Making Financial Literacy Accessible to All Strategies for delivering content tailored to different learning styles
Making Financial Literacy Accessible to All
We Welc lcome! ome! Please introduce yourself in the Chat • Your name • Your company • City and state • Your Industry
Me Ment nti.c .com om & Ka Kaho hoot ot.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 ople Fe Feel el Bor ored? 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 om 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 out 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 out 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 www.kahoot.com App Icon
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 on 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 ome Sta tatement tement Ga Game Step 1 Make cards with the titles of the lines in the income statement (Revenue, COGS, Payroll, Insurance, Rent, Net Income, etc.)
In Income ome 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 ome Sta tatement tement Ga Game Step 3 Hand out cards to participants
In Income ome Sta tatement tement Ga Game Step 4 Read out the title of the line and the amount
In Income ome 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 ome 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 ome Sta tatement tement Ga Game Step 7 Walk down the row and have each pair tell you the definition of their line The End
Br Bringing inging it t Al All l To Together gether www.kahoot.com App Icon
Re Resou ources rces 1. Link to Article on VAK https://www.mindtools.com/pages/article/vak- learning-styles.htm Here are resources to learn more: 2. Link to Online Quiz options! 1. Overview of the VAK https://kahoot.com learning https://www.mentimeter.com/ 2. Kahoot website to create learning games http://www.quizzoodle.com/ on any topic https://www.fyrebox.com/ 3. Link to a video demonstrating the https://www.typeform.com/quizzes/ dance depreciation game 3. Link to Dance Game https://www.youtube.com/watch?v=uNGka2u1 eiw
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