Transcript Slide 1

ASEC
ASEC Spring Partner’s Meeting
Training the Trainers: Tools, Trends and Tips for Those Who Help
Others Make Better Financial Decisions
April 9, 2014
Brent A. Neiser, CFP®
Senior Director of Strategic Programs and Alliances
National Endowment for Financial Education
www.nefe.org
NEFE REACHES
CONSUMERS
www.NEFE.org
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Financial Workshop Kits
www.nefe.org
FWK Video Resources for Presenters
www.nefe.org
FINANCIALWORKSHOPKITS.ORG
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Workshops indexed
against 10 categories
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www.nefe.org
Aging
College Series
Diversity
General Financial
Education
Health & Disability
Human Services
Low Income
Special Situations
Workplace
Youth
NEFE Financial Workshop Kits
Workshops
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Former Inmates
Domestic Violence
Addiction
Income Savings and Assets
Living with MS
Transitional Housing
Family Money Skills
Saving Through Tax Refunds
Military Personnel
Your Spending Your Savings Your
Future
• 40 Money Management Tips
• Children with Disabilities
www.NEFE.org
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NEFE Financial Workshop Kits
College Series
• Budgeting: Keeping Track of Your
Money
• Budgeting for Life After Graduation
• Dealing with Debt
• Money Management: Actions You Can
Take Today
• Preventing Identity Theft
• Money Potholes
www.NEFE.org
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New FWK Topics
• First-time Homebuyers (for Low Income Population)
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– Managing Utility Bills (future)
– Homeownership (Risk & Protection)
– Homeownership Foreclosure Issues
Making Adoption an Affordable Option
Problem Gambling (future)
Money Learning: Connecting Generations (future)
Auto Financing (future)
My Retirement Paycheck (future)
Disasters: Financial Preparation and Recovery (American Red Cross/AICPA Foundation)
(future)
Workshops
www.NEFE.org
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Financial Workshop Kit
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www.nefe.org
Tools to enhance
effectiveness
Customizable programs
and presentations
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Content
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Delivery
Each workshop consists
of
Presentation
Script (facilitator's
guide)
Handouts
Other resources
FAQs
Relevant
information for
audiences
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www.nefe.org
Kahn Academy Videos
Social Service Microsite on Financial Workshop Kits
Case Management Tools for Social or Human Services
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Blueprint for Community-Based Financial Education
Smart About Money
Money Resolution Strategies (2 versions)
Your Spending, Your Savings, Your Future
Managing My Money.com
BLUEPRINT FOR
COMMUNITY-BASED
FINANCIAL EDUCATION
IN COOPERATION WITH
CATHOLIC CHARITIES
USA
FWK Outreach: E-Newsletter
www.NEFE.org
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myretirementpaycheck.org
www.NEFE.org
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Consumer Tool
MY RETIREMENT PAYCHECK
Interactive feature
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Outlines a range
of decision areas
and shows
interrelatedness
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Asks questions,
provides insight
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Encourages
critical decisions
to stretch
retirement
paycheck
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8 Decision Areas
1. Work
2. Social Security
3. Home & Mortgage
4. Insurance
5. Retirement Plans
6. Savings &
Investments
7. Debt
8. Fraud
Work
How long should I continue working before retirement?
Make sure you can afford it: Don’t stop working until you prove you can afford to – as long
as you are healthy.
Work until full retirement age: Aim to work at least until your full retirement age (66-67).
This produces many benefits including:
 Larger monthly Social Security payment: By delaying taking Social Security, you will
receive a much larger monthly payment, and all Social Security retirement benefits are
adjusted for inflation.
 Increased savings: You will keep adding to your retirement nest egg instead of
depleting it too quickly.
 Health-care: You will keep your health-care benefits longer.
Social Security
When should I start collecting Social Security?
Delaying taking Social Security can increase your payments significantly. Let's look at the
numbers:
Deciding when to take Social Security is one of the most critical decisions affecting your
retirement.
You may be eligible to claim Social Security at the age of 62, but you can significantly
increase your payments by waiting longer:
 If you wait until age 66, your payments may be as much as 30 percent higher than if
you start claiming at 62.
 If you wait until age 70, the monthly payments are at least 75 percent more than if you
start claiming at 62.
Articles include: “How are Benefits Calculated?,” “When Should I Start
Claiming?,” and “Special Situations to Consider”
JumpStart Teacher Training
Alliance
Teacher Training
Historical Background
• School-based financial education decreased post-World War II
• Limited shelf space in schools
• Assessments indicate declining financial knowledge among high
school students
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Increased Interest
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The recession triggered great national interest in financial literacy
Significant increase in financial literacy research
Strong government interest
Rapid growth in state mandates
– 46 today vs. 21 in 1998
• School-based programs are growing:
– 313,000 NEFE High School Financial Planning Program student guides
were requested in 2000.
– We sent over 700,000 student guides in 2010.
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Background
• Way & Holden (2009)
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– Lack of Knowledge and Confidence
CEE (2011); Gutter, Copur, & Garrison (2010)
– Increasing state mandates
Hira (2010); Schuchardt, Hanna, Hira, Lyons, Palmer, & Xiao
(2009)
– Deeper examination needed
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Research-Based Need
K-12 Teacher Preparedness Study
Teacher responses . . .
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students should study financial literacy (89%)
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do not feel competent to teach financial education (< 20%)
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feel unqualified to use financial literacy standards (63.8%)
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willing to get formal financial education training (> 70%)
NEFE-Funded Study; University of Wisconsin-Madison, 2009
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Research-Based Need
State Mandate Study
Students from states with FL mandates in place were . . .
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less prone to compulsive buying
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more likely to accept average financial risk
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more likely to pay off credit cards each month
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more likely to save money
NEFE-Funded Study; University of Florida, 2010
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Response
• Meeting at the U.S. Department of Education held March 2010
• Goal
– Develop a shared teacher training program focused on:
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Making it easy for teachers (Interviewed Teachers)
Core financial knowledge
Teacher needs
Inclusive of all quality providers
Alignment with emerging standards/core competencies
Portability
Inclusion of reinforcement/follow-up
Common front door for teachers
• Disseminated through Jump$tart Coalition
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Response
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Provide opportunity for educators to build financial
literacy confidence
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Establish a model framework for teacher financial
literacy programs across the country
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Vision
Create a shared teacher training program through Jump$tart
Core Financial Knowledge/Skills
Relevant
Adaptable
Scalable
Aligned
Easy
Inclusive
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Measureable
Quality
Common
The Model
As a result of this model,
teachers will increase their own
personal finance knowledge and skill
to build confidence to teach
personal finance in the classroom.
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Model Description
• Locally-based Planning Teams
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– Assistance & Guidance from Alliance
– Nonprofits
– Educators
– State agencies
– Businesses
– Financial planners
– University partners
Numerous Disciplines
Locally Relevant Credential/Credit
Timing
Various strength of local Jump$tart Coalitions
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Model Description
• Three-hour classes
1. Examine how economic trends impact personal financial
situations;
2. Develop personal finance strategies;
3. Identify ways to build wealth through saving and investing;
4. Assess how career planning impacts earning power;
5. Compare and contrast financial services and products;
6. Specify strategies to protect from fraud;
7. Consider options when using credit and managing debt;
8. Devise plans to minimize financial risk; and
9. Explore personal finance resources.
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Program Content
Workshop Topics
Methodology
Econ 101
 Spending and Planning
 Borrowing
 Saving and Investing
 Earning Capability
 Financial Services
 Fraud
 Insurance/Risk Management
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Targeted learning outcomes
 Applied learning
 Relevant and personalized
 Prep work / Post work
 Credible resources
 “Expert” facilitators
 Classroom application
 Assessment
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Participant Materials
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Learning plans
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Handouts
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Resources
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Pre-work
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Scenarios
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Action
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Facilitator Materials
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Orientation with expectations
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Prescribed outcomes
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Facilitator guides
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Customizable presentations
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Supporting materials
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Planning Toolkit
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Event planning guide (suggested timeline)
Learning expectations/outcomes
Materials for 7 topical seminars
Presenter orientation guide
Assessment template
Budget template
Collaboration strategies
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Tested
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5 pilots; over 700 K-12 educators
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ILLINOIS (Chicago Public Schools)
COLORADO
VERMONT
ARIZONA
SOUTH CAROLINA
Varied formats
• Three-day, week-long, blended
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Assessment (pre and post)
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Assessments
• Measuring Impact
– Attitude & Confidence
• Pre/Post Assessment
• Focus Groups
– Behavior
• Pre/Post Assessment
• Focus Groups
– Credential/Graduate Credit
• Locally relevant
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Findings
• (73%) volunteered to participate in the surveys
• Practically all teachers (99.1%) in both 2011 and
2012 reported that they learned something new.
– This is encouraging considering several teachers
had previously attended training or taken a class
(56.4% of those from 2011 and 38.2% of those
from 2012)
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Findings
• Nearly all (99.1%) of participants indicated that they
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think other teachers would find a similar training
opportunity helpful
Had a positive impact on their own personal finances
(93%) and also on their classroom instruction
(94.7%).
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Change in Behavior
Participants demonstrated significant gains in mean
pre/post behavior change scores.
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28 percent  56 percent: Participants who calculated the amount
of money they would like to have when they retire and are making
contributions to a retirement account based upon attaining that
amount.
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39 percent  71 percent: Participants who took steps to improve
their credit score.
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50 percent  72 percent: Participants who had reviewed their
credit report.
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Change in Confidence
Those with no previous training in financial education
topics nearly closed the gap in measured confidence
gained compared to those who had participated in some
sort of previous training.
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38 percent  80 percent: Participants who agreed they
have the knowledge necessary to effectively teach their students about
personal finance.
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61 percent  90 percent: Participants who had integrated financial
education into their classroom instruction.
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A low of 35% were teaching PFL in Colorado prior to the training
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A high of 100% were teaching PFL in Vermont 6-months after the training
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Additional Results
• Key Findings: Demographics
– Those with no previous training in PFL topics nearly
closed the gap in measured confidence gain than
those who had taken a previous PD or courses
• No Previous Training: 65.08 to 74.21
• Previous Training: 68.72 to 75.33
– Similar findings for measured behavior change
• No previous Training: 16.33 to 20.28
• Previous Training: 18.24 to 21.00
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Conclusions & Implications
• If, by way of effective teacher training models,
personal finance topics are presented in a way to
increase teacher knowledge for personal use, it is
demonstrated here that educators will become more
comfortable with the subject area and begin to teach
the topics more frequently and hopefully effectively.
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Conclusions & Implications
• While this approach is not the single answer to
address the gaps identified by Way & Holden (2009),
it is an effective step forward.
• Building a research-based, replicable model of
teacher professional development has the potential
to touch individual lives (both teachers and
students—and even parents) at the state, district,
community, and school-level.
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Successes
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Collaborative planning
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Enthusiasm for financial literacy
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Educator incentives
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Applied and relevant learning
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Qualified presenters … learn from the experts
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Prepared presenters
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Use the Model
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Any organization/institution can conduct training
based on the model
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Host organization utilizes local experts,
local funders, partner marketing
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Host agrees to follow curriculum elements
of the model and participate in assessment
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Rules of Engagement
 Follow the model.
 Focus on specified learning outcomes.
 Facilitate at least 18 hours of learning.
 Conduct pre- and post-assessments; share results.
 Collaborate with local organizations.
 Host event within 12 months of securing
permission.
 Credit the J$TTA Model.
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Final Thoughts
• A teacher-participant said it best,
– “This was one of the best conferences I've ever been
to. I wish I had learned some of this 20 years ago
when I was just starting my career.”
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For More Information
www.jumpstart.org/teacher-training-alliance.html
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For More Information
•www.jumpstart.org/teacher-training-alliance.html
http://www.nefe.org/Portals/0/WhatWeProvide/PrimaryResearch/PDF/J$TTA%20Pilot%20Research%20Report.pdf
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Tools Available from NEFE
Contact
Brent A. Neiser, CFP®
Senior Director, Strategic Programs and Alliances
National Endowment for Financial Education
[email protected]
(303) 224-3501
www.nefe.org