15 Steps to Implementing a Successful Financial Education Program
There are people relying on you to lead a personal finance initiative. You’re discovering now that bringing a quality program to those you serve is challenging and takes expertise.
Until recently, if you wanted to make a real impact on the financial capabilities of the people you serve, you’ve encountered significant barriers. New processes and advancements now provide ways to bring a professional-level financial education program to those you serve.
Having served several thousand organizations over the last decade, here is the process we use to maximize the impact of financial education programming.
1) Initial Interest – Get Initial Program Buy-in.
First impressions count when introducing the idea of bringing financial education programming to the people and organizations you seek to serve. To build initial interest, enlist stakeholders’ support, and obtain initial buy-in requires professionalism and clear messaging.
2) Understand the Stakeholders’ Needs.
This discovery phase is where you learn about the needs of the organization and individuals you will be serving. This process lays the foundation for defining programming objectives and helps you design a program for maximum impact.
3) Define Benchmarks to Measure Impact.
The ‘define’ phase is where you will establish the measurement system that will demonstrate program impact. The defined goals will provide overall blueprints for the campaign and barometers of the program’s success.
4) Design.
Create a program around the needs and benchmarks you identified. Properly designed programs are built with purpose: all campaign components work together to promote financial literacy and further your business objectives. During this phase, you will construct the program based on the goals stated in.
5) Solution Presentation & Follow-up.
Presenting the program you designed and getting commitment to launch the financial wellness initiative is the final step to get program approval.
6) Educational Materials & Mix.
Aligning the educational materials and mix with the needs of your stakeholders and learners forms the cornerstone of any financial education initiative. In this phase, you will finalize your educational materials and delivery methods.
7) Personnel Training.
To ensure that your team members are fully prepared for the financial education initiative, training is essential. During this step all client-facing volunteers, personnel, and assistants receive training to better communicate the program and/or lead the educational effort.
8) Personnel Hiring or Outsourcing.
Expanding your team or outsourcing various functions may be needed if you need additional support. Clear hiring and performance expectation criteria should be established for all team members.
9) Communication, Marketing & Handouts.
Successful programs include professional marketing resources and correspondence that promote the initiative, increase participation rates, and raise awareness.
10) Launch.
Formal program announcements, launch events and other methods of letting your audience know about your financial education program raise awareness and encourage participation. All launch options do vary in size and scope, but do possess some common core design elements and goals.
11) Support Materials.
There are a lot of moving parts when you launch a professional-level financial education program. Be sure to think through all support materials.
12) Measurements.
Financial literacy programs that do not clearly define quantifiable measures of success in advance of development lack structure and deliver subjective results. These data-gathering methods empower you with data and reports by which program success can be judged.
13) Participant Recognition.
Build affinity toward your program by recognizing people who participate in the campaign and highlight the program’s success.
14) Attendee Follow-up.
Do not forget about your participants after your program ends! Receive follow-up training resources that help them retain what they learned and continue to build upon their personal finance skill sets.
15) Reporting.
For people or organizations serious about achieving the best results and helping others improve their financial capabilities, measurements, data-gathering, and reporting are vital. Well-put-together reports highlight your success and professionalism.
