How to Implement an Effective Financial Education Program

(Part 3 of 4)

In the first part in this series you learned a how understanding the needs of the learners and organizations you serve lays the foundation for building a successful financial education program. In the second phase in this series you prepared the program for launch.  Now that your program is designed and prepared to launch, it’s time to announce this initiative to your end users and implement the program.

During the implementation phase, you will launch the program and the actual educational components will be conducted. Throughout this process it is critical you are gathering data and measurements needed for to be able to make qualified data-driven decisions.

Program Launch

Program launches are a great way to generate momentum and encourage participation in your financial education program. Deciding how to promote, what messaging to include, and the overall event structure are just the tip of the iceberg when it comes to announcing your initiative. Common options include:

Events

Launch events that are customized to best suit the needs of your organization and the audience.

Announcements

Formal program announcements and other methods to let your audience know about your financial education programming.

Marketing

Media announcements and marketing efforts to attract outside parties to participate.

Program Implementation: Quality Educators

Effective educators help learners achieve better outcomes. Numerous studies have shown that students of highly-qualified educators accomplish more positive outcomes than those taught by less-qualified instructors.

Program Implementation: Quality Materials

When you set out to teach personal finance, selecting the right financial literacy curriculum or online learning program is critically important.  It makes the job of the educator / facilitator easier and students get better results.

Guide to teach financial literacy effectively

Program Measurements

Ongoing management of the educational components of the initiative and measurements conducted at set intervals help increase the program’s impact. Depending on the length and scope of your campaign, consider conducting these measures:

Participant Testing & Survey Measures

Current Situation Assessment

Facts of their financial situation.

Financial Sentiment

Measures feelings & attitudes related to money.

Willingness to Adopt

Measures willingness to modify behaviors.

Content Knowledge

Measures their current personal finance proficiencies.

Participant Behavior Adoption Measures

Savings Measures

Savings or retirement account measures over time.

Debt Load

Debt balances and payoff rate.

Credit Score Results

Credit score trend over time.

Wage Garnishment Measures

Popular with employers.

Retirement Plan Contribution Measures

This assessment can also measure reduction in retirement plan loans.

Organizational Measurements

Internal Personnel Measurements

Participation in retirement plans, loan reduction, absenteeism / productivity measures, etc.

Revenue

Client / student acquisition, productivity increases, income earned, client acquisition cost reduction, etc.

Brand Enhancement

Media pickups, relationship activities, community positioning, client feedback, etc.

Meeting Regulatory and/or Funding Organization Mandates

ERISA / DoL compliance, foundation & sponsorship requirements, etc.

Milestone Reviews

At set intervals conduct milestone program reviews and make data-driven modifications. Analyses of the measurements gathered during an initiative provide information to guide suggestions that enhance the results and user experience.

Gather data via surveys, testing, participant feedback and focus groups, compare that data with initial goals and solution report and then make data driven decisions to the programming if necessary.