Urban Extension Conference -Financial Education at Libraries-05-13

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Describes financial education project with New York Public Library

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Urban Extension Conference -Financial Education at Libraries-05-13

  1. 1. Financial Education By Triangulation:Building the Capacity ofNew York City LibrariesDr. Barbara O’Neill, CFP®Rutgers Cooperative Extensiononeill@aesop.rutgers.edu
  2. 2. It’s the Latest, It’s theGreatest, It’s…
  3. 3. • Libraries are receiving funding to providefinancial education to patrons and/or staff• Prohibited or discouraged from using financialservices professionals as speakers• GREAT opportunity for Cooperative Extension,FCS academics, non-profits in financial field• Two primary funders used by libraries:What’s Happening?
  4. 4. Why Libraries as Financial Educators?• Aura of trust• Environment is not overwhelming• Internet access• Free/low cost services• Referrals• Personal assistance/help• Variety of objective resources
  5. 5. Recommended Archived Webinar:http://www.youtube.com/watch?v=AX6TilIaozM&feature=youtu.beCenter for Financial Services (CFS), Univ. ofWisconsin"Public Libraries as Financial Literacy Providers"December 13th, 2011.CFS Affiliate, Kristin Eschenfelder presented her research whichexamined the activities public libraries use to increase the financialliteracy of their service populations.
  6. 6. Big Concern of Librarians:Information vs. AdviceGiving advice is telling another person what theyshould do. It may send an unspoken message that thelistener is not capable of making his/her owndecisions, but needs to be told what to do.Giving information lets the person know what theoptions are so he/she can make the decision about thebest course of action.
  7. 7. Library’s Role• Be a resource center of information• Assist patrons in formulating their questions/needs• Assist patrons in finding answers to their questions• Guide patrons to appropriate resources• Encourage research• Encourage personal action
  8. 8. Financial Education Benefits for Library• Build staff knowledge and skills– Don’t have to know all the answers– Better at finding and providing information for patrons• Better use of information, resources, materials• Improved and enhanced credibility in community• Serve as a valued “information intermediary”• Funding opportunities• New community partnerships
  9. 9. Benefits for Program Cooperators• Access to new audiences• “Low-maintenance” programs– No marketing and arrangement responsibilities– Just show up and teach• Grant subcontractor funding• Form community partnerships• Access the underserved• Provide information for today’s needs
  10. 10. NYPL GrantProgram Title: Money Matters
  11. 11. What is Money Matters?A project of the NY Public Library, funded by the IMLS, toprovide professional development to NYPL staff on personal financeas a means to help patrons find and assess appropriate personalfinance information and tools.• Multi-prong approach:• Workshops on 11 personal finance topics• E-learning modules• Leader’s guide• Resources• Triangulated evaluation methodsWeb site: https://sites.google.com/a/nypl.org/money-matters/
  12. 12. NYPL Grant Project ObjectiveProvide Assistance- NOT AdviceHelp patrons find information and answersRFP: “NYPL will create a corps of frontline staff equippedwith the skills and confidence to meet the growing needamong their patrons to access timely, accurate, andtrustworthy information about personal finance.”
  13. 13. Core WorkshopsCore (Required)– Banking– Credit 1– Retirement
  14. 14. Elective Workshops (8)– Credit 2– Investing 1– Investing 2– Living on the Financial Edge– Paying for College– Identity Theft– Taxes– Insurance
  15. 15. Workshop Components• PowerPoint slides• Participant Q & A• Learning activities– Identity Theft Risk Quiz– Retirement Coal of Arms• YouTube videos• Links to online resources• Small group discussion (scenarios)• PowerPoint content review games
  16. 16. Project Time Frame• Feb. – August 2012: 5 different workshops held in3 locations– Banking, Credit 1, Credit 2, Retirement, Identity theft,• Sept. 2012 – May 2013: Additional 6 workshopsheld in 3 locations– Insurance, Income Taxes, Investing 1, Investing 2,Living on the Edge, Paying for College• E-learning modules available in Spring 2013• Evaluation – ongoing by a third party evaluatorStaff may attend workshops at any location
  17. 17. Sample Scenarios• A library patron is trying to decide whether to take Social Security at age 62 orat full retirement age (FRA). He is interested in finding unbiased resourcematerial to help make this decision. How should Maria proceed to assist him?What resources would be helpful?• A library patron wants to calculate how much to save for her retirement. She isespecially concerned about outliving her assets. She has never done anyretirement calculations before. How should Andrew proceed to assist her? Whatresources would be helpful?• A library patron is going to turn 70 years old next year and wants to know moreabout required minimum distributions (RMDs) from his IRA. How should Mariaproceed to assist him? What resources would be helpful?• A NYPL library employee is getting ready to retire and has a lot of questions.Unfortunately, she missed the Money Matters workshop that library staffmember Andrew attended. Therefore, she is asking Andrew lots of questions.How should Andrew proceed to assist her? What resources would be helpful?
  18. 18. Knowledge Gain #1: Xtranormal• Creating an educational video is easy...– Choose from hundreds of actors (avatars or stikz)– Choose their voices and other sounds– Choose their gestures– Select your background– Type or record your dialogue• http://www.xtranormal.com/
  19. 19. Identity Theft Xtranormal Videohttp://www.xtranormal.com/watch/13646046/nypl-money-matters-identity-theft
  20. 20. Retirement Planning Xtranormal Videohttp://www.xtranormal.com/watch/13646025/nypl-money-matters-retirement-jerry-your-money
  21. 21. Other Project Xtranormal VideosInvesting 1: http://www.xtranormal.com/watch/13618473/nypl-money-matters-investing-10Investing 2: http://www.xtranormal.com/watch/13743733/nypl-money-matters-investing-20Paying for College: http://www.xtranormal.com/watch/13623328/nypl-money-matters-paying-for-collegeCredit 1: http://www.xtranormal.com/watch/13645983/nypl-money-matters-credit-debt-10Credit 2: http://www.xtranormal.com/watch/13646062/nypl-money-matters-credit-debt-20Banking: http://www.xtranormal.com/watch/14244082/nypl-money-matters-banking-newIncome Taxes: http://www.xtranormal.com/watch/14031409/income-taxesInsurance: http://www.xtranormal.com/watch/14022105/insurance-version-3Living on the Edge: http://www.xtranormal.com/watch/14035639/living-on-the-edge
  22. 22. How to Make an Xtranormal Video• Decide on video title, content, and objective• Write out dialogue between characters (use Notepad)• Set up Xtranormal account with username and password– Go to www.Xtranormal.com and get 300 free points• Click “Create”• Pick a “collection” (unique style of actors and sets); select 1actor or two actors• Select a set• Choose actors and their voices
  23. 23. How to Make an Xtranormal Video• Add background sounds (optional)• Enter dialogue (“free form” or prepared in advance)• Add animations and camera angles• Add title bubble at end for branding and credits• Listen to test dialog changes• Preview to test audio and video• Publish when complete; pay points
  24. 24. Xtranormal (XP) Points• 300 XP at sign-up to publish first video• Sold in bundles; various points plans– 1,200 XP for $10– 15,000 XP for $50– 40,000 XP for $100– 80,000 XP for $150• Purchase with credit card or PayPal• Also professional and educator plans• “Points bar” at top of page tells number of pointsneeded to publish a video
  25. 25. Helpful Things to Know• Xtranormal has excellent tutorials with screen shots:https://xtranormal.zendesk.com/home• Simple words are best– Example: “maybe” instead of “possibly”• Spell words out as they are pronounced– Example: Four oh one kay for 401(k)• Previews take a LONG time to load• Review the 10 camera angles and make a list of what they show(before you start)• Beware: commas = awkward pauses• Expect some “intonation issues” (like a GPS)
  26. 26. Knowledge Gain #2: Critical IncidentTechnique• http://www.adb.org/documents/information/knowledge-solutions/the-critical-incident-technique.pdf• Qualitative research technique• Ask subjects to describe through interviews incidents thatthey handled well or poorly (need not be spectacular events)• Provides rich personal perspective• Respondents like to tell stories and feel their experiencesare important
  27. 27. Key Take-Aways As a Partner• Library partners are very positive about financial education• You don’t reach out to libraries; they reach out to you if funded• FINRA has great Web site for library financial education content:http://www.finrafoundation.org/resources/education/modules/• Incorporate information about librarians’ retirement plan andbenefits to make presentations more “personal”• Create synergies with multiple library financial education grants• Put all work expectations in writing with a MOU or contract• Expect to have a third-party program evaluator
  28. 28. Comments? Questions?Experiences?All Money Matters materials are available for freedownloading by financial educators worldwideSee https://sites.google.com/a/nypl.org/money-matters/home/curriculum

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