The Eight Best Recommendations for How to Teach Financial Literacy
Seeking recommendations for how to teach financial literacy? The information you’ll find here will be an excellent resource. These tools and guidelines indicate best practices for individuals and organizations alike to meet their financial education goals.
Want to learn how to teach financial literacy and build a longstanding program that really makes a difference? Read on to discover how another interested party accomplished that goal.
Ida McDougal was the Financial Aid Administrator at Lakeside Community College. She had a strong desire to help the student financial aid recipients at her school manage their money, but she didn’t know how to teach financial literacy. These students all came from low-income situations but were diverse in other demographics. What kind of education would reach them best? Ida gathered information by conducting informal interviews with a few of the students. She discovered that they found sticking with a budget and living within their modest means to be most challenging. Ida worked with her staff to arrange a half-day workshop on campus for students receiving financial aid.
Now that Ida had figured out her initial goals and future vision, her next step was to choose how the materials would be delivered to students. Because they needed budgeting experience, she thought it would be best to give them some practical tools both in person and online. Ida also wanted to combine asynchronous pacing with self-paced lessons they could complete on their own schedule.
At the next phase, Ida needed either to locate a qualified educator, or get training to become qualified herself. The instructor she chose needed both strong content knowledge and skills to teach a wide range of audiences. Because Ida had a background in financial topics but no teaching experience, she decided to undertake the NFEC’s Certified Financial Education Instructor (CFEI) financial literacy certification program and earn the credibility to teach the workshop.
On the day of the workshop, 48 students attended; they showed a mean improvement of 30% between pre- and post-tests designed to measure their knowledge and skill levels around budgeting and account management. Ida prepared a report using these data and presented it at the next Financial Aid administrative meeting, to prove the program’s effect so it could expand.