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Measuring Financial Education
Success: Evaluation Methods and
       Assessment Tools


   Barbara O’Neill, Ph.D, CFP®, CRPC®
     Professor II, Rutgers University
        oneill@aesop.rutgers.edu
Are You Evaluating Your Financial
      Education Programs?

        If You Are, How?
The Million Dollar “So What?” Question…

  At the end of the day…did your financial education
  program make a difference?




How do you know?
The Current State of Financial Education
 Program Evaluation

• Current evaluation efforts are still far from satisfactory

• General lack of evaluation capacity

• Evaluation is often treated as an after-thought

• Outcomes (e.g., measures of changed behavior) are often
  confused with program outputs (e.g., number of
  participants)
We are in an “Accountability Era”
• What gets measured gets funded


• With evaluation results, you can
   – assess impact of programs on learners
   – see if you accomplished what you planned
   – know if a program was “worth it”
   – celebrate success and learn from failure
   – make informed decisions to improve, hold, or fold programs
   – promote your program and win public support
Introducing the Logic Model
• See http://www.uwex.edu/ces/pdande/evaluation/evallogicmodel.html
• Begins with the end in mind
• Explains what a program is and what it will accomplish
• Shows relationships between inputs, outputs, and outcomes
Everyday Situation



H
U
N
G
R
    Get food
    Get food    Eat food
                Eat food            Feel better
                                    Feel better
Y
Building a Strong
              Financial Education Program


INPUTS               OUTPUTS                        OUTCOMES
                                                                    Long-
               Activities   Participation   Short      Medium       term
  Program
investments


    What       What          Who We                  What Results
     We        We Do          Reach
   Invest
                                                    SO WHAT??
                                             What is the VALUE?
INPUTS


       Staff
       Money
       Time
     Volunteers
      Partners
Equipment/Technology
      Policies
      Research
OUTPUTS
       What We Do                      Who We Reach


         ACTIVITIES                      PARTICIPATION
Assess needs and assets          Participants
Design curriculum                Clients
Educate students                 Customers
Conduct workshops                Users

Facilitate learning groups       Groups

Sponsor conferences
Work with the media              Reactions - Satisfaction

Partner – collaborate
OUTCOMES
     What Results for Individuals, Organizations, Communities..…



         SHORT               MEDIUM            LONG-TERM
         Learning              Action                   Conditions



Awareness              Behavior                 Human

Knowledge              Practice                 Economic

Attitudes              Decisions                Civic

Skills                 Policies                 Environment

Opinion                Social action
Aspirations
Motivation
Commonly Measured Items
              That Are Not Outcomes

• Participant satisfaction

• Number of people taught

• Units of education completed
                                 OUTCOMES
• Number of events held

• Time and money spent

• Level of effort
Impact Evaluation Data Collection Methods
 • Surveys
    – Post-evaluation only (short programs)
    – Pre- and post-evaluation
    – Follow-up (e.g., 3 months later)

 • Focus groups
 • Interviews
 • Observations
 • Tests of knowledge/ability
 • RARE: Control groups and longitudinal studies
Typical Survey Questions

• General reactions to the program
• Changes in knowledge
• Changes in motivation, confidence, and abilities
• Intended changes in behavior
• Actual changes in behavior
• Future programming needs and preferences
• Demographics
• Qualitative/open-ended responses
Post-Then-Pre Evaluation Surveys
• Also known as a “Retrospective Pre-Test”
• Helps identify changes in knowledge, attitudes, and
  behavior
Another Post-Then-Pre Example

Big Advantage: Avoids the problem of learners under-
estimating what they don’t know before a program
NEFE Evaluation Toolkit
http://toolkit.nefe.org
Downloadable Evaluation Manual
Build Your Own Evaluations Online
One Last Step:
Share Your Program Evaluation Results



             WHAT?
             SO
             WHAT?
             NOW
             WHAT?
Tips for “Telling Your Story”

• Use simple descriptive statistics (e.g., counts,
  percentages, and averages)
• Don’t use jargon
• Don’t overstate your results (e.g., causality)
• Blend quantitative and qualitative data
• Clearly describe who the results represent (i.e.,
  demographic characteristics of participants)
• Be honest about your program’s strengths and
  weaknesses, while highlighting the positive
Impact Statements: Intentions

    As a result of participating in this financial education
    program, X% of participants reported that they…

•   plan to do/use/adopt…
•   are more knowledgeable about…
•   are more confident in their ability to…
•   are more likely than before to do/use/adopt…
•   will do/use/adopt…

…a particular attitude, piece of information, or behavior.
Impact Statements: Actions

    As a result of participating in this financial education
    program, X% of participants reported that they…

•   are now doing…
•   did…
•   used…
•   increased their knowledge of…
•   adopted…
•   changed…

… a particular attitude, piece of information, or behavior.
Questions and Comments?
Barbara O'Neill, Ph.D., CFP®, CRPC

Extension Specialist in Financial Resource Management and
Professor II
Rutgers University

Phone: 732-932-9155 Extension 250

E-mail: oneill@aesop.rutgers.edu

Internet: http://njaes.rutgers.edu/money2000/

Twitter: http://twitter.com/moneytalk1

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Citi grant teacher training-fin ed evaluation-assessment tools-o'neill-06-11

  • 1. Measuring Financial Education Success: Evaluation Methods and Assessment Tools Barbara O’Neill, Ph.D, CFP®, CRPC® Professor II, Rutgers University oneill@aesop.rutgers.edu
  • 2. Are You Evaluating Your Financial Education Programs? If You Are, How?
  • 3. The Million Dollar “So What?” Question… At the end of the day…did your financial education program make a difference? How do you know?
  • 4. The Current State of Financial Education Program Evaluation • Current evaluation efforts are still far from satisfactory • General lack of evaluation capacity • Evaluation is often treated as an after-thought • Outcomes (e.g., measures of changed behavior) are often confused with program outputs (e.g., number of participants)
  • 5. We are in an “Accountability Era” • What gets measured gets funded • With evaluation results, you can – assess impact of programs on learners – see if you accomplished what you planned – know if a program was “worth it” – celebrate success and learn from failure – make informed decisions to improve, hold, or fold programs – promote your program and win public support
  • 6. Introducing the Logic Model • See http://www.uwex.edu/ces/pdande/evaluation/evallogicmodel.html • Begins with the end in mind • Explains what a program is and what it will accomplish • Shows relationships between inputs, outputs, and outcomes
  • 7. Everyday Situation H U N G R Get food Get food Eat food Eat food Feel better Feel better Y
  • 8. Building a Strong Financial Education Program INPUTS OUTPUTS OUTCOMES Long- Activities Participation Short Medium term Program investments What What Who We What Results We We Do Reach Invest SO WHAT?? What is the VALUE?
  • 9. INPUTS Staff Money Time Volunteers Partners Equipment/Technology Policies Research
  • 10. OUTPUTS What We Do Who We Reach ACTIVITIES PARTICIPATION Assess needs and assets Participants Design curriculum Clients Educate students Customers Conduct workshops Users Facilitate learning groups Groups Sponsor conferences Work with the media Reactions - Satisfaction Partner – collaborate
  • 11. OUTCOMES What Results for Individuals, Organizations, Communities..… SHORT MEDIUM LONG-TERM Learning Action Conditions Awareness Behavior Human Knowledge Practice Economic Attitudes Decisions Civic Skills Policies Environment Opinion Social action Aspirations Motivation
  • 12. Commonly Measured Items That Are Not Outcomes • Participant satisfaction • Number of people taught • Units of education completed OUTCOMES • Number of events held • Time and money spent • Level of effort
  • 13. Impact Evaluation Data Collection Methods • Surveys – Post-evaluation only (short programs) – Pre- and post-evaluation – Follow-up (e.g., 3 months later) • Focus groups • Interviews • Observations • Tests of knowledge/ability • RARE: Control groups and longitudinal studies
  • 14. Typical Survey Questions • General reactions to the program • Changes in knowledge • Changes in motivation, confidence, and abilities • Intended changes in behavior • Actual changes in behavior • Future programming needs and preferences • Demographics • Qualitative/open-ended responses
  • 15. Post-Then-Pre Evaluation Surveys • Also known as a “Retrospective Pre-Test” • Helps identify changes in knowledge, attitudes, and behavior
  • 16. Another Post-Then-Pre Example Big Advantage: Avoids the problem of learners under- estimating what they don’t know before a program
  • 19. Build Your Own Evaluations Online
  • 20. One Last Step: Share Your Program Evaluation Results WHAT? SO WHAT? NOW WHAT?
  • 21. Tips for “Telling Your Story” • Use simple descriptive statistics (e.g., counts, percentages, and averages) • Don’t use jargon • Don’t overstate your results (e.g., causality) • Blend quantitative and qualitative data • Clearly describe who the results represent (i.e., demographic characteristics of participants) • Be honest about your program’s strengths and weaknesses, while highlighting the positive
  • 22. Impact Statements: Intentions As a result of participating in this financial education program, X% of participants reported that they… • plan to do/use/adopt… • are more knowledgeable about… • are more confident in their ability to… • are more likely than before to do/use/adopt… • will do/use/adopt… …a particular attitude, piece of information, or behavior.
  • 23. Impact Statements: Actions As a result of participating in this financial education program, X% of participants reported that they… • are now doing… • did… • used… • increased their knowledge of… • adopted… • changed… … a particular attitude, piece of information, or behavior.
  • 24. Questions and Comments? Barbara O'Neill, Ph.D., CFP®, CRPC Extension Specialist in Financial Resource Management and Professor II Rutgers University Phone: 732-932-9155 Extension 250 E-mail: oneill@aesop.rutgers.edu Internet: http://njaes.rutgers.edu/money2000/ Twitter: http://twitter.com/moneytalk1