1 / 18

Financial Literacy Certification Program Celebrating 5 years of Success!

Financial Literacy Certification Program Celebrating 5 years of Success!. BTANYS 55 th Annual Conference Friday October 12 th , 2007. Financial Literacy Certification Program. Why it’s Important!.

dyre
Download Presentation

Financial Literacy Certification Program Celebrating 5 years of Success!

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Financial Literacy Certification ProgramCelebrating 5 years of Success! BTANYS 55th Annual Conference Friday October 12th, 2007

  2. Financial Literacy Certification Program Why it’s Important! • Less than a quarter of students (24%) say they are very well prepared to deal with life’s financial challenges (Hartford Financial Services Group, 2007) • 68% of high school seniors today do not understand the basics of personal finance and only 14% have taken a personal finance class (Jump$tart, 2007). • In New York City, 78% of high school students have had NO course on Personal Finance until participating in w!se’s program • Universities lose more students to credit card debt than to academic failure • US consumer debt stands at $2.4 trillion and exceeds household income by over 8%

  3. Financial Literacy Certification Program Background about the Program • Origin: Established in 2003 in New York City as an initiative of the New York Financial Literacy Coalition (the NY State Jump$tart affiliate) • Goals: • increase the number of young people who are financially literate • improve instruction of finance to seniors in high schools • measure the level of school effectiveness in the teaching of finance and the financial literacy of students graduating from high school • Sponsors: JPMorgan Chase, Citi Foundation, The McGraw-Hill Companies, Allstate Foundation, the NY State Banking Department, the Federal Reserve Bank of New York, the Financial Planning Association of New York; NYSE Foundation; Wash Mu; Muriel Siebert Foundation; Hudson Valley Trust • Recognition: Recipient of the 2007 US Treasury John Sherman Award for Excellence in Financial Education

  4. Financial Literacy Certification Program Program Characteristics • Schools agree to teach Personal Finance unit and test all students in course on business, economics or math • Topics Taught: Money, Cost of Money, Budgeting, Banking, Credit, Insurance, Investing, Money Management, Retirement Planning • Program Features: • Orientation/Workshop/Conference training for teachers • Teacher Resources (curriculum outline, practice test questions on-line) • Certification Testing (pre-test and post test) administered by teachers and scored by w!se • Student, Teacher and School (Blue Star) Recognition • Behavioral Surveys and Psychometric Analysis

  5. Financial Literacy Certification Program The Certification Test • Newly Developed each semester • Students randomly assigned one of three tests • 50 Multiple Choice questions • 15 Survey Questions • 60-70 minutes • Administered in the fall and spring • Test Available in English and Spanish • Plans to develop on-line testing

  6. Financial Literacy Certification Program Sample Test Question • One good way to build an investment portfolio is to • use interest and investment dividends to cover everyday expenses. • increase money budgeted for fixed expenses. • establish an emergency fund. • make monthly deposits to an investment account.

  7. Financial Literacy Certification Program Program Benefits • No cost to schools in New York State • Results ONLY shared with school contact • Schools with 75% + passing the FLC Test are designated BLUE STAR SCHOOLS • Certificates to students who pass the FLCT • Medals and Scholars Reception for students who achieve a 95%+.

  8. Financial Literacy Certification Program Frequently Asked Questions • What is the formula for being a Blue Star School? • Can the test be given in class? • Should I count it toward the final grade? • Can all schools administer the pre-test? • Do the practice tests matter?

  9. 2006-2007 Test an Survey Results: Number of Students Tested and Pass/Fail Rates by Location OVERALL 15,447 Total number of students tested 11,666 (76%) Passed 3,783 (24%) Failed

  10. 2006-2007 Test and Survey Results: Comparing Student Possession of Bank Accounts by Region Overall, 40% of students surveyed reported NOT having a bank account

  11. 2006-2007 Test and Survey Results: Reasons Given by Students for Not Having a Bank Account

  12. 2006-2007 Test and Survey Results: Comparing Pass Rate of Students with and without Bank Accounts

  13. Financial Literacy Certification Program Program Performance • 15,447 Participating Students in 2007, over 38,000 since 2003 • 51% AAGR in school participation • Average passing score of 74% since program launch • 40 Blue Star Schools in 2007 • Statistical difference between pre-test and test

  14. Financial Literacy Certification Program Dates to Remember, 2007-2008 • November 6, 5thAnnual MoneyPOWER Conference for Educators • December 13, Fall Financial Literacy Certification Test • February 13th, 2008, Spring Pretest • First Week of May, Spring Financial Literacy CertificationTest

  15. Financial Literacy Certification Program Register Now for SY2007 - 2008 • Registration Package • Complete the School Participation Agreement form • Must be signed by Principal &/or AP • For Registered Schools • Check your inbox or junk mail. Look for an email from Matt LePage MLepage@wise-ny.org for Spring confirmation and Teacher’s Guide

  16. Thank You!

More Related