit unschool + fina

OT

r, all 4th andsroom financmly assigned g classrooms (“controls”),ll students wrogram (the ” teachers beter when thcond year in later as 5thistered the ain the first ye

as adapted fawing primanagement (se lessons of aerspectives ofheir classroomat the materimost teachee a valuable a

ing session dspent prepardit Union we

ITY OUTCOME

education by design in both

ucation

n or bank in ancial education

nion or bank inancial education

d 5th grade stcial educatioto participatparticipated, as the scho

were given an“study periogan teachinghe pilot conEau Claire h graders, aassessment aear.

from the Couarily from thsee Appendixapproximatef the lessons,m. Overall, tial was approers felt that addition to th

during a profring for lessore used to te

ES (AFCO) YOU

FINA

classroom ath sites provi

No fina

n Credit uNo finan

n n

No credschool +

tudents in thon program te in the progd immediatelool district wn assessment od”) started,g the programntinued witcreated an oafter all stua third time,

uncil on Ecohe lessons ax D for an oely 45‐minute, teachers weteacher feedbopriate for thstudents hadhe curriculum

fessional devons outside teach the curr

UTH PILOT

ANCIAL EDUCAAM

and varying ades four com

ncial educatio

union or bank incial education

dit union or ba+ No financial

he Eau Claircalled Monegram duringly after the swanted all o(see Append, and again am). The sameth the new opportunity tdents had r, allowing u

onomic Eduaddressing soverview of es each. To ere asked to back on the he students’ ld not previom.

velopment inthe normal wriculum due


access to in‐smparison grou

on

in school + n

ank in education

re School Diey F‐I‐T. Hag the study pstudy’s folloof the studendix H) prior tafter the proe design was4th grade

to follow‐upreceived finaus to examin

cation’s Finasavings, finathe lessons)ensure fidelprovide feedlessons was learning leveously studie

n‐service daywork day. In to other dem


school ups:

istrict alf the period ow‐up nts to to the ogram s used class.

p with ancial ne the

ancial ancial ). The ity of dback quite el and d the

y, and some

mands

ESS TS

9

FINDINGS FRO

on teachtreatment

ApproximUnion (Rassets, m$ense in two doze13 elemen

Modeled (joint mem(see Appebut fromoperated from theielementaStudents can also process tprocess; s

During ththeir accodeposits a

Each schothe distriforms, anindividuaNumeroubrochureto parentexpected,than anticthe new district to

2 See http:/3 For every

OM THE ASSES

hers’ time. Tt.2

mately half oRCU) is basemaking it one1993 at the ren schools. Scntary schools

after the Savmber) to opeendix C). Join

m then on chat least onceir students anry school stuare encouragearn small the deposits students fill o

he study periounts. This pand withdraw

ool has two oct in the 201nd their pareal assessmenus messagings, fliers, and ts, and loca, with only 5cipated). Thi4th grade cl

o participate

/moneyfitcfs.coy 500 deposits m

SSING FINANC

The training

of the schooled in Eau Cl of the largerequest of anchool $ense os during the

ve for Americen a savings nt members hildren can e a week andnd deliver thudents can wged to identiprizes, earnewith RCU

out an applic

iod, studentsprovided mulwals over the

or three class1‐2012 schooent or guardint data and tog strategies letters sent h

al media cov569 students is small sampass, with apin the pilot.

om made at a schoo

CIAL CAPABILI

g session wa

ls in the studlaire and hasest credit unin elementary operated stustudy.

ca program, account withmust apply omake deposd are set up ahem to the mowithdraw upify a savingsed for everystaff at lunccation and in

s in schools wltiple opportue course of th

ses per gradeol year. To enian had to sio release crewere used thome with stverage. Howin the final

ple necessitatpproximately

ol site, RCU do

ITY OUTCOME

as intended

dy also had s 21 offices, ions in the aschool princ

udent branch

School $enseh RCU, whiconline or in‐psits and withas tables outsobile branch p to $20 at goal and to y fourth depchtime. Thesterview for a

with RCU braunities for sthe spring term

e, with appronroll studentign a parentadit union accto inform patudents, scho

wever, consensample (aboted the contiy 760 studen

onates $250 to t

ES (AFCO) YOU

FINA

to standar

access to in‐120,000 mem

area. RCU becipal, and it hhes in six of t

e allows childch furnishes person at RChdrawals at side the cafettable. Deposa time with track progre

posit. Studense tellers area position.

anches had wtudents to bem.

oximately 1,5ts in the studal consent focount data, iarents about ool newslettent in the baout 38%, fullinuation of thnts, and the

the school.

UTH PILOT

ANCIAL EDUCAAM

dize the fin

‐school bankmbers, and oegan a progrhas since grothe Eau Clair

dren and a pthe required

CU offices to school. Sch

teria. Teachesits can be of a joint memess toward thnt tellers (4th

e hired throu

weekly oppoe exposed to

500 4th and 5dy, students horm to allowif the studenstudy recruer articles, emaseline year ly 10 percenhe pilot for aselection of


nancial educ

king. Royal Cover $1 billiram called Sown to morere school dist

parent or guad $5 initial deopen the acchool branchers collect depf any amountmber’s signahat goal. Stuh and 5th graugh a true‐t

ortunities to aaccounts or

5th graders tohad to sign aw the study tnt had an accuitment, inclumails sent dirwas lower

tage points la second yearf a second s


cation

Credit ion in School e than trict’s

ardian eposit count, es are posits t, and ature.3 udents aders) to‐life

access make

otal in assent to use count. uding rectly than

lower r with school

ESS TS

10

FINDINGS FRO

AMARILL

Amarillo,a supporprogramsSchool DAmarillo District, w4th grade Smarter Tprogram Smarter Tclassroomstart of th

The Smarand largeand the sfinance cuthe Texastandardsfeedback

Teachers preparinglesson wateachers rthe concemuch thesome richexpenses families g

In additiostudents’

4 In Amarilin some sctheir classeClaire. 5 The Texamade avail

OM THE ASSES

LO, TEXAS

, Texas was srtive adminis. Amarillo aDistrict’s stud(see Appen

with approxistudents in ATexans Save. during the sTexans Save cm math teachhe financial e

rter Texans Saely matched student asseurriculum sts legislatures until the 20on the new c

attended a g for lessonsas documentreported thaepts, retainine students enh discussionswere eye o

go through.”

on to the ove level of und

llo, some of thehools, up to thes, the financia

as Council on Elable on www.

SSING FINANC

PILOT

selected as thistration andalso offered dents were 8ndix B). Therimately 2,500Amarillo parHalf the d

study periodconsisted of hers over a fiveducation pro

ave curriculumthe Money Fssment so thtandards thae passed in 014‐2015 schocurriculum s

6‐hour trais outside theted by the int they were sng them and njoyed and us about savinpeners for m

erall positivederstanding a

e schools have hree or four secal education in

Economic Edusmartertexas.o

CIAL CAPABILI

he second sitd a local fia more div81% white ire are 36 elem0 4th gradersrticipated in istrict’s teacd, and the resix, weekly ve week periogram and ag

m was also aF‐I‐T curricuhat they covat are part of2011. Texas ool year, so tstandards in o

ining sessione normal wonstructor to satisfied withapplying thunderstood tngs and budgmy students…

e feedback, twand teacher p

departmental mctions. So that n Amarillo wa

ucation’s (TCEEorg.

ITY OUTCOME

te for the piloinancial instverse setting in 2011‐2012mentary schs total in the an educationchers were rmaining teac45‐minute leiod. All studegain after the

adapted fromulum. Some avered the maf the new K‐8school dist

this pilot proone school d

n and were rk day and verify what h the lessonshem in later lthe lessons. Ogeting since d…and have

wo primary preparedness

math teachers weach teacher taas randomized

E) lessons and

ES (AFCO) YOU

FINA

ot as it offeretitution withto test the

2 in contrasthools in the Adistrict. Durnal programrandomly aschers particiessons deliveents were give program en

m the Financadjustments ajority of the8 personal fitricts are noovided an eardistrict.

compensateproviding feeducation tos and felt thalessons. TheOne teacher doing these lhelped them

themes emes. A number

who teach moraught the samd by teacher ra

the power po

UTH PILOT

ANCIAL EDUCAAM

ed a larger sch existing ininterventiont to only 38Amarillo Indring the spri

m similar to Mssigned to ppated after tered by the ven an assessnded.

ial Fitness fowere made e new gradeinancial currot required trly opportun

ed up to $9eedback on eook place anat their studey also were reported thessons. The fm relate to th

erged from teof teachers r

re than one secme lessons at thather than by

oint that suppo


chool districtn‐school banns; the Eau C% of studendependent Sng 2013 sem

Money F‐I‐T cparticipate inthe study pestudents’ resment prior t

or Life curricto the currice 4 math perriculum standto teach thenity to test an

90 for time each lesson.5

nd when. Ovents were leasurprised at

hat, “we havefixed and varhe struggles

eachers’ feedreported that

ction of studenthe same time toclassroom as i

orts each lesso


t with nking Claire nts in School mester, called n the eriod.4 egular to the

culum culum rsonal dards e new nd get

spent 5 Each verall, arning t how e had riable their

dback: t their

ts and, o all of in Eau

on was

ESS TS

11

FINDINGS FRO

students’limited, wparticularwas non‐working of the lesof savinglevels. Fonot have lesson if checks atpreparedteachers through t

As in EauHappy Stbillion inSchool inPanhandljoint savipilot, chilparents, ibeen estamake dep

Kids’ Banstudy’s imschools wthat durin18 did noBank proopen Kid

6 HSB requwith a SSNopened thr7 The analyat random the effects school occu

OM THE ASSES

initial levelwhich teachrly English L‐existent to twith studentson. In particgs. Teachers or example, otaken a vac“more of thet a local sto to teach theduring the tthe eyes of th

u Claire, halftate Bank (Hn total assetsn Amarillo. Tle. The Kidsings account ldren were aif the parentsablished, chilposits or with

nk student brmplementatiowithin the Amng the studyot.7 After theogram were gds’ Banks we

uires a social seN, the child wrough this pilotysis presented iwith the 3 Amof a bank in surs at random.

SSING FINANC

l of understahers felt wasLanguage Leatheir studentts who strugcular, teacheexpressed cone teacher qcation, and aeir parents hore, not a be lessons andeacher trainiheir students

f of the schooSB) is a Texas. HSB starteThe program’ Bank progrwith HSB w

also allowed s lacked the dldren can mahdrawals.

ranches wereon. As part omarillo Indepy period 18 sce study periogiven the opere also given

ecurity numbe

was able to opet were child‐onin this report comarillo schools school differ dHowever, all r

CIAL CAPABILI

anding of ths due to stuarner students before thegled with thers believed tconcern abouquestioned ranother beliead checking bank.” Regard said that theing, which te.

ols in the disas‐based comed its Kids’ Bm has since exram allows c

with no minimto open accodocumentatioake deposits

e operating inof the study, pendent Schochools withinod, schools thportunity to n the option

r (SSN) to opeen an account nly accounts. ombines the 15where the ban

depending on wresults presente

ITY OUTCOME

e vocabularyudents’ limints. A few tealessons. Hoe concepts, ththat studentsut the materieferencing treved that heaccounts. Serding teachee training haeachers repo

strict also hadmmunity bankBank prograxpanded to children andmum balanceounts in theiron required ts at the schoo

n three of Amthe Kids’ Baool District, wn the district hat were notdo so. The 1to end their

en an account, in his or her

5 Amarillo schonk was in existewhether it is ned here are rob

ES (AFCO) YOU

FINA

y and conceited previouachers reportowever, teachtheir studentss developed aial’s relevanrips to Disneer students weveral of [herer preparednad been helported was he

d access to ak with 31 locam in 1997 a30 schools ind a parent ore requiremenr name only to open the aol, or they c

marillo’s 36 eank program with selected participatedt randomly s15 schools thr involvemen

so if there wasname only. Ap

ools where the ence before thenewly created abust to excludin

UTH PILOT

ANCIAL EDUCAAM

pts used in us exposure ted that the chers reporteds understoodan understannce for studeeyland with would have r students’] pness, teacherful. Each lesselpful to expe

an in‐school bcations, 69,00at Sleepy Hon 9 communr responsiblents (see Appwithout the account.6 Onccan go to any

elementary scwas expand

d schools chod in the bankselected to ehat were rannt following

s not a parent pproximately

in‐school banke study began.and/or whetheng the latter 3 s


lessons wasto the conc

concept of sad that after rd them by thnding of the ents at all instudent whodone better parents cashrs felt they son was taugerience the l

banking prog00 accounts aollow Elemenities in the Te party to oppendix C). Fosignature ofce the accouny HSB locati

chools prior tded to 15 addiosen at randoking programenroll in the domly selectthe study pe

or responsible26% of the acc

k branch was c We may expeer its presence schools.


s very cepts, avings really he end value ncome o may on a

h their were ght to esson

gram. nd $2 entary Texas pen a or this f their nt has ion to

to the itional om, so m, and Kids’ ted to eriod,

e party counts

created ect that in the

ESS TS

12

FINDINGS FRO

but, withschool brschool brteachers looked foBank brostudents relevant t

Due to thmany of period. Acooperatitellers. Hschools. Tmost benfor uniforThe Kidsbranches for studena depositSchools aother info

A signifistudents’well‐estabwere banKids’ Banmajority Bank bralessons. Iwe randoKids’ Banincentiveand the recipients

8 The $25 inby Opportu

OM THE ASSES

h the encouraranches. The ranches enhareported thaorward to theought concepwith accounto them.

he rapid and the normal As in the RCion with banHSB officers wTypically eacneficial for thrmity durings’ Bank branwere open onts to make d into their acactively promormation abo

cant differen exposure toblished prognked prior to nk branches,of students. anches rolledn order to inomly selectednk account.8 A through draschool distrs to be transp

ncentive was nunityTexas thr

SSING FINANC

agement of thteachers also

anced the finaat their studeir bank day.pts taught in nts seem mo

high‐volumfeatures of tCU School $nking professwere solely ch school is heir campus, g the study, ch is set up once a week deposits – eitccount, he or mote the Kidout the progr

nce betweeno the in‐schogram in the Ethe pilot’s im so the pilotDue to the sd out approxncrease the nud students wApproximateawings held rict’s adminparent to stud

not funded by tough the Amar

CIAL CAPABILI

he district’s so provided fancial educatdents were e. Teachers alsthe financia

ore involved

e expansion the Kids’ Ban$ense model,sionals, but tresponsible encouraged but due to ththe 15 new sin a public in each schother before scshe receives

ds’ Bank program to parent

n the pilots iol banking pEau Claire elemplementatit representedshort timefraximately twoumber of stuithin bankedely half of stin their math

nistration, whdents.

the U.S. Treasurillo Area Com

ITY OUTCOME

superintendefeedback on tion lessons. excited abouso believed tal education in the lesso

of the Kids’ nk were om, HSB hires there was nofor running to utilize anhe number oschools all uarea of the

ool. Each schochool, at lunc a prize fromgram to theirts.

in Eau Clairprograms. Asementary schion. In Amard the first expme we had to weeks prioudents who hd schools to rtudents in bah classroomsho wanted

ury Departmenmmunity Found

ES (AFCO) YOU

FINA

ent, the majorthe Kids’ BaThe feedbac

ut saving andthat the studelessons to li

ons as they u

Bank programitted from th

students toot sufficient tthe Kids’ Bnd promote of Kids’ Bankused a similaschool, and ool’s adminich or after sc

m the treasurer students, a

re and Amas stated abovhools, and a srillo, only thrposure to bato plan and ior to the stahad HSB accoreceive a $25 anked schools. This was dthe process

nt but was provdation.

UTH PILOT

ANCIAL EDUCAAM

rity elected tank programsck was nearlyd one said tents’ participife. One teacunderstood

am into Amahe program o work at thtime to hire ank programthe programks being oper model andduring the istration selechool. Each tie chest as an and often sen

arillo was thve, RCU’s Scsignificant nuree of the schank accountsimplement thart of the Smounts during seed deposils were selecdone at the res of selectin

vided through


to continue ths and how thy all positivethat her stupation in the cher reportedthat the less

arillo for the during the s

he Kids’ Banand train stums at the selm in a way thened and the d program destudy periodct the time oime a child m incentive to nd home flye

he length of chool $ence wumber of stuhools had exs in school fohe pilot, the marter Texansg the study peit if they opected to receivequest of teang incentive

private funds


he in‐he in‐e, and dents Kids’ d that son is

pilot, study nks in udent lected hat is need esign. d, the of day makes save. ers or

most was a udents isting or the Kids’ s Save eriod, ned a ve the achers offer

raised

ESS TS

13

FINDINGS FRO

The new year, 415 in‐schoolstudents affected responsibseemed tcapacity tall teachecommitmschools wone of thentrywayparticipatafter schoBank took

It was adisadvantake‐up hthe averawas 79%students,school’s pparents sfor their savings adeposits economicdepositin

Like in Wconsent ffollow upverbal stu

9 HSB madnew accoun10 PercentaOpportunistudents th

OM THE ASSES

Kids’ Bank p4th grade stu branches. 9 opening accostudent accble for implemto be a primto support thers had posiment from thewith high takhese schoolsy. Finally, thtion. Principaool. Some prk place after

also observentaged studenhad over 83%age percenta%.10 At one sc

the assistanpredominateeemed prouchild, particuaccount themwith their ccally disadvang money eve

Wisconsin, porms were sep mailing to udent assent

de the new Kidnts were openeage of econotyTexas basedhat qualify for f

SSING FINANC

programs lauudents openeThe take‐upounts in one count take‐umenting the ary factor afhe bank‐at‐sctive feedbacke two bank emke‐up rates hs, the bank he time of als could elerincipals repschool.

ed that, on nts had highe% economicalge of economchool with ant principal aly Hispanic sd that they hularly becau

mselves. A nuchild after santaged studen though th

arental consent home withose parent to be includ

ds’ Banks availed by all studenomically disadd on data fromfree or reduced

CIAL CAPABILI

unched in theed new accoup of accountschool up to

up. Because program at tffecting accochool programk about the mployees asshad bank empemployee mday the Kict to have th

ported that th

average, ser account tally disadvantmically disada high perceattributed hestudents whhad taken aduse some of humber of her chool. Anothdents was “hey may not h

ent for was th students ants that didnded in the st

lable to all studnts during the dvantaged stum the Texas Ed price lunches

ITY OUTCOME

e schools in Junts with HSBt varied cono 60% of studthe school

their school, unt take‐up.m varied, theprogram. Asigned to eacployees that made a muraids’ Bank the Kids’ Bankhey had grea

schools withake‐up. Five otaged studendvantaged stentage of ecer school’s hio are “all abodvantage of ther students’students’ paher principa“impressed whave a lot of m

necessary foand could be’t initially retudy was req

dents in the scstudy period. udents duringEducation Agen.

ES (AFCO) YOU

FINA

January 2013B, 38% of thensiderably bdents in anotl’s assistanttheir level o. While assise majority of

Another factoch campus hwere very eal about thetook place mk take place bater student

h a higher of the six schnts during thetudents in sconomicallyigh account out their kidthe opportun’ parents likarents participal at a schoowith how mmoney at ho

or students’ e returned toespond. Instequested prio

chools, not just g the 2011‐2ncy. Economic

UTH PILOT

ANCIAL EDUCAAM

3, and by thee students in by school, wther. A varietprincipal o

of commitmestant principf school leador appeared had towards tengaged withe Kids’ Bankmay have ibefore schooparticipation

percentage hools with the 2011‐2012 schools with disadvantagtake‐up to t

ds.” She said nity to open kely didn’t hapated in the ol with a himany of [heome.”

enrollment i school or mead of writteor to the adm

t the 4th grader

2012 school ycally disadvan


end of the sschools with

with only 20ty of factors or principal nt to the pro

pals’ and teacdership and nto be the levthe programh the programk in the schimpacted stuol, during lunn when the

of economhe highest accschool year, wnew Kids’ B

ged and Histhe parents othat her studa savings acave a checkiprogram, migh percentaer] students

in the studymailed back, wen student aministration o

rs, and a total

year calculatentaged is defin


school h new 0% of likely was ogram chers’ nearly vel of . Two m. At hool’s udent nch or Kids’

mically count while Banks spanic of her dents’ count ing or aking age of were

y, and with a ssent, of the

of 615

ed by ned as

ESS TS

14

FINDINGS FRO

pre‐assesinvolvingstudy. Nincludingautomate

Data

The dataeducationdata fromother quefollow‐upscores bebehaviorsimportanprovidedconsentedforms stilanalysis.

TABLE 1 S

Survey

Bank Dat

Students shows theand comp

TABLE 2 S

No Finan

Financial

Total

OM THE ASSES

sment. A cog a press releNumerous mg brochures aed phone mes

Collecti

a collected fon began, a sem partner finestions to mp and baselinetween the trs are capturnt they believd transactiond to share dall received th

SAMPLE SIZE

B

ta

were randoe sample sizepleted both s

SAMPLE SIZE

cial Educatio

Education

SSING FINANC

mmunicationease and loc

messaging strand letters sessages left w

ion

or this studyecond surveynancial institumeasure studne quiz quesreatment andred throughve it is, and nal data for ata. Non‐asshe financial e

E BY DATA SO

Eau Clair

Baseline Fo

745

270

omized into e by treatmensurveys.

E BY TREATM

Eau Clair

on 320

380

700

CIAL CAPABILI

ns and markcal media covrategies werent home withwith parents a

y include a y after the fiutions. The sdent attitudesstions are idd control groh questions how difficulstudents w

enting studeeducation an

OURCE

re

ollow-up

710

the educationt group for

MENT GROUP

re Amarillo

285

418

703

ITY OUTCOME

keting campaverage to bue used to inh students, sabout the stud

baseline surinancial educsurvey inclus, beliefs, andentical, makoups the mesuch as howlt they find with bank oents and studnd completed

Amaril

Baseline

756

166

on and contthe students

P

Total

605

798

1,403

ES (AFCO) YOU

FINA

aign was impuild awarenenform parenschool newsledy.

rvey of the cation was cdes a 13‐poind experiencking the diffeeasure of intw often theit (see Appeor credit undents whosed the survey

lo

Follow-up

723

trol groups bs that consen

UTH PILOT

ANCIAL EDUCAAM

plemented pess and legitints about stetter articles,

students becompleted, anint financial ces with finaerence of theterest. Finan student saendix H). RCnion accounte parents didys but are no

Tot

Baseline

1501

436

by classroomnted to partic


prior to the simacy arountudy recruitm, social medi

fore the finand administrliteracy quizancial issuese changes incial attitudesves money, CU and HSBts whose pad not sign coot included in

al

Follow-up

1,433

6

m. Table 2 bcipate in the s


study, nd the ment, a and

ancial rative z, and s. The n quiz s and how

B each arents onsent n this

below study

ESS TS

15

FINDINGS FRO

In both s715 studerandomlydifferenceshows, spercentag

TABLE 3 B

Student B

Student U

Total

There areand betwaccounts positive ostudents Claire. Thfinancial the two c

TABLE 4 B

Quiz Score

Banks Useto You (5p

Count

All data fboth spriClaire creafter all persisten

TABLE 5 E

Survey Bank Dat

OM THE ASSES

chool districents had in‐y assigned ses in the poptudents withge points) to

BANKING AC

Banked

Unbanked

e consistent dween studentand in schoopinions aboin Amarillo his might sugeducation anommunities

BASELINE DI

StudenBanked

e 6.7

ful pt)

4.0

467

from Amarilling 2012 andeated an oppstudents hace on any aff

EAU CLAIRE

ta

SSING FINANC

cts, some sch‐school bankso differencepulation that h a bank brreport havin

CCESS AND S

differences atts with and ool access exout banks. It schools wereggest the twond access, alt(see Append

FFERENCES

Eau

nt d

Student Unbanked

5.8

3.6

209

lo were colled spring 2013portunity to ad received fects we see i

SECOND YEA

Eau Claire

277 121

CIAL CAPABILI

hools have baking access aes among stattracted a branch in schng a bank acc

STUDENT RE

Bank in Scho

460(64.3%)

255

715

t baseline bowithout ban

xhibit greatershould be ne eligible foro school distthough the mdix B).

BY BANK IN

u Claire

d Bank in School

6.4

4.0

408

ected in the sp3. As stated follow‐up wfinancial e

in the first ye

AR SAMPLE S

ITY OUTCOME

ank branchesand 664 did udents in thbank to one shool are mucount (as repo

PORTING BE

ool No Ban

(3

oth between snk branches r financial linoted that accr free or redutricts offer twmedian incom

SCHOOL STA

No Bank in School

6.0

3.7

268

pring of 2013above, cond

with 2012 4th education. Tear.

SIZE BY DATA

ES (AFCO) YOU

FINA

s on campusnot. These

he two grouschool and nuch more likorted in the s

EING BANKED

nk in School

26539.9%)

399

664

students witin their schiteracy quiz cording to 2uced price luwo differing me and overa

ATUS

Student Banked U

5.8

4.0

258

3, while the Educting the pgraders almo

These data c

A SOURCE

UTH PILOT

ANCIAL EDUCAAM

s and others in‐school baups may refot another. Akely (64.3% survey).

D

Total

725 (52.6%)

654

1379

th and withohool. The stuscores at ba011‐2012 staunch, comparcontexts for all poverty le

Amarillo

Student Unbanked

BS

5.3

3.7

445

Eau Claire sapilot for a seost a year lacan help us


do not. A toanks were nlect any inhAs the table bvs. 39.9%,

out bank accoudents with aseline, and tistics, 67% ored to 41% inthe availabilevel are simi

o

Bank in School

Noin S

5.7

4.0

307 3

ample comesecond year inater as 5th gras understand


otal of not all herent below or 24

ounts, bank more of the n Eau lity of ilar in

o Bank School

5.4

3.7

396

s from n Eau aders, d the

ESS TS

16

FINDINGS FRO

Analy

This studintervent

• Fqu

• B“d

• Sto

• E• S

m• B

th• N

m• A

m

The resuloutcomes“amount banked stPoisson (Claire stuAmarillo measuredreliabilityare only tderived f

Bank datincludes January 2includingeducationfinancial and 1 by

OM THE ASSES

ysis

dy is based ion. These ininancial Qu

uestions. Banked: Studdo not knowpend Money

o avoid spendasy to Save:aving is for

money is onlyBanks Useful

hat banks offNet Deposits

money that is Active Accou

money is depo

lts shown in s of interest of change” tatus, which (count) modeudents becaubecause clasd at baseliney coefficient=the responsibrom baseline

a are availabtransactions2013 througg net deposin occurred oveducation ley units of 1

SSING FINANC

on a selectenclude: uiz Score: T

ents’ report ww” is consider

y Immediate

ding money Students’ re

r Adults: Stuy for adults. l to You: Stuer services ths: Administradeposited in

unt Use: Adosited or wit

this report afrom baselifor each ouuses a Probiel. All modeluse it is the lssroom inform: (1) a 5‐item=.71) and (2) bility of theire survey ques

ble for 166 sts students mgh June 2013its, number ver time; as sessons a give1/6 so the re

CIAL CAPABILI

ed number o

The number

whether or nred “no”). ely: Studentsimmediatelyeport on a 5‐pudents repor

udents’ repohat are usefuative data fronto the accoudministrativehdrawn from

are based onine to followutcome. Mosit model, andls use clusterlevel at whicmation is no

m index measa 4‐item indr parents (scstions.

tudents in Ammade from O3 for Amarilof transacti

such the edun student woegression co

ITY OUTCOME

of outcomes

r of question

not they have

s’ report on ay. point scale hort on a 5‐po

ort on a 5‐pol to them. om partner fiunt net of thee data on thm the accoun

n statistical rw‐up. Reportst models ard the numberred standardch the treatmot available. Msuring how wdex measurincale reliability

marillo and 2October 2012llo. The dataions, and bacation ʺtreatmould have reoefficients re

ES (AFCO) YOU

FINA

s predicted t

ns students

e a bank acco

a 5‐point sca

ow often theyint scale how

int scale the

inancial institotal withdr

he number ont.

regressions uted coefficienre Ordinary r of deposits d errors at thment is appliMost modelswell the studng how muchy coefficient=

270 students2 through Jua form a paanked statumentʺ variabeceived by a epresent the

UTH PILOT

ANCIAL EDUCAAM

to change in

answer cor

ount in their o

ale how often

y find it easyw often they

degree to w

itutions on thrawn from thf distinct oc

used to estimnts can be iLeast Squarand withdra

he classroomied, and at ths include twodent performh they believ=.61). Each c

s in Eau Claiune 2013 foranel of weeks. The expoble is definedgiven week,effect of th


n response t

rrectly out

own name (w

n they find it

y to save mony feel that sa

which they be

he total amouhe account. casions on w

mate the channterpreted ares (OLS), eawals which

m level for thehe school levo control varims in school ve financial iomposite ind

ire. The bankr Eau Clairekly bank acosure to finad as the numb scaled betwhe entire 6‐l


to the

of 13

where

t hard

ney. aving

elieve

unt of

which

nge in as the except use a e Eau vel in iables (scale issues dex is

k data , and ctivity ancial ber of

ween 0 esson

ESS TS

17

FINDINGS FRO

educationthe effect

Each esticurriculureceived which th(“Int: Banbeing baneffect on

There areAmarillo branch. Tlevel. Thstudent oincentive

To provioutcome 13. Aboupoint scal

TABLE 6 S

Outcome

Quiz Sco

Banked (

Spend M

Easy to S

Saving is

Banks Us

The tablewith acco$6.90 in E28% of EAmarillo,

OM THE ASSES

n curriculum of receiving

imate includum (the colufinancial edue financial enk in Schoolnked at basestudents tha

e several addwas random

This allows ae randomly opens a new and bank br

de a benchmvariables act half (53%) le questions

SUMMARY ST

ore (13pt)

(per survey)

oney Immed

Save (5pt)

for Adults (

seful to You

e below showounts that coEau Claire anEau Claire stu, banking res

SSING FINANC

m. Estimates a an additiona

ded in these umn labeleducation and ducation hasl”). The nexeline to meat have bank a

ditional variamly assignedan estimationdrawn incenbank accou

ranch relative

mark for theross the twoof students aabout relativ

TATISTICS: S

diately (5pt)

(5pt)

(5pt)

ws summaryould be matcnd $0.80 in Amudents did ssults are disp

CIAL CAPABILI

are based on al financial e

tables begin “Direct Effhaving in‐scs a different t column intasure the degaccounts (“In

tions related to receive an of the effecntive moneynt. The “seee to students

e treatment eo study sites.are reported ve agreement

STUDENT AS

Count M

1501 5

1472 52

) 1466 2

1468 3

1501 1

1467 3

y statistics forched and usemarillo. Aboso. Because tplayed separa

ITY OUTCOME

student/accoducation less

ns with the afect”). Next chool bankineffect whenteracts receivgree to whicnt: Banked”).

d to the bankia $25 incentivcts of this incy can serve d money lots who only ha

effects, the t The averageto be bankedt levels.

SESSMENT S

Mean Standa

5.84

2.6%

2.77

3.59

1.76

3.87

r the weeklyed in this anout 7% of Amthe bank actately by scho

ES (AFCO) YOU

FINA

ount fixed efson.

average effecan interact

ng is introdun it is combinving financich the financ.

ing data estimve to open acentive to opas an instruttery” coefficave access to

table below e financial kd. The remai

SURVEYS

ard Deviation

2.33

0.50

1.17

1.12

1.07

1.11

bank accounnalysis, the amarillo studentivity is diffeool district.

UTH PILOT

ANCIAL EDUCAAM

ffects regress

cts of the fintion betweenuced to measned with banal educationcial educatio

mates. A suba bank accoupen an accouument for whcient reflects o the bank bra

shows baselknowledge scining items a

nt observatioaverage deponts made a derent betwee


sions to deter

nancial educn a student sure the degrnk account an and the stuon has a diff

bset of studenunt at an in‐sunt at the stuhether or nothe effects oanch.

line means ocore is 5.84 oare drawn fro

ons. Among osits were ardeposit each wen Eau Claire


rmine

cation who

ree to access udent ferent

nts in school udent ot the of the

of the out of om 5‐

those round week; e and

ESS TS

18

FINDINGS FRO

TABLE 7 S

Net Dep

Weekly T(% of stud

KNOWL

Financialthe numb0.77 effeclearning before thfinancial These res

TABLE 8 R

Financi Bank in Studen Bank a Educat Bank in Fin Ed Banked Observ

11 A small represent p

OM THE ASSES

SUMMARY ST

osits ($)

Transactiondents)

LEDGE GAIN

education apber of correctct size). Thereduring the se program deducation cosults are in th

REGRESSION

ial Education

n School

nt Was Banke

nd Education

tion and Stud

n School and

and Bank in d

vations

number of traparental rather

SSING FINANC

TATISTICS: B

Mea

0.8

s 0.07

NS

ppears to prot questions be is no evidentudy period.do improve thome close to he table below

N RESULTS: F

n

ed

n

dent Banked

Student Ban

School and S

ansactions abovthan student b

CIAL CAPABILI

BANK ADMIN

Amarillo

an St

8

7 0

oduce a largeetween 1.8 ance that havi. In the absenheir scores mcatching up w and also sh

INANCIAL Q

nked

Student

ve 1,000 dollarbehavior.

ITY OUTCOME

NISTRATIVE D

t Dev

6.8

0.27

e improvemeand 2.0. This ing a bank bnce of financmore than theor surpassinhown as mea

UIZ SCORE

Direct Effects 1.774***

(0.000)-0.0213(0.893)0.346**

(0.007)

1374

rs are discarde

ES (AFCO) YOU

FINA

DATA11

Eau C

Mean

6.9

0.28

ent in financiis close to a f

branch in the cial educatioe unbanked,ng the bankedans in the figu

Int: Bank in School 1.680***

(0.000)-0.123(0.578)0.343**

(0.007)0.179

(0.571)

1374

ed to remove

UTH PILOT

ANCIAL EDUCAAM

Claire

St Dev

285.8

0.59

ial knowledgfull standardschool has an, students w but studentd students wure.

Int: Banked2.069***

(0.000)-0.0138(0.930)0.665***

(0.000)

-0.563*

(0.015)

1374

data that are m


ge—an incread deviation uan added effewho were bats who receivwith the educ

d All

Interactio* 1.962**

) (0.0008 -0.261) (0.369* 0.649*

) (0.0080.253

(0.552* -0.719) (0.027

0.110(0.7460.156

(0.7361374

much more lik


ase in unit (a ect on anked ve the ation.

ons **

0)

)**

8)

)9*

7)

)

)

kely to

ESS TS

19

FINDINGS FRO

The follocorrect qsignificanThe effect

TABLE 9 R

Financial Bank in S Student w Bank and EducationBanked Observatio

The averaClaire angains thafinancial among thtreatmentgain in k

OM THE ASSES

owing tables questions in nt or positivets of being ba

REGRESSION

Education

School

was Banked

d Education

n and Studen

ons

age treatmend Amarillo. Ht cover for oteducation phose that bent and controlknowledge. V

5.00

5.50

6.00

6.50

7.00

7.50

8.00

8.50

B

N

Fi

SSING FINANC

F

breaks out Amarillo (2

e effects of scanked on kno

N RESULTS: F

Direc(WI)

1.322*

(0.000-0.028(0.8950.091(0.658

nt

671

nt effects of eHowever, thther schools program willnefit. The figl students wiVirtually all

Baseline

o Financial Edu

nancial Educat

CIAL CAPABILI

FIGURE 1: FIN

estimates by2.25) than Ehools havingowledge gain

INANCIAL Q

ct )

Direc(TX)

*** 2.251*

0) (0.00085 -0.0735) (0.722 0.4468) (0.009

703

education on ese average gthat see littlel likely be ingure below ithin each schthe largest

Follow‐up

ucation (605)

tion (798)

ITY OUTCOME

NANCIAL QU

y school distau Claire (1g banking serns were more

UIZ SCORE B

ct )

Int: BanSchoo(WI)

*** 0.985*

0) (0.00035 -0.321) (0.1966** 0.0759) (0.717

0.553(0.16

671

financial kngains may ree or no benefnterested in plots averaghool. Every pgains come

5.00

5.50

6.00

6.50

7.00

7.50

8.00

ES (AFCO) YOU

FINA

IZ SCORE

trict, showin1.3). Neitherrvices on sitee pronounce

BY SITE

k in ol )

Int: BanSchoo(TX)

*** 2.179*

0) (0.0009 -0.176) (0.5552 0.4467) (0.0093 0.1621) (0.699

703

nowledge areesult from sofit. A school athe probabi

ge baseline apoint above tfrom treated

Baseline

No Ban

Bank in

UTH PILOT

ANCIAL EDUCAAM

ng greater gar program she in terms of ed in Amarill

k in ol )

Int: Ban(WI)

*** 1.9240) (0.000

70 -0.0061) (0.9766** 0.5539) (0.0602 9)

-0.875

(0.020671

e strongly pome schools eadministratoility his or hand follow‐uthe 45 degreed students. O

Follow‐u

k (677)

School (731)


ains in numbhows statistknowledge glo.

ked )

Int: Ban(TX)

*** 2.1750) (0.000

645 -0.0726) (0.7243 0.3200) (0.164

5* 0.208

0) (0.473 703

ositive in bothexperiencing or contemplather school wup quiz scoree line represeOnly two sc

up


ber of tically gains.

nked )

***

0)284)04)

8

3)

h Eau large ting a

will be es for ents a chools

ESS TS

20

FINDINGS FRO

failed to balance b

BANKING

The bankend of thehaving a marginal Somewhaschool.

Looking students students effects ba

12 Note thameasure. Inincrease thwere inconreporting tstudent wa

OM THE ASSES

experience gbetween incre

G

ked/unbankee study. Tablbank accounestimate is

at surprising

only at the who were raobtaining ac

ased on an in

at whether or n the first year he consent ratensistencies betwthat the studenas unaware of t

46

810

Follo

w-u

p

SSING FINANC

gains for theeases and dec

FIGU

d status of ele 10 below snt at follow‐that educat

gly, the effect

307 studentandomly seleccounts whoteraction of r

not a student in Eau Claire,

e), and asked aween parent ant does have atheir own bank

4

CIAL CAPABILI

eir treated stcreased in m

URE 2 MEAN Q

each student shows that fin‐up who didtion increasets were not m

s in Amarillected for a $2o previously receiving an

is banked wawe collected dabout their chilnd student resa bank accounk account.

6

TreatContr45 De

Mean Q

ITY OUTCOME

tudents, whemeasured kno

QUIZ SCORE

was measurnancial educd not have anes the numbmore pronou

lo at schools5 incentive cdid not havincentive to

as self‐reporteddata from parenld’s banked stasponses. The mnt, while the st

Baseline

ment - WIrol - WIegree Line

Quiz Score b

ES (AFCO) YOU

FINA

ereas the conowledge.

E BY SCHOOL

red as part ocation is assony account aber of bankeunced if a stu

s where bancauses about ve them. Howopen an acco

d by the studnts (discontinueatus. While themost common tudent said th

8

Treatment - TControl - TX

by School

UTH PILOT

ANCIAL EDUCAAM

ntrol student

L

of the assessciated with sat the start oed students udent had ac

nk accounts an 18.1% mawever, thereount and edu

ents, which med in the secone majority of rdisagreement

he opposite. Th

TX


ts are much

sment at starstudents repoof the projectby about 3ccess to a ba

were offeredarginal increae are not stroucation.

may be an unrnd year of the preports agreed,involved the phis suggests th

10


more

rt and orting t. The .5%.12 ank at

d, the ase in onger

eliable pilot to , there parent hat the

ESS TS

21

FINDINGS FRO

TABLE 10

Financial Bank & E Seed Mon Education ObservatioNote: margi

Table 11 predominestablishethe majoropen acco

TABLE 11

Financial Bank and Observatio

Figure 4 banked. Fbranches

OM THE ASSES

0 REGRESSION

Education

Education

ney Lottery

n & Lottery

ons inal effects repor

shows that thnately founded and the erity of in‐schount was bas

STATE-SPEC

Education

d Education

ons

shows the stFurther anal.

SSING FINANC

N RESULTS: S

0(

rted

he effect of hd in Eau Cleducation serhool bank brsed on a shor

CIFIC REGRES

Fin Ed

0.04(0.0

65

tudents withysis shows m

CIAL CAPABILI

STUDENT BA

Fin Ed

0.0338*

(0.018)

1359

having a banaire. This isrved as a trigranches wererter term exp

SSION RESUL

d (WI) Fin E

474* 0.013) (0 57 7

hout financiamuch of this

ITY OUTCOME

ANKED

Int: Bank inSchool 0.0316(0.065)0.00452(0.875)

1359

k in school os likely becagger for stude new and sosure.

LTS: STUDEN

Ed (TX) IntSch

0274 00.122) (

-(

702

al education s increase co

ES (AFCO) YOU

FINA

n Seed

0.0(0.

0.18(0.0

30

on unbankedause the credents to seekstudents’ und

NT BANKED

: Bank in hool (WI)

InSc

0.0621*

(0.026)-0.0282(0.447)

657

also experienomes from st

UTH PILOT

ANCIAL EDUCAAM

Money Int

0454191)

81***

000)

07

d students beedit union bk out an accoderstanding

nt: Bank in chool (TX)

0.0151 (0.378) 0.0267 (0.509)

702

nced an incrtudents with


t: Seed Money

0.0726(0.120)

0.223**

(0.004)-0.074(0.376)

307

ecoming bankbranches are ount. In Amaof their abil

rease in becoh on‐campus


y

ked is long

arillo, lity to

oming bank

ESS TS

22

FINDINGS FRO

DEPOSIT

Data on e166 studeseasonal robustnes

The next school brfrom studEau Clairtheir schoschool brbranches

TABLE 12

Financial

u.s. department of the treasury - tion & ccess among y … · 2020. 1. 19. · u.s. departm m the...

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