Campaign Success Guided by Financial Literacy Studies
Recent news leaves little doubt that citizens around the world desperately need to learn how to manage their personal finances. As a consequence, many concerned individuals, experts, non-profits, and other organizations are planning to sponsor campaigns or training events to bring financial wellness to their communities. The National Financial Educators Council (NFEC) is one such organization. They recently conducted a financial capability study which clearly demonstrated how financial education can benefit our nation.
The NFEC recommends that any group planning a financial literacy initiative should perform due diligence by conducting three important measures. First, they need to assess the interests and unique needs of potential participants. This assessment can take the form of talking with networks of friends, family members, and colleagues who are familiar with the target audience. Ask what skills the participants most desire to learn and which avenues will work best to reach them. Then the group should reach out to the participants themselves and meet face-to-face with a few. The NFEC has sample financial literacy research to help guide these interviews.
Second, campaign sponsors should assess participants’ knowledge before the event and then follow up with the same questions after the program. That way they can analyze how well the program worked to increase knowledge and encourage behavior change.
The third measure suggested by the NFEC is to offer participant consultation, either singly or in small groups. Following up with a few event attendees in person goes a long way toward ensuring that the program has real impact. The NFEC recommends talking with participants about their experiences at the event, which lessons resonated best, and how the presentation could be improved for future iterations.
The NFEC’s holistic approach to promoting financial capability includes empirical data collection as an important component of every event. Gathering financial literacy statistics, both quantitative and qualitative, informs the lessons that are taught and measures the initiative’s success. Quantifying these results also provides fuel to attract community support for future efforts. Rigorous measurement helps program sponsors meet participant expectations and spark long-term changes in their financial behavior.