Transcript Keys to Your Financial Future - Jim Casey Youth Opportunities

Keys to Your Financial
Future Overview
Keys to Your Financial Future:
Curriculum Goal
To give young people keys to their financial
futures so they can be financially
independent and financially capable.
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Why Keys?
Working title was Financing Your Future
Changed to “Keys” because:
Keys provide access to things—an apartment, a car, a home and a
business—many of the assets young people may be saving for.
Keys provide security—locking an apartment, car, home or business can.
Keys are about control—when young people have keys they have control
over something.
Keys provide answers—answer keys.
Finally, information that is “key” is considered essential or important.
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Keys to Your Financial Future:
Modules
Module 1: Asset Building:
Unlocking the door to long-term
benefits building
Module 2: Good Credit:
Your score in the game of life
Module 3: Money Management:
Cashing in on financial success
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Core Modules
Prior to enrollment in
Opportunity Passport™
Keys to Your Financial Future:
Modules
Module 4: Education and Training:
The power of knowledge for work and college
Module 5: Housing: Reality in realty
Module 6: Transportation: Enjoy the ride
Module 7: Saving and Investing:
Making the change by keeping it
About the Module Names
The module names were developed by the participants of the 2012
Jim Casey Youth Opportunities Initiative Youth Leadership In
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Keys to Your Financial Future:
Modules
Financial knowledge and skills to transition out of the foster care
system, which includes the ability to:
Set and achieve personal and financial goals.
Open and maintain savings and checking/debit accounts.
Describe the qualities of an affordable, stable and secure
place to live and how to find and keep a stable and
secure place to live.
Describe the qualities of safe, reliable and affordable
transportation and how to find and pay for it.
Pay for training or education to achieve job-related/career goals.
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Keys to Your Financial Future:
Outcomes
Financial knowledge and skills to transition out of the foster care system,
which includes the ability to:
Keep sources (income and benefits) and uses (expenses, debt
repayment, saving, asset building, charitable contributions)
of resources in balance.
Know what key documents they need and how to access
and protect them.
Develop knowledge and understanding of community resources
and access/use them when needed.
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Continue to build assets and protect those they have.
Keys to Your Financial Future:
Outcomes
Savings for both asset building and emergencies.
Knowledge about the access, use and management of credit,
credit reports and credit scores.
Connections with financial service professionals within
the community.
Ability to manage financial accounts.
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Keys to Your Financial Future:
Repeating
Competencies
Competencies addressed contextually in multiple sessions
for the purposes of reinforcement.
Setting goals
Building assets
Contingency planning
Protecting assets (including your identity)
Operating as a savvy consumer
Making decisions/evaluating the risks and returns of a
product, service or situation
Making and keeping a budget
Managing cash flow
Fixing or improving credit and/or managing and reducing
debt
Keys to Your Financial Future:
Products
Participant Workbook
Facilitator’s Guide
Training of Trainers
Online Toolkit
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Keys to Your Financial Future:
Products
Participant’s
Workbook
Modules 1-7
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Facilitator’s
Guide
-Facilitator’s Notes
-Visual Aids (PPT)
-Props (Tools)
-Evaluations
-Appendices
Video
Tutorial
Modules 1-7
&
Financial Coaching
Online
Toolkit
-Participant Workbook
-Facilitator’s Guide
-Video Tutorial
- Curriculum Overview
(PPT)
Changes from Previous
Curriculum
Based on increasing young people’s capacity to become more
financially capable within current economic context
resulting in greater emphasis on:
Building assets—assets are also more broadly defined to include
productive assets and social capital; thinking about assets from a
portfolio model was added as a result of staff feedback
Saving for emergencies—heavily emphasized in the context of
contingency planning and debt mitigation
Using a broad range of financial services an
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Changes from Previous
Curriculum
No “one strategy fits all” approaches—risks and rewards
(costs/benefits and advantages/ disadvantage) of different
approaches are examined in nearly every module
Building credit—is a core topic and has much more content
including information on credit scoring (Note: This is the topic
that seems to interest the young people the most.)
Alternatives to budgeting—bill paying calendar, envelope
system, cash flow and online/technology-based systems are
presented as options
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Changes from Previous
Curriculum
Provides options—within materials, young people are asked to
consider whether information is relevant to them now
Highlights differences and provides specific guidance where
age matters—credit reports, loans, accounts, driver’s license,
etc.
Aligned with changes to Opportunity Passport™—every
module relates content to Opportunity Passport™ Matched
Savings current policy
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Changes from Previous
Curriculum
More technical information, more detail—pro and con; more
will be expected from site person stewarding financial
education
More narrative, but also more exercises and opportunities
for reflection within workbook
Use of real examples—credit report, lease, auto insurance
summary and declarations, etc.
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Changes from Previous
Curriculum
Use of many case studies instead of one
Use of contemporary names
“The different case studies and stories used as
examples, I like the diversity in the names. It’s neat that
they are not the usual Sally, Joe, and John names. The
names used are relevant and recognizable for our
generation. I know it is a small detail but definitely one I
noticed and appreciated.”
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Changes from Previous
Curriculum
Financial concepts in context:
• Relationship to asset building and asset
building portfolio
Education and Training
Housing
Transportation
Saving and Investing
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•
Relationship to their financial independence
•
Goal setting
•
Budgeting
•
Credit and use of debt
•
Risks and rewards of choices
•
Contingency planning
•
Making own choices using information
provided
Process for Creating the
Participant’s Workbook
Developing Curriculum
n
Focus Group with
Young People
Outcomes,
competencies and
modules
Activities tested at
Fall Convening
Content reviewed/
comments
provided by young
people, site,
consultants and
staff
Revised based on
feedback and
added content
Edited and
published by
Communications
Team
Feedback was generally positive.
Only one substantive change—addition of asset building
portfolioconcept—resulted from review process.
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Components of the Participant’s
Workbook
Introduction—this provides a quick overview of the module.
Quotes—inspirational or thought-provoking statements related to the content of
the section.
Where You Live—The Neighborhood
“Don’t buy the house, buy the neighborhood.”
-Russian Proverb
Where you live is your neighborhood. When picking a place to live, most people consider
the neighborhood. Usually they want to know if it’s safe. And by safe, they mean no or little
crime.
But is there more to picking a neighborhood?
Here are some questions to answer when it comes to picking your neighborhood:
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Can you walk to a grocery store? Not just a grocery store, but are there businesses,
services and other organizations that you need in your neighborhood. This may make it
more affordable because you don’t have to use transportation to . . .
Components of the Participant’s
Workbook
Key Questions—these are either questions for reflection or
questions that may be used in the training. Young people
participating in Opportunity Passport™ and Keys to Your
Financial Future Training can use the space provided to write
their answers or ideas from others in the training group.
Key Activity—these are case studies or problems that may be
used during the training or can be used individually to get more
practice in understanding a specific idea or concept covered in the
curriculum.
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Components of the Participant’s
Workbook
Key Concept—these are all in boxes so they stand out and include
additional or important information.
Key Concept
Successful Saving
People that save figure out ways to make their savings
automatic. What does this mean? They generally make a
decision once and set up a system that enables them to
“save without thinking about it.”
Direct deposit is the easiest way to do this, but you have to
have a paycheck and a bank account to use this approach.
Module 3 will cover other ways to automate your savings.
Module Wrap Up—this is the conclusion of the module and
includes highlights of content covered as well as a list of the
Asset Building Plan Components (Keys to Your Financial Future
Steps) covered within the module.
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Components of the Participant’s
Workbook
Within each module, there are Keys to Your Financial
Future. Each step comprises a part of the Asset Building
Plan.
They are numbered by module and in the order they come
within a module.
When the young people complete all of these steps, their own
asset building plan for financial independence.
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Example Asset Building Plan
Components from Module 1
Keys to Your Financial Future Step 1.1: Your Vision
Keys to Your Financial Future Step 1.2: Turning Your Goals into SMART Goals
Keys to Your Financial Future Step 1.3: Turning Your SMART Goals into Savings
Targets
Keys to Your Financial Future Step 1.4: Revising Your Goals Savings Target
Keys to Your Financial Future Step 1.5: Making Contingency Plans
Keys to Your Financial Future Step 1.6: Charting Your Social Capital
Keys to Your Financial Future Step 1.7: Planning for Your Opportunity Passport™
Matched Savings
Keys to Your Financial Future Step 1.8: Your Savings Plan
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Drawbacks
Volume of content—may be too much for some sites to handle;
may require technical assistance from consultants
Options within Modules—some people like options, some people
don’t
Lack of integration of video and technology —intentionally not
included due to uneven resources at sites; optional lessons should be
included in online toolkit for those who can run classes on
computers, for example
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Changes from Previous Curriculum
More guidance
Greater diversity of training techniques
Options for activities within module
Resources for coaching
“How one presents something is often as
strong a political statement as the content one is presenting.”
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-Training for Transformatio
Components of the
Facilitator’s Guide
Training overview
Session outcomes
Materials needed for the training—this is a list of any handouts, visual aids,
training props or other supplies you may need for the training session.
Overview of KEY ACTIVITIES—this is a list of the activities contained within
the Participant Workbook in chart format with an indication of whether the
activity is used within the training.
Keys to Your Financial Future Steps—this is a list of the Asset Building Plan
components covered within the section of the training.
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Components of the
Facilitator’s Guide
 Keys to Preparation—this is a plan for helping you prepare for facilitating the
training.
 Keys to Timing the Facilitation of the Module
 Following the facilitation materials, you will find:
• Answer keys to the Key Activities
• Templates for Training Props
• Templates for the Visual Aids—these are available in PowerPoint
format also, but are provided to help you prepare flip charts prior to each
training
“Tell me and I'll forget. Show me, and I
may not remember. Involve me,
and I'll understand.”
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Native American Saying
Section Number & Title
Facilitation Materials—Module 2: Good Credit:
Your score in the game of life
Section #1: Credit
Estimate of Time:
10 minutes
Page in Participant Workbook:
Introduction Section
Materials Required:
Corresponding
Pages in
Participant
Workbook
Estimate of Time to
Blank flip charts for recording participant responses
Facilitate Section Only
Markers and tape
Card stock with question sets. Use like color paper for each set.
Card set (see template following the section). Enough for each group of two to
have its own set.
 Prepared flip chart: Credit Matters (Visual Aid 2.1)
 Prepared flip chart: Credit is . . .(Visual Aid 2.2)




Facilitator Instructions
Vote with Your Body
Training Technique or
Methodology
Use the following instructions to facilitate the opening activity.
NOTE TO FACILITATOR: Before the session, complete each set
of choices on card stock or flip chart paper. Hang them so only
one set can be viewed at a time.


Instruct participants to stand under the sign they most agree with.
Explain that they will have to choose between one of two choices except
These May Include Options for
or the final question, they will have to choose among four questions.
Notes for Preparation
Reveal one set of choices atFacilitating,
a time.
Credit is generally good. VS Credit
is generally
or Other
Useful bad.
Information.

Credit is an asset. VS Credit is NOT an asset.

Credit is too complicated to understand. VS Credit is a financial tool.

“I am too young to worry about credit.”
“I never want to use any credit.”
“This information does not apply to me.”
“I can’t wait to learn more about this topic.”


After each set, ask at least one participant to explain her/his choice.
Try not to set this up as a debate; facilitate a dialogue.


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Summarize using the following:
 You may have many associations with credit.
 Most of these come from your experiences or the experiences of the
people you know.
 Many people have gotten into trouble with credit.
 But credit can be useful. In fact, good credit is a productive asset.
 In fact, whether you want to use credit or not, credit will matter to you.
 Credit matters if you want or think you may one day want:
o A job
Materials and
Visual Aids
Post prepared card stock
with question sets. Be sure
that only one set is
showing at a time to avoid
confusion during the
exercise.
Additional Instructions
to Facilitator for Using
Visual Aids, Handouts or
Training Props.
Instructions for
Facilitator. Always
Preceded by .
Post prepared flip chart:
Credit Matters (Visual Aid
2.1)
Talking Points for
Facilitator. Always
Preceded by . Can be
Used “As Is” or Modified
(Put into Your Own
Words).
Facilitator Instructions
Materials and
Visual Aids
Facilitated Discussion
Use the following talking points and questions to facilitate a discussion.
 What is an opportunity cost?
Question to Ask
Participants Directly.
Always Preceded by “?”
After getting a few responses, summarize by stating:
Blank Flip Charts for
Recording Participant
Contributions
o The opportunity cost is the cost of what you are giving up when you
make a choice. Every choice has opportunity costs. Economists would
say the opportunity cost is the cost of the next best alternative you are
forgoing when you make a choice.
Write participant
responses to each
question you ask.
Exercise in Pairs (OPTIONAL)
Use the following talking points to provide instruction for the activity.



Instruct participants that they will be using KEY ACTIVITY—Amortized
versus Revolving Credit for this exercise.
Provide the teams with 5 minutes to answer the questions.
Ask participants to share their answers. Compare their responses with the
correct answers:
.
How much total interest is paid for the installment loan?
$54.99
How much interest is paid for the revolving credit?
$45.07 so far.
How much principal is owed on the installment loan after 12
months?
$0
How much principal is owed for the revolving credit 12 months?
There is still a balance of 600.07 left.
How long do you think it will take to pay off the loan in years?
5 years
Summary Answer to be
Provided after
Participants Contribute.
Always Italicized and
Preceded by “”
Answers to KEY
ACTIVITIES; Sometimes
Provided in Worksheet
Format Following
Section
Statements to Help You
Post prepared flip chart:
Connect
One
Answers to
KEYSection to
TRANSITION
ACTIVITY—Amortized
Now that you know how credit works, you are going to look
the Next Section.
versus Revolving Credit
(Visual Aid 2.7)
at the trouble with some kinds of credit.
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Summarizing Statement
May Also be Used.
These Start with
“Summarize using the
following:”
“
Components of the
Facilitator’s Guide
 Facilitator Guide Introduction
 Pre-Training Assessment
 Post-Training Assessment
 Evaluations for all Modules
 Visual Aids for all Modules (PPT file)
 Appendix 1 & 2 (Icebreakers [1] and Energizers [2])
 Appendix 3 (Financial Coaching)
 Appendix 4 (Asset Building Plan Components)
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Keys to Your Financial Future:
Video Tutorial
 Provides trainers with additional information to develop content knowledge and
skills to deliver Keys to Your Financial Future to the young people they serve in
a way that is effective, engaging and builds the financial capability of young people.
 Provides an orientation to Keys to Your Financial Future including the participant’s
workbook, the facilitator’s guide and the training tools as well as an introduction to
coaching to supplement and support the young people during and following
completion of the training and throughout their involvement with the
Opportunity Passport™.
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Keys to Your Financial Future:
Video Tutorial-Results
 Knowledge of the outcomes, competencies and content
of Keys to Your Financial Future.
 Ability to use the materials provided with the curriculum to deliver effective
and engaging financial education that supports the young people they serve in
reaching their own respective goals and building their financial capability.
 Understanding of the Jim Casey Youth Opportunities Initiative’s expectations
regarding financial education delivery.
 Understanding of the pre/post assessment tools and how to analyze them for site
level information on financial education efficacy.
 Knowledge of financial coaching and how to use it to strengthen the financial
capability of the young people they serve.
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