Financial Education Boot Camp:Methodology and Impact Evaluation      Barbara O’Neill, Ph.D., CFP®     Rutgers Cooperative ...
Background Data: Council for Economic    Education Survey of the States (2009)• 13 states require a personal finance cours...
Jump$tart Financial Literacy Surveys                     Performance Trends100                 %                          ...
Background Data: Way & Holden Study of Teachers’ Capacity to Teach Personal Finance• Published in JFCP (2009, Volume 20, I...
Way & Holden Study Conclusion“One of the main implications of thisstudy is that there is a great need toexpand personal fi...
Enter Financial Education Boot Camp• Funded through NJ Coalition For Financial Education in  cooperation with Rutgers Coop...
Financial Education Boot Camp• Boot Camp Definition (Webster’s): “A  short concentrated period of intensive  training prio...
Boot Camp Goals1.   Review personal finance content to improve     subject matter knowledge       Increased knowledge and ...
Key Point: Teachers Don’t “Sit” Well• Keep Boot Camp content lectures short (75 minutes  max)• 75% of Boot Camp is discuss...
Boot Camp Formats• 3-hour condensed BC Light (conference workshop)• 1-day Level I (“Boot Camp Light”)• 2-day Boot Camp Lev...
Boot Camp Light Format• 1-day program• Five 30-minute “content chunks”   – Basic financial topics   – Income management   ...
Boot Camp Level I Format• 9 am to 3:30 pm for 2 days = 13 CEUs• 90-minute intro and content presentation on both days• Bre...
Boot Camp I Photos
Boot Camp Level II Format• 9 am to 3:30 pm for 2 days = 13 CEUs• 90-minute intro and content presentation on both days• Br...
Boot Camp II Photos
Examples of Afternoon Activities• Calculating Maria’s net worth• Calculating loan costs for different interest rates and l...
Other Boot Camp Features• Scholarship application program• Online and mail registration• Credit cards OK; no purchase orde...
Boot Camp Light and BC I (2010) ImpactPost-Class Evaluation• High value placed on training received• Most gained “a lot” o...
What Teachers Liked: Boot Camp I•   The interaction, the learning, the lessons, the ideas, and knowing where and how    to...
Boot Camp I Knowledge Gains• Pre-and post-tests (50 questions) were administered at the  beginning and end of each BC seri...
Boot Camp II Knowledge Gains• Again, pre-and post-tests (50 questions) were administered at the  beginning and end of each...
ConclusionBoot Camp increases teachers’preparedness to teach personal financeIncreased knowledge and skills = better teach...
So What if Teachers Don’t Live in NJ?•   Not to worry: Financial education is going national…. and hopefully onlineOne-Day...
Questions and Comments?
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Boot camp methodology and impact evaluation neafcs-09-11

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Boot camp methodology and impact evaluation neafcs-09-11

  1. 1. Financial Education Boot Camp:Methodology and Impact Evaluation Barbara O’Neill, Ph.D., CFP® Rutgers Cooperative Extension oneill@aesop.rutgers.edu
  2. 2. Background Data: Council for Economic Education Survey of the States (2009)• 13 states require a personal finance course as a graduation requirement (7 states in 2007)• 34 states require implementation of personal finance content standards (28 in 2007)• 2008-2009 financial crisis called attention to consequences of personal finance knowledge and skills – NJ “perfect storm” for financial education
  3. 3. Jump$tart Financial Literacy Surveys Performance Trends100 % % % % %80 57 .4 .3 .9 .2 52 52 51 50 97 06 04 00 19 02 20 20 20 20604020 0 2008 average score: 48.3%!!!
  4. 4. Background Data: Way & Holden Study of Teachers’ Capacity to Teach Personal Finance• Published in JFCP (2009, Volume 20, Issue 2): http://www.afcpe.org/publications/journal- articles.php?volume=384&article=369• Online survey of K-12 teachers in 8 states (N = 504)• Little formal education in personal finance• YET…formal education is significant predictor of teachers’ perceived competence to teach personal finance• Limited perceived preparedness in both subject matter and pedagogy (i.e., content and methods)• Greatest hesitancy: insurance and saving/investing
  5. 5. Way & Holden Study Conclusion“One of the main implications of thisstudy is that there is a great need toexpand personal finance educationalopportunities for pre-service and in-service teachers in order to meet boththeir personal and professional needs.”
  6. 6. Enter Financial Education Boot Camp• Funded through NJ Coalition For Financial Education in cooperation with Rutgers Cooperative Extension• Funders to date: Citi, NJ Credit Union Foundation, and Council For Economic Education• Seeking funding for online Boot Camp in 2012• Methods and impacts will be discussed in second workshop• This workshop will describe four subject matter content learning activities from BC I and BC II
  7. 7. Financial Education Boot Camp• Boot Camp Definition (Webster’s): “A short concentrated period of intensive training prior to assuming new roles, responsibilities, and/or challenges.”• Includes both content and methods
  8. 8. Boot Camp Goals1. Review personal finance content to improve subject matter knowledge Increased knowledge and skills = better teaching!2. Share activities, strategies, and resources to teach personal finance/financial literacy3. Provide helpful information for personal use4. Increase confidence to teach personal finance
  9. 9. Key Point: Teachers Don’t “Sit” Well• Keep Boot Camp content lectures short (75 minutes max)• 75% of Boot Camp is discussion or small group activities• Provide opportunities for teachers to seek information (from free curricula, books, etc.) and teach each other
  10. 10. Boot Camp Formats• 3-hour condensed BC Light (conference workshop)• 1-day Level I (“Boot Camp Light”)• 2-day Boot Camp Level I (basic topics)• 2-day Boot Camp Level II (advanced topics)• Coming: Online Boot Camp
  11. 11. Boot Camp Light Format• 1-day program• Five 30-minute “content chunks” – Basic financial topics – Income management – Understanding credit – Income taxes and insurance – Saving and investing• Alternated with learning activities for each chunk
  12. 12. Boot Camp Level I Format• 9 am to 3:30 pm for 2 days = 13 CEUs• 90-minute intro and content presentation on both days• Break• 75-minute intensive small group learning activity – Jeopardy-style game (Day 1) – “Millionaire”-style game (Day 2)• Lunch• Games are finished off for teachers’ flash drives• Afternoon: discussion and activities
  13. 13. Boot Camp I Photos
  14. 14. Boot Camp Level II Format• 9 am to 3:30 pm for 2 days = 13 CEUs• 90-minute intro and content presentation on both days• Break• 75-minute intensive small group learning activity – Time value of money problems (Day 1) – Financial case study analysis (Day 2)• Lunch• Afternoon: discussion and activities – Including computer lab work
  15. 15. Boot Camp II Photos
  16. 16. Examples of Afternoon Activities• Calculating Maria’s net worth• Calculating loan costs for different interest rates and loan maturities• Advantage Publications calculators• Review of online Financial football game• Review of FinEd Reviews (teacher curriculum reviews)• Holiday spending activity• Rent-to-own activities• Skits (“nosebag theater”)• Review of YouTube videos
  17. 17. Other Boot Camp Features• Scholarship application program• Online and mail registration• Credit cards OK; no purchase orders• Two daily meals provided• Door prizes• Continuing education certificates• Post-class and 3-month follow-up evaluations (with incentives)
  18. 18. Boot Camp Light and BC I (2010) ImpactPost-Class Evaluation• High value placed on training received• Most gained “a lot” or “some” knowledge about personal finance content and methods• Increased preparedness to teach personal finance after Boot Camp3-Month Follow-Up Evaluation• 2/3 of respondents used information and materials• Number of students impacted by respondents: 10 to 400
  19. 19. What Teachers Liked: Boot Camp I• The interaction, the learning, the lessons, the ideas, and knowing where and how to start• Relaxed atmosphere, lots of resources, opportunity to share with others• Thank you. This was great. I enjoyed both days and I look forward to additional training• All of the resources provided and the ability to brainstorm, beg, and borrow from others• Ideas for teaching techniques and games• Interactive activities• The amount of free materials distributed was great. Presenters were friendly and knowledgeable.• Energy of presenters. Everything was enjoyable and usable• Personal interaction with groups• Working in teams; interesting activities• My cabin (small group) buddies (2)• Opportunity for discussion and networking• Resource materials, both online and hard copy• Activities shared and being able to use in class (3)• Interactivity with “real teachers”• The design of the sessions-content-activities• Everything-friendships and materials
  20. 20. Boot Camp I Knowledge Gains• Pre-and post-tests (50 questions) were administered at the beginning and end of each BC series to determine changes in participants’ personal finance knowledge• Test Statistics:Westampton (South NJ)Pre- Percent passing: 92.3%; Average score: 87.7%Post- Percent passing: 100%; Average score: 94.7%Score change range: -2 to +20; Average score change: +8.2 pointsMadison (North NJ)Pre- Percent passing: 95.8%; Average score: 82.9%Post- Percent passing: 100%; Average score: 91.9%Score change range: -2 to +24; Average score change: +8.5 points
  21. 21. Boot Camp II Knowledge Gains• Again, pre-and post-tests (50 questions) were administered at the beginning and end of each BC series to determine changes in participants’ personal finance knowledge• Test Statistics:Basking Ridge (North NJ)• Pre-score range: 32 to 86; Average score: 67.20; Number of teachers with grade of 70+: 46%; Number of teachers with grade of 90+: 0%• Post-score range: 40 to 98; Average score: 80.06; Number of teachers with grade of 70+: 88%; Number of teachers with grade of 90+: 27%Mays Landing (South NJ)• Pre-score range: 52 to 96; Average score: 69.69; Number of teachers with grade of 70+: 62%; Number of teachers with grade of 90+: 7%• Post-score range: 70 to 100; Average score: 84.25; Number of teachers with grade of 70+: 100%; Number of teachers with grade of 90+:19%
  22. 22. ConclusionBoot Camp increases teachers’preparedness to teach personal financeIncreased knowledge and skills = better teaching!
  23. 23. So What if Teachers Don’t Live in NJ?• Not to worry: Financial education is going national…. and hopefully onlineOne-Day Personal Finance Boot Camp:• Five short “subject matter chunk” presentations followed by five sets of interactive teaching methods interspersed throughout the day.Two-Day Personal Finance Boot Camp:• Short subject matter content presentation and teacher preparation of PowerPoint games each morning followed by interactive teaching methods each afternoon. Participants leave with files for the games that they create.Cost:• $ 3,500 plus travel expenses- One-Day Personal Finance Boot Camp• $ 5,000 plus travel expenses- Two-Day Personal Finance Boot CampFor information about Boot Camp programs held in New Jersey, see www.njcfe.org To arrange a Boot Camp presentation, contact Dr. Barbara O’Neill at oneill@aesop.rutgers.edu or Carole Glade at caroleglade@gmail.com or Dr. Deborah Figart at Deb.Figart@stockton.edu.
  24. 24. Questions and Comments?

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