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U SING D IGITAL & I N -P ERSON T OOLS TO C REATE E NGAGING C AMPUS F INANCIAL L ITERACY P ROGRAMS Presented by: Amy Marty Conrad, Program Director February 13, 2017 FYE Annual Conference Agenda 5 Key Factors for Effective Financial

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USING DIGITAL & IN-PERSON TOOLS TO CREATE ENGAGING CAMPUS FINANCIAL LITERACY PROGRAMS

Presented by: Amy Marty Conrad, Program Director February 13, 2017 FYE Annual Conference

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Agenda

  • 5 Key Factors for Effective Financial

Education

  • Research on knowledge retention
  • How to get to know your audience
  • Digital strategies
  • In-person strategies
  • Q&A/Open discussion

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About NEFE

  • Founded 1972, began as College for Financial

Planning; sold assets in 1997 to fund current NEFE

  • NEFE is a self-funded, politically neutral private
  • perating foundation; based in Denver
  • All resources provided free of charge to end-users
  • What we do:

– Fund research – Provide High School Financial Planning Program (HSFPP) curriculum to 5,000+ schools/programs – Provide CashCourse to 1,000+ colleges and universities – Partner with a wide range of non-profit organizations to build financial capability

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5 KEY FACTORS FOR EFFECTIVE FINANCIAL EDUCATION

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5 Key Factors for Effective Financial Education

1.Well-trained educator 2.Vetted program materials 3.Timely instruction 4.Relevant subject matter 5.Evidence of impact

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  • 1. Well-Trained Educator

(And/or tested e-learning protocol)

  • Educator needs to be confident, competent, and

knowledgeable on the topic of personal finance

  • Obtain proficiency in college-level courses or

continuing ed. workshops

  • High-level of understanding (of content and

pedagogy) on topics that build financial capability

  • Create environment that is ideal for student

learning

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  • 2. Vetted Program Materials
  • Classroom activities, topics, examples,

assignments, etc. should be created with consultation of field experts

  • Content/program materials should be tested
  • Appropriate for the audience
  • Include correct and up-to-date information
  • Guided by learning outcomes
  • Tested to be impactful by external evaluators

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  • 3. Timely Instruction
  • Program goals, tools & topics should like to

decisions that learners are readily able to make

  • For topics that are many years away, provide

alternative examples to convey similar concepts

– Ex: Focusing on mortgages for 16-year-olds less effective than covering borrowing (cars, student loans) & planning process of obtaining debt

  • Access to program materials beyond formal

instruction to use later

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  • 4. Relevant Subject Matter
  • Essential to impact behavior & engage

learners with material

  • Understand the audience and the context,

especially when selecting exercises and examples

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  • 5. Evidence of Impact
  • Continuously evaluate impact of a program
  • Evaluation should demonstrate:

– Evidence of impact on behavior, knowledge and/or confidence – Where students are engaged – Where improvements need to be made

  • Implement short-term improvements &

capitalize on areas of success

  • Do not solely rely on anecdotes to inform

work

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NEFE-FUNDED RESEARCH

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www.nefe.org/research

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2013: “Effect of Financial Literacy & Financial Education on Downstream Financial Behaviors”

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2013: “Effect of Financial Literacy & Financial Education on Downstream Financial Behaviors” (Meta-analysis by D. Fernandes, J. G. Lynch, Jr., and R. G. Netemeyer)

  • Amount & timing of financial education

matters

  • Because timing matters, identify teachable

moments for learners when they can deliver timely and relevant information

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GET TO KNOW YOUR AUDIENCE

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What money topics do you think your students are most curious about?

  • CashCourse fall 2016 student survey – 1,700+

students responded

  • The top 5 money topics students wanted to

know about were:

  • 1. Saving
  • 2. Student Loans
  • 3. Budgeting
  • 4. Credit
  • 5. Investments

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Know Your Students

  • Paper/in-office surveys work
  • SurveyMonkey: Free online survey tool
  • Peer-to-Peer programs – work with

student leaders; they can talk to their peers

  • Remember knowledge decay: What

decisions are students about to make?

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Assess Your Current Programs

  • What does success look like?

– Number of students reached – Workshop attendance – Office/follow-up visits – Students who complete a budget or online course – Website analytics

  • You have to set a baseline to see if you’ve

made a difference

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DIGITAL MARKETING STRATEGIES & TOOLS

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Social Media Basics

  • Social media is a tool, not a magic bullet
  • Many social media channels will ONLY show

your posts to students if you pay ad money

  • Keep it short & sweet
  • Try custom images; they get more views
  • Ask for University/College-wide social

channels

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Sample Facebook Post

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E-Mail Marketing Basics

 Email can be your #1 marketing tool, but you have to

break through the noise

 Free tools like Mailchimp will help you design better

marketing emails

 Top email tips:

 Keep the message short & sweet  Make sure it looks good on a mobile device  Choose one or two (at most) calls-to-action  Include action-oriented buttons

 Remember: What’s In It For Me?

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The Bottom Line

You’re probably not going to “Go Viral.” Your mission should be to “Go Visible” Become a regular, relevant, and useful presence to students

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Supplement Lessons with Technology

 Lean into students’ technology; don’t rely on

  • utdated personal finance tools

 ex. The concept of “balancing” a checkbook is great, but

many students view bank statements online or may use an app to track spending

 FinTech is largely unregulated. Do your

research into who sponsors it & what students’ private information is used for

 Choosing financial tools is a personal

preference

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IN-PERSON STRATEGIES

FOR EDUCATORS

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Advertising Workshops

  • Advertise workshops at large lectures. If

possible, work with instructors to offer extra credit

  • Providing incentives makes a difference. Try

food or a prize drawing. (Bookstore gift cards

  • r Chipotle are favorites.)

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Building a Workshop

  • If you’re not a subject matter expert, work

with someone who is

  • Personal finance is PERSONAL. What

individual lessons can be learned?

  • For many topics, students can

practice/simulate the financial skill

  • Examples: student loan repayment, buying

a car, calculating a savings goal, building a budget

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Activity/Career Fairs

  • Use a one minute activity to impart a quick

lesson

  • Check your credit score, then explain with that

number means

  • Pull up loan balance
  • Ask how much they spent in the last day, week,

month on food

  • Plan for your next step: Have a workshop or

meeting you can promote

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Campus Partnerships

  • Orientation
  • Financial aid

disbursement/counseling

  • Counseling/one-on-one

sessions

  • Student Services
  • Disability resource offices
  • Academic probation
  • First Year Experience (FYE)

courses

  • Bridge programs
  • Study skills courses
  • TRIO
  • Housing
  • Athletics
  • Greek life
  • Dining
  • Student senate/student

government

  • Basic skills

curriculum/remedial education

  • Transfer student orientation

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WRAPPING UP

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Lessons from CashCourse

  • No one-size-fits-all
  • Personal takeaways
  • Opt-in vs. required
  • Engage peers
  • Regular evaluation
  • Multiple points of

contact

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Further Reading + Discussion

  • National Endowment for Financial Education:

http://www.nefe.org

– Research: http://www.nefe.org/what-we- provide/research.aspx

  • NEFE college financial literacy program – CashCourse:

www.cashcourse.org

– Examples from CashCourse schools: http://info.cashcourse.org/cashcourse-across-the- usa/success-stories.aspx – Tool to evaluate financial literacy interventions: http://toolkit.nefe.org/

  • Contact Amy Marty Conrad: amarty@nefe.org

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