Teaching Financial Literacy: Engagement of Multigenerational Learners

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  • Welcome to Financial Literacy Education: Reaching Multiple Generations.
    I am Barbara Haynes Extension Educator University of Wisconsin Extension.
    I’d like to introduce my colleagues and co-presenters Becky Hagen-Jokela and Lori Hendrickson both Extension Educators with the University of Minnesota Extension.
    Never before have we experienced so many living generations at one point in time as we encounter today. We also recognize that the newest generations access information much differently than previous generations. This served as the basis for our research on how do we best communicate financial education to various generations and what information is most pertinent to people at specific stages/ages in their lives?
  • Our goals for today are to help you:
  • In a review of the literature we found a common definition of what comprises a human generation.
    Beginning and end dates will vary by researcher, but most are within one to three years of each other.
    Placement within the 20 year span can affect your attitudes, values and perceptions as well. The closer you are to the beginning or end of a generation may find you aligning yourself with the previous or the next generation.
  • Generations we currently work with include the following.
  • Each generation has its own unique characteristics. We know that these are geneeralizations of the entire group and individuals can vary.
  • With a show of hands tells us with which generation you most align.
    Are there any suprises you observed? Any comments you would like to make about your generation or others?
  • Teaching Financial Literacy: Engagement of Multigenerational Learners

    1. 1. Reaching Multiple Generations Becky Hagen Jokela & Lori Hendrickson Extension Educators, University of Minnesota Extension Barbara Haynes, Extension Educator University of Wisconsin Extension
    2. 2.  Increase knowledge and understanding of the six generations.  Enhance comprehension of how generational differences affect communication patterns and specifically financial education.  Promote skills for effective intergenerational communication and financial education.
    3. 3.  Generally about 20 year span  Happenings during formative years affect attitudes, values and perceptions  Core values of the large group Stencel and Bjorkland (2008)
    4. 4.  Depression/GI 1901-1924  Silent 1925-1940  Baby Boomers 1941-1964  Gen X 1965-1980  Millennials 1981-2000  Generation Z or @ 2001 – present Underwood (2007)
    5. 5. Depression/GI 1901-1924  Uniformity - good and normal for all to agree, work & look the same  Cooperative - put trust in government, authority & community; civic-minded  Winners and achievers  Leaders  Public interest over personal gain   Underwood (2007)  
    6. 6. Silents Silents 1925-1940  Ambitious,  seeking achievement, power and status  Spend money freely  Strong work ethic  Respect for authority  Delayed reward  Loyalty to organization  Desire to be youthful & vital   Underwood (2007)
    7. 7. Boomers 1941-1964  Enjoy working in creative and independent manners  Teamwork  Personal gratification  Health & wellness  Require lots of interaction and “talk” time  Workaholic   Underwood (2007)
    8. 8. Gen X 1965-1980  Fiercely self-reliant  Require regular feedback  Are adaptable and informal  Technologically capable  May lack interpersonal skills  Require relevance in tasks given Underwood (2007) 
    9. 9. Millennials 1981-2000  Social  Easily able to multi-task  Comfortable with active learning  Motivated by money and earning potential  Goal-oriented  Experienced with technology  
    10. 10. Generation Z or Generation @ 2001 - present  Highly connected to media and technologies  Less used to interpersonal communication  Active consumers  High influence over how parents spend money  More highly indulged  Strong work ethic and social conscientious
    11. 11.  Financial tasks differ at different stages in life  Various generations deal with these tasks in different manners  The generation we are born into influences our expectations  Find ways to promote financial education through methods to meet each generation’s needs *These are generalizations, not necessarily applicable to all individuals with whom we work.
    12. 12.  Building the foundation  Early accumulation  Rapid accumulation  Financial independence  Conservation  Distribution  Sunset Bert Whitehead, Cambridge Advisors
    13. 13.  Financial tasks differ at different stages in life  Various generations deal with these tasks in different manners  The generation we are born into influences our expectations  Differing methods will help to meet each generation’s needs
    14. 14.  Give plenty of time for activities & group work  Provide both group & individual response opportunities  Provide opportunities to share experiences, but don’t make everyone respond
    15. 15.  Change activities often-variety of types  Use technology pairs-teaming up learners  Games, puzzles- individual or group  Role play-use cautiously!  Be flexible in allowing participants to opt out
    16. 16.  Communicating Across the Generations JCEP PPT, Beverly J. Stencel, Professor Community Resource Development, University of Wisconsin-Extension and Annette Bjorklund, Associate Professor 4-H Youth Development, University of Wisconsin-Extension  Teaching Across Generations. Effective Teaching & Learning Department, instructionaltech@baker.edu, Baker College, 2005.  Teaching Strategies/Methodologies: Advantages, Disadvantages/Cautions, Keys to Success  The Generational Imperative, Chuck Underwood, 2007  Bert Whitehead, Cambridge Advisors    
    17. 17.  Becky Hagen Jokela- hagen022@umn.edu  Lori Hendrickson- lhend@umn.edu  Barbara Haynes – barbara.haynes@ces.uwex.edu

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