Government Organization Case Studies
In the past, the biggest barriers encountered by government looking to participate in financial literacy initiatives centered on the cost, time, and complexity involved to develop and deploy financial education programming. A properly-designed financial education campaign provides ways for government to make a long-term positive difference in their communities while receiving a measurable return for their efforts.
The NFEC designs programs that reflect positively on your brand and that align with the National Financial Capability Strategy, which underpins national standards for promoting financial literacy. Best practices demonstrate that programming should include education, awareness, and sustainability components.
Industry Overview
How Government Organizations Participate in Financial Education
As a nation, we spend about $670 million per year on financial education to meet the growing demand being spurred by regulatory pressures, increased funding and social interest, and growing competition among various corporate and nonprofit stakeholders.
Currently government organizations make up a smaller share of financial education programming. The federal government spends less than $130 million on financial education, yet spends more than $2 billion on STEM coursework. Although funding STEM is important, it helps less than 10% of the population get a job – while financial education benefits everyone.
Government organizations share common goals: strengthening communities, garnering recognition, improving citizens’ financial situations, and reducing benefits and increasing tax revenues over the long-term. It is the NFEC’s goal to contribute to our clients’ bottom line as they contribute to the overall financial wellness of the communities they serve.
Arizona Attorney General’s Office
Arizona Attorney General’s Office
The Arizona Attorney General’s Office sought to expand its role of serving military and veteran families by hosting financial literacy and consumer protection initiatives. They contacted the NFEC to train their team of financial education instructors, provide resources, and support them through the grant application and funding process.
The Attorney General’s Office sought to serve a broad population, ranging from people experiencing financial problems to people who were financially sound. Beneficiaries of the training were referred through veterans’ court mandates, interested veterans and active duty personnel, first responders and their family members. The training team had experience teaching these various groups, but many expressed concern about their confidence to teach personal finance.
One of the AG Office’s top goals was to address those concerns and ensure that their team of instructors was capable and qualified to teach financial education subjects. They sought an instructor training course that would helped the educators gain a better understanding of each group they serve, engage with each participant in a meaningful way, and encourage positive behavior molding.
Mesa County, City of Grand Junction, School District 51
Mesa County, City of Grand Junction, School District 51
Karen Troester, Vice President of US Bank, did not wait around for someone else to make a difference. She took it upon herself to empower the youth in her community with financial literacy skills that can make a lasting, positive difference in their lives.
She hired the NFEC to build a financial education outreach promotion and create buzz to encourage financial literacy in her community. The campaign centered around a high-profile event designed to generate momentum for ongoing financial education programming.
After meeting with key stakeholders, the event solution Troester selected was Money XLive (MXL). Meeting their goals of gaining high-profile media coverage, attracting more than 100 attendees, and getting the community excited would take celebrity and entertainment draws. MXL is a show that leverages the power of sports stars, celebrities, DJs, live bands, and financial education experts to give today’s youth real-world advice about managing their finances.
Another core objective of the featured event was to form collaborative community partnerships. The City of Grand Junction, School District 51, and Mesa County were among the first groups to commit their support. They provided personnel and donated the venue for this community event. More than 20 other sponsors followed suit, and we were able to secure top celebrity and athlete talent including actor Wilmer Valderrama, Olympic medalist JJ Thomas, and NFL Player of the Year Seth Joyner.
The event also launched the Money Month campaign. During this phase educators received training and were given materials to facilitate their ability to go into schools and teach kids about money. Contests and other surprises helped keep the momentum of the MXL event going.
Los Angeles Parks & Recreation
Los Angeles County Department of Parks and Recreation
For the last six years, the Los Angeles County Parks and Recreation Department has charged the NFEC with the task of improving financial capabilities among youth participating in a work experience program. To address this goal, the NFEC developed custom programming to meet departmental objectives.
To meet their timeline goals and address the fact that some Parks and Recreation locations have no Internet connection, the program designed for LA Country Parks and Recreation centered around live presentations. These presentations were conducted by members of the NFEC’s Personal Finance Speakers Association and Certified Financial Education Instructor graduates.
Two of our graduates, Diane Larsen and Shannah Compton, conducted the last few events. Diane Larsen is a Certified Financial Education Instructor who was selected by the U.S. State Department to travel as a financial literacy ambassador to South Africa. Shannah Compton is a member of the NFEC’s Personal Financial Speakers Association and was named Certified Financial Planners Board Ambassador in 2014.
Individuals
Government organizations form the backbone of the financial literacy movement. The NFEC has built a nationwide infrastructure of financial educators who can give high-quality presentations that meet the needs of a wide range of organizations and groups. Members of the Personal Finance Speakers Association are working in communities across the country to promote financial wellness. Here are their stories:
