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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.

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slide1

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

slide5

Financialworkshopkits.org

  • Workshops indexed against 10 categories
    • Aging
    • College Series
    • Diversity
    • General Financial Education
    • Health & Disability
    • Human Services
    • Low Income
    • Special Situations
    • Workplace
    • Youth

www.nefe.org

nefe financial workshop kits
NEFE Financial Workshop Kits

Workshops

  • Former Inmates
  • Domestic Violence
  • Addiction
  • Income Savings and Assets
  • Living with MS
  • Transitional Housing
  • Family Money Skills
  • Saving Through Tax Refunds
  • Military Personnel
  • Your Spending Your Savings Your Future
  • 40 Money Management Tips
  • Children with Disabilities

www.NEFE.org

nefe financial workshop kits1
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

new fwk topics
New FWK Topics
  • First-time Homebuyers (for Low Income Population)
    • Managing Utility Bills (future)
    • Homeownership (Risk & Protection)
    • Homeownership Foreclosure Issues
  • Making Adoption an Affordable Option
  • Problem Gambling (future)
  • Money Learning: Connecting Generations (future)
  • Auto Financing (future)
  • My Retirement Paycheck (future)
  • Disasters: Financial Preparation and Recovery (American Red Cross/AICPA Foundation) (future)
workshops
Workshops

www.NEFE.org

slide10

Financial Workshop Kit

  • Tools to enhance effectiveness
  • Customizable programs and presentations
    • Content
    • Delivery
  • Each workshop consists of
    • Presentation
    • Script (facilitator's guide)
    • Handouts
    • Other resources
    • FAQs
    • Relevant information for audiences

www.nefe.org

slide11

Agreement

The content on this site may be used only for non-profit, non-commercial

educational purposes. You must agree to the Content License terms to

download or use the content on this site. By clicking the “I Agree” button below, you acknowledge that you have read and agree to the

Content License Agreement.

__________

[ I AGREE ]

www.nefe.org

slide13

Social Service Microsite on Financial Workshop Kits

  • Case Management Tools for Social or Human Services
  • Blueprint for Community-Based Financial Education
  • Smart About Money
  • Money Resolution Strategies (2 versions)
  • Your Spending, Your Savings, Your Future
  • Managing My Money.com
slide14
Blueprint for Community-Based Financial Education In Cooperation with Catholic Charities USA
myretirementpaycheck org
myretirementpaycheck.org

Consumer Tool

www.NEFE.org

my retirement paycheck
My Retirement Paycheck

Interactive feature

  • Outlines a range of decision areas and shows interrelatedness
  • Asks questions, provides insight
  • Encourages critical decisions to stretch retirement paycheck
8 decision areas
8 Decision Areas
  • Work
  • Social Security
  • Home & Mortgage
  • Insurance
  • Retirement Plans
  • Savings & Investments
  • Debt
  • Fraud
slide19
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
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”

historical background
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

increased interest
Increased Interest
  • The recession triggered great national interest in financial literacy
  • Significant increase in financial literacy research
  • Strong government interest
  • Rapid growth in state mandates
    • 46 today vs. 21 in 1998
  • School-based programs are growing:
    • 313,000 NEFE High School Financial Planning Program student guides were requested in 2000.
    • We sent over 700,000 student guides in 2010.
background
Background
  • Way & Holden (2009)
    • Lack of Knowledge and Confidence
  • CEE (2011); Gutter, Copur, & Garrison (2010)
    • Increasing state mandates
  • Hira (2010); Schuchardt, Hanna, Hira, Lyons, Palmer, & Xiao (2009)
    • Deeper examination needed
research based need
Research-Based Need

K-12 Teacher Preparedness Study

Teacher responses . . .

  • students should study financial literacy (89%)
  • do not feel competent to teach financial education (< 20%)
  • feel unqualified to use financial literacy standards (63.8%)
  • willing to get formal financial education training (> 70%)

NEFE-Funded Study; University of Wisconsin-Madison, 2009

research based need1
Research-Based Need

State Mandate Study

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

  • less prone to compulsive buying
  • more likely to accept average financial risk
  • more likely to pay off credit cards each month
  • more likely to save money

NEFE-Funded Study; University of Florida, 2010

response
Response
  • Meeting at the U.S. Department of Education held March 2010
  • Goal
    • Develop a shared teacher training program focused on:
      • Making it easy for teachers (Interviewed Teachers)
      • Core financial knowledge
      • Teacher needs
      • Inclusive of all quality providers
      • Alignment with emerging standards/core competencies
      • Portability
      • Inclusion of reinforcement/follow-up
      • Common front door for teachers
      • Disseminated through Jump$tart Coalition
response1
Response
  • Provide opportunity for educators to build financial literacy confidence
  • Establish a model framework for teacher financial literacy programs across the country
vision
Vision

Create a shared teacher training program through Jump$tart

the model
The Model

As a result of this model,teacherswillincreasetheirownpersonal financeknowledgeandskilltobuild confidence to teach personal finance in the classroom.

model description
Model Description
  • Locally-based Planning Teams
    • Assistance & Guidance from Alliance
    • Nonprofits
    • Educators
    • State agencies
    • Businesses
    • Financial planners
    • University partners
  • Numerous Disciplines
  • Locally Relevant Credential/Credit
  • Timing
  • Various strength of local Jump$tart Coalitions
model description1
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.

program content
Program Content

Econ 101

Spending and Planning

Borrowing

Saving and Investing

Earning Capability

Financial Services

Fraud

Insurance/Risk Management

Targeted learning outcomes

Applied learning

Relevant and personalized

Prep work / Post work

Credible resources

“Expert” facilitators

Classroom application

Assessment

Workshop Topics

Methodology

participant materials
Participant Materials

Learning plans

Handouts

Resources

Pre-work

Scenarios

Action

facilitator materials
Facilitator Materials

Orientation with expectations

Prescribed outcomes

Facilitator guides

Customizable presentations

Supporting materials

planning toolkit
Planning Toolkit

Event planning guide (suggested timeline)

Learning expectations/outcomes

Materials for 7 topical seminars

Presenter orientation guide

Assessment template

Budget template

Collaboration strategies

tested
Tested
  • 5 pilots; over 700 K-12 educators
    • ILLINOIS (Chicago Public Schools)
    • COLORADO
    • VERMONT
    • ARIZONA
    • SOUTH CAROLINA
  • Varied formats
    • Three-day, week-long, blended
  • Assessment (pre and post)
assessments
Assessments
  • Measuring Impact
    • Attitude & Confidence
      • Pre/Post Assessment
      • Focus Groups
    • Behavior
      • Pre/Post Assessment
      • Focus Groups
    • Credential/Graduate Credit
      • Locally relevant
findings
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)
findings1
Findings
  • Nearly all (99.1%) of participants indicated that they think other teachers would find a similar training opportunity helpful
  • Had a positive impact on their own personal finances (93%) and also on their classroom instruction (94.7%).
change in behavior
Change in Behavior

Participants demonstrated significant gains in mean pre/post behavior changescores.

28 percent  56 percent: Participants who calculated the amountof money they would like to have when they retire and are making contributions to a retirement account based upon attaining that amount.

39 percent  71 percent: Participants who took steps to improve their credit score.

50 percent  72 percent: Participants who had reviewed their credit report.

change in confidence
Change in Confidence

Those with no previous training in financial education topics nearly closed the gap in measured confidence gained compared to those who had participated in some sort of previous training.

  • 38 percent  80 percent: Participants who agreed they have the knowledge necessary to effectively teach their students about personal finance.
  • 61 percent  90 percent: Participants who had integrated financial education into their classroom instruction.
    • A low of 35% were teaching PFL in Colorado prior to the training
    • A high of 100% were teaching PFL in Vermont 6-months after the training
additional results
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
conclusions implications
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.
conclusions implications1
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.
successes
Successes
  • Collaborative planning
  • Enthusiasm for financial literacy
  • Educator incentives
  • Applied and relevant learning
  • Qualified presenters … learn from the experts
  • Prepared presenters
use the model
Use the Model

Any organization/institution can conduct trainingbased on the model

Host organization utilizes local experts,local funders, partner marketing

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

rules of engagement
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.
final thoughts
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.”
for more information
For More Information

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

for more information1
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

contact
Contact

Brent A. Neiser, CFP®

Senior Director, Strategic Programs and Alliances

National Endowment for Financial Education

ban@nefe.org

(303) 224-3501

www.nefe.org