Collaboration, Innovation, Education: A Model for Successful Financial Literacy Programming at the Library
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Collaboration, Innovation, Education: A Model for Successful Financial Literacy Programming at the Library






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Collaboration, Innovation, Education: A Model for Successful Financial Literacy Programming at the Library Collaboration, Innovation, Education: A Model for Successful Financial Literacy Programming at the Library Presentation Transcript

  • ALA & FLORENCE COUNTY LIBRARY SYSTEMMade possible by a grant from Smart investing@your library®, apartnership between the FINRA Investor Education Foundation and the American Library Association. 1
  • Smart investing@your library®“Smart investing@your library is agrant-funded program developedcollaboratively by the AmericanLibrary Association and the FINRAInvestor Education Foundation. Theprogram addresses the growing needfor unbiased financial and investoreducation at the grassroots level”. Source: 2
  • Smart investing@your library®o Application to the Smart investing@your library® grant program is by invitation only to public libraries, community college libraries, library organizations, nonprofit networks or consortia serving public libraries, and state libraries.o Grants range in size from $5,000 to $100,000.o 2012: $1.2 million in grants to 16 recipients. 3
  • Smart investing@your library® Now in its fifth year, the program has awarded a total of nearly $6 million to public libraries and library networks nationwide. Grantees are allowed flexibility to to modify (with grantor approval) elements of their projects to reach their stated goals. 4
  • Library System Overview585,000 Annual Visits70,000 Cardholders320,000 Items Borrowed AnnuallySix locations throughout the county 5
  • Florence County Population: 137,862 (2011) Total Land Area: 799.96 square miles Income: 18% Below Poverty Line (2006-10) Race: 41.7% African- American, 55.5 % White Unemployment: 9.5 % - August 2012 Source: US Census Bureau 6
  • Florence County Library System - Project Overview Grant Award/Year-$ 47,949 (2010) Project Term – 16 months Multigenerational – 3 Target Groups Partnerships  SC Dept. of Consumer Affairs  Florence Chapter AARP  Francis Marion University  Poynor Adult Education Center  The Benefit Bank of South Carolina 7
  • Public Programs Dewey D. Fox Fall Festival Take Control of Your Money workshops  Oct./Nov. 2011 six-week money management  Mar./Apr. 2012 three-week retirement planning  April/May 2012 three-week money management Children’s storytimes and afterschool programs  Sept. 2011 through May 2012 Money Madness Teen Lock-in (May 2012) Senior Lunch & Learn (May 2012) 8
  • Marketing 9
  • Dewey D. Fox Fall Festival Attendance – approximately 2000  over half were children Programs  Theater group  Puppeteer  Money themes utilized, savings, spending, earning  Piggy bank crafts SC Dept. of Consumer Affairs and The Benefit Bank  Tables in lobby to provide consumer/benefit information 10
  • Fall Festival Images 11
  • Fall Festival Images 12
  • Fall Festival Images 13
  • Fall Festival Images 14
  • Fall Festival Images 15
  • Fall Festival Images 16
  • Festival GoalTarget: Children in Florence Countybetween the ages of 4 and 11 90 % of the 1000 children who attendthe Dewey Dollar Fall Festival will gainan understanding of the role andvalue of money. 
  • Festival ResultsOf the surveys that were filled out,approximately 176 were filled out bychildren between the ages of 4 and 11.  o All reported learning at least one concept. o Savings (40%) was the number one answer. o Other answers included overspending, credit cards, earning money.
  • Branch Dewey Dollar Programs
  • Children’s Program Results• 5,300 children attended financial themed storytimes system wide• 4,500 checked out books from the Dewey Dollar Collection 20
  • Children’s Program Results• Simple surveys revealed that 100% learned at least one concept: o earning money 43% o budgeting 23% o saving 18% 21
  • Take Control of Your Moneyo Workshops on Money Management and Retirement Planningo New Print and Online Resourceso Senior Lunch & Learno Consumer Fraud Alerts 22
  • Take Control of Your Money Series 23
  • Take Control Workshop Results99 % reported that they gained financial knowledgeThirty Day Follow-up: 91 % reported opening a savings account or increasing savings 90% established a household budget 24
  • Adult Smart Investing Collections 25
  • Money Madness Teen Lock-in • 189 Teens Attended • SELA Outstanding Library Program of 2012 • Partnership with SC Department of Consumer Affairs and support of area schools 26
  • 27
  • Teen Lock-in Images 28
  • Teen Lock-in Images 29
  • Teen Lock-in Images 30
  • Teen ResultsMore than 95% reported learning at least two concepts: 67% - the importance of saving money 61% - how compound interest works and why it’s important 55% - the true costs of buying/owning a car 43% - learned about credit card debt 31
  • Teen Results FollowupThirty Day Follow-up Survey:51% reported taking steps to avoid credit card debt by saving up for purchases rather than buying on credit11 % reported setting up a savings account 32
  • Senior Lunch & Learn 33
  • Senior Lunch & Learn 34
  • Senior Lunch & Learn• 100 % reported learning valuable information about various types of investment fraud.• 55% reported employing new strategies and resources in their investment planning as a direct result of the Lunch & Learn. 35
  • Senior Lunch & Learno The Securities Division of the South Carolina Office of the Attorney General decided to replicate the Senior Lunch & Learn model statewide.o They received a grant and started their statewide initiative in the fall of 2012. 36
  • Collaboration• Internal – staff, Friends of the Library group• External - partnerships 37
  • Partnerships• Utilizing an existing partnership is preferable to building one from scratch.• The success of partnerships depends just as much or more on relationships than “organizational fit.” 38
  • Partnerships• A memorandum of understanding (M.O.U.) is a good way to define roles and expectations.• Partnerships should be mutually beneficial. 39
  • PartnershipsExamples of mutual benefit:o Sharing statistics, survey resultso Positive press – coordinating coverageo Reaching other audienceso Sharing “soft outcomes” - photos, anecdotal resultso Sharing expertise 40
  • Innovation• Take inventory of your organization’s assets.• Brainstorm with colleagues, partnership contacts, cohorts in other libraries / similar organizations.• Innovation can result from adaptation. 41
  • Lessons Learned• Marketing and program design are interrelated.• Success Tip: Adapt a program format that has worked previously in YOUR community.• Direct marketing works best for teens. 42
  • Promotional Videos Investing for Kids: v=SAnHRSKIdFE&feature=autoplay &list=UUJjjU7BCpzBN0R1Tn9qAtkg &playnext=1 43
  • Promotional VideosSmart Investing for Adults: v=rxBWQC- 423M&list=UUJjjU7BCpzBN0R1Tn9q Atkg&index=2&feature=plcp 44
  • Media Coverage ct/25/florence-county-library- system-promotes-financial--ar- 2605920/ 45
  • For More 46
  • Thanks 47
  • Aubrey B. Carroll Contact: (843) 413 - 7070 Florence County Library System 509 S. Dargan Street Florence, SC USA 29506 48