Making Financial Literacy Accessible to All Strategies for - - PowerPoint PPT Presentation

Making Financial Literacy Accessible to All

Strategies for delivering content tailored to different learning styles

Making Financial Literacy Accessible to All

We Welc lcome!

• me!

Please introduce yourself in the Chat

• Your name
• Your company
• City and state
• Your Industry

Me Ment nti.c .com

• m & Ka

Kaho hoot

• t.it

.it

Go to Menti.com or Download the Menti app Go to Kahoot.it or Download the App

Ses essio sion n Ta Take keaw away ays

• HOW you teach content can be just as important

as WHAT you teach

• Awareness of VAK (visual, auditory & kinesthetic)

Learning Styles

• 4 new ideas to engage your team while teaching

financial concepts

Wha hat is t is Fun, Fun, Any Anywa way? y?

Wha hat is t is Bor Boring ng?

Wh When en do do Pe People

• ple Fe

Feel el Bor

• red?

ed?

• When they WANT to engage but can’t find

something interesting to engage with (i.e. boring webinar)

• When there are a lot of distractions and they

can’t concentrate

• When they have little control over the situation

(i.e., waiting rooms, lectures, airline gates)

Bigge ggest st Problem blem Cause used d by Bored redom

• m

 Causes us to dislike the thing that seemed boring  Causes us to think we are not good at the thing that seemed boring  Those negative feelings tend to stick to that subject over time

Wh What at Mak akes es Fi Finance nance Ha Hard? rd?

Ca Can n Yo You u Re Read ad Th This? is?

Ho How w ab abou

• ut

t th this? is?

Baseb seball all Sta tats ts

Those were Roberto Clemente’s Career Baseball Statistics A real fan could tell it was him because he was the only player in history to get exactly 3,000 hits!

Wh What at ab abou

• ut

t th this? is?

A financial statement can be as hard to understand as a foreign language

Wh What at Ma Makes es Fi Fina nanc nce e Ch Chal alleng lenging? ing?

• Fear of “the numbers” – feels like math
• Abstract concepts
• Strange, difficult words
• Hard to connect to personal, human stories

Th The e VAK Le Learni arning ng Sty tyles les

• There are many models of learning styles
• The simplest and best-known model is the

VAK system – Visual, Auditory, Kinesthetic

• Learners use all three, but prefer one or two

jamesdwilliams.wordpress.com

Visu isual al Le Learni arning ng Sty tyle le

Au Auditory ditory Le Learning arning St Style yle

Ki Kinesthetic nesthetic Le Learning arning St Style yle

Variety riety is s the Key

Ge Get Ready dy to En Engage age

Visual learning exercise Auditory learning exercise Kinesthetic learning exercise

Fi Fina nanc ncial ial Co Conc ncept ept: : Ov Over erhead head

Ov Overhead erhead

Fixed Costs Like:  Rent  Utilities  Insurance

(think: Is the meter running all the time with this cost or just when in use?)

Vis isual ual Exercise ercise

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Sto torytelli rytelling ng

• People learn through stories

(fairy tales, nursery rhymes, personal anecdotes)

• Facts engage the mind;

stories engage the heart

• Many businesses are now working with storytellers to

make their brands more engaging

Audi uditory tory Co Concep ncept t

“Numbers are nothing more than stories about people.”

• Jack Stack

Financial Concept - Amortization

• The process of gradually

paying off a liability over a period of time

• From Latin ad- + mort-,

mors death

Audi uditory tory Co Concep ncept t

Audi uditory tory Co Concep ncept t – Sto torytelli rytelling ng

SRC uses this story to illustrate how they developed the Great Game of Business Cash was the first critical number They amortized the loan over time

Audi uditory tory Co Concep ncept t – Sto torytelli rytelling ng Is there an iconic story in YOUR business that could illustrate an important financial concept?

Fi Fina nanc ncial ial Co Conc ncept ept: : De Depr prec eciatio iation

The decrease in value of a tangible asset, like machinery, due to wear and tear. Traditionally recorded as an expense but spread out over time in order to accurately estimate the useable life of the asset.

Kinesthetic nesthetic Exercise ercise

De Depreciation preciation Da Danc nce e Ga Game

• 1. Line people up in a long line facing

in one direction

• 2. The “leader” taps the next person
• n the shoulder
• 3. That person turns around. The

leader demonstrates a brief dance move

De Depreciation preciation Da Danc nce e Ga Game

• 4. That person turns back around and

taps the next person, who turns around and learns the dance

• 5. Et cetera. The last person compares

what they learned with the original dance

• 6. The dance has changed or

“depreciated” over time

Depreciation reciation Dance ce Ga Game

Kinesthetic nesthetic Exercise ercise

Fi Financi nancial al Concept: ncept: In Income come Sta tatement tement

The Income Statement shows a company’s profit or loss over a period of time by subtracting expenses from revenues

In Income

• me Sta

tatement tement Ga Game

Make cards with the titles of the lines in the income statement (Revenue, COGS, Payroll, Insurance, Rent, Net Income, etc.) Step 1

In Income

• me Sta

tatement tement Ga Game

Step 2 Make cards with the corresponding amounts on a sample income statement such as the one on the previous slide

In Income

• me Sta

tatement tement Ga Game

Step 3

Hand out cards to participants

In Income

• me Sta

tatement tement Ga Game

Read out the title

• f the line and the

amount

Step 4

In Income

• me Sta

tatement tement Ga Game

Step 5

Have the person holding the title find the person with the correct amount for that line

In Income

• me Sta

tatement tement Ga Game

Step 6

Have the entire group line up in order, starting with Revenue and ending with Net Income

In Income

• me Sta

tatement tement Ga Game

Walk down the row and have each pair tell you the definition of their line

Step 7 The End

Br Bringing inging it t Al All l To Together gether

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Re Resou

• urces

rces

• 1. Link to Article on VAK

https://www.mindtools.com/pages/article/vak- learning-styles.htm

• 2. Link to Online Quiz options!

https://kahoot.com https://www.mentimeter.com/ http://www.quizzoodle.com/ https://www.fyrebox.com/ https://www.typeform.com/quizzes/

• 3. Link to Dance Game

https://www.youtube.com/watch?v=uNGka2u1 eiw

Here are resources to learn more:

• 1. Overview of the VAK

learning

• 2. Kahoot website to

create learning games

• n any topic
• 3. Link to a video

demonstrating the dance depreciation game