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2009 Institute for Staff Development Students Today, Leaders Tomorrow

Financial Literacy Certification Program from w!se. 2009 Institute for Staff Development Students Today, Leaders Tomorrow. Financial Literacy Certification Program. Why Youth Financial Literacy is Important!.

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2009 Institute for Staff Development Students Today, Leaders Tomorrow

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  1. Financial Literacy Certification Program from w!se 2009 Institute for Staff DevelopmentStudents Today, Leaders Tomorrow

  2. Financial Literacy Certification Program Why Youth Financial Literacy is Important! • Less than a quarter of students (24%) say they are very well prepared to deal with life’s financial challenges (Hartford Financial Services Group, 2007) • 68% of high school seniors today do not understand the basics of personal finance and only 21% have taken a personal finance class (Jump$tart, 2008). • Universities lose more students to credit card debt than to academic failure • US consumer debt stands at $2.4 trillion and exceeds household income by over 8%

  3. Financial Literacy Certification Program Prior Exposure to Financial Education Very few students have exposure to financial education prior to their school participating in the w!se program % of students with financial education N/A

  4. Financial Literacy Certification Program Background about the Program • Origin: Established in 2003 in New York City as an initiative of the New York Financial Literacy Coalition (the NY State Jump$tart affiliate) • Goals: • increase the number of young people who are financially literate • measure the level of school effectiveness in the teaching of finance and the financial literacy of students graduating from high school • reward achievement • Market position: • 50 schools in the Upstate Region of New York • Over 200 schools in 18 States • Recognition: Recipient of the 2007 US Treasury John Sherman Award for Excellence in Financial Education

  5. Financial Literacy Certification Program Program Characteristics • Partnership: Schools teach Personal Finance and test all students • Topics: Money, Cost of Money, Budgeting, Banking, Credit, Insurance, Investing, Money Management, Retirement Planning, Housing, Regulatory Agencies • Features: • Orientations • Teacher Workshops • Annual Conference • Resources (curriculum outline, practice tests online) • Certification Testing (pre-and post test) • administered by teachers, scored by w!se • Student, Teacher and School Recognition • The Blue Star Financial Literacy Report • Program Cost: Offered at no charge to schools in New York State • Confidentiality: Results ONLY shared with school contact

  6. Financial Literacy Certification Program The Certification Test • More than one test per semester • 50 Multiple Choice questions • 15 Survey Questions • 60-70 minutes • Administered in the fall and spring • Test Available in English and Spanish • Paper and on-line testing Spring 09

  7. Financial Literacy Certification Program Participating Students Pass Rate 79% 73% 73% 73% 75.5% 74.4% Total of 61,296 participating students and 45,599 Certified Financially Literate!

  8. Financial Literacy Certification Program Pre-test vs Post-test Scores At least 20% improvement between pre-test scores and post-instruction scores.

  9. Financial Literacy Certification Program Awards and Recognition • Results ONLY shared with school contact • Schools with 75% + passing the FLC Test are designated BLUE STAR SCHOOLS • Teachers with 90% of class passing test are designated as GOLD STAR TEACHERS • Certificates to students who pass the test; Medals for students who achieve a 95%+. • The w!se CFL!

  10. The Financial Literacy Certification(CFL)

  11. Testimonials about the Certification The Financial Literacy Certification Program has been a home run at our high school. A leading college recently honored more than 15 certified students for business leadership at a reception. All involved were very proud and now have a great knowledge base in personal finance.” - Teacher from New York “I had a girl last semester who earned a $4/hr raise when she showed to her manager her financial literacy certification from w!se ” - Teacher from Tennessee “On a recent job interview, one of my students was about her financial certification, credit score and credit history.  She said she was surprised but felt confident in being able to answer the questions.  She also explained that she had received a financial literacy certification from w!se.  She got the job! “ - Teacher from New Jersey

  12. Financial Literacy Certification Program Performance by Topic Area % Correct Performance generally strongest in the area of credit and money managementweakest in insurance/investing

  13. Financial Literacy Certification Program Pass Rate by Gender No statistical difference between the performance of males and females. Interestingly, however, females had a higher pass rate than males for the first time in Spring 2008.

  14. Financial Literacy Certification Program Value of Financial Education After personal finance instruction, students report confidence in managing their finances, that financial education is valuable to them and that they will use the skills and knowledge learned

  15. Financial Literacy Certification Program Changes in Student Behavior • Each year since 2005, there has been an increase in the percentage of students: • Using budgets • Having bank accounts • Saving regularly • Setting financial goals • Talking about money with their parents • Comparing prices 2007-2008 2006-2007

  16. Financial Literacy Certification Program Use of Financial Products and Test Scores Ownership of financial products consistently affects Certification Test scores 2007-2008

  17. Financial Literacy Certification Program Frequently Asked Questions • Can the test be given in class? • Should I count it toward the final grade? • Can all schools administer the pre-test? • Do the practice tests matter? • How does the program work with block schedules? • Can you use the program to support dual credit? • Do you have multiple testing dates? • How long does it take to receive test scores? • What is the passing rate on the test?

  18. Financial Literacy Certification Program The program calendar - 2008-2009 • August 17th 2008, First Program Orientation • August 27th 2008, Fall 2008 – First Pre-test Date • September 16th 2008, Second Program Orientation • October 2nd 2008, Fall 2008 Second Pre-test Date • October 16th 2008, Fall Workshop New York City • November 4th, 2008, 6thAnnual MoneyPOWER Conference for Educators • December 16th 2008, Fall Financial Literacy Certification Test • January 2009, Reporting of Fall Certification Test Scores • January 2009, Spring Program Orientation available through You Tube • February 2nd 2009, Spring Workshop I (NYC) • January 27th and February 10th, 2009, Spring 2009 Pretest • March 2009, Spring workshop (Long Island, NY) • April, 2009, Teacher orientation for Spring test • May 2009, Spring Financial Literacy CertificationTest • June, 2009, Reporting of Spring Test scores • June, 2009, Scholars Reception

  19. Thank You!

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