Financial Literacy Programs: Discovery, Define & Design
Among the vast array of financial literacy programs that have cropped up over the past decade, few – if any – can claim to draw upon solid empirical evidence indicating best practices for financial education. Many programs are one-dimensional, fail to align with larger objectives, and lack an overall campaign strategy.
Much of these programs’ failure is rooted in a lack of financial education expertise to guide initial program planning and design. Often people with no background in financial education are just appointed to start a financial literacy program. Their lack of experience often leaves them feeling overwhelmed and unsure where to find the best solution.
The NFEC has designed campaigns ranging from small classroom programs to nationwide efforts that serve more than a half million people. Our team guides you through the development process, ensuring its alignment with your educational, philanthropical and organizational objectives at every step. Our financial literacy program development is a three-part process: Discovery, Define & Design.
One-size-fits-all financial literacy programs do not work for most organizations. Each group has unique educational, organizational and philanthropic objectives that require experienced professionals to deploy specialized solutions.
Our team uncovers your unique goals during the ‘discovery’ phase. This discovery lays the foundation for clearly defined programming objectives and custom program design. Increase your chances of success by enlisting the support of qualified experts to:
Financial literacy programs that do not clearly define quantifiable measures of success in advance of development lack structure. These programs often appear haphazard and pieced together, and are likely to deliver subpar results.
The ‘define’ phase provides the measures that will provide the overall blueprints for the campaign and barometers of the program’s impact. The data gathered through these measurements provide empirical data by which program success can be judged.
Our consultants develop measures to provide empirical evidence of the program’s impact toward achieving your organizational objectives. We work with your team to define:
Each program has data points we can measure to help us assess program impact.
Key barometers are established to empirically measure your corporate objectives. These measures vary widely from organization to organization, but our experts help you determine the best methods of gathering data specific to your needs. This can include:
We review your current philanthropic initiatives and establish measures aligned with new or expanded financial education programming.
Most financial literacy programs lack the level of design expertise needed to ensure positive brand alignment and overall results. Many ‘programs’ are simply random financial literacy resources pieced together without considering flow or how each individual asset contributes to the greater initiative.
Programs designed by qualified experts are built with purpose. All the campaign components work together to promote financial literacy and to further your business objectives. In well-designed programs, the flow of information and built-in promotional components lead to greater overall campaign results.
Creating a successful financial education campaign requires specialized expertise. The impact, overall outcomes and results of any program are directly influenced by the information gathered during the discovery and design phases and then molded into custom solutions by qualified campaign designers.
|Discovery Meetings||Discover Data Gathering||Define||Design Report||Investment|
|Basic Discovery & Consultation||60 Minute Phone Call||On Call||On Call||On Call||$0|
|Standard Discovery & Consultation||Two 60 Minute Phone Calls||Survey of Stakeholders||Measurements||Bullet Point Steps||$1,995|
|Advanced Discovery & Consultation||Calls with Key Stakeholders||Survey of Stakeholders & Participants||Measurements & Tracking Methods||Detailed Report||$10,000|
|Business Immersion & Consultation||1 – 2 Days Your Location or Ours||Survey of Stakeholders & Participants||Measurements & Tracking Methods||Comprehensive Report||$10k-$25k|
Nationwide Financial Literacy Program
The National Financial Educators Council was the lead consultant on a financial literacy initiative that currently serves more than 500,000 people in rural areas of Pakistan. In an effort sponsored by the Asian Development Bank, the State Bank of Pakistan and BearingPoint, the NFEC was selected to understand the needs of the target audience to be served and deliver a report that laid out the details of the campaign.
To start, the NFEC led a demand- and supply-side survey. Data for the demand-side survey were gathered from 1006 people residing across 15 regions of Pakistan. Due to low literacy rates in the area, face-to-face interviews were conducted by a trained data collection team of 91 individuals.
To ensure accurate results, the sample was randomly selected using broad inclusion criteria: age range between 18-60 years; 48% female and 50% male gender split; employment segment (farmers, industrial workers, housewives, or self-employed, e.g.); and type (banked vs. unbanked). Sampling criteria were given to the mobilization partners for selection. A stratified random sample was selected from all the target 15 targeted program districts. Sample stratification was based on program parameters i.e. Age, Gender, Income Bracket etc. The mode of survey was random household survey.
Interpreting these data, the NFEC generated a GAP Assessment report that was used to design and implement this multi-million-dollar financial literacy campaign. This report defined:
This project incorporated all elements of the NFEC design process. Our research and report still guides their financial education initiative today.
The National Financial Educators Council certifies and features financial literacy programs that represent the best practices in the industry. The materials featured on this page are not only educational, they are also designed to entertain and engage the audience thus producing a richer learning experience.
The NFECs’ mission is to help organizations and individuals reduce the time and cost associated with locating a financial education program. A variety of products are offered that can align with your initiatives and assist organizations on developing sustainable financial education programs.
The NFEC offers a wide variety of services that can be designed around your coursework objectives and budget. Listed below is a brief overview of select products and services that can be included in your program:
- Financial Literacy Software – Virtual learning centers, games and simulation.
- Workshops and Events – Nationally recognized events, classes and workshops.
- Financial Education Products – Top rated financial literacy products for individuals.
- Teaching Financial Literacy – Certified Financial Education Instructor (CFEI) training.
- Financial Education Services – Consulting and program development.
- Employee Financial Education – Programs that educate and deliver a ROI
If you would like our Solution Experts to review your current program or provide suggestions on coursework that you are developing, fill out the information below. They will assist you in developing lessons and promotions that will best align with your objectives.
Learn more about our solutions now: For those organizations that are looking to spread the message the NFEC offers complete Promotion Packages with all the programs we provide. You receive turnkey solutions to your promotion and community outreach material that can be custom branded for your organization.
With all the programs mentioned above the NFECs’ focus in on creating education events that are also entertaining and engaging. We seek to inspire the participants to continue to take positive action toward their financial future.
How to Locate Quality Financial Literacy Programs
Although there is still a shortage of financial literacy programs; the recent economic strain has put a renewed effort in providing people of all ages a quality financial education. Today there is more financial literacy funding opportunities available and professional financial education organizations that are helping to fulfill the need.
This article will focus on the financial literacy programs that are available and recommended by the National Financial Educators Council. The NFEC evaluates the financial literacy programs on the market to ensure it meets their standards. All of the programs mentioned below are endorsed and certified by the NFEC.
Financial education events can be a great kickoff to any financial literacy program. Events give us a way to connect with the community and educate the people we serve.
Here are a few events offered and recommended by the NFEC:
The Real Money Experience is an experiential financial education workshop that has students making financial decisions they will face later in life. This is customizable and is a great feature of any financial literacy program. Joanna Mueller, Program Coordinator for the Simon Family Foundation, had this to say about the RMX event “The event was amazing and we had great comments from the students. You could tell by their questions they were asking that they were thinking about their finances and what their parents had to deal with.”
Money XLive is a full production financial literacy event that brings out top sport stars and celebrities to motivate and education the audience. This financial education program serves audiences of 1,000 or more and has kicked off national financial literacy initiatives. Kenressa Pierce from Verity Credit Union had this to say: “The Money XLive program covers the financial literacy that schools are presently lacking today. A lot of schools may not be able to afford to bring Money XLive to their campus. Working with a local Credit Union to bring financial literacy into the classroom can be an affordable alternative.”
Money XLive multimedia combines live presenters with celebrity and sport star videos. This program is especially effective with youth ranging from junior high through college. Natalie Nahas, Financial Education Coordinator for the Los Angeles Police Credit Union had this to say about Money XLive Multimedia, “It was a huge success! A lot of excellent feedback from both the kids and parents regarding the videos. I think next time we need to put it on at a bigger venue.”
Evolve is a flexible program that can be delivered over a day, a week or semester. This in depth learning experience produces measurable results and has received great reviews from the students.
The NFECs’ workplace financial literacy program offers employers a way to comply with Employee Retirement Income Security Act while educating their employees. High level studies have shown that having workplace financial literacy programs in place increase the productivity and emotional state of employees.
The financial education programs mentioned above are delivered turnkey or fully hosted by certified educators. If you want to host your own financial literacy programs we have included additional tips below to help.The first recommendation is to ensure your trainers receive their financial educator certification. Training is an important part of any financial education program as trained instructors ensure the message is delivered effectively and retained by the students.
Also be careful to choose highly rated financial literacy curriculum will improve the test results of your financial literacy programs. NFEC curriculum combines the national standards with real world information. Collaborating with teachers, financial professionals and leading experts, the NFEC curriculum is an important piece of any financial education program.
The NFEC also offers a variety of virtual financial literacy programs. This includes their acclaimed multimedia learning center Money Smarts Multimedia Personal Finance Course and other virtual financial education programs. Upon completion of our virtual classrooms students receive a certificate in financial education and have a new found motivation for picking up money skills.
With all the financial literacy programs the NFEC also has a team of world class financial education speakers available to support your efforts. These experts know how to entertain and engage an audience while delivering a practical financial education program.
Whatever financial literacy program you choose it’s important to realize that you are making a lasting difference in the lives of those you reach. Keep up your commendable efforts and together we can improve the lives of individuals, families and communities worldwide.
Core Curriculum and Financial Literacy Programs
Mom? Dad? Don’t rent out my room after I go to college. Chances are, I’ll be back.That’s what a new study shows. 85% of college seniors planned to move back home with their parents after graduation according to a poll by Twentysomething Inc. That financial literacy statistic and many others like it conclusively show that more financial literacy programs are needed to help today’s youth get on the right foot financially.“The trend is rising, and it’s not getting any better,” according to the National Financial Educator’s Council “Living independently is getting more difficult with each new generation of graduates, and one of the key problems is that we providing these youth with financial education programs that equip them with a good sense of how to run their finances.”
The NFEC, an advocate of financial literacy programs, also has tips for parents and educators who want to teach their children practical money skills to fill in the gap left by most schools. They include:
Tip The earlier people begin to develop a good savings habit the better off they will be. Include the practical activity like opening a savings account in your financial literacy program. Participants get energized when they see their money growing – especially when they do not have to actively work for that growth. And since today’s youth are comfortable with technology show them how to manage the personal finances by having them set up an automated savings plan and budget online.
Tip Financial literacy programs that do not relate money to their living style (aka lifestyle) often miss the mark with today’s youth. Nowadays our children are focused on more than just money – for many it’s about experiencing life. Spend some time with your students and uncover their short and long term goals. Then figure out how your financial literacy program can help them live that lifestyle they want sooner. It’s important to relate their aspirations to earning and managing money to help them reach their goals faster.
Tip Your financial literacy program should focus on helping participant set up the proper account structure and getting their accounts open ASAP. With the large number of the population being unbanked (and paying high fees just to cash a check), this is an important lesson that can show immediate benefits. Be sure your financial education program has participants open their basic, foundation level, accounts.
Tip Youth gives our children a huge advantage when it comes to their financial health due to compounding interest. This should be one of the first topics you discuss in your financial literacy program as it motivates students to listen. Financial literacy programs that demonstrate the distinct advantage of ‘time’ that our youth have in their favor stand a better chance of the information being heard and retained. And when it comes right down to is, don’t you wish you fully understood compounding interest and how to take advantage of it when you were a teenager?
Tip It may sound like a tall order, since many parents don’t understand how the markets work, but imagine how much better off we’d all be if everyone had a basic education on the financial markets at an early age. A simple lesson like how to identify trends and then take advantage of them is a simple concept that will have a profound impact on their life. By ensuring your financial literacy programs give students a high level overview of the financial markets they will better understand how global events affect their pocketbooks.
Our future generations will need to understand the increasingly complex global economy. Ensure your financial literacy programs are effective and include the points mentioned above.
NFEC Financial Literacy Programs Urge People to Research Auto Insurance
Having and maintaining appropriate levels of auto insurance is not only a good idea, it’s the law. Each state defines a minimum level of liability coverage a person must have in order to comply with state insurance laws. This piece of information is just one example of the type of information people are learning in the state-of-the-art financial literacy programs sponsored by the National Financial Educators Council (NFEC).
Insurance is a critical piece of a person’s individual financial plan. That’s why the NFEC includes lessons about insurance and risk management in its financial literacy program. Although shopping around for insurance does take time and energy, a lot of relevant data can be obtained by browsing the Internet from the comfort of home.
The NFEC is an independent organization that has a demonstrated commitment to helping people increase their knowledge and capability around money topics. By attending an NFEC financial education program, people are discovering that learning about money can be fun as well as informative. Practical lessons like how to choose an auto insurance policy are presented using hands-on activities, games, and live instructor training.
Young people pay higher rates for auto insurance because they have not yet become experienced drivers. Insurance companies view youth as a higher risk. Financial literacy programs for youth will teach them how to earn better rates as they grow older. For example, by driving safely and avoiding tickets they may qualify for good driver’s discounts. And some companies give high-school aged teens better rates for maintaining good grades in school.
To help guide the development of its programs, the NFEC recently conducted a financial literacy survey to identify key subjects where young people may need more information to build a solid base of personal finance knowledge. Results of the survey are available at /financial-literacy-research/.
To Understand Health Insurance, People Benefit from Financial Literacy Program
Health insurance has become a popular topic covered in the national news, given the recent implementation of the nationwide Affordable Care Act. But many people struggle to understand what the health insurance act really means to them on an individual level. Learning about all types of insurance is important for anyone who wants to become money savvy. For this reason, the National Financial Educators Council discusses health insurance in its financial literacy program.
The purpose of financial literacy programs is to raise people’s awareness about all aspects of money and how it affects every facet of our lives. The NFEC is a social enterprise group with a stated mission of helping people gain practical money knowledge. According to this organization, while some individuals—especially healthy ones—may view health insurance premiums as a waste of money, it’s important to understand how such insurance can shield us from major loss.
For example, even a healthy young person can fall off a bicycle, slip on an icy sidewalk, or break a leg on a ski trip. Without medical insurance, how will those doctor bills get paid? As the NFEC’s money management programs will tell you, going without health coverage is like playing Russian Roulette with your finances and your well-being.
Medical insurance is the mode of risk management that protects you against an unforeseen health expense. Learning the ins and outs of managing risk of all kinds is essential to building financial literacy. And in today’s economy, becoming financially aware has never been more important.
The NFEC promotes youth financial literacy programs as well as information to reach very young children, college-aged adults, adults, and senior citizens. All these programs are carefully designed with the guidance of an expert panel of financial and educational professionals. Understanding the value of health insurance is just one of the comprehensive subjects covered by the NFEC’s top-of-the-line programs.