The primary goal of getting a job is to produce income so you can live your desired lifestyle, and most people understand that obtaining a college degree increases one’s chances of landing a higher-paying position. But nowadays it’s becoming less clear whether getting an advanced degree will pay off in the long run. In the National Financial Educators Council’s financial literacy programs for adults, they explore this question in depth to guide participants toward making practical life decisions.
We all need income; that’s a basic fact of life. We must have money coming in so we can pay for food, shelter, clothing, and all the other necessities of living. And statistics prove that getting a Master’s degree can make you an average of $9,000 per year more than you would make without the Master’s. What you need to do, according to the NFEC financial literacy program, is balance the additional money you stand to earn against the cost of obtaining the degree. So it becomes clear that advanced education has more value if you obtain that education while you’re young. You will have more working years ahead to offset what you pay out to get the degree.
The NFEC is a social enterprise organization that provides personal finance training for all ages. At the college level, their programs serve not only to educate young adults in effective money management. Colleges and universities also can leverage these resources to achieve various goals. For example, building financial competencies is attractive to several potential funding agencies, so colleges can leverage the NFEC campaigns to obtain grants for financial literacy programs.
The bottom line is that getting higher education builds knowledge, and you can’t entirely put a price tag on knowledge. And financial literacy programs for college students are an essential part of their fundamental education, giving them practical skills to succeed in the real world.
NFEC Helps Salvation Army Dallas with Customized Financial Literacy Programs for Adults
The National Financial Educators Council is an independent, for-profit social enterprise organization with a commitment to building people’s financial competencies. The NFEC has been developing financial literacy programs for adults for the past seven years. Recently they designed a custom program to serve the constituents of the Salvation Army in Dallas, TX.
This adult financial literacy program was based on the NFEC’s Financial Recovery Course and custom-adapted to help Salvation Army Dallas clients improve their unique financial situations. The coursework included curriculum, student guides, presentations, and a comprehensive educator training program. The NFEC also gave the Salvation Army DFW Metroplex its Financial Recovery Course Virtual Learning Center as a grant donation.
In reference to this custom adult financial education program Chrystal Carlisle, Social Services Supervisor of the Salvation Army Dallas said, “The program is going wonderfully. Our clients have been very receptive of the information and presentation.”
Four Salvation Army staff members successfully completed the financial education instructor training and earned the NFEC’s Certified Financial Education Instructor (CFEI) status. These newly-certified staff reported feeling confident and prepared to deliver financial literacy programs to their members.
The customized financial literacy curriculum for adults empowers Salvation Army DFW Metroplex to help participants proactively address their financial concerns using practical, hands-on lessons. “The adult financial literacy course answers many of the questions people have and helps participants feel an instant boost in their financial confidence,” states the NFEC’s Cecile Abad. “Longer-lasting results develop over time.”
The Salvation Army DFW Metroplex Command serves five Texas counties with a mission to care for the poor, feed the hungry, shelter the homeless, clothe the naked, love the unlovable, and befriend the friendless. As Vince Shorb, CMO of the NFEC commented, “The NFEC commends Salvation Army Dallas for their financial literacy programs for adults. It helps people overcome short-term financial needs and pick up the skills to make a lasting difference in the lives of those they reach.”
Best Scenarios to Make Financial Literacy Programs for Adults
Do you have a burning interest in financial literacy programs for adults? If so, you’ve alit upon the correct website. In the sections that follow, you can learn more about the singular features of adult audiences that you should keep in mind, plus ways to tailor adult financial education instruction to meet their specific needs along the road toward positive behavior change.
Optimum Financial Education Programs for Adults Classify their Financial Situations
Three primary classifications describe the financial situations in which most adults find themselves today. The Recovery category is defined as those who have encountered one or more of the common mistakes people make with money, listed below:
• Negative habits developed in childhood
• Problems that get out of hand
• Unable to define how much money they really need
• Don’t know how to calculate ROI accurately
• Lacking guidance from qualified, trusted individuals
• Listening to inexpert advice from friends, coworkers, etc.
• Making decisions based on emotion (e.g. fear, greed)
The second category is Foundation, where adults need to work on securing their financial situation near-term, and can begin setting longer-term goals. The third and final classification is Growth: for adults who have achieved a secure foundation and now can work toward growing their wealth. Use these categories as a jumping-off point to design your personal finance class for adults at a certain life stage.
To Develop a Financial Literacy Program for Adults, First Assess their Readiness to Change
Financial education programs for adults face the necessity of first evaluating how ready they are to change their behaviors. This consideration should underpin all workplace financial literacy efforts. At the NFEC, we suggest referring to the “Stages of Change Model” developed by Prochaska et al. in the late 1970s. This theoretical framework posits several stages, at any of which an adult learner may stand in terms of his/her readiness to modify behavior.
Following we describe the Six Stages of Change and how they influence a financial literacy curriculum strategy for adults:
Precontemplation. Unfortunately, most people think they know a lot more about money than they actually do. Those at the precontemplation stage are not considering taking any action, and might not even realize they’re making bad money decisions.
Contemplation. At the contemplation step people are starting to notice that their choices may be causing them problems.
Preparation. When people get to “preparation” mode, they’re getting ready to act. They might just need a little direction to get started.
Action. By the time they reach the action stage, people have changed their money management behaviors in some way. They need to maintain their momentum to keep going forward.
Maintenance. Getting folks to the maintenance stage is the goal of the NFEC’s financial literacy programs for adults. Here they have made behavioral change, and just need the educator to help them stay the course.
Termination. The termination phase is where people have made good money behaviors a habit.
From Average to Distinctive: How to Stand Out in the Crowded Financial Space
