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Financial Literacy Certification Program Celebrating 5 years of Success!

Financial Literacy Certification Program Celebrating 5 years of Success!. BTANYS 55 th Annual Conference Friday October 12 th , 2007. Financial Literacy Certification Program. Why it’s Important!.

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Financial Literacy Certification Program Celebrating 5 years of Success!

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  1. Financial Literacy Certification ProgramCelebrating 5 years of Success! BTANYS 55th Annual Conference Friday October 12th, 2007

  2. Financial Literacy Certification Program Why it’s 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 14% have taken a personal finance class (Jump$tart, 2007). • In New York City, 78% of high school students have had NO course on Personal Finance until participating in w!se’s program • 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 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 • improve instruction of finance to seniors in high schools • measure the level of school effectiveness in the teaching of finance and the financial literacy of students graduating from high school • Sponsors: JPMorgan Chase, Citi Foundation, The McGraw-Hill Companies, Allstate Foundation, the NY State Banking Department, the Federal Reserve Bank of New York, the Financial Planning Association of New York; NYSE Foundation; Wash Mu; Muriel Siebert Foundation; Hudson Valley Trust • Recognition: Recipient of the 2007 US Treasury John Sherman Award for Excellence in Financial Education

  4. Financial Literacy Certification Program Program Characteristics • Schools agree to teach Personal Finance unit and test all students in course on business, economics or math • Topics Taught: Money, Cost of Money, Budgeting, Banking, Credit, Insurance, Investing, Money Management, Retirement Planning • Program Features: • Orientation/Workshop/Conference training for teachers • Teacher Resources (curriculum outline, practice test questions on-line) • Certification Testing (pre-test and post test) administered by teachers and scored by w!se • Student, Teacher and School (Blue Star) Recognition • Behavioral Surveys and Psychometric Analysis

  5. Financial Literacy Certification Program The Certification Test • Newly Developed each semester • Students randomly assigned one of three tests • 50 Multiple Choice questions • 15 Survey Questions • 60-70 minutes • Administered in the fall and spring • Test Available in English and Spanish • Plans to develop on-line testing

  6. Financial Literacy Certification Program Sample Test Question • One good way to build an investment portfolio is to • use interest and investment dividends to cover everyday expenses. • increase money budgeted for fixed expenses. • establish an emergency fund. • make monthly deposits to an investment account.

  7. Financial Literacy Certification Program Program Benefits • No cost to schools in New York State • Results ONLY shared with school contact • Schools with 75% + passing the FLC Test are designated BLUE STAR SCHOOLS • Certificates to students who pass the FLCT • Medals and Scholars Reception for students who achieve a 95%+.

  8. Financial Literacy Certification Program Frequently Asked Questions • What is the formula for being a Blue Star School? • 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?

  9. 2006-2007 Test an Survey Results: Number of Students Tested and Pass/Fail Rates by Location OVERALL 15,447 Total number of students tested 11,666 (76%) Passed 3,783 (24%) Failed

  10. 2006-2007 Test and Survey Results: Comparing Student Possession of Bank Accounts by Region Overall, 40% of students surveyed reported NOT having a bank account

  11. 2006-2007 Test and Survey Results: Reasons Given by Students for Not Having a Bank Account

  12. 2006-2007 Test and Survey Results: Comparing Pass Rate of Students with and without Bank Accounts

  13. Financial Literacy Certification Program Program Performance • 15,447 Participating Students in 2007, over 38,000 since 2003 • 51% AAGR in school participation • Average passing score of 74% since program launch • 40 Blue Star Schools in 2007 • Statistical difference between pre-test and test

  14. Financial Literacy Certification Program Dates to Remember, 2007-2008 • November 6, 5thAnnual MoneyPOWER Conference for Educators • December 13, Fall Financial Literacy Certification Test • February 13th, 2008, Spring Pretest • First Week of May, Spring Financial Literacy CertificationTest

  15. Financial Literacy Certification Program Register Now for SY2007 - 2008 • Registration Package • Complete the School Participation Agreement form • Must be signed by Principal &/or AP • For Registered Schools • Check your inbox or junk mail. Look for an email from Matt LePage MLepage@wise-ny.org for Spring confirmation and Teacher’s Guide

  16. Thank You!

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