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

Government Organization Case Studies

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.

They selected the NFEC’s Certified Financial Education Instructor program, and all their forward-facing personnel were required to attend the training. To meet their scheduling needs, the CFEI course was taught over the course of one long day in person, with follow-up training provided online.

The pre– and post-tests results were quite positive. The financial educators showed a 28.4% improvement in test scores and leapt from a 30% pre-test passing rate to a 100% passing rate on the final exam. In follow-up surveys, 100% of the participants said they were “more confident delivering financial literacy topics” and “more confident in teaching a financial education class” after receiving the training.

Patrick Zieger of the Arizona Attorney General’s Office commented, “This course provided a good way to shore up key areas of my public presentations. Understanding more of the psychological dynamics of financial literacy will help me talk to people, motivate them and get them toward taking action.

The Attorney General’s Office also sought to secure funding though financial industry settlements.  The NFEC provided grant copy, program outlines, and a letter of collaboration that expressed willingness to partner with the Office of the Arizona Attorney General on their military financial literacy initiative. This collaboration helped them secure grant funding and deploy the program. The NFEC’s social enterprise fund was tapped to offset the soft costs of training, as a part of the NFEC’s commitment to serving our country’s veterans and active duty military personnel.

We commend the Arizona Attorney General’s Office for its commitment to providing those serving in the military with access to financial education training.

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.

“I have received constant e-mails about both Money XLive and Money Month. The buzz seems to be growing instead of slowing down. Everyone fell in love with the whole group. I can tell the R-5 kids that were there from the alternative High School and the middle schools kids are still so excited it is unreal. They got a lot from the event and it’s motivating them in the class, according to some of the teachers. I love it that the community I have lived in for so long has been so blessed by all of this. Thank you so much for all you do. What you have put together is so great.” Karen Troester, Vice-President, US Bank

The National Financial Educators Council gives its heartfelt thanks to all the partners involved who support financial literacy by contributing to the Money XLive campaign and the overall promotion of the financial education movement. Their support helps us raise awareness by sharing messages that resonate with people around the world, inspiring them to take positive action toward securing their financial futures.

Los Angeles Parks & Recreation

los angeles county parks and rec

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.

These events are delivered as full-day programs, integrating lecture-style instruction with games and activities. Participants played the Real Money Experience (RMX) classroom financial literacy game, an activity that immerses youth in personal finance simulation coursework.

The curriculum offers a unique learning experience that combines gamification with project-based learning. Participants build the skill sets they need to make personal financial decisions aligned with their personal goals through hands-on, realistic experiences. Youth participants reported feeling both entertained and engaged.

Pre- and post-testing and surveys were conducted to quantify the impact of the personal financial literacy program. Both quiz and survey results were quite positive, demonstrating that participants improved their knowledge about money management matters. Most participants felt that the lessons they learned will have positive impact on their futures.

We commend the Los Angeles Department of Parks & Recreation for their continued efforts to ensure that their community’s youth are prepared for the financial realities of life.

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:

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