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Fannie Mae Foundation’s Financial Tool Kit




Fannie Mae Foundation’s Financial Tool Kit:

       Making Financial Skills...
Fannie Mae Foundation’s Financial Tool Kit



Americans Experience Financial Stress

        •   Over 60% of Americans hav...
Fannie Mae Foundation’s Financial Tool Kit



Poor Financial Skills Result in Lower Quality of Life

               •    H...
Fannie Mae Foundation’s Financial Tool Kit



Personal Financial Skills Education Works

          •   Two-thirds of parti...
Fannie Mae Foundation’s Financial Tool Kit



Personal Financial Skills Education Benefits Employers

                •   ...
Fannie Mae Foundation’s Financial Tool Kit



Partnership Develops Financial Tool Kit

        •    Fannie Mae Foundation ...
Fannie Mae Foundation’s Financial Tool Kit



The Financial Tool Kit Helps You Take Action

           •    You can custom...
Fannie Mae Foundation’s Financial Tool Kit



The Curriculum Targets Essential Financial Skills

             •    The cur...
Fannie Mae Foundation’s Financial Tool Kit



            Select the Optimum
Educational Approach for Your Organization
  ...
Fannie Mae Foundation’s Financial Tool Kit



Offer an Educational Environment That Suits Your Participants

             ...
Fannie Mae Foundation’s Financial Tool Kit



  Launching Personal Financial Skills
Education Requires a Minimal Investmen...
Fannie Mae Foundation’s Financial Tool Kit



           Next Steps

•    Quantify need for personal financial skills
•   ...
Fannie Mae Foundation’s Financial Tool Kit



                                         End Notes
The information regarding...
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Fannie Mae Foundation's Financial Tool Kit

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Transcript of "Fannie Mae Foundation's Financial Tool Kit"

  1. 1. Fannie Mae Foundation’s Financial Tool Kit Fannie Mae Foundation’s Financial Tool Kit: Making Financial Skills Education a Reality Making Financial Skills Education a Reality
  2. 2. Fannie Mae Foundation’s Financial Tool Kit Americans Experience Financial Stress • Over 60% of Americans have trouble paying their bills and worry about money • 75% of Americans recently faced a significant financial problem • 15% of the workforce have financial problems that decrease their productivity • Common financial problems include overspending, misuse of credit, lack of money management, and no personal or retirement savings Making Financial Skills Education a Reality
  3. 3. Fannie Mae Foundation’s Financial Tool Kit Poor Financial Skills Result in Lower Quality of Life • How much money is your workplace losing due to: – employee absenteeism – employees’ extended breaks to deal with financial issues – distracted employees who cannot focus on work – employees who seek managerial assistance or cash advances to deal with “financial crisis” – employees who fail to use direct deposit or retirement savings plans – higher turnover and increased training costs Making Financial Skills Education a Reality
  4. 4. Fannie Mae Foundation’s Financial Tool Kit Personal Financial Skills Education Works • Two-thirds of participants improve their financial situation with professional assistance within 12 months • Financial education participants report that they: – make better financial decisions – see improvements in their financial situation – are able to set aside more money for savings and retirement – lower their household debt-to-income ratio – receive better job performance ratings – have better health Making Financial Skills Education a Reality
  5. 5. Fannie Mae Foundation’s Financial Tool Kit Personal Financial Skills Education Benefits Employers • Improving employee financial wellness can account for a 25% increase in productivity • First-year return on employer’s investment in financial education is over $400 per employee who improves their financial behavior – fewer absences – less time handling financial matters – increased productivity • Employers can expect a 3:1 return on their investment in employee financial education Making Financial Skills Education a Reality
  6. 6. Fannie Mae Foundation’s Financial Tool Kit Partnership Develops Financial Tool Kit • Fannie Mae Foundation discovers need • Home Depot workforce financial issues include: – half the workforce without direct deposit – many employees experiencing garnishment of wages – increasing number of employees using emergency loan fund – excessive Human Resources staff time verifying employment for non-banked associates • Home Depot, Fannie Mae Foundation, and Consumer Credit Counseling of Atlanta join forces to develop financial skills education Making Financial Skills Education a Reality
  7. 7. Fannie Mae Foundation’s Financial Tool Kit The Financial Tool Kit Helps You Take Action • You can customize tools to meet your participants’ needs, the resources include: – interactive participant workbooks – instructor manual – consumer homebuying guides – videos – templates for flyers and posters – templates for financial skills newsletter articles Making Financial Skills Education a Reality
  8. 8. Fannie Mae Foundation’s Financial Tool Kit The Curriculum Targets Essential Financial Skills • The curriculum builds skills that are critical to personal financial wellness, such as: – developing a spending plan • identify savings goals • take control of the flow of household money – working with checking and savings accounts • increase awareness of money management practices • learn about checking and savings accounts – understanding credit and your credit report • understand the concept of credit • learn to read and work with credit reports – getting a loan • learn about the lending process • understand how to avoid predatory lenders Making Financial Skills Education a Reality
  9. 9. Fannie Mae Foundation’s Financial Tool Kit Select the Optimum Educational Approach for Your Organization • Successful workplace education uses multiple delivery channels such as: – workshops – self-study materials – newsletters – Internet/intranet – posters – flyers Making Financial Skills Education a Reality
  10. 10. Fannie Mae Foundation’s Financial Tool Kit Offer an Educational Environment That Suits Your Participants • Financial skills education may be provided in a number of ways, such as: – full-day classes – self-study workbooks – after work or weekend sessions Making Financial Skills Education a Reality
  11. 11. Fannie Mae Foundation’s Financial Tool Kit Launching Personal Financial Skills Education Requires a Minimal Investment • Board commitment and support is essential • Utilize free Fannie Mae Foundation resources: – personal financial skills workbooks and instructor guides – consumer guides and videos • Knowing and Understanding Your Credit • Borrowing Basics – templates for posters, flyers, etc. – information for newsletter articles • Dedicate staff time to launching and maintaining personal finance education program Making Financial Skills Education a Reality
  12. 12. Fannie Mae Foundation’s Financial Tool Kit Next Steps • Quantify need for personal financial skills • Enlist board support • Dedicate internal resources to financial skills education • Order Financial Skills Tool Kit • Develop communications strategy to recruit participants • Design incentive program to encourage participation Making Financial Skills Education a Reality
  13. 13. Fannie Mae Foundation’s Financial Tool Kit End Notes The information regarding the effect of financial problems on workplace productivity was gathered from research done by the National Institute for Personal Finance Employee Education. For further information, visit… www.chre.vt.edu/NearEnvironments/ResourceManagement Making Financial Skills Education a Reality
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