Flcp presentation for naf 2009


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  • In a report from a White House Conference on Financial Literacy this past July, a number of critical issues were identified about the state of financial literacy in the US, and I quote. “Americans generally do not have adequate financial literacy to make the necessary complex and demanding financial decisions they face. And as regards financial education:
  • Flcp presentation for naf 2009

    1. 1. 2009 Institute for Staff Development Students Today, Leaders Tomorrow Financial Literacy Certification Program from w!se
    2. 2. Financial Literacy Certification Program <ul><li>Less than a quarter of students (24%) say they are very well prepared to deal with life’s financial challenges (Hartford Financial Services Group, 2007) </li></ul><ul><li>68% of high school seniors today do not understand the basics of personal finance and only 21% have taken a personal finance class (Jump$tart, 2008) . </li></ul><ul><li>Universities lose more students to credit card debt than to academic failure </li></ul><ul><li>US consumer debt stands at $2.4 trillion and exceeds household income by over 8% </li></ul>Why Youth Financial Literacy is Important!
    3. 3. Prior Exposure to Financial Education <ul><li>Very few students have exposure to financial education prior to their school participating in the w!se program </li></ul>N/A Financial Literacy Certification Program % of students with financial education
    4. 4. Financial Literacy Certification Program <ul><ul><li>Origin: Established in 2003 in New York City as an initiative of the New York Financial Literacy Coalition (the NY State Jump$tart affiliate) </li></ul></ul><ul><ul><li>Goals: </li></ul></ul><ul><ul><ul><li>increase the number of young people who are financially literate </li></ul></ul></ul><ul><ul><ul><li>measure the level of school effectiveness in the teaching of finance and the financial literacy of students graduating from high school </li></ul></ul></ul><ul><ul><ul><li>reward achievement </li></ul></ul></ul><ul><ul><li>Market position: </li></ul></ul><ul><ul><ul><li>50 schools in the Upstate Region of New York </li></ul></ul></ul><ul><ul><ul><li>Over 200 schools in 18 States </li></ul></ul></ul><ul><ul><li>Recognition: </li></ul></ul><ul><ul><li>Recipient of the 2007 US Treasury John Sherman Award for Excellence in Financial Education </li></ul></ul>Background about the Program
    5. 5. <ul><ul><li>Partnership: Schools teach Personal Finance and test all students </li></ul></ul><ul><ul><li>Topics: Money, Cost of Money, Budgeting, Banking, Credit, Insurance, Investing, Money Management, Retirement Planning, Housing, Regulatory Agencies </li></ul></ul><ul><ul><li>Features : </li></ul></ul><ul><ul><ul><li>Orientations </li></ul></ul></ul><ul><ul><ul><li>Teacher Workshops </li></ul></ul></ul><ul><ul><ul><li>Annual Conference </li></ul></ul></ul><ul><ul><ul><li>Resources (curriculum outline, practice tests online) </li></ul></ul></ul><ul><ul><ul><li>Certification Testing (pre-and post test) </li></ul></ul></ul><ul><ul><ul><ul><li>administered by teachers, scored by w!se </li></ul></ul></ul></ul><ul><ul><ul><li>Student, Teacher and School Recognition </li></ul></ul></ul><ul><ul><ul><li>The Blue Star Financial Literacy Report </li></ul></ul></ul><ul><ul><li>Program Cost: Offered at no charge to schools in New York State </li></ul></ul><ul><ul><li>Confidentiality: Results ONLY shared with school contact </li></ul></ul>Program Characteristics Financial Literacy Certification Program
    6. 6. The Certification Test <ul><li>More than one test per semester </li></ul><ul><li>50 Multiple Choice questions </li></ul><ul><li>15 Survey Questions </li></ul><ul><li>60-70 minutes </li></ul><ul><li>Administered in the fall and spring </li></ul><ul><li>Test Available in English and Spanish </li></ul><ul><li>Paper and on-line testing Spring 09 </li></ul>Financial Literacy Certification Program
    7. 7. Participating Students Total of 61,296 participating students and 45,599 Certified Financially Literate! Pass Rate 79% 73% 73% 73% 75.5% 74.4% Financial Literacy Certification Program
    8. 8. Pre-test vs Post-test Scores At least 20% improvement between pre-test scores and post-instruction scores. Financial Literacy Certification Program
    9. 10. Awards and Recognition <ul><li>Results ONLY shared with school contact </li></ul><ul><li>Schools with 75% + passing the FLC Test are designated BLUE STAR SCHOOLS </li></ul><ul><li>Teachers with 90% of class passing test are designated as GOLD STAR TEACHERS </li></ul><ul><li>Certificates to students who pass the test; Medals for students who achieve a 95%+. </li></ul><ul><li>The w!se CFL! </li></ul>Financial Literacy Certification Program
    10. 11. The Financial Literacy Certification (CFL)
    11. 12. Testimonials about the Certification <ul><li>The Financial Literacy Certification Program has been a home run at our high school. A leading college recently honored more than 15 certified students for business leadership at a reception. All involved were very proud and now have a great knowledge base in personal finance.” </li></ul><ul><li>- Teacher from New York </li></ul>“ I had a girl last semester who earned a $4/hr raise when she showed to her manager her financial literacy certification from w!se ” - Teacher from Tennessee “ On a recent job interview, one of my students was about her financial certification , credit score and credit history.  She said she was surprised but felt confident in being able to answer the questions.  She also explained that she had received a financial literacy certification from w!se.  She got the job! “ - Teacher from New Jersey
    12. 13. Performance by Topic Area Performance generally strongest in the area of credit and money management weakest in insurance/investing % Correct Financial Literacy Certification Program
    13. 14. Pass Rate by Gender No statistical difference between the performance of males and females. Interestingly, however, females had a higher pass rate than males for the first time in Spring 2008. Financial Literacy Certification Program
    14. 15. Value of Financial Education <ul><li>After personal finance instruction, students report confidence in managing their finances, that financial education is valuable to them and that they will use the skills and knowledge learned </li></ul>Financial Literacy Certification Program
    15. 16. Changes in Student Behavior 2007-2008 2006-2007 Financial Literacy Certification Program <ul><li>Each year since 2005, there has been an increase in the percentage of students: </li></ul><ul><ul><li>Using budgets </li></ul></ul><ul><ul><li>Having bank accounts </li></ul></ul><ul><ul><li>Saving regularly </li></ul></ul><ul><ul><li>Setting financial goals </li></ul></ul><ul><ul><li>Talking about money with their parents </li></ul></ul><ul><ul><li>Comparing prices </li></ul></ul>
    16. 17. Use of Financial Products and Test Scores 2007-2008 Financial Literacy Certification Program Ownership of financial products consistently affects Certification Test scores
    17. 18. Frequently Asked Questions <ul><li>Can the test be given in class? </li></ul><ul><li>Should I count it toward the final grade? </li></ul><ul><li>Can all schools administer the pre-test? </li></ul><ul><li>Do the practice tests matter? </li></ul><ul><li>How does the program work with block schedules? </li></ul><ul><li>Can you use the program to support dual credit? </li></ul><ul><li>Do you have multiple testing dates? </li></ul><ul><li>How long does it take to receive test scores? </li></ul><ul><li>What is the passing rate on the test? </li></ul>Financial Literacy Certification Program
    18. 19. The program calendar - 2008-2009 <ul><li>August 17 th 2008, First Program Orientation </li></ul><ul><li>August 27 th 2008, Fall 2008 – First Pre-test Date </li></ul><ul><li>September 16 th 2008, Second Program Orientation </li></ul><ul><li>October 2 nd 2008, Fall 2008 Second Pre-test Date </li></ul><ul><li>October 16 th 2008, Fall Workshop New York City </li></ul><ul><li>November 4 th, 2008, 6 th Annual MoneyPOWER Conference for Educators </li></ul><ul><li>December 16 th 2008, Fall Financial Literacy Certification Test </li></ul><ul><li>January 2009, Reporting of Fall Certification Test Scores </li></ul><ul><li>January 2009, Spring Program Orientation available through You Tube </li></ul><ul><li>February 2 nd 2009, Spring Workshop I (NYC) </li></ul><ul><li>January 27 th and February 10 th, 2009, Spring 2009 Pretest </li></ul><ul><li>March 2009 , Spring workshop (Long Island, NY) </li></ul><ul><li>April, 2009, Teacher orientation for Spring test </li></ul><ul><li>May 2009, Spring Financial Literacy CertificationTest </li></ul><ul><li>June, 2009, Reporting of Spring Test scores </li></ul><ul><li>June, 2009 , Scholars Reception </li></ul>Financial Literacy Certification Program
    19. 20. Thank You!