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Incorporating Financial Education and Hands-On Money Management into After School Programs

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  1. Incorporating Financial Education and Hands-On Money Management into After School Programs Laura Ewing, Texas Council on Economic Education, laura@economicstexas.org Laura Rosen, Center for Public Policy Priorities, rosen@cppp.org Out-of-School-Time Initiatives Conference 2014 Fort Worth, TX July 25, 2014

  2. Joint statewide initiative of the Center for Public Policy Priorities and RAISE TEXAS that invests in innovative programs that integrate financial and asset building activities into statewide platforms, including education, social services, and the workplace. Initiatives: • Texas Children’s Savings Partnership • Tax-Time Savings Project • Employer-based asset building Fueling economic mobility for Texas families and children Sign up for our email updates at www.opportunitytexas.org “Like” us on Facebook

  3. Why Connect Financial Education and Savings Accounts? • Academic achievement – educational savings account ownership is associated with higher scores on math achievement tests • Improved college aspirations – children with < $500 in savings for college are 3X more likely to attend and 4X more likely to graduate from college • Financial health - students with a savings account 7 years later were 2X more likely to have a savings account and 4X more likely to own stocks

  4. Existing School-Based Financial Education and Savings Account Programs • Offered in a school setting • Typically involve savings matches and/or other incentives • Restricted accounts, to be used for higher ed • -San Francisco’s Kindergarten to College • -KIPP College Account Program • -Propel Schools’ Fund My Future • -Mississippi College Savings Account Program • -Cuyahoga County (Cleveland), OH’s College Savings Account Program • -Nevada’s College Kick Start Program

  5. Assessing Financial Capability Outcomes (AFCO) Youth Pilot • Study aims to better understand how to provide children with the financial skills to become economically successful • Focus on elementary-age students • Rigorous examination of financial education combined with student account access

  6. Financial Education + In-School Banking Eau Claire, WI Eau Claire, Wisconsin • Study Timeline & Sample • -Eau Claire, WI • 2011-12: 4th & 5th grade • 2012-13: 4th grade & follow-up survey for 5thgraders • -Amarillo, TX • 2012-13: 4th grade Amarillo, TX

  7. Research Questions What is the impact of financial education and in-school account access, alone and in combination, on students: • Financial Knowledge • Attitudes towards savings and financial institutions • Behavior, e.g. opening and using bank accounts

  8. Financial Education • 5 or 6 lessons from Financial Fitness for Life curriculum (covered nearly all Texas’ new PFL curriculum) • Content focused on Savings Account Use • Defining income, expenses and savings • Wants vs. needs, incentives and goals • Explain budgets and savings plans • Compare savings options and understanding interest • Teachers trained for 3 to 6 hours on curriculum and materials (in TX training by TCEE)

  9. In-School Banking, Amarillo • Happy State Bank Kids’ Bank • Account Type: Joint ownership savings account (also opened minor-only account for the pilot) • Frequency: Every 2-3 weeks (once a week during study period) • Bank Transactions: Kids can only make deposits at school branch • Student Staffing: Student tellers work with HSB staff (timing of research didn’t allow for student staffing during the study) • Show Video

  10. Amarillo In-School Banking Take-Up • 38% overall participation • Same or higher take-up in schools with more economically disadvantaged students

  11. Amarillo Teacher Feedback Students’ Level of Understanding: • Items discussed in lessons should take into consideration students’ income levels Kids’ Bank: • Nearly all positive feedback from teachers • Students excited about saving & Kids’ Bank participation brought concepts taught to life

  12. Insights and Successful Practices to Operating an In-school Banking Program • Present banking program and financial education curriculum to students and parents as one program • Have school district market in-school banking program to students • Offer accounts that meet the needs of all families

  13. Overall Results • Large effects of education on knowledge questions • Financial education appears to produce a large improvement in financial knowledge—an increase in the number of correct questions between 1.8 and 2.0 • No evidence that having a bank branch in the school has an added effect on learning • Moderate effects of in-school banking and education on attitudes about financial institutions and saving

  14. Overall Results • Behavior - Financial education and bank access boost bank account ownership by kids • Financial education increases the number of banked students by about 3.5% • $25 incentive causes about an 18.1% marginal increase in students opening accounts • Effects persist … at least for a year

  15. Texas Children’ Savings Partnership

  16. TCSP’s Quest for “Off-the Shelf” Product Core Elements • No fees • Restricted for Postsecondary ed. • Incentivized participation • Connected to PFL curriculum and K-12 system • SSN’s not required to open accounts • Offered in partnership with local financial institutions

  17. Texas Children’ Savings Partnership

  18. Texas Children’s Savings “Ecosystem”

  19. Resources Download AFCO Youth pilot report and briefs at: • http://cfed.org/knowledge_center/resource_directory/search/financial_education__account_access_among_elementary_students_findings_from_the_assessing_financial_capability_outcomes_youth_pilot_full_report • Implementation brief about the Amarillo field study and materials from the pilot http://opportunitytexas.org/about-us/current-initiatives/smarter-texans-save • Treasury Notes blog http://www.treasury.gov/connect/blog/Pages/Promising-Hands-on-Financial-Education-Strategy.aspx Texas’ New Personal Financial Literacy K-8 math curriculum • Curriculum standards http://smartertexas.org/?page_id=677 • Texas Council on Economic Education’s lessons to teach the standards for most grades http://smartertexas.org/?page_id=1145

  20. 501(c)3 Texas wide nonprofit 1801 Allen Parkway, Houston, TX 77019 tcee@economicstexas.org www.economicstexas.org * www.smartertexas.org P: 713.655.1650 Presenter: Laura Ewing/President

  21. Steve Cobb, Ph.D. University North TX Susan Doty, MBA UT Tyler Nancy Shepherd, Ph.D. Stephen F. Austin State University Laura Ewing TCEE President Jean Walker, MBA West TX A&M Cheryl McGaughey, MBA, Angelo State U Alberto Davila, Ph.D. UT Pan Am Cindy Manzano Valerie Johse TCEE Math Specialists TCEE Center Directors and Staff Provide Training All Over The Great State of Texas In After School Programs, Personal Financial Literacy (PFL), Social Studies Economics Strand, Math PFL, Career/CTE, Entrepreneurship, Economics, Paying For College

  22. To Learn More About Personal Financial Literacy Materials and Lessons at the CEE Conference

  23. Resources to be Discussed • Saving for College • K to 8 Math PFL Lessons • Middle School After School Program • Never Too Young After School Program • Stock Market Game™

  24. Saving For CollegeThe Why, When, and How • Published by RAISE Texas • Parent and Student Guides Written by TCEE • Download Book And Guides at http://economicstexas.org/?page_id=5703 • http://smartertexas.org/?page_id=1231

  25. Saving for College Parent/Student Guiding Questions • Pre-survey Questionnaire • Parents: To better understand your child’s interests and base knowledge of the relationship between occupation and education, ask the following questions. • 1. Do you want an occupation (or job) in which you work outside or inside? • 2. Younger elementary aged children: Circle the job description that best describes what you would like to do as an adult. • Work with computers • Take care of the sick • Build and fix things • Draw pictures • Read and write • Do math and science • Teach children • Play or coach sports • Cook food • Entertain people • Work with animals • Help people

  26. Resources for College • http://raisetexas.org/resources/collegesavingsresources/ Saving for College • http://library.cppp.org/files/2/2012_05_JO_Cost_Of_College.pdf • http://www.tgslc.org/tfaic/ • http://www.aie.org/ • collegeforalltexans.org • http://library.cppp.org/research.php?aid=1199 The Cost of College: How Texas Students and Families Are Financing College Education

  27. SB 290: PFL In K-8 Math • Will take effect 2014-2015 • Testing begins 2015 • Texas Council on Economic Education, Opportunity Texas, Raise Texas, Texas Credit Union Foundation and others played a prominent role in the adoption of the standards

  28. How? • TCEE Lessons Are Online and Free to All • Woodforest Bank Sponsoring Grades 2-3 • TCUF Sponsoring Grades 4-6 • PlainsCapital Bank Sponsoring Grades 7-8 • PlainsCapital Bank Sponsoring After School Lessons • Cornerstone Credit Union Foundation 1 K & 1 First • Seeking Sponsors for Grades K to 1 • Never Too Young: Personal Finance for After School Learners from Council for Economic Education

  29. How to Find the Lessons? • Smartertexas.org • Economicstexas.org • Click on FREE RESOURCES • Click on Math and PFL Books

  30. Kindergarten & First Grade

  31. Grades K-1 Incomplete • Kindergarten: The Money Making Farm • First Grade: What Do You Do At The Zoo? Will be completed with additional funding.

  32. Grades 2 – 3 Classroom Lessons

  33. Grade 2 Lessons Lesson 1: Empty Pockets Math 2.11B Lesson 2: A Time to Deposit, A Time to Withdraw Math 2.11C Lesson 3: Learning to Squirrel It Away Math 2.11A Lesson 4: Whooooo’s the Wise One Math 2.11D Lesson 5: Lending is Risky Business Math 2.11E Lesson 6: A Producer’s Powers Math 2.11F

  34. Grade 3 Lessons • Lesson 1: The Ladder to Success Math 3.9A • Lesson 2: Scarcity is Scary Math 3.9B • Lesson 3: Savor the Savings Math 3.9C • Lesson 4: Flat Broke Math 3.9D • Lesson 5: Pooling Our Savings Math 3.9E • Lesson 6: Decisions, Decisions, Decisions Math 3.9F Social Studies 3.6B Free Enterprise System

  35. Grades 2 and 3 Vocabulary and Power Points • Wants and Needs • Goods and Services • Money • Scarcity • Opportunity Cost • Budget • Free Enterprise System

  36. Grades 4 to 6 BookClassroom Lessons

  37. Grade 4 Classroom Lessons • Lesson 1: Not Enough Bucks • Lesson 2: Ideas for Raising Profit • Lesson 3: Saving is Not Just Child’s Play • Lesson 3: Savings Options PowerPoint • Lesson 4: Divide and Conquer • Lesson 5: Smart Cash 4.10E

  38. Grade 5 Classroom Lessons • Lesson 1: The Case of the Disappearing Paycheck • Lesson 2: How Will I Pay? • Lesson 3: Where Does All My Money Go? • Lesson 4: Money In, Money Out

  39. Grade 6 Classroom Lessons Lesson 1: Best Payment Option: Debit or Credit 6.14B Lesson 2: Checks and Balances 6.14A, 6.14C Lesson 3: Credit Reports 6.14D, 6.14E, 6.14F Lesson 4: Which Job is Best for Me? 6.14H Lesson 5: Paying for College 6.14G

  40. Grades 7 and 8 Lessons

  41. Grades 7 & 8 Classroom LessonsMiddle School After School Lessons

  42. Grade 7 Classroom Lessons • Lesson 1: You Can’t Hide From Taxes 7.13A • Lesson 2: Personal Budget 7.13B • Lesson 3: Family Budget Estimator 7.13D • Lesson 4: Know Your Worth 7.13C • Lesson 5: Simple and Compounded Interest 7.13E • Lesson 6: Smart Shopping 7.13F • Grade 8 Classroom Lessons • Grade 8 After School Lessons

  43. Grade 8 Classroom Lessons • Lesson 1: Saving for My Future 8.12C, 8.12D • Lesson 2: Borrowing Money 8.12A, 8.12B • Lesson 3: Methods of Payment 8.12E • Lesson 4: Financially Responsible Decisions 8.12F • Lesson 5: Devise a College Savings Plan 8.12G

  44. Grade 8 After School Lessons Lesson 6: How Annual Interest Rate Works 8.12D Lesson 7: How Does Your Money Grow? 8.12C, 8.12D Lesson 8: Borrower Beware 8.12A, 8.12B, 8.12 F Lesson 8: Borrower Beware PowerPoint 8.12A, 8.12B, 8.12 F Lesson 9: Your Money or Theirs 8.12E, 8.12F Lesson 10: Savings Plan for College 8.12G

  45. Presentations Available Online“Recent Presentations”

  46. Personal Financial Literacy After School Program

  47. Explore: Concepts • Interest Rates: • calculate and compare simple and compound interest • Saving and Investing: • regular investments grow over time • Loans and Repayment • Interest rate and loan length affect cost of credit • Total cost of repaying a loan • Analyze situations to determine responsible decision making • Credit and Debit Cards • Advantages and disadvantages of payment methods • Analyze situations to determine responsible and irresponsible borrowing and costs of irresponsible borrowing • Saving for College • Estimate the cost of a 2 and 4 year college or post graduate education

  48. Explore and Explain: What Are The Five Parts Of Each Lesson? • Engage • Explore • Explain • Elaboration • Evaluate • Brains Settle

  49. Elaborate • How do you learn? Visual: • read, watch movies or see things on the computer screen? Auditory: • hear such as through lecture, stories, other Tactile Kinesthetic • experience through simulations, online programs, discussion, building and making

  50. Elaborate: English Language Learners (ELL) • Need understanding and acceptance • Use think-pair-share • Ask what the group decided rather than “your” answer • Use and practice “sign language” • Use choral reading/responses so not alone