Nonprofit Organization Case Studies
In the past, the biggest barriers encountered by nonprofit organizations 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 nonprofits to make a long-term positive difference in their communities while receiving a measurable ROI for their efforts.
The NFEC designs programs that reflect positively on your brand and 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 Nonprofits 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 nonprofit organizations make up the largest share of financial education programming delivery. For some groups, financial education is the main goal of their organization; while for others it’s just one piece of their overall programming.
Nonprofit organizations and other providers share common goals: raising funds, garnering community recognition, and gaining volunteer support while they educate members of their communities. 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.
Penn State Center for Financial & Consumer Outreach
Penn State Center for Financial & Consumer Outreach
The NFEC partnered with Penn State CFCO to deliver comprehensive financial education programming across the state of Pennsylvania. This campaign featured more than 30 financial literacy assets provided by the NFEC, including special events, celebrity partnerships, a custom training website, performance testing, volunteer training and more.
At the center of this campaign was the effort to train educators and volunteers across the state with the Certified Financial Education Instructor Training. The NFEC trained the Director of the Center for Financial & Consumer Outreach, Erica Jackson, as the master trainer to lead in-person CFEI trainings across PA.
Educators from more than 100 schools and nonprofits participated in the NFEC’s Certified Financial Educator Instructor training program. This ongoing service now is offered across Pennsylvania; the influence and impact of the service is magnified as qualified people share the message of financial literacy with youth statewide.
The NFEC and the CFCO campaign was conducted year-round – providing resources, training, and support to groups hosting financial education events. The ongoing campaign launched each year with a high-profile event: the High School Symposium. More than 400 youth, educators, and volunteers participated in this two-day event. Youth from 15 high schools took part in the NFEC’s Real Money Experience hands-on financial literacy workshop.
During the RMX event, students visited 12 booths where they received practical tools for handling the financial decisions they would face post-graduation. At the same time, educators and volunteers took part in the NFEC’s Certified Financial Education Instructor training program so they could continue delivering the lessons the students learned at the RMX event.
By the end of the third year, the NFEC helped the CFCO create a revenue stream that paid for the High School Symposium, educator training, and Real Money Experience event. The extra funding helped them offer more students with scholarships to attend the event.
Process
The pre-launch phase was spent building relationships and creating a program that met University program objectives. A comprehensive awareness campaign was begun and further focus was placed on developing relationships with schools and nonprofit organizations. These efforts aligned with Penn State’s objective to connect with community groups to encourage higher education.
The ongoing campaign launched with a high-profile event: the High School Symposium. More than 400 youth, educators, and volunteers participated in this two-day event. Youth from 15 high schools took part in the events. At the same time, educators and volunteers took part in the NFEC’s Certified Financial Education Instructor training program so they could continue delivering the lessons the students learned at the RMX event.
The High School Symposium launched the statewide educator training initiative. Educators from more than 100 schools and nonprofits undertook a portion of the NFEC’s Certified Financial Educator Instructor training program. The NFEC trained the Director of the Center for Financial & Consumer Outreach to teach volunteers, educators, and concerned citizens how to deliver financial literacy lessons. This ongoing service is now offered across Pennsylvania; the influence and impact of the service is magnified as qualified people share the message of financial literacy with youth statewide.
The educator training outreach launched phase three of the initiative: the Financial EduNation Campaign. The Resource Center provides complimentary personal finance resources to parents, students, educators, and community groups. These materials, developed by the NFEC’s highly-qualified team of educators, financial professionals, and financial education experts, include curriculum, multimedia learning centers, training, and access to turnkey money management programs. The Resource Center was custom-branded for Penn State.
The fourth phase focused on awareness and expansion of the state-wide Campaign. A solid foundation of supporters, partners, and internal advocates are currently building this initiative from the foundation laid in its first three phases. The financial education events were annualized to provide signature events for the community. The NFEC’s public relations team is launching a comprehensive media outreach campaign, starting with a statewide Public Service Announcement and enlisting celebrity supporters to bring the initiative into the mainstream.
The Penn State campaign has achieved sustainability. Partners, sponsors, and collaborative efforts have ensured that the outreach associated with the campaign pays for itself. Thus the program reaches the largest number of youth and people across Pennsylvania who support youth development.
Salvation Army & National Veterans Foundation
Salvation Army National Veterans Foundation
The NFEC designed a custom adult financial literacy program to meet the needs of the Salvation Army Dallas and the National Veterans Foundation. The program, primarily focused on financial recovery, was geared toward the low-to-moderate income clientele these respective organizations target.
Both programs featured a custom eight-hour financial education workshop for clients. The program included custom PowerPoint presentations, co-branding, marketing material design, sponsorship outreach forms, student guides, and Certified Financial Education Instructor training.
The workshop was customized to best reach each individual group. For Veterans, the NFEC took special training to gain a deeper understanding about PTSD and its impact on personal financial decisions. For the Salvation Army, focus groups were held to ensure that the material met the needs of the people who receive support from this organization.
Individuals
Nonprofit 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:
