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Tr ain-the-Tr ainer

Fina nci al Education Progr a m

This facilitator’s booklet is meant to provide general financial information; it is not


meant to substitute for, or to supersede, professional financial or legal advice.

Note: The content areas in this material are believed to be current as of this printing, but over
time, legislative and regulatory changes, as well as new developments, may date this material.

©2010 National Endowment for Financial Education. All rights reserved.


EDITION 2
Table of Contents
Part 1 Instructor’s Notes

NEFE Train-the-Trainer Booklet 3


Plan-Ahead Preparation Tips 6
Learning Styles 9
Adult Education Techniques 11
Addressing Challenges 13

Part 2 Participant’s Booklet


The NEFE Train-the-Trainer Program 15
Module 1: Assessing Your Organization 16
and Choosing a Program Model
Module 2: Choosing Curriculum Materials 36
Module 3: Working with Partners 43
and Volunteers
Module 4: Marketing Funding and 54
Sustaining the Program
Module 5: Impact and Evaluation 68
Additional Resources 90
Acknowledgments 95

2
Instructor’s Notes

NEFE
Train-the-Trainer Program

Part 1

3
Part 1 Instructor’s Notes
The Nefe Train-the-trainer Booklet
The mission of the National Endowment for Financial Education® NEFE® is to
help every American gain the knowledge and skills they need to take control of
their financial destiny. NEFE’s mission is grounded in the belief that financially
informed individuals, regardless of their background or income levels, are
better able to manage their circumstances, improve their quality of life, and
ensure a stable future for themselves and their families.

To help achieve its mission, NEFE has developed a Train-the-Trainer Program


to equip nonprofit organizations with the information and tools they need to
develop a truly effective financial education initiative. This training focuses
on proven strategies to implement a successful program, including how to
evaluate and select quality financial education materials. The training does
not address financial education content topics, such as credit, budgeting,
and money management. You can find financial education content at
www.nefe.org and www.smartaboutmoney.org.

Who Will Benefit From This Training


The training was developed for practitioners who provide services to, and
interact with, a stable, non-clinical, low-income adult population. Many are
under the poverty level and are non-English speaking immigrants and refugees.
Upon completion of this training, practitioners will achieve the following
core competencies.

4
What You’ll Gain From This Training
• The ability to assess and determine the most appropriate financial
education program model for their organization.

• Increased knowledge on the essentials of designing and implementing


a financial education program.

• Familiarity with information, resources, and tools that can be used


in a financial education initiative.

The training is a 1½ day interactive workshop that incorporates


written information, group activities, and presentations about
financial education tools and resources.

Module 1: Assessing Your Organization and


Choosing a Program Model
Module 2: Choosing Curriculum Materials
Module 3: Working with Partners and Volunteers
Module 4: Marketing, Funding and
Sustaining the Program
Module 5: Assessing Impact and Evaluation

The Instructor Notes provide guidance to trainers on page 15


to help them prepare for an effective training session.
Instructors are responsible for understanding the
needs of participating trainers, focusing and directing
participants, and ensuring that all participants have
the opportunity to contribute to the discussion. This
booklet will provide tips for preparing in advance, for
understanding strategies to engage adult participants,
and for handling challenging situations.

For more information on the NEFE Train-the-Trainer


program, contact Mary “Jeannette” Schultz, MNM
at (303) 224-3502 or Jeh@nefe.org.

5
Plan-Ahead Tips
The first step to delivering an effective presentation is knowing
your audience. You must understand the goals of the course and
why the participants need this information. Start by studying the
material to familiarize yourself with the technical content. Feel
free to look up anything you can’t easily explain and practice your
presentation out loud in front of a mirror before you present. Be
sure to speak clearly and use language familiar to the participants.
Whenever possible, avoid jargon or unfamiliar terms.

Prepare your presentation materials in advance. Make sufficient


copies of all handout materials. If you are using a projector, make
sure all computer equipment is functioning and prepare a backup
copy of the PowerPoint slides for use during the training.

Similarly, prepare flip chart examples in advance, when


possible. The day of the presentation, give yourself ample
time before the presentation to set up the classroom and
distribute participant materials. One sure way to stay calm
is not to feel rushed before and during the presentation.

You may wish to use a combination of the following materials


to enhance your training and to maintain participant interest:

• Flip chart or white board

• Handouts and materials for each participant

• Colored markers, pens and pencils

• Tape or push pins, notebook/paper

• Laptop computer (optional)


(If a computer and LCD screen or an overhead
projector isn’t available, consider making
photocopies of the PowerPoint slides for handouts.)

• LCD projector (optional)

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As you prepare for your presentation, keep in mind that you are
likely not to know the answer to every question the participants ask
during the training. That’s perfectly normal. Just be honest, and if
you don’t know the answer, assure participants you’ll find out and
get back to them.

Review the “Addressing Challenges” section of this facilitator’s


guide for more suggestions on how to handle tough questions or
difficult participants. You also can refer participants to a reputable
expert if you don’t have enough information to address their
questions. It’s helpful to identify experts and other community
resources in advance of the workshop. A key part of your job is
providing participants with referrals to reputable community
organizations, when appropriate.

Using Visual Aids


Visual aids should be prepared before your presentation, and
will help you reach your objectives by reinforcing your message,
clarifying key points, and enhancing the quality and impact of
your presentation.

Visual aids enable you to appeal to multiple senses at the same


time, thereby increasing the audience’s understanding and
retention of important materials. Research shows that retention
of information three days after an event is six times greater
when information is presented BOTH visually and orally,
rather than JUST by the spoken word. Three days out:

• People retain 10% of what they hear

• People retain 35% of what they see

• People retain 65% of what they hear AND see

The source is a report from the Department of Labor:


http://www.osha.gov/doc/outreachtraining/htmlfiles/traintec.html

Visual aids will be most helpful to visual learners, though they


are important for auditory and kinesthetic learners, too. For more
details, see the section on learning styles.

7
Tips For Using Visual Aids

Flip Charts
• Write with large, clear, bold letters, using 20 words per page as your booklet.
• Write only key ideas.
• Avoid light colors such as yellow. Use black, blue or brown.
• Check your spelling.
• Write, turn to the audience, and then talk; do not talk while writing.
• Do not obstruct participants’ view; be sure to ask if everyone can see the flip chart.
• Leave the bottom quarter blank so the entire chart can be seen by those in the back.
• Prepare complex pages ahead of time.
• Tear off chart paper you want the group to be able to reference, and
post it on the walls around the classroom.

PowerPoint Slides
• Prepare slides that provide supporting evidence such as clear charts and graphs.
• Limit number of bullet points.
• Avoid using slides that contain too much text.
• Focus and center the slide on the screen before your presentation.
• Never assume technology will work. Always have a backup plan.
• Turn off the projector between slides if you plan to talk for more than a few minutes.
• Talk to the audience, not the screen.

Handouts
• Use simple, readable fonts such as Times, Arial and Helvetica.
• Organize and break out dense information into charts, graphs, and other illustrations.
• Use the same graphical elements you use on your slides, and the same colors and fonts.
• Make sure your colors print out clearly.
• Include in your handout version more information than you use in your presentation.

8
Learning Styles
Learning style theory proposes that people learn in different ways.
Participants in your training will prefer to take in and process
information in different ways. Some people prefer to learn by
listening. Others prefer to read about a concept; some need to
see a demonstration of the concept.

Teaching methods also vary among facilitators. Some instructors


lecture, others demonstrate; some focus on principles and others on
applications; some emphasize memory and others on understanding.

When mismatches exist between learning styles of most participants


in a class and the teaching style of the instructor, the participants may
become bored and inattentive, do poorly, and get discouraged about
the course, the curriculum, and themselves.

Some people may actually use a combination of styles to learn. There


is no right or wrong/good or bad learning style. It has nothing to do
with intelligence or skills. Keep in mind that learning styles represent
a continuum. Although each person has a preferred learning style, do
not pigeonhole people in one set category.

We are all capable of learning under almost any style, no matter


what our preference is, but we prefer one or more styles over
others. Realize that other people may approach the same situation
in a different way from your own. As a result, be flexible in the way
you teach a concept and vary your methods. The following are tips to
consider when presenting to participants with different learning styles.

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Learning Styles
Visual Learners Those who learn best by seeing how things are done.
Tips for Instructor:
• Use visual aids, such as handouts, slides, written instructions, flip charts, and examples.
• Prepare flip charts in advance, using large, clear, bold letters.
• Write; turn to the audience, and then talk.
• Design handouts for easy reading, and use colored paper to make locating handouts easier.
Tips to Engage Participants:
• Let them take notes during the session.
• Use a blackboard or note paper to write questions and answers.
• When you ask them to explain something, suggest they do so by writing the explanation down.
• Encourage them to visualize the scene, formula, words, charts, etc.
• Visual learners will generally thrive when presented with: Computers, Brochures, Pictures,
Maps, GPS, Video clips, PowerPoint.

Auditory Learners Those who learn best by listening or hearing instructions.


Tips for Instructors:
• Present a sequence of steps, write them out in sentence form, and then read them out loud.
• Encourage participants to think out loud about what they are learning.
• Provide time for participants to share the experiences with each other.
Tips to Engage Participants:
• State the problem out loud and reason through solutions out loud.
• Review all important facts aloud.
• Join or create a study group, or get a study partner.
• Auditory learners will generally thrive when presented with: Computers with sound, CDs, both
for music and language, Using their imagination, Radio ads, Telling and being told stories.

Tactile/Kinesthetic Learners Those who learn best by doing.


Tips for Instructors:
• Create opportunities to handle the materials, manipulate or assemble parts,
writing or drawing activities.
• Incorporate hands-on training and physically active exercises.
• Include role plays, physical games and activities.

Tips to Engage Participants:


• Write while reading or talking.
• Sit near the front of their classroom and take notes. This will keep the student focused on the training.
• Use hands-on experience, when possible.
• Kinesthetic learners will generally thrive when presented with: Maps, Research, Virtual tours,
Calculators Creating or giving input about brochures, Simulation games, Cognitive visioning,
Role play or mock activity.

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Adult Education Techniques
Part of being an effective instructor involves understanding
how adults learn best. Compared to children and teens, adults
have special needs and requirements. To help ensure a successful
training, keep these points in mind when instructing adults:

• Adult participants are self-directed. Instructors must


involve adult participants in the learning process by
seeking their perspective about which topics to cover
and emphasize.

• Adult participants have many life experiences. They


need to link their experiences to the information they
are learning.

• Adult participants are goal-oriented. Most adults know


what goal they want to attain in their life. They appreciate
programs that are organized and have clearly defined
objectives. As an instructor, you need to show participants
how the class will help them attain their goals.

A description of goals and course objectives should begin


each learning session.

• Adult participants are practical and relevancy-oriented.


To be of value to them, learning has to be applicable to
their lives. Therefore, instructors must identify objectives
for adult participants before the course begins, and let
participants choose topics that reflect their own interests.

• Adult participants need to be shown respect. Instructors


must acknowledge the wealth of experiences that adult
participants bring to the classroom. Adults should be
treated as equals in experience and knowledge, and be
allowed to voice their opinions freely in class.
Part of being an
Turn to Additional Resources on page 84 effective instructor
for more information. involves understanding
how adults learn best.

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Working In Small Groups
Small group learning can be an effective classroom method for
teaching adults. Small group learning takes place among a limited
number of participants, preferably with five to eight participants
per group. Small group learning encourages participants to discuss
concepts, share information, and apply learnings to practical
situations. Consider incorporating small group activities into
training sessions.

The role of the facilitator in small groups is important. The group


facilitator shouldn’t dominate or give mini-lectures. Instead, the
facilitator’s role is to promote group interaction and encourage
problem solving.

There are a number of techniques for assigning participants to


small groups. Common methods include telling participants to
partner with someone they do not know or counting off by a
specific number and having all the “ones” work together, all the
“twos” work together, and so on. Other ways include arbitrarily
grouping people who are in proximity to one another or asking
participants to turn their chairs around to form groups with people
at the next table. Varying the composition of small groups for
exercises and activities not only energizes participants, but also
creates more opportunity to exchange information and encounter
different perspectives.

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Addressing Challenges
A variety of challenging situations can occur when conducting
trainings. Often questions will come up that you can’t answer.
Other times you might have to deal with a disruptive participant.
It helps to anticipate these situations in advance and identify
strategies to address them.

When dealing with difficult questions, honesty is the only


policy. No one can know the answer to every question. How
the knowledge gap is handled is what separates great presenters
from amateurs. Your goal is to be honest while maintaining
credibility. The following strategies can help you field even
the toughest questions with confidence.

• Confirm or clarify the question if necessary,


rephrasing it aloud in your own words.

• Redirect the question to the audience/class. Adults love


to share their knowledge. Seek their input. After you
have fielded all of their contributions, be sure to summarize
and add your own ideas. Summarizing at the end helps you
to maintain control and authority. Always repeat questions
before answering them for the same reasons.

• Acknowledge that you don’t know the answer and


commit to finding out the information. Write the question
down and tell the questioner exactly when you will get
back to them. By the end of the day? After lunch? Be sure
to get the questioner’s contact information if you can’t
supply the answer by the end of the training. Committing
to finding the answer to a participant’s question is an
opportunity to impress participants while expanding
your own knowledge.

• Establish a “parking lot.” You can avoid many difficult


questions simply by setting rules in the beginning and
establishing a “parking lot.” Let participants know that if
questions arise outside of the agenda, they will be posted
in the parking lot and you will address them at a specific
time, for example at the end of the session.

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Occasionally, trainings include disruptive participants.
The following suggestions will help you address disruptive
personalities and prevent them from dominating the
training session.

• Paraphrase what the disruptive person says to regain


control of the conversation.

• Build in small group activities so that disruptive


participants get air time without dominating the
whole group.

• Don’t challenge disruptive participants, but instead


ask questions that help them look at the situation in
a different way.

• Give the disruptive person a role (for example,


serve as a recorder) to allow them to contribute
in a nondisruptive manner.

Anticipating challenges and identifying ways to handle disruptive


participants before your presentation will better prepare you
to handle these situations should they arise during the session.
If you encounter a challenge, keep calm and remember the ideas
listed in this section.

14
Participant’s Booklet

NEFE
Train-the-Trainer Program

Part 2

15
Module 1: Assessing Your
Organization And Choosing
A Program Model
Assessing Your Organization
Establishing a successful financial education program requires
planning and vision. You’ll need to gather information about
your customer’s needs, set appropriate goals, and decide on
the substantive focus and program model you will pursue in
your work.

Determine Community Resources And Needs


Every community has unique needs, so it will be important for you
to spend some time evaluating the kind of services needed and the
kind of services that are already provided in your community.

There might be opportunities to collaborate with other


organizations in your community that are already offering
financial education programs.

Before launching a brand new program, it is important to find


out what types of programs and services currently exist in the
community. Conducting a review of your community is an
effective way to assess available needs and resources. After
conducting the assessment, you will have a clear sense of what’s
already available; be careful not to duplicate programs and
services that already exist in the community.

Consider opportunities to partner with existing programs before


deciding to launch your own. If you determine there is a need for
a new financial education program, start by gathering information
about the needs of your target population.

The handout at the end of this module can be used to document


your community’s financial education resources.

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Researching Your Target Population
It is important to understand your target population and their
needs before you design a financial education program. Gathering
information will help you select or develop the appropriate financial
education curriculum. It also will ensure that you design a program
that addresses the topics that are of most concern to your clients.
Program participants are more likely to remain engaged and
complete the training if your programs address their specific needs.

Information about your target population can be obtained through


informal discussions, focus groups, surveys, existing data sources, or
a combination of these methods. Research will uncover answers to
several important questions including:

• Are your clients interested in improving their


financial well being?
• What topics interest them?
• What level of instruction do they need: basic
money management information or more
advanced financial education?
• Do your clients feel comfortable in interactive
group discussions or do they tend to prefer to gain


information through written materials or by one-on-one
counseling or coaching?
Program participants
are more likely to
• What are the literacy and linguistic needs of your audience? remain engaged and
complete training
• Are there logistical issues for the population, such as if your programs
access to child care or transportation? address their
• Do any of the participants have special needs? specific needs.

• What would be the best time(s) to offer the program?


Mornings, early afternoons, evenings, weekends?
For how long can your clients commit to a program?
Is scheduling a program at the same hour once a week
for four weeks realistic?
• Could incentives be used to attract clients to
the program? If so, which ones?

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Take the cultural and logistical needs of program participants into
account. Foreign-born residents may not be familiar with financial
practices in the United States or may come from a culture that
encourages community savings as opposed to building personal
assets. Effective curricula address these differences by building
on concepts familiar to participants and explaining how to adapt
previously learned practices to current goals.

Limited access to transportation, time constraints, or a need for


supportive services often discourages participants from completing
training. These deterrents can be avoided if classes are offered
in easily accessible locations and if supports such as child care
are provided.

Assess Organizational Capacity


Mission Compatibility There are several questions you should be
asking to get the information you will need to make good program
decisions. They begin with your organization’s mission, objectives,
and overall goals. In order to decide which model is best, you’ll need
to take inventory of your organization’s situation to assess its degree
of readiness. Does the organization’s vision and mission include
helping people become financially literate? Would a financial
education program be compatible with the organization’s other
programs and services?

Staffing Finding the right kind of person to staff your financial


education program is crucial for its success. An organization can
consider whether to designate an existing staff member, search for
a new employee, or contract outside services to run financial fitness
training. You also will want to consider the interests, capacities, and
readiness of your staff so that you can determine the potential and
purpose of your program. Does the organization have the staff and
budget for a financial education program? Do you have an active core
of staff personnel or community volunteers who will implement the
program? The staff person or volunteer you select should be evaluated
on his/her:

Finding the right


kind of person to
staff your financial
education program
is crucial for
its success.

18
• Familiarity with financial education content

• Successful skills in working with people of


diverse backgrounds

• Ability to relate to your target population and
teach curriculum in an engaging manner

• Ability to incorporate adult learning principles into training

• Excellent communication skills

• Demonstrated organizational skills, with the ability


to handle multiple tasks

• Willingness to work evenings and flexible hours

Partners Do you have access to potential partners and experts


such as credit counselors, bankers, or financial advisors? Has your
organization been the site for other classes or will this be a completely
new endeavor? Can you offer classes at a time and location that are
convenient to your target audience?

Budget Staffing constitutes the primary expense of a financial


education program. Other significant costs include training materials,
supplies and refreshments. Additional expenses may include general
overhead. It’s important to create an annual budget for your program
so you can tell exactly where you stand. Expenses should include
those outlined in the following sample budget and any others unique
to your organization.

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Options for Funding Financial Education Classes
Option A: All Services and Supplies donated
Sample Budget for Option A

Item Estimated Cost Donation/Value

Facilitator
Contact a local banker, consumer credit counseling
group, or professional financial planner and request
$
0.00 $50/hr ~ $75/hr
($75x2x4=$600)
someone to donate his/her time.

Advertising
Contact the marketing teacher at a local high school, $
0.00 $3,500
college or university and ask to have their students
develop marketing materials as a class project.

Training materials
Contact local businesses with the opportunity to
sponsor your program by purchasing or printing
$
0.00 $10/participant
($10x25x4=$1,000)
the participant materials and allowing them to
brand the materials with their business logo.
Note: The facilitator may be interested in
providing the participant materials.

Refreshments
Contact local businesses and ask for either in-kind $
0.00 $2~$3 per
donations or cash donations to purchase refreshments. participant
Note: Local businesses may be more interested in
per session
($3x25x4=$300)
sponsoring the refreshments if they can give a brief
presentation or provide brochures.

Total cost $
0.00 $
5,400.00

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Option B: 50% Services and Supplies donated; 50% funded
Sample Budget for Option B

Item Estimated Cost Donation/Value

Facilitator
Contact a local banker, consumer credit counseling $50/hr ~ $75/hr $50/hr ~ $75/hr
group, or professional financial planner and request ($75x2x4=$600)/ ($75x2x4=$600)/
someone to donate his/her time. 2 = $300 2 = $300

Advertising
Create brochures, emails, etc. internally. Try to find $3,500/2=$1,750 $3,500/2=$1,750
a media sponsor or your local news resources to run
announcements or ads about your program in their
paper, on the air or online at no cost to you.

Training materials
Contact local businesses with the opportunity to sponsor $0.00 $10/participant
your program by purchasing or printing the participant ($10x25x4=$1,000)
materials and allowing them to brand the materials with
their business logo.
Note: The facilitator may be interested in providing
the participant materials.

Refreshments
Purchase beverages and cookies for each session. $2~$3 per $0.00
Remember to shop the sales, use coupons, and take participant
advantage of discounted pricing for bulk purchases. per session
($3x25x4=$300)

Total cost $
2,350.00 $
3,050.00

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Option C: 100% Services and Supplies Funded by Grant
Sample Budget for Option C

Item Estimated Cost Donation/Value

Facilitator
Hire a local banker, consumer credit counseling group, $50/hr ~ $75/hr $
0.00
or professional financial planner to present your ($75x2x4=$600)
content. Remember to ask for a nonprofit discount.

Advertising
Hire a professional to create brochures, emails, etc. $3,500 $
0.00
Ask for a nonprofit discount.

Training materials
Contact local businesses with the opportunity to sponsor $10/participant
($10x25x4=$1,000)
$
0.00
your program by purchasing or printing the participant
materials and allowing them to brand the materials with
their business logo. If they can’t donate their time and/or
materials, be sure to ask for a nonprofit discount.
Note: The facilitator may be interested in providing
the participant materials.

Refreshments
Purchase beverages and cookies for each session. $2~$3 per $
0.00
Remember to shop the sales, use coupons, and take participant
advantage of discounted pricing for bulk purchases per session
at warehouse retailers. ($3x25x4=$300)

Total cost $
5,400.00 $
0.00

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Selecting Your Program Goals And Objectives
Once you have assessed the needs of your clients, you can
develop specific goals and objectives for your program.
You also may want to set goals for your organization and
for your clients. The goals you set should further the mission
and objectives of the entire organization, including increased
organizational capacity, new partners through collaboration,
and an increased customer base. Customer goals may include:
increased financial skills, less debt, more savings, buying a car
or a home, creating a family spending plan, fewer credit problems,
more long-term thinking and planning, increased confidence that
financial goals are achievable, increased motivation to save, and
more awareness about consumer rights and responsibilities.
For more ideas, visit www.nefe.org or www.financialworkshopkits.org.

Another thing to consider is whether your participants need financial


coaching or financial counseling. Financial coaching is used when
participants have the resources and knowledge to manage their own
finances, but need assistance and support. A financial coach provides
support and coaching to help participants overcome the barriers of
their own financial situation. Financial counseling is required when
a participant needs specific, authoritative direction with regard to
his or her finances. Financial counselors provide answers to specific
financial topics. For more information about these concepts, see the
“Understanding Financial Coaching” document created by EARN
(Earned Asset Resource Network) on page 30.

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Choosing A Program Model
Once you have assessed your organization’s capacity, your target
audience’s needs, and the resources available in your community,
you can determine which program model is best for your organization
and develop program goals and objectives around that model.

This booklet highlights three potential models:

1 The Information And Referral Model


2 The Partnership Model
3 The Full-scale Financial Education Program

The information model requires the least amount of organizational


resources and the full-scale program requires the most. Regardless
of your resources, you will most likely be able to implement one
of these models to serve the needs of your target audience. Note
that these are conceptual models to give you a sense of the range
of options for creating a financial education program. You can
combine the models or create your own hybrid version.

It may be most prudent to begin your effort at the simplest level


by serving as a financial education information and referral
conduit for your clients. While you are providing information
and referrals, you may begin generating resources and building
capacity to launch the partnership model. On the other hand, if
you possess the resources and support at the outset, you may want
to move right into the partnership model or even the full-scale
financial education program. Whatever you decide to do, remember
that it is a growth process. You can always expand your focus or
level of involvement later in the process. The following section
describes the three models in detail and will help you decide
on the best way for your organization to begin its financial
education initiative.

1. Information And Referral Model


Gathering and creating written materials about financial topics
is a relatively easy way to heighten awareness and spur interest
in financial education topics. It will be important to provide
follow-up referrals to appropriate local experts in the field.
You can conduct a financial education scan of your community
to determine what resources are available in your area. Use the
handout in Module 1 to complete your assessment of community
resources on page 31.

24
Many public and private organizations offer a range of excellent
materials on financial education. See Module 2 of this booklet for
information about choosing curricula and educational resources.
By obtaining curricula and other resources, you should be able to
develop a reference library on varied financial topics, as well as
generate a list of service agencies capable of providing follow-up
assistance. The list should contain the names, addresses, Web sites,
contact information and a description of services.

Once you have developed the resource library and the list of local
service agencies, you will need to promote the availability of these
resources to your clients. There are many good ways to publicize
your program. Module 4, starting on page 52, identifies several
marketing strategies that you can employ to publicize your program.

2. Partnership Model
A second program model to consider is the partnership model.
After generating a basic level of enthusiasm among your clients,
you may wish to partner with an organization that offers introductory
seminars on subjects of interest.

Topics might include:


• managing credit • getting out of debt • saving & investing
• homeownership • insurance and taxes
• banking basics • financial planning.

Identify local, reputable experts in your community who can conduct


the educational workshop and provide follow-up, if necessary.

Your organization will be responsible for establishing partnerships


with outside agents and managing the organizational and logistical
steps in planning, promoting and coordinating the seminar.

The partnership model offers you an opportunity to provide more


services to your clients, gain expertise and connections, and begin to
establish a reputation as a provider of financial education services.

Be wary of organizations that are interested in partnering with you to


promote or sell their products and services. Choose partners that will
provide objective information and will not use the workshop to make
a sales pitch to your clients.

25
To coordinate introductory seminars, you’ll need to take
the following steps.
1. Reach Out To Partners
At least three months before you expect to launch the seminars,
contact the professional partners whom you want as presenters
in your seminars. You’ll need to communicate your overall goals,
approach, and schedule. You also should seek their input,
The Partnership Model
suggestions, and commitments.
offers you an
opportunity to Potential Partners To Consider Include:
provide more services • Credit And Home Buyer Counseling Agencies Many of the
to your clients, agencies produce their own materials or have access to those
gain expertise and produced by national organizations.
connections, and begin
• Credit Unions And Banks These organizations often produce
to establish a
pamphlets and brochures on selected financial topics, including
reputation as a
savings, credit, mortgages, and predatory lending. Some
provider of financial
organizations may have special programs or products for
education services.
which your clients might qualify.
• Insurance Agents Insurance agents frequently provide written
materials explaining products that apply to financial planning
and homeownership (for example, homeowners’ insurance,
life insurance, disability insurance, renters’ insurance, and
automobile insurance). For more information, contact the
National Association of Professional Insurance Agents at
Associations, organizations www.pianet.org.
and trade groups offer a wealth
of information. Most of these • Financial Planners You may want to ask a financial planner to
groups provide pro bono provide segments on long-term investment strategies as part of
assistance either in one to one
or facilitation of a workshop.
your financial program or to offer follow-up counseling and
services to interested participants on an individual basis.
Visit the Financial Planning For more information, contact the Financial Planning
Association at www.FPAnet.org,
then click on volunteer located
Association at www.fpanet.org.
on the right hand side of the
Web and it will bring a page of
2. Plan Seminar Topics
resources. Once you have gauged your clients’ interests, as well as the
strengths, interests, and capacities of the available presenters, you
Other organizations include the
National Association of Personal
will need to decide on the overall themes and specific topics to be
Financial Advisors at www.napfa. covered in your seminars.
org; Certified Financial Planner
Board of Standards Inc. at www. 3. Plan Schedules And Agendas
CFP.net. With your seminar topics and presenters in place, you can begin
working with your partners to set firm dates, times, and agendas
for these events. It is generally better to hold seminars in the
evening, after work, and to schedule them at convenient locations.

26
Plan to limit each seminar to approximately two hours, allotting
some free time at the beginning and conclusion of each session to
accommodate refreshments, distribution of materials, socializing,
and scheduling of follow-up appointments.
4. Determine the Location of Your Program
It is important to select a location and environment that will work
well for your clients. Some options might include your parish, an
agency building, a community center or a church. Also consider
the timing of your training. If you meet in the evening, for
example, be sure food is allowed in the training room and if
possible, provide dinner for the participants.
5. Attract and Retain Participants
The prospect of committing to a financial training program
may be intimidating to some of your potential clients. Provide
any incentives you can to encourage their participation. Take
advantage of free resources, like using the parish’s bulletin
or newsletter to attract mentors and having existing participants
refer friends and family to the program. Provide meals,
transportation, child care and even help with homework to
make it as easy and appealing as possible for participants to
attend the workshop. Allocate money in your program’s budget
to reward participants with a $10 gift card upon completion of
the program. Try partnering with a local bank or credit union to
offer financial incentives like a matching program for long-term
savings or a $50 deposit to their account when they sign up
through your program.
6. Publicize the Event
You should consider a variety of resources, such as websites,
social events, community meetings, and neighborhood watches.
For example, contact your local parishes with information about
your seminars, and ask to have it included in the church bulletins.
Additionally, if your diocese distributes a weekly or monthly
paper, try promoting your event in the Happenings and/or Monthly
sections to increase exposure. Make sure to include the name,
address, and phone number of a contact person from your
organization and a brief description of the seminar topic, the
date(s), time and location.
7. Confirm Arrangements
One week before the seminar, confirm the delivery of materials
by your presenters, arrange for refreshments, and finalize the
meeting room set up.

27
3. Full-Scale Financial Education Program
One-on-one mentoring or counseling can be extremely beneficial
for participants. While learning the basics in a group setting is
important and helpful for many individuals, personal attention and
guidance makes all the difference. Whether participants need more
in-depth information than your program can provide, or are looking
for answers to specific, personal questions about their finances,
providing a connection for individualized financial support may
be one of the best ways you can support your audience. For more
information about financial coaching and financial counseling
options, see page 23 Selecting Your Program Goals and Objectives
earlier in this module.

Like the partnership model, the full-scale program provides a series


of ongoing classes taught by an in-house financial educator, along
with a range of professionals including bankers, credit counselors,
investment advisors, real estate agents, and others.

Once you have established relationships with local experts, determine


which areas of financial education are of the greatest interest to your
target audience, and piloted one or more classes, you may be ready
to consider a full-scale program. This involves building internal
capacity to offer your clients strategic, hands-on assistance
towards achieving long-term financial goals.

Additionally, the organization maintains a staff financial educator,


who has the expertise to provide individual one-on-one counseling
on a regular basis.

The financial educator can offer one-on-one follow-up to ensure


that your clients are improving their financial situation. Full-scale
programs require more effort and resources than the other two models.
Most organizations reach the point of launching a full program only
after they have gathered a considerable degree of experience, contacts,
credibility, resources and partnerships.

28
Each organization’s
start-up time will be
determined by factors
such as availability of
funding; hiring and
training of a staff
person; curriculum
development or
adaptation; and
outreach efforts.

To develop a full-scale financial education program,


you will need to take the following steps:

1. Assess individuals to serve as financial educators. Financial


educators should have experience with financial education
topics, be able to relate to the target population, and teach in
a way that is understandable and useful for the target audience.

They must be enthusiastic and incorporate adult learning


principles into training and individual counseling.

2. Create a budget for the program that outlines all expenses and
any potential revenue.

3. Create a program plan that defines goals and objectives that are
specific, measurable, and time sensitive.

Generally, the start-up time for a full-scale financial education


program ranges from 4 to 10 months.

Each organization’s start-up time will be determined by these factors:

• Availability of funding
• Hiring and training of a staff person
• Curriculum development or adaptation
• Outreach efforts

29
HANDOUT: Understanding
Understanding Financial Coaching: Financial Coaching

Coaching vs. Counseling. Coaching is differentiated from counseling in that coaching. It is focused
on achieving goals and holds the client as having the information needed to seek their own solution.
Counseling tends to be more advice oriented, need driven and focused - on a specific area or problem.
Counseling relationships may be short or quite long in duration, depending on how long it takes to
address a particular issue. Coaches work more on self-mastery as opposed to providing education and
advice. Coaches employ interaction methods and techniques similar to counselors, but rely more
heavily on direction from the client. The coach will always be focused on behavior change and skill
building, whereas a counselor may focus more on helping a client through a specific issue. Coaches
meet people where they are to help them achieve self-determined goals. A coaching relationship is
generally flexible depending on the individual’s needs and situation.

analyzed that over the long term a planner serves as a


Saundra Davis of Sage Financial Solutions analogized
“mechanic” to keep a plan “tuned up,” and a coach acts as a “gas station” to “activate” the plan. Davis
also offered the following continuum to illustrate the interrelation between financial literacy, financial
planning and financial coaching:

Financial Literacy Financial Planning Financial Coaching

Content Strategy in context of content Implementation of plan

Wealthcare Coach
Financial Planner Financial Counselor Financial Coach
Extensive knowledge of Some knowledge of Requires only minimal
financial planning financial planning knowledge of financial
concepts concepts planning concepts
Focus on crafting an Focus on education Focus on clarifying goals
appropriate plan and values, removing
obstacles to
implementation
Sets agenda and Sets agenda and Co-creates agenda and
outcomes for meetings, outcomes for meetings, desired outcomes for
may ask client for input may ask client for input meeting
Provides answers to Provides answers to Helps clients to self-
client questions client questions awareness, finding own
answers to questions
Helps with financial Primary responsibility for Does not seek to educate
literacy teaching financial literacy
Planner does most of the Counselor does most of Client does most of the
talking, presentation the talking, presentation talking
Planner seeks Counselor seeks Coach works with client
commitment to logical commitment to logical to mutually determine
next steps next steps next steps; coach builds
in accountability
EARN Wealthcare Coach Training

30
HANDOUT: Community Needs Scan Template
ORGANIZATION GEOGRAPHIC DESCRIPTION OF DESCRIPTION OF LANGUAGES
AREA PROGRAMS/CLASSES PRODUCTS & OFFERED
SERVICES

Banks:


Credit Counseling
Providers:


Credit Unions:


Financial Education
Providers:


Legal Service
Providers:


Home-Buyer Education
Providers:



Job Training
Providers:


Nonprofit Community
Organizations:


Relevant Government
Agencies:



Social Service Providers:


Tax Preparation
Services:

31
HANDOUT: Self Reflection Questions

Does a financial education program fit within the organization’s mission?

What is the organization’s current financial situation?

Is there adequate funding or does there need to be fundraising?

How does this program fit with other services?

What relationship could clients have with the organization?

What other organizations and resources exist that clients could be linked to?

Do staff and board members support developing a new financial education program?

32
Adapted from NeighborWorks America Financial Fitness training materials

HANDOUT: Questions To Consider When Developing


A Financial Education Program
Program
• Over what length of time will the classes be held?
• What’s the optimal class size and composition?
• Does the entire family need to attend or just one member?
• Will there be group education classes, individual counseling,
peer support groups or a combination of methods?
• What incentives can be tied to attendance or completion of the program?

Content
• What topics and information do participants want to study?
• Which curriculum and materials will the organization use?
• In what order should the topics be presented?
• What teaching methods should the facilitator use?
• What are the goals for the program as they relate to the neighborhood,
the clients and the organization?

When
• How many classes are needed to deliver the content?
• How frequently should the classes be held?
• Should the classes be held on the weekends or evenings,
and at what time of day should they be held?
• Are you making sure to take into account the needs and
schedules of your target audiences?
• Does it make sense to rotate meetings with multiple and
repeating classes to maximize participation?

How
• What incentives will be provided? Refreshments, door prizes or others?
• What are the attendance and/or project requirements for course completion?
• What will be the mix of classes, peer support and individual counseling?
• What is the class size minimum and maximum?
• What languages do participants speak?
• What is the literacy level of participants?
• Is there a need for field trips or guest presenters?
• What kind of follow up, such as support groups or peer-led discussions,
will occur after the classes end?

Where
• Is there a central location available?
• Does the site have access to public transportation?
• Is the location accessible for people with disabilities?
• Is the setting comfortable?
• Are there enough restrooms and public phones?
• Will child care be provided?

33
HANDOUT: The Ideal Financial Education Program

Describe the Program

Describe the Program Content

When Will the Program Be Offered?

How Will You Attract and Retain Participants?

Where Will the Program Be Offered? Describe the Setting.

34
HANDOUT: Planning Self-Assessment

What is the planning and designing stage of your financial education program?

Preliminary?

1st phase or last phase?

What task do you need to complete within the next month to help plan and design/
improve your financial education program?

within 3 months?

within 6 months?

What do you anticipate will be your biggest challenge? How will you overcome it?

What is the most important lesson you’ve learned from planning and designing your
financial education program?

35
Module 2: Choosing
Curriculum Materials
Choosing Curriculum Materials
Keeping your program goals and your customer’s needs in mind,
you’ll need to select the financial education curriculum that best
meets those needs.

Hundreds of different financial education curricula have been


produced throughout the United States. Many are high quality
and available for free or a low cost. Before creating a new
curriculum, review existing materials to determine if they
meet your needs.

You might not find materials perfectly suited to your needs,


but you can easily supplement the curricula with additional
educational tools. To help you identify an appropriate curriculum,
there are several resources that identify financial education materials
such as:

• Jump$tart Coalition for Personal Financial Literacy


• Junior Achievement
• the National Endowment for Financial Education
• Mymoney.gov

Additionally, the Federal Reserve Board of San Francisco and


NeighborWorks America have developed reports that document
a range of financial education material and curricula.

36
Jump$tart’s Clearinghouse provides a database of personal finance
resources available from a variety of education providers such
as government, business and nonprofit organizations. Although
the Jump$tart Coalition focuses on K-12 education, many of their
resources can be used with older audiences, too. Many of the materials
are low cost or free of charge. To access the Clearinghouse to www.
jumpstart.org and click on “Clearinghouse”.

Junior Achievement (JA) helps better prepare students for the world
of work. Their Personal Finance Center includes an engaging and
informative simulation; resources and activities; and an extensive
toolbox with calculators, worksheets and more. To access the
information, go to www.ja.org and select Student Center,
then click Plan Your Finances.

National Endowment for Financial Education (NEFE) is a


nonprofit organization dedicated to improving the financial well-being
of all Americans. NEFE has completed more than 100 projects in the
last 10 years, producing financial literacy booklets, facilitator’s guides,
booklets, videos and Web sites available to niche audiences including
underserved and minority populations, youth, people faced with health
conditions. In addition to their main site, NEFE offers a second useful
Web site called Smart About Money, which is filled with articles and
financial planning resources. You also can find several scripted
financial education PowerPoint presentations geared to specific
audiences.To access NEFE’s Web site, go to
1. www.nefe.org
2. www.smartaboutmoney.org
3. www.financialworkshopkits.org for access to the scripts

MyMoney.gov is the U.S. government’s Web site dedicated to


teaching all Americans the basics about financial education.
Throughout the site, you will find important information from
20 federal agencies government wide. The FDIC also has a
comprehensive financial education curriculum called Money
Smart. It was designed to help individuals outside the financial
mainstream develop financial skills and positive banking relationships.
To access the information, go to www.mymoney.gov. For the Money The Clearinghouse
Smart program, go to www.fdic.gov. Click Consumer Protection. primarily functions
Select Financial Education & Literacy. Choose Money Smart – A to identify financial
Financial Education Program. literacy curricula and
to serve as a financial
education resource.

37
Neighborworks America and the Federal Reserve Board of
San Francisco have both created reports that document a variety
of materials and curricula available for financial education programs.
To access the NeighborWorks report go to http://www.nw.org/network/
pubs/studies/documents/FinancialFitnessSeptember07.pdf.
To access the Federal Reserve report, go to http://www.frbsf.org/
community/webresources/bankersguide.pdf.

Evaluating A Financial Education Curriculum


Before selecting a curriculum, identify what your program
participants need from a financial education program, which
may vary widely from each participant, as well as from target
audiences. Consider which topics are of interest to participants
along with the language needs and literacy levels. Also, renew
the participant’s preferred format for receiving information
(i.e. publications, videos, games, etc).

Once you have a good understanding of the financial literacy


needs of your target population, you are ready to select a financial
education curriculum.

When assessing a curriculum, review the intended target audience


(this should be described on page 33). This will provide some idea
about the focus of the curriculum and whether it will be appropriate
for your target audience. Next, review the topics covered in the
curriculum. This will help you identify whether all major topics
needed by your target population are addressed within the program.

Review the curriculum using the Handouts: Financial Literacy


Curriculum Evaluation Worksheets on page 41-42. Once you
have identified a few curricula, you can evaluate them further
using the worksheet. This worksheet is designed to take you
through an in-depth analysis of curricula in a systematic and
organized way.

38
The Financial Literacy Curriculum Evaluation
Worksheets on page 41-42 are organized into the
following sections:

• Materials This section helps you evaluate the financial


education curriculum.

Does it have participant workbooks?


Does it include a facilitator’s booklet or instructor’s manual?
Is the facilitator’s booklet aligned to the participant materials?

• Content This is the most important section of the


worksheets. The questions help you evaluate a curriculum
in terms of whether it meets participants where they are
with respect to their experience and knowledge. The training
materials should build on participants’ existing knowledge,
skills, and experience.

To evaluate the content of a financial education curriculum,


you will need to examine both the participant materials and
facilitator booklet (also called the instructor manual or
lesson plan).

• Approach The questions in the “Approach” section of


the Financial Literacy Curriculum Evaluation Worksheets
focus on how the content is delivered or covered within
the program. In general, training is most successful when
a variety of training methods are used throughout the
session. Different training methods keep the financial
education classes engaging and help to ensure that the
training accommodates different learning styles.

• Organization This section asks a series of questions


related to the order in which information is presented in
both the participant materials and facilitator booklet
(instructor manual or lesson plan).

• Background This section focuses on basic information
about the curriculum including its costs, the target
audience(s) it is designed to serve, the length of each
session, the number of sessions, and author information.

39
Choosing Program Content
The content you teach in your financial program will depend on your
audience’s needs. Here is a list of topics you might consider including:

• Money management
• Banking
• Credit and credit counseling
• Saving
• Budgeting
• Basic budgeting: managing food stamps
• Basic banking: choosing a bank or credit union,
managing your account, terminology
• Credit cards
• Responding to collectors
• Credit reports
• Consumer rights
• Consumer awareness
• Keeping it safe: ID theft, Rent-to-Own, payday loans
• Stretching your dollar
• Family involvement: lessons for kids
• Asset planning
• Food and finance: shopping and cooking vs. eating out

In addition to offering various topics, you also will want to consider your
approach for the presentation. Here are some things to consider:

• What is the literacy level of your audience?


• Can your clients choose the topic for their workshop?
• Will your audience learn best one-on-one, in a group, or online?
What about peer-to-peer mentoring?
• Can you invite in a guest speaker? In addition to experts in the
field, bringing in people from the community who can share their
success stories can be a powerful teaching tool.
• Is it possible to offer or connect participants with comprehensive
benefits screening?
• Are you teaching both core classes and life skills?
• Does your audience need linkages to other services
or to a case manager?

40
HANDOUT: Financial Literacy Curriculum*
Evaluation Worksheet
Name of Curriculum:
Criteria Notes
Are there participant booklets?

Is there a facilitator’s booklet or some instructional manual


M AT E R I A L S

for facilitators?

Are the materials attractive, engaging and easy to read?


Giuffrida and a tool developed for the SEED Demonstration by Jan Huneke; this version been adapted for an adult context by Inger Giuffrida.
*This worksheet is based on criteria outlined in Designing and Implementing a Youth IDA Program: Lessons from an Emerging Field by Inger

Is the font size in the participant materials at least 12 point


(14 point is better), with at least 1.5 spacing between the
lines of text and lots of empty (white) space on the page?
Are their pictures to illustrate important concepts?
(If you are working with adults who are not able to read
or have a functional literacy level, these elements must
all be present.)

Are the sessions based on clear and measurable


learning objectives?

Will attainment of the learning objectives result in the


outcomes most relevant to your target market?

Are the topics highly relevant to the adults and members


of your target market?

Does the material focus on the participants’ own situations?

Does it emphasize building on the participants’ existing


skills, experience and knowledge?

Is the material accurate (free of factual errors)? Is it


CO NT EN T

as up to date as can be reasonably expected? (EITC


information goes out of date each year; do not use
this as the benchmark.)

Is the content (language, reading level and activities)


appropriate for the target audience?

Are people and situations presented without stereotyping


(age, gender, race, ethnicity, religion, geography, etc.)?

Is it culturally appropriate for the target audience?

Is the material objective in content and tone with respect


to varying viewpoints?

Are the illustrations and text free of brand names,


trademarks or corporate identification?

Is the focus on content rather than promoting specific


products and services?
41
HANDOUT: Financial Literacy Curriculum
Evaluation Worksheet (continued)
Name of Curriculum:
Criteria Notes
Does it use a variety of methodologies that engage all
of the learning domains: cognitive, behavioral, skills
and attitudinal? Methodologies would include group
facilitated discussions, individual exercises, small
group/team exercises, case studies, role plays, games,
simulations, field trips, etc.
A P PROACH

Does it include opportunities for participants to


Share their experiences and knowledge?
Work together in supportive ways?
Work individually to apply material to their situations?
Engage kinesthetically?
Expand their resource networks?
Engage household or family members in the materials?
Does it emphasize having fun while learning?
Does it emphasize facilitation rather than teaching?

Are there clear transitions or linkages from one


O R G A N I Z AT I O N

section to the next?

Does it provide clear instructions for setting up,


running and processing each activity?

Does it provide direction or guidance for adapting


or expanding the materials?

Is the content well organized and user friendly?

Does the material include a bibliography and/or


additional resources? Are there footnotes
and references?

Year Published
Cost
BAC KGROU ND

Target Audience
Age or Grade Level
Number of Sessions
Length of Sessions
Materials Available
Format for Delivery
Author and/or Contact Information
42
Module 3: Working With
Partners And Volunteers
Developing Partnerships
Effective programs enlist the help of partners to accomplish
objectives and avoid re-inventing the wheel. Once you have
assessed available community resources and customer needs,
you will likely discover opportunities for collaboration.

Potential partners for financial education programs include:


• Credit unions, banks, & other financial institutions
• Insurance companies
1. www. naifa.org
2. www.taifp.com
3. www.iiaba.net
• Cooperative extension services
• Universities
• Local government agencies
• Faith-based institutions
• Community-based organizations
• Local businesses
• Credit and homebuyer counseling agencies
• Neighborhood associations
• Financial planners organizations such as
1. FPAnet.org
2. napfa.org
3. www.cfp.net
• The National Endowment for Financial Education’s
pro bono web site, FinancialWorkshopKits.org.

These partners can provide a variety of benefits for


your program such as:
• Funding
• Training resources;
• Venues for training;
• Publicity and marketing;
• No-cost or low-cost bank accounts for program participants
• Gift certificates, giveaways, t-shirts, discount coupons
and other in-kind supplies.

43
The reputation of your partner is central to the success of
your program. Be sure to look carefully at potential partners
by reviewing existing relationships, surveying stakeholders,
and getting recommendations from others.

Once you identify a partner, it is critical that both partners fully


understand each other’s goals and have the ability to commit to
realizing them.

Before selecting a partner, you should evaluate:

• The organization’s objectives


• The capacity of the organization to commit
and follow through
• Its geographical distribution and location
• Its history
• The composition of its board
• Its competition
• Its standing with local and national regulators,
Better Business Bureaus, and other government
and nongovernmental watchdogs
• Recent positive or negative press coverage
• Any ethical issues or conflicts of interest, such as hiring a
family member or working with partner organization with
dramatically different belief systems

By detailing legal, financial and time


commitments in the partnership
agreement, you can avoid future
misunderstandings.

44
Consider the formality of your partnerships. Many organizations
find success in a fluid agreement that allows for an evolving process
in program development and implementation. Others prefer a more
solidified arrangement such as an agreement or a memorandum of
understanding. There are definite advantages to a written partnership
agreement. By detailing legal, financial and time commitments in
the partnership agreement, you can avoid future misunderstandings.

A written agreement should, at the very least, include:

• Purpose of the partnership


• Roles and responsibilities
• Duration of the agreement
• Activities and timeline
• Intellectual property rights
• Use of logos and names
• Process for approving copy, logos, and
other written materials
• Protocol for project reporting
• Details of the arrangements for funding and other resources
• Payment schedules
• Evaluation plan
• Terms relating to the extension or termination
of the agreement

Evaluate the partnership at regular intervals. Reviewing the


partnership’s effectiveness can provide valuable information to
both organizations. Throughout the project’s duration and at its
conclusion, evaluate accomplishments against original goals and
expectations. Be flexible about changes to the partnership structure
or process. Compile both quantitative and qualitative data to judge
the success of a program and to help garner future support.

45
Tips For Developing Effective Partnerships
Evaluate your needs, goals, and objectives for developing a
partnership and determine which organization can best meet
your needs. Identify your strengths and your potential contribution
to a partnership. Be prepared to demonstrate what you have to offer
to your potential partner.

Identify What You Want In A Partnership


You might need to develop more than one partnership. Research
several potential partners to determine how closely they match
your goals and needs. Look for partners that offer complementary
services rather than services that are similar to the ones you
already provide as part of your training. Assess their motivation
for participating in your program. Be prepared to persuade your
partner to participate based on their motivating factors.

Negotiate A Win-Win Partnership


Work together to ensure that each partner has a stake in the
process and the outcome. Compromise is a key element for
a successful partnership.

Roles and Responsibilities


Be clear about the roles and responsibilities of each partner and
make sure that program and/or operations staff people are involved
in discussions about how the partnership will operate within the
organization. Work together to draft specific outcomes that will
make each partner successful and consider drafting a written
agreement as outlined in the previous section on pages 41-42.

Volunteers
Many financial education programs enlist the help of expert
volunteers to expand their pool of trainers.

Expert volunteers can have myriad backgrounds, including:

• Cooperative extension agents


• Representatives from financial institutions
• Credit counselors and others

46
These experts allow organizations to incorporate first-rate speakers
into their programs. Volunteers can be used in more general roles,
too. Using volunteers enables organizations to accomplish more with
limited resources. However, using volunteer trainers requires time and
effort. The most effective volunteer efforts include a volunteer
orientation or training program to avoid problems, maintain quality
and assure smooth operation.

There are both advantages and challenges in using volunteers:

Advantages
• Volunteers expand the capacity of your program.
• Participants can gain from the different perspectives and
experiences of other trainers who are passionate about
their work.
• Volunteers have a strong commitment to the program, and
could become potential donors, since they see a clear need
for additional involvement and contributions.
• Volunteers may be able to supplement support on evenings
and weekends and could pre-train or screen potential new staff.
• Enthusiastic volunteers are great advocates, recruiters
and promoters.

Challenges
• If volunteers are not good trainers, they may not relate
well to, or even bore the audience and reduce the quality
of the program.
• Volunteer professionals may inappropriately pitch their
products or services (real estate, lending, appraisal, inspection,
construction, etc.) or have trouble relating information into
layman’s terms.
• Volunteers may present incorrect or biased information.
• Volunteers can pose management troubles, as they can’t always
be relied upon to arrive on time (or at all) and ensuring they’re
doing a good job can be difficult, yet firing them may be tricky.
• Some tasks can only be done by employees.

47
Instituting a new volunteer program or re-energizing an existing
one covers a range of management functions. They range from
needs assessment, volunteer position development, recruitment,
supervision, evaluation, and recognition. The first step in volunteer
program planning is performing a needs assessment of the local
community. The program will serve and decide whether the
volunteer program can help meet some of those needs.

Think creatively about projects that volunteers might handle at


various times throughout the year. Design and frame your volunteer
projects as if you were engaging consultants or project managers.
Let volunteers play an active role in setting project goals,
procedures, and timelines.

The success of any volunteer program lies in its ability to attract


and retain dedicated and enthusiastic volunteers. Individuals who
commit their time and effort to volunteer projects do so for a wide
variety of reasons.

Organizations need to formulate specific strategies to enhance


volunteer utilization and satisfaction. These efforts are likely to
result in more volunteers, who are hard working, motivated and
satisfied with their positions. In addition, volunteer-friendly
strategies generate more and larger financial contributions, stronger
long-term commitment among program participants and greater
loyalty among both volunteers and financial contributors.

48
HANDOUT: Evaluating A Partner
Potential Partner:

What are the opportunities?

What can the partner offer your organization?

What do you offer the partner organization?

Does the organization have the capacity to commit and follow through?

What is its geographical distribution and location?

Describe the organization’s history and reputation.

49
HANDOUT: Evaluating A Partner (cont.)
Are there any apparent pitfalls to partnering with this organization?

What are they and how will you overcome them?

Are you using a particular speaker/speakers?

Is there a public relations or legal concern?

What (if any) public relations outreach do you have in place?

Do you have a contract we can put in place to protect both parties?

50
HANDOUT: Action Plan to Enhance Volunteer Satisfaction*
Step One: Assessment
A comprehensive and objective assessment will provide an overview of an organization’s

strengths and weaknesses in “volunteer-friendliness.” The results can then be used to identify

and prioritize areas for improvement.

Examine policies and practices in the following seven areas:

1. Organizational Commitment

Does the organization have a full-time volunteer coordinator? Is a computerized database

containing information about volunteers maintained? Do evaluations of the effectiveness

of volunteer programs occur on a regular basis?

2. Organization Staff

Are staff members receiving training about how to successfully interact with volunteers?

Do evaluations of the effectiveness of paid staffers in interacting with volunteers

occur regularly?

3. Volunteer Attraction and Recruitment

Does the program have a written plan, with target goals, designed to recruit volunteers?

Are there formal procedures to solicit prospective volunteer skills and interests? Are inquiries

from prospective volunteers responded in a positive manner?

4. Volunteer Orientation/Training

Is there a formal procedure which matches volunteer skills and interests with work

requirements? Does the program provide an orientation or training program to all volunteers?

*Excerpted from “A Friendly Atmosphere for Your Volunteers by the Points of Light Foundation, 2004.

51
HANDOUT: Action Plan to Enhance Volunteer Satisfaction (cont.)
5. Volunteer Work Assignments

Does the organization offer flexible work options for volunteers? Are work assignments

for volunteers interesting, satisfying, and motivating? Do volunteers typically have fun

while working?

6. Volunteer Recognition

Does the organization regularly recognize and thank volunteers? Does the organization host or

offer regular volunteer recognition events?

7. Volunteer Satisfaction Survey

Are volunteers given periodic evaluations? Are the results from volunteer surveys used to

improve volunteer programs?

Step Two: Strategy


After identifying and prioritizing program weaknesses, efforts should be directed to formulating

and implementing specific improvement strategies.

Step Three: Monitoring


After specific improvement strategies have been implemented, it is essential that someone

monitor their effectiveness. If the strategy is not working, modifications or revisions might

be needed.

52
HANDOUT: Ten Tips for Working with Volunteers*

1. Train the volunteers in advance. Review adult training styles, use of interactive
techniques and audiovisual tools, etc. In other words, commit to making them
better trainers.

2. Ask them to do a rehearsal of their presentation with you and critique it.

3. Give them a small role at first and expand the role if things work out.

4. Develop “ground rules” or a “code of ethics” for your volunteer trainers and partners
(written or oral) and ask all of your volunteers to abide by these rules since they are
essentially representing your organization. These rules should include:

• Not to pitch their products during class time


• No inappropriate comments about competitors
• No inappropriate or offensive language or behavior
• Provide impartial advice to consumers (keep the best interests of consumers in mind)

5. Ask for a detailed agenda or write-up of their comments and key points ahead of time.
Alternately, you could provide them with an agenda as a checklist.

6. Evaluate their performance through comments from participants after each session.

7. Regularly check in with volunteers to see if they have questions


or need additional support.

8. Don’t be afraid to ask for help and support as volunteers become more involved
with the training activities..

9. Be careful of appearing “too cozy” with a particular service provider.

10. Be sure to thank volunteers publicly and personally for their help.

*Adapted from NeighborWorks America Financial Fitness training materials.

53
Module 4: Marketing,
Funding, and Sustaining
Your Program
Marketing
While your development department will likely put formal
marketing efforts in place, do not underestimate the power
of “word of mouth.” Some people are not sure they will benefit
from financial education, others are embarrassed to admit they
need it, and many people are in denial and don’t want to address
their financial situation. Organizations need to develop an effective
marketing plan to attract and maintain participation in the program.

Informal Marketing
In addition to developing a formal marketing plan, do not
underestimate the power of “word of mouth.” Word of mouth
feedback can be BOTH positive and negative. Positive word of
mouth about your program can often be the best way to attract
new participants. Negative word of mouth about your program
can nullify even the best marketing efforts.

Identify Goals
In lieu of traditional Once you understand the motivation of your target audience,
mass marketing, there you will want to develop a goal that defines what the campaign
are some effective seeks to accomplish a fundraising goal. The goal should be specific,
marketing tools you measurable and time sensitive. For example, the goal of a marketing
can consider during campaign might be to enroll 100 clients in the financial education
your training. program over the year. Based on your marketing goal, you can

54
determine which marketing tools and messages are most appropriate
to promote your program. Goals are typically long term (five years
in scope) and should reflect your organization’s mission and theory
of change. Think of the big picture.

Create Specific Objectives


Objectives are different from goals: they are more specific and offer
a shorter time frame, typically one to two years. Think of objectives
as a series of benchmarks on the way to your goal. Most likely, you
will have a few intermediate objectives that will progressively lead
to your goal. Well-defined objectives are crucial to guiding your
communications evaluation. If you are clear about what results you
want to achieve in the short term, it will be easier to assess whether
your communications are leading to your long-term goal. Make your
objectives specific and measurable.

Develop The Message


Create a short phrase that you want reporters to use every time they
describe your issue and use it each time you talk with them. Develop
three or four short “message points” for spokespeople to use when
talking to the press. Include basic facts about your issues/group and
draw from public opinion data any messages that resonate with
your target audiences. Review the message points before media
appearances or interviews. No matter what questions are asked,
all answers should include the key points.

As you develop your message, it will be helpful to develop an


elevator speech that you can share quickly and easily about
your program.

Elevator Speeches
In addition to word of mouth and any formal marketing programs
from your agency, one of the most important marketing tactics you
can use is a clear and compelling elevator speech. Being able to
succinctly tell anyone (and everyone) who you are, what you do,
and how your program helps others is an invaluable skill. Use the
handout on page 56 for help practicing and polishing your elevator
speeech. While you don’t want to appear “rehearsed,” it’s important
to practice what you’re going to say so it sounds natural and
comfortable when you’re speaking.

55
Here Are Some Tips For Creating An Elevator Speech

• Grab people’s attention with a unique statement.

• Give a tidbit of information that the listener might be able


to relate to that will prompt questions. Your goal is to elicit
questions. You want the other person to say “Tell me more!”

• Describe the biggest problem you solve for your consumers.


Your solution should be short and punchy.

• Remove jargon from your elevator speech. Check to see that


you are using simple, conversational words. Simplicity is the
key. Your elevator speech is what you say to everyone.

Tips For Delivering An Effective Elevator Speech

• Introduce yourself with your first and last name.


Speak slowly and clearly so that the other person
can understand you.

• Focus on the other person.
Look the new person in the eyes. Offer your hand and smile.

• Try to develop a speech that’s natural.


It should come off smoothly. Some people think that
practicing what to say puts you at risk of sounding trite
or overly polished, but when you’re well-prepared it can
seem more natural and believable.

• Practice, practice, practice. Practice saying your elevator


speech until it becomes an automatic and natural response
to the question: “What do you do?”

56
Funding And Sustaining Your Program
While your development department is primarily responsible for
fundraising efforts, you can still positively impact your program’s
bottom line by making the most of your resources and connections.

Cultivate existing relationships.


As your development director will likely tell you, “fundraising is not
raising funds, it’s raising friends.” So take advantage of your current
relationships. Think about which banks and foundations are friendly
to the Catholic social mission. Do you have relationships with any
adult-based education opportunities? What partnerships and/or
collaborations can you create within your circle of relationships?

Maximize the value of in-kind contributions.


You can save your organization hundreds, and even thousands of
dollars through in-kind contributions. In fact, you may be able to
cover most, if not all, of your expenses this way.

57
For many businesses and organizations, donating services and/or
resources is the best way for them to support you. Instead of
incurring the hard cost of a financial commitment, businesses
can donate their time, skills or goods at a nominal cost, and
a significant benefit to you. What’s more, in exchange for the
donation, you may be able to offer them a marketing opportunity
by publicly acknowledging them as a sponsor or donor.

For example, if a local restaurant or catering company provides


food for your program, and you display their logo or announce
to a captive audience that food was provided by XYZ Food
Supply, the company’s in-kind donation becomes a powerful
marketing tool.

There are countless opportunities for in-kind donations, so


compile a list of everything you want or need for your program,
and start looking for willing providers. Here are some examples
to get you started:

• Get paper, ink, printing, collating and stapling of handouts


or other printed materials donated by a local print shop.
• See if a local restaurant or catering company will provide
food and/or beverages.
• Ask a business you already partner with to supply pens
and/or paper for taking notes.
• Find out whether a centrally-located company can offer
event space for your program.
• Suggest businesses (such as banks or credit unions) the
opportunity to give your participants a branded gift such
Although critical to as a calculator as a reward for completing the course.
operations, fundraising
has become more • If you need a physical presence, request help in the form
challenging in of volunteers. Sometimes organizations and businesses
recent years. that can’t afford a financial contribution are willing to help
with day-of-event staffing and transportation needs.
• If you have an out-of-town guest presenter, volunteers may
be able to provide transportation or even lodging options.

58
HANDOUT: Practicing Your Elevator Speech
Presenter’s Name:
Observer/Feedback
Provider:

CONCISE AND CLEAR? Was the speech able to clearly communicate the essence of
the program in 15 to 30 seconds? Would your mother understand the speech? Was the
presentation free of jargon?

COMMUNICATES BENEFITS? Does the elevator speech spotlight the


presenter’s uniqueness?

ELICITS INTEREST? Did the elevator speech elicit interest?


Did it generate additional questions?

DELIVERY? Was the speech clear and easily understandable? Was the delivery
conversational, comfortable, and at ease? Was the presenter friendly and
enthusiastic? Was the presenter’s personality evident in the speech?

POSITIVE HIGHLIGHTS/OTHER COMMENTS?


Feedback on what worked well along with any other general feedback.

59
HANDOUT: My Fundraising Plan

Fundraising Strategy #1

Fundraising Goal

Fundraising Action Steps

Person Responsible

Timeline

Fundraising Strategy #2

Fundraising Goal

Fundraising Action Steps

Person Responsible

Timeline

60
HANDOUT: My Fundraising Plan (continued)

Fundraising Strategy #3

Fundraising Goal

Fundraising Action Steps

Person Responsible

Timeline

Fundraising Strategy #4

Fundraising Goal

Fundraising Action Steps

Person Responsible

Timeline

61
HANDOUT: Human Services Resources/Partners

Fundraising Strategy #1

Partnership Building:
• United Way Financial Stability (www.liveunited.org/income)
Program works with communities to bring together cross-sector
partners to help low-income families achieve financial stability.

Training Programs and Classes:


• ISLES Program (www.isles.org)
Offers financial fitness classes for families in New Jersey.
• Healthy Families Healthy Children Initiative of West Virginia
University (www.hfhc.ext.wvu.edu)
Free tax preparation, as well as Train the Trainers classes to train
new family educators for organizations.

Financial Education Materials:


• Habitat for Humanity (www.habitat.org)
Builds affordable housing in partnership with people in need.
Provides a financial fitness toolkit for personal finances.
• American Red Cross (www.redcross.org)
Provides information about financial recovery following a disaster.
• Internal Revenue Service, Publication 4787 (7-2009) (www.irs.gov,
click Forms and Publications, click Publication Number (PDF),
type 4787 in the Find box and click Find, click Publ 4787)
Information about tax benefits and credits available through
the American Recovery and Reinvestment Act of 2009.

62
63
HANDOUT: Providing And Funding Financial Literacy
Programs For Low-income Adults And Youth

The following information was excerpted and adapted from the Finance
Project’s September 2005 Strategy Brief, Providing and Funding Financial
Literacy Programs for Low-Income Adults and Youth.

Visit www.financeproject.org and click publications, then click on “Economic


Success for Families and Communities”, then scroll down and click on “Providing
and Funding Financial Literacy Programs for Low-Income Adults and Youth.”

Funds from federal, state, local, and private sources can be used to support
financial literacy programs for adults. Private sources include funds from
financial institutions and foundations. For example, banks and credit card
companies are funding curriculum design and financial literacy
program implementation.

In 2000, the American Express Foundation initiated its Economic Independence


Fund. Administered by American Express and NEFE, the fund supports
community-based financial literacy training and a clearinghouse of financial
education curricula.

The McGraw Hill Companies support a variety of initiatives that promote


financial literacy, including the Houston READ Commission. Federal funds,
many of which flow to states and localities, are a significant funding resource.
Federal funds take the form of formula or block grants, discretionary or program
grants, and direct payments.

64
HANDOUT: Providing And Funding Financial Literacy
Programs For Low-income Adults And Youth (continued)
Following are examples of available federal funding options:

Adult Education State Grants


U.S. Department of Education
Adult Education State grants provide funds to states to support programs
that provide adult education and literacy services, including family literacy
and financial literacy. Eligible providers include local educational agencies;
community-based organizations; correctional educational agencies;
postsecondary educational institutions; public and private nonprofit agencies;
institutions that provide literacy services to adults and families; and for-profit
agencies, institutions, or organizations that are part of a consortium.

Assets for Independence (AFI)


U.S. Department of Health and Human Services
AFI is a demonstration program established to help low-income families
become economically self-sufficient. AFI provides federal discretionary
grants to community-based organizations and state, local, and tribal agencies
for the implementation of Individual Development Accounts (IDA) programs.
To help clients with their IDA savings, AFI projects provide training and
supportive services related to family finances and financial management.

Community Services Block Grant (CSBG)


U.S. Department of Health and Human Services
CSBG provides assistance to states and local communities via community
action agencies and other community-based organizations to provide
activities designed to assist low-income participants make better use of
available income and empower them to achieve self-sufficiency. CSBG
funds can be used to support financial literacy programs such as those
that encourage family financial management.

65
HANDOUT: Providing And Funding Financial Literacy
Programs For Low-income Adults And Youth (continued)
Indian Adult Education
U.S. Department of Interior
Funds may be used to improve educational opportunities for native american
adults who lack the level of literacy skills necessary for effective citizenship
and productive employment and to encourage the establishment of adult
education programs. Courses may include life-coping skills such as budgeting.
Approximately 140 tribes receive funding to provide educational opportunities
for adults. Awards are made on an annual basis.

Other good resources with a native american focus:


First Nations OWEESTA Corporation www.oweesta.org
Native Financial Education Coalition www.nfec.info
American Indian College Fund www.collegefund.org
United National Indian Tribal Youth, Inc. (UNITY) www.unityinc.org

Literacy Programs for Prisoners


U.S. Department of Education
The program provides financial assistance for establishing and operating
programs designed to reduce recidivism through the development and
improvement of life skills necessary for reintegration of adult prisoners
into society, including the development of communication, job, financial,
and interpersonal skills. These discretionary funds can be used to provide
grants to state and/or local correctional agencies or correctional
educational agencies.

Social Services Block Grant (SSBG)


U.S. Department of Health and Human Services
Funds community initiatives that are directed towards achieving or
maintaining economic self-sufficiency and reducing dependence. Among
the services for which funds can be used are education and training to
improve knowledge or daily living skills and literacy education, including
financial literacy. The flexibility of SSBG allows states to provide a wide
array of social services to a broad population of individuals and families
in need. States and/or local agencies (county, city, or regional offices) may
provide services directly or purchase them from qualified providers.

66
HANDOUT: Providing And Funding Financial Literacy
Programs For Low-income Adults And Youth (continued)
Temporary Assistance to Needy Families
U.S. Department of Health and Human Services
The Personal Responsibility and Work Opportunity Reconciliation Act of
1996 (PRWORA) established the Temporary Assistance for Needy Families
(TANF) program. TANF provides parents with job preparation, work, and
support services to help them become self-sufficient. Funds can be used to
provide financial literacy training and to match deposits made by participants
in IDA accounts. TANF has an annual cost-sharing requirement known as
“maintenance-of-effort” (MOE). Both TANF and MOE funds can be used
to support these purposes.

WIA Incentive Grants-Section 503 Grants to States


U.S. Department of Labor
The federal Workforce Investment Act (WIA) provides flexibility to states and
localities for the establishment of broad-based labor market systems. Federal
job training funds may be used to encourage basic work readiness and financial
literacy activities for adults and youth.

Many cities and states have a government-run office of financial education,


which you can search for online. For a listing of state WIA contacts, visit the
US Department of Labor’s Employment & Training Administration at www.
doleta.gov. Click Workforce Professionals. Select State & Local Contacts.
Choose WIA State Contacts.

State Offices of Financial Education


Washington Department of Financial Education (www.dfi.wa.gov)
Pennsylvania Office of Financial Education (www.moneysbestfriend.com)
Vermont Office of State Treasurer (www.vermont treasurer.gov)
Teach Me Financial Literacy (www.maine.gov/treasurer/teachmefinlit)
NYC Department of Consumer Affairs Office of Financial Empowerment
(www.nyc.gov)

A list of state governments and agencies is located at


www.flecnationalnetwork.org/members.cfm.

The purpose of these activities is to promote an increase in the employment, job


retention, earnings, and occupational skills of participants. Funds may be used to
provide financial literacy training.

67
Measuring the success of a program
through documenting its impact is
essential for financial educators to
ensure that financial education programs
meet the needs of their students
and to secure support
from stakeholders.

Module 5: Impact and Evaluation


Impact And Evaluation
Including an evaluation component in your financial education
program will help you understand if your program is effective.

Measuring the success of a program through documenting its


impact is essential for financial educators. This ensures that financial
education programs meet the needs of students and secures support
from stakeholders. This section will help you evaluate your overall
program through feedback from participants to ensure that your
program continues to meet their financial education needs. You’ll
also learn what’s working well and what needs to be improved.

NEFE has developed the NEFE Financial Education Evaluation


Toolkit® to help financial educators understand evaluation concepts
and efficiently apply them to their educational programs. This
enables educators to document the impact their programs have on
students. The information in this section was excerpted from sections
of the Evaluation Toolkit.

To get a complete copy of the Toolkit, visit: http://www.nefe.org.


Click on Educators and Facilitators on the lefthand column.
Then, click on NEFE Financial Education Evaluation Toolkit®.

68
The NEFE Financial Education Evaluation Toolkit
Consists of Two Main Parts:

• An evaluation manual (available in hard copy and online


formats) covering basic program evaluation concepts,
sample evaluation instruments, and instructions on
how to fully utilize the NEFE Financial Education
Evaluation Toolkit.

• An easy-to-use evaluation database containing


evaluation templates and forms for several different
types of program formats.

Program evaluation is important due to two major tasks


it can perform in the educational enterprise.

• The first task of evaluation is to help educators decide


whether the program is meeting needs and whether any
improvements are required. By evaluating the program,
the educator will be able to identify whether the desired
outcomes of the program are being implemented as
anticipated. If not, the educator can discover the program’s
barriers, weaknesses, strengths, and possible alternatives.
A good evaluation provides input into these areas and helps
educators make program improvement decisions.

• The second task of evaluation is helping the educator


document the outcome of financial education programs.
This is essential for the accountability purpose of the funds
utilized for financial education. Those who fund financial
education programs will be able to more easily determine
the value of the program. If there is no evaluation, outcomes
of the program will not be documented and only those
participants who derived benefits from the program will
know their individual impact.
A good evaluation
provides input into
these areas and
helps educators
make program
improvement
decisions.

69
Financial educators that do not evaluate their programs miss a
great opportunity to build public and private support for financial
education programs that can improve the financial well-being of the
public. If, instead, program evaluations and impacts are documented,
funding agencies will be able to decide the worth of programs and
allocate more funds for stronger educational programs.

Using The NEFE Financial Education


Evaluation Toolkit
With its easy-to-use online database and companion manual
(in print or electronic formats), the NEFE Financial Education
Evaluation Toolkit has been especially designed to help financial
educators understand evaluation concepts and apply them in
educational program evaluation.

In addition, the NEFE Financial Education Evaluation Toolkit


provides assistance to financial educators who are seeking help
in evaluating and documenting the impact of their educational
programs. These findings can help educators refine and improve
the programs they are teaching so that their students more easily
learn the financial topics presented. More importantly, impact
evaluation can help students adopt new and more effective
financial behaviors that will benefit them in the future.

When using the online evaluation database, educators can easily


access corresponding sections of the manual by clicking the “Help?”
button in the upper-right corner of the screen.

70
How to Use The NEFE Financial Education
Evaluation Toolkit
This evaluation manual is designed for use with the evaluation
database. The manual has five parts.

Part I provides an overview of financial education in general and


the topics, components, and delivery methods that can make a
financial education program most helpful to the audiences it serves.

Part II discusses why program evaluation is important and provides


common concepts and terms involved with evaluating financial
education programs.

Part III describes the evaluation planning process.

Part IV takes educators step-by-step through the online evaluation


database.

Part V presents details on collecting, analyzing, summarizing, and


using the resulting data from the evaluation to build and enhance
strong financial education programs.

71
The evaluation database and the manual have been developed to
complement each other when utilized for program evaluation.

Table 1 summarizes the main objectives of each of the five parts


of the evaluation manual:

Table 1. Objectives of the evaluation manual

Part Objectives
To help financial educators understand:

I Basic elements of effective financial education programs.


II The importance of program evaluation and common terms used.
III The evaluation planning process.
IV How to use the database for designing evaluation instruments.
V How to collect, analyze, summarize and utilize evaluation data.

Where To Begin
Evaluation is an integral part of the educational programming
process. To make evaluation useful in program improvement,
the evaluation plan should be developed at the beginning of the
program instead of waiting until the end. Program planning
and evaluation are interconnected activities of the program
cycle as illustrated in the following diagram.

Needs assessment

Define objectives

Program development
Monitoring evaluation data
& information to make
programmatic decisions Planning educational
materials & activities Planning evaluation of
materials & activities

Program delivery

Collecting impact
& process Facilitating learning
process

72
The educational programming process starts with the needs
assessment of the target participants. Prioritizing needs then
leads to defining program objectives. Once program objectives
are defined, program development takes place.

Educational materials and activities are planned to achieve


objectives and meet participant needs, while parallel to this
process, evaluation is planned as a guiding tool to determine
whether the program achieves its objectives. Next, when the
program is ready to be delivered, the evaluation plan should
be in place to allow easy collection of impact and program
process evaluation data, information, and organic adjustments
to the program that facilitate learning.

Finally, by planning the evaluation at the beginning of the program,


financial educators will be able to use the collected data to assist
with ongoing monitoring of the program and make program changes
to ensure it achieves objectives. Monitoring programs is helpful
to maximize the impact and achieve the cost effectiveness
of programs.

By planning evaluation
at the beginning of
the program, financial
educators will be able
to use the collected
data to assist with
ongoing monitoring of
the program and make
program changes to
ensure it achieves
objectives.

73
The Importance Of Evaluation Data
Evaluation data is used to make programmatic decisions such as
expansion, continuation, reduction, or termination of the education
program. If an educator does not plan for evaluation at the beginning
of the program, the opportunity is lost to record program outcomes
and understand the contributing factors to those outcomes.

As a result, the educator is unable to make accurate decisions about


the program. If there is no evaluation, program monitoring will not
be possible because there is no base for making programmatic
decisions. Therefore, further improvement of the program will
not be possible. Impact evaluation allows educators, administrators,
and funding agencies to make decisions about the program based
on objective data.

Writing Program Objectives


Conducting a meaningful evaluation is not possible without
having clear program objectives because objectives are used
as the evaluation criteria. The program outcome is compared
with objectives to determine the worth or merit of the program.
Therefore, it is important to develop program objectives very
clearly. Program objectives should be created in a SMART format
to include program planning, delivery, evaluation, and monitoring.
The acronym “SMART” refers to the following characteristics
of objectives.

The SMART objectives are:

• Specific
• Measurable
• Achievable
• Reasonable
• Time specific

Each objective should be specific in terms of targeting


participants and the planned change. This planned change
should be measurable and reasonably achievable with the
available resources within a specified time period. The more
specific the objective in terms of the participant and intended
change, the more the processes of program development,
delivery, evaluation, and monitoring become clearer.

74
If the participant group is specific, the financial educator can
develop educational materials to meet their specific learning
needs and learning abilities. If the change is specific, the
educator can focus educational activities and evaluation to
facilitate and document that change.

Writing objectives is an art that requires practice. Clearly written


objectives indicate what learning materials are needed and what
changes can be anticipated. These anticipated changes in the
participants indicate the potential impact of the program.

Following are two sample programs, followed by several


objectives relevant to the program.

• First-time home buyer education program


1. Develop first-time home buyers’ ability to shop
for the lowest mortgage interest rate.
2. Teach first-time home buyers how to save money
for closing costs.
3. Teach first-time home buyers how to assess
affordable housing.

• Debt reduction education program


1. Develop participants’ ability to identify needs
and wants separately.
2. Develop participants’ ability to control “wants”
to reduce expenditures.
3. Develop participants’ ability to avoid impulse
and emotional spending.

75
Identifying Impact Indicators
An impact indicator is a reasonable and meaningful measure of
intended learner outcome. Examples of impact indicators are a
change of participants’ financial knowledge and practices. Program
impact indicators vary with the type of program and its objectives.

Longer programs have greater potential to create higher numbers of


impact indicators than do short programs because participants have
more learning opportunities. The following steps are helpful to
identify appropriate impact indicators for different financial
education programs.

Step 1. Determine The Levels Of Potential Impact


Based On The Type Of Program
Financial education programs can be classified into the following
three broad categories for the purpose of planning program
evaluations. These classifications are intended as guidelines to
help program educators conduct the most efficient and effective
evaluation of their program.

Short Programs (for example, one-time, short presentations).


In such short programs, there is no time to conduct pre- and post-
evaluations. Generally, this type of financial education program
lasts less than two hours and has the potential to generate short-term
and intermediate-term impacts. These impacts include participants’
change of knowledge, confidence, and aspirations for changing
behaviors. If the program is effective, there is potential to create
intermediate-term impacts such as participants’ behavior changes
and sometimes goal achievements.

76
Long Programs (for example, a day-long workshop).
These programs are long enough to conduct pre- and post-
evaluati­ons. Normally, this type of educational program lasts
two hours or longer and has the potential to create short-term,
intermediate-term, and long-term impacts. These impacts include
participants’ change of knowledge, skills, aspirations, behaviors,
and socioeconomic conditions.

Multi-Session Programs (for example, a training program with


a series of workshops).
These programs are long enough to observe the behavior changes
of participants. This type of educational program has the potential
to generate intermediate and long-term impacts such as change of
participants’ financial practices and socioeconomic improvements.

Table 2 summarizes the potential impact of different financial


education programs. Long-term impact is most likely to be
achieved with high-quality programming that maintains contact
with the individual over a period of time. While short, one-time,
programs may also result in long-term impact, it is less likely.
Table 2 describes what type of impact and observable outcomes Longer programs have
are expected based on the type of program. greater potential to
create higher numbers
of impact indicators
than do short programs
because participants
have more learning
opportunities.
Table 2. The potential impact of different financial education programs.

Type of Education Potential Impact


Program Immediate Impact Intermediate Impact Long-term Impact
• Perceived satisfaction • If the program is • If the program is very
Short programs • Change of knowledge, effective, change of effective, goal achievements
(one-time, short presentations
attitudes, skills, and financial practices and and change of socioeconomic
of two hours or less)
aspirations behavior are possible conditions are possible
• Perceived satisfaction • Potential change of • Goal achievements and
Long programs • Change of knowledge, financial practices and change of socioeconomic
(half-day or day-long
workshops)
attitudes, skills, and behavior conditions are possible
aspirations
• Perceived satisfaction • Likely change of • High potential for goal
Multi-session • Change of knowledge, financial practices achievement and change of
programs attitudes, skills, and and behavior socioeconomic conditions
aspirations

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Step 2. Use Program Objectives To Identify
Potential Impact Indicators
Clearly written objectives indicate the potential changes that the
program can bring about in the participants (impact indicators).
Because impact indicators are reasonable and meaningful measures
of the participant outcome, the program objectives can (and should)
be used to identify impact indicators.

Short Programs. If the program is a short training workshop on


saving, and the objective is to encourage participants to be aware
of savings and motivate them to save, the impact indicators can be
the participants’ knowledge about saving, their confidence about
saving money, and their readiness to begin saving habits. These are
immediate impacts.

Long Programs. If the educational workshop is a relatively long


program on saving and the objective is to change participants’ saving
habits, the impact indicators can be of the participants’ knowledge
and confidence about saving money, their readiness to save money,
and their actual saving habit changes.

Multi-Session Programs. If the financial education program has a


multi-session training approach focused on learning to save to buy a
home, and the objective is to help first-time homebuyers save for a
down payment, the impact indicators can be the participants’ actual
saving habit changes, the amount of money saved, and the number
of participants who reached their goal.

Note: In multi-session programs, the educator meets the participants more


than once; therefore, the educator has a greater opportunity to build trust
with participants. Trust is necessary for collecting sensitive evaluation data
such as the amount of money saved. Even if financial educators ensure the
confidentiality of data, participants may not be comfortable revealing
sensitive data until educators have built a relationship of trust with the
participants. If the higher-level impact of the program can be documented,
there is less need to document the lower-level impact because higher-level
impact doesn’t take place without reaching the lower-level impact.

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The type of evaluation is mainly
determined by the type of financial
education program and the
resources available to
conduct evaluation.

Determining The Type Of Evaluation


For Each Program
The type of evaluation is mainly determined by the type of
financial education program and the resources available to
conduct evaluation.

Evaluation Of One-Time, Short Programs


If the program is relatively short (less than two hours) and there
is not time to conduct pre- and post-evaluations before and after
the program, the post-only evaluation at the end of the program
is likely the best option to document immediate impacts. The
post-only evaluation is conducted just after the program.

Advantage. The post-only evaluation is easy to conduct.

Disadvantage. Since there is no pre-assessment, documenting


changes as a result of the program in knowledge, attitudes, or
aspirations is more difficult. If the program is comprehensive
enough to generate higher-level impact and has adequate
resources, a follow-up evaluation is an option to document the
intermediate and long-term impacts of the program.

The follow-up evaluation is conducted after some time has


elapsed since the program concluded. This time period is
normally three or six months after the program and is intended
to document lasting change.

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Evaluation Of Long Programs
If the program is relatively long (two hours or longer), the educator
has adequate time to conduct pre-evaluation at the beginning and
post-evaluation at the end of the program. By conducting pre- and
post-evaluations, the educator can document the changes taking place
as a result of the program as immediate impacts. If the program has
adequate resources, a follow-up evaluation is the best option to
document the intermediate and long-term impacts.

Advantage. Since there is a pre-evaluation, it is possible to compare


pre- and post- evaluations to document changes.

Disadvantage. It takes more time to administer pre- and post-


evaluations. Participants must be identified for matching pre- and
post- surveys. However, assigned identification numbers can be
used instead of participants’ names to match pre- and post- surveys.

Evaluation Of Multi-Session Programs


If the program is multi-session, the Stages to Change Evaluation is
the best option to document the actual behavior changes of participants.
In multi-session programs, the educator offers an opportunity to meet
the same group of people more than once and observe changes of
their financial practices. The Stages to Change Evaluation is based on
Prochaska’s (1994) transtheoretical model and records the participant’s
stage of change related to the planned direction before and after the
program. By recording the stage of change related to the planned
behavior before and after the program, the educator can document the
behavior change of the participants as intermediate impacts. Similar to
this, the educator can record the participants’ socioeconomic data related
to the program objectives before and after the program and compare
them for the long-term impacts. For example, in the case of a debt
reduction education program, by recording participants’ total debt
at the beginning and end of the program, the educator can document
the long-term impact in terms of dollars.

Advantage. Stages to Change Evaluation is helpful to document


intermediate impacts.

Disadvantage. This type of evaluation is possible only with


multi-session programs.

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If resources are available, follow-up evaluation offers a good option
to document long-term impact of the program. For multi-session
programs, educators could also use evaluation methods similar to
those used for long programs. However, the stages to change
evaluation method has greater potential for richer summative
and formative evaluation information.

Evaluation Of Train-The-Trainer Programs


Training workshops presented to trainers who use that information
to educate others are called train-the-trainer programs. Generally,
these workshops are content specific and cover the subject in
detail to ensure the acquisition of knowledge by trainers. Normally,
train-the-trainer programs are relatively long programs. Therefore,
pre- and post- evaluations can be considered as the best option to
document immediate impacts of train-the-trainer programs. Because
this method is very similar to the long program evaluation above, it
offers similar advantages and disadvantages of those listed for the
long program. If resources are available, a follow-up evaluation is a
good choice to document the intermediate and long-term impacts.

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Important Factors In Designing
Evaluation Instruments
The quality of the evaluation instrument significantly contributes to the
quality of evaluation data gathered. The following factors are important
guidelines in designing quality evaluation instruments.

Collecting Necessary Data and Information


Collecting necessary data and information is the most important factor
in designing evaluation instruments.

Determining Required Data and Information


The purpose of evaluation is improving programs and documenting the
impacts. The educator must, therefore, limit the amount of data and
information collected to fulfill this evaluation task.

The required evaluation data and information can be categorized


into the following two groups:

• Program impact data and information.


Collection of impact data and information is necessary to
document the outcome of the program for accountability
purposes. This set of evaluation data helps educators and
funders decide the worth of the program. Examples of
impact data are the participants’ change of knowledge
and practices.

• Data and information related to program delivery process.


Collecting process evaluation data and information is needed
to further improve programs. This type of information and data
is helpful to make programmatic adjustment to increase the cost
effectiveness of programs.

Limiting The Number Of Questions


Questions should be limited to those necessary for assessing
program impact and the educational program delivery process.
It is also important to keep evaluation questions short and simple
to facilitate data collection. Adding any unnecessary questions
may confuse the participant, impair the reliability of the instrument,
and reduce the response rate.

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Collecting Quantitative Data
And Qualitative Information
Quantitative data refers to numbers and qualitative information
refers to non-numeric data such as stories, short written responses,
and expressions made by the participants. They include strengths
and weaknesses associated with both quantitative data and
qualitative information. For example, quantitative data generally
provides strong evidence for program accountability purposes.

However, quantitative data does not reveal reasons for not achieving
or exceeding program objectives. Qualitative information is needed
to find reasons for those. Due to this, the quality of evaluation can
be improved by combining both quantitative data and qualitative
information to complement each other. Use of impact data coupled
with success stories is often considered one of the best methods for
documenting educational program impact.

Accuracy And Reliability of Data


The accuracy and reliability of data include essential qualities for
implementing evaluation recommendations with confidence.
Accuracy and reliability both relate to errors in the data. Some
errors are caused by data entry and recording survey results
(accuracy), while other errors are caused by problems with
the measurement instrument (reliability). Therefore, special
attention should be paid to ensure the accuracy and reliability
of evaluation data and information. The following factors help
ensure the accuracy and reliability of evaluation data.

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It is important to ask easy questions at
the beginning and harder questions at the end
to facilitate the responding process.
Clarity Of Questions
Most of the time, evaluation tools are self-responding surveys.
Therefore, evaluation questions should be written clearly and
concisely to avoid ambiguity and help the participant answer
accurately. Instructions should be clearly stated to help
participants complete the survey easily.

Generally, use closed-ended and open-ended questions in evaluation


instruments. If the possible response choices are provided as a list
with the question, this is a closed-ended question. If the question is
asked so that the respondent must use his or her own words to answer
it, this is an open-ended question. When closed-ended questions are
used, the educator should be sure that the answer key contains all
the possible responses to prevent response errors. Since open-ended
questions are exploratory, they are appropriate for the process
evaluation. It is important to ask easy questions at the beginning
and harder questions at the end to facilitate the responding process.

Reading Level Of Target Audience


The reading level of questions is an important determinant of the
accuracy and reliability of evaluation data. The reading level used
in the evaluation tool should not exceed the reading level of the
target participant group to avoid potential errors in data collection.

Sensitive Data And Information

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Collecting sensitive information such as age, income, and so on can
be somewhat challenging because generally participants do not like
to reveal this data. Therefore, it is important to get this data in a way
that is comfortable for the participant. One approach is to present
question-and-answer choices that have ranges instead of exact
values of sensitive data. For example, instead of asking “What is
your annual household income?” the question might be “In what
range is your annual household income?” and list the possible
income categories the participant can choose from.

Sample Evaluation Instruments


The Evaluation Toolkit contains the following samples of evaluation
instruments that can be generated for each evaluation option. Note
that the type of the instrument generated depends on the evaluation
options selected.

Sample A: Post-Evaluation Only


• Post-Evaluation
• Follow-Up Evaluation
• Program Information Sheet

Sample B: Pre- and Post-Evaluation
• Pre-Evaluation
• Post-Evaluation
• Follow-Up Evaluation
• Program Information Sheet

Sample C: Stages to Change Evaluation
• Initial Observation
• Mid-Term Observation
• End-of-Program Observation
• Progress Reporting Sheet
• Follow-Up Evaluation
• Program Information Sheet

Sample D: Train-the-Trainer Evaluation
• Pre-Evaluation
• Post-Evaluation
• Follow-Up Evaluation
• Program Information Sheet

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SAMPLE A POST EVALUATION ONLY Post Evaluation

TITLE OF PROGRAM
NAME OF ORGANIZATION

ID Number: __________ Date: __________

Please rate the instructor(s), materials, and the overall program by circling the appropriate number.

Not Helpful Somewhat Helpful Helpful Very Helpful


Instructor(s) 1 2 3 4
Educational Materials 1 2 3 4
Overall Program 1 2 3 4

Testing Knowledge
Please circle your answer to each of the following statements.
1. Goals should be made only for large, long-term plans such as homeownership,
college tuition, or retirement. True False

2. Expenses can be broken into two categories, fixed expenses and variable expenses.
True False

3. Net pay is after all of the taxes and other withholdings have been taken from gross pay.
True False

4. Compound interest is when only the amount of money deposited earns interest.
True False

5. A commonly recommended emergency fund amount is approximately three


to six months worth of expenses. True False

Building Skills
Please circle the number that best describes how your confidence in doing the following has changed:
Your Confidence to: Decreased Stayed the Same Increased
1. Write out a spending plan. 1 2 3
2. Keep track of spending and income. 1 2 3
3. Pay bills on time. 1 2 3
4. Save money regularly. 1 2 3
5. Spend less than you earn. 1 2 3

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SAMPLE A POST EVALUATION ONLY Post Evaluation

Taking Charge
Please circle the number that best describes your answer.
As a result of this program, do you plan to: No Maybe Yes Already Doing Does Not
This Apply
1. Write out a spending plan. 1 2 3 4 5
2. Keep track of spending and income. 1 2 3 4 5
3. Pay bills on time. 1 2 3 4 5
4. Save money regularly. 1 2 3 4 5
5. Spend less than you earn. 1 2 3 4 5

What did you like the most about this program?

What did you like the least about this program?

How could this program be improved?

Would you recommend this program to others?


Yes Who?
No Why not?

What is your age?


What is your gender?
Male
Female
What is your primary ethnic background?
African American/Black
Asian
Hispanic/Latino
White (non-Hispanic)
Native American
Other

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SAMPLE A POST EVALUATION ONLY Post Evaluation

What is your current family status?


Single with no dependent children
Single with dependent children
Married with no dependent children
Married with dependent children
What is the highest level of education you have completed?
Some high school
High school graduate (or GED)
Some college
Associate’s degree
Bachelor’s degree
Post-graduate degree
What is your current work status?
Working fulltime
Working parttime
Not currently working
What is your annual household income before taxes (including all sources of income)?
$0 (Not working)
$1—$10,000
$10,001—$20,000
$20,001—$30,000
$30,001—$40,000
More than $40,000

Comments or suggestions about the program:


Thank you for completing this evaluation.
We appreciate your help as we strive to improve our educational programs.
(OPTIONAL) Share your name, address, phone number, and e-mail, if you are willing to have us contact you
for follow-up comments.
Name: Phone Number:
Address:
E-Mail:

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SAMPLE A POST EVALUATION ONLY Post Evaluation

Required Notice You must include in all copies of the Evaluation Toolkit, portions of the
Evaluation Toolkit, or derivative works based on the Evaluation Toolkit the following notice
and disclaimer:

The National Endowment for Financial Education (NEFE) owns all right, title, interest to the NEFE Financial
Education Evaluation Toolkit. This work is based on the Evaluation Toolkit. The use of this work is subject to the
following terms. This work may be used only as expressly permitted by the following terms and may not be used
in any way expressly prohibited by the following terms:

• This work may only be used for instructional and educational purposes.

• This work may be used only in the form provided and may not be modified, amended or
combined with other material to form a new work.

• This work may not be used for any commercial purpose, or to sell, advertise, endorse,
or otherwise promote any other service, product, or party.

• This work may not be used to provide financial or investment advice.

NEFE neither endorses nor is responsible for the accuracy or reliability of the Evaluation Toolkit or this work, and
shall have no liability for investments or other decisions based on the Evaluation Toolkit or this work. This work is
provided “AS IS” without any representations or warranties of any kind from NEFE. NEFE disclaims all warranties,
whether express, implied, or statutory, regarding the Evaluation Toolkit or this work.

Disclaimer

NEFE neither endorses nor is responsible for the accuracy or reliability of the Evaluation Toolkit or any work
derived from the Evaluation Toolkit, and NEFE shall have no liability for investments or other decisions based
on the Evaluation Toolkit or any work derived from the Evaluation Toolkit. THE EVALUATION TOOLKIT IS
PROVIDED “AS IS” WITHOUT ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND AND NEFE
DISCLAIMS ALL WARRANTIES, WHETHER EXPRESS, IMPLIED, OR STATUTORY, REGARDING THE
EVALUATION TOOLKIT, INCLUDING ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS
FOR A PARTICULAR PURPOSE, TITLE, AND NON-INFRINGEMENT.

In particular, NEFE shall not be liable for any: (1) errors, inaccuracies, omissions, or other defects in, or lack of
timeliness or authenticity of, the Evaluation Toolkit or any work derived from the toolkit, or for any claims or losses
arising there from or occasioned thereby; (2) third-party claims, losses or liabilities of any nature in connection with
the Evaluation Toolkit or any work derived from the Evaluation Toolkit, including, but not limited to any direct,
indirect, special, consequential, punitive or other damages, or any lost profits or revenue.

It is your responsibility to evaluate the accuracy, completeness or usefulness of any information, opinion, advice
or other content available through the Evaluation Toolkit or any work derived from the toolkit. Please seek the
advice of professionals, as appropriate, regarding the evaluation of any such specific information, opinion, advice
or other content.

89
Additional Resources
Adult learning resources f rom http://agelesslearner.com/intros/adultlearning.html

The Adult Learner: The Definitive Classic in Adult Education and Human Resource Development (5th edition).
Malcolm S. Knowles (Houston, Texas: Gulf Publishing, 1998).
This book takes you through all of the major educational theories in a clear and no-nonsense style. This book is by
no means easy-reading but very thorough and a terrific primer for anyone interested in learning more about adult
and traditional education.

How People Learn: Brain, Mind, Experience, and School: Expanded Edition.
John D. Bransford, M. Suzanne Donovan, and James W. Pellegrino, editors. (National Academy Press, 2000)
This heavy book bridges the research and practice on how children and adults learn and includes information on the
role that technology can play in helping people learn.

Experience and Education.


John Dewey (Touchstone Books, reprint 1997).
Read this tiny book at least once a year, every year, to reground yourself in how people learn and the importance
of experience. Also see Art As Experience by John Dewey.

Learning in Adulthood: A Comprehensive Guide (2nd edition).


Sharan B. Merriam, Rosemary S. Caffarella (San Francisco: Jossey-Bass, 1998)
An excellent textbook that combines the most important contributions to adult learning in the last decade.
The text examines the context of adult learning, the nature of adult learners, aspects of the learning process,
and theory in adult education.

Understanding and Facilitating Adult Learning: A Comprehensive Analysis of Principles and Effective Practices.
Stephen D. Brookfield. (San Francisco: Jossey-Bass, reprint 1991)
This classic covers adult motives and learning processes, self-directedness, andragogy, the facilitator’s role, learning
in informal settings, learning in formal settings, program development, and evaluation.

Adults as Learners: Increasing Participation and Facilitating Learning.


K. Patricia Cross (San Francisco: Jossey-Bass, 1982)

The New Update on Adult Learning Theory: New Directions for Adult and Continuing Education #89.
Sharan B. Merriam

Adult Education Quarterly [$36/4]


American Association for Adult & Continuing Education (AAACE)
1200 19th Street NW, Suite 300
Washington, DC 20036-2401
Tel: (202) 429-5131 Fax: (202) 223-4579
Email: aeq@unlinfo.unl.edu
Website: www.aaace.org

Adult Learning [$27/6]


American Association for Adult & Continuing Education (AAACE)
1200 19th Street NW, Suite 300
Washington, DC 20036-2401
Tel: (202) 429-5131 Fax: (202) 223-4579
Website: www.aaace.org

How Adults Learn.


Conner, M.L.
Ageless Learner, 1997-2007.
Website: www.agelesslearner.com/intros/adultlearning.html

90
National Association of Attorneys General
(www.naag.org Select Projects. Choose Consumer Protection)
The NAAG Consumer Protection Project works to improve the enforcement of state and federal
consumer protection laws by State Attorneys General, as well as supports multistate consumer
protection enforcement efforts. In addition, the Project promotes information exchange among
the states with respect to investigations, litigation, consumer education, and both federal and
state legislation. The Committee organizes two Consumer Protection Conferences annually
and sponsors other enforcement and training conferences.

North American Securities Administration Association (www.nsaaa.org)


Organized in 1919, the North American Securities Administrators Association (NASAA) is
the oldest international organization devoted to investor protection. NASAA is a voluntary
association whose membership consists of 67 state, provincial, and territorial securities
administrators in the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin
Islands, Canada, and Mexico.

National Association of Insurance Commissioners (www.naic.org)


NAIC assists state insurance regulators, individually and collectively, in serving the public
interest and achieving the following fundamental insurance regulatory goals in a responsive,
efficient and cost effective manner, consistent with the wishes of its members: Protect the
public interest; Promote competitive markets; Facilitate the fair and equitable treatment of
insurance consumers; Promote the reliability, solvency and financial solidity of insurance
institutions; and Support and improve state regulation of insurance.

Conference of State Bank Supervisors (www.csbs.org)


The nation’s leading advocate for the state banking system, and the only national organization
dedicated to advancing the state banking system. CSBS works to optimize the authority of
individual states to determine the activities of their financial institutions; enhance the
professionalism of state banking departments and their personnel; represent the interests
of the state banking system to federal and state legislative and regulatory agencies; and
ensure that all banks continue to have the choice and flexibility of the state charter in the
new era of financial modernization.

91
Financial Industry Regulation Authority (www.finra.org)
FINRA is dedicated to investor protection and market integrity through effective and efficient
regulation and complementary compliance and technology-based services. Using the Internet,
the media and public forums, we help investors build their financial knowledge and provide them
with essential tools to better understand the markets and basic principles of saving and investing.
In addition, the FINRA Investor Education Foundation is the largest foundation in the U.S.
dedicated to investor education.

GuideStar (www.guidestar.org)
The GuideStar Web site connects people and organizations with information on the programs
and finances of more than 1.8 million IRS-recognized nonprofits, and has become an indispensable
part of the way good works are done. We encourage nonprofits to share information about their
organizations openly and completely. Any nonprofit in our database can update its report with
information about its mission, programs, leaders, goals, accomplishments, and needs, for free.

Idealist (www.idealist.org)
Idealist is an interactive site where people and organizations can exchange resources and ideas,
locate opportunities and supporters, and take steps toward building a world where all people can
lead free and dignified lives.

Financial Planning Association (www.fpanet.org. Select Connect. Choose Pro Bono)


The FPA Pro Bono Program targets low income individuals and families striving to build assets
and improve their lives but who cannot afford to engage a planner on their own. Chapters may
also outreach to other populations in need to meet the specific needs of their communities.

National Endowment for Financial Education (www.nefe.org)


This nonprofit organization is dedicated to improving the financial well-being of all Americans.
NEFE has completed more than 100 projects in the last 10 years, making financial literacy
newsletter articles, facilitator’s guides, booklets, videos and Web sites available to niche audiences
including underserved and minority populations, youth, people faced with health conditions and
even individuals released from prison.

92
Smart About Money (www.smartaboutmoney.org)
This Web site created and operated by NEFE is dedicated to your financial well-being provides
help with life’s financial decisions. You’ll find practical articles, worksheets, tips and valuable
resources from across the Web to help you understand and manage your money.

Internal Revenue Service (www.irs.gov)


The forms and publications resource page at irs.gov is the official source of IRS tax products.
It provides methods to access and acquire both electronic and print media. There is also a
Charities & Non-Profits section on the site with a Taxpayer Advocate Service.

National Association of State Credit Union Supervisors (www.nascus.org)


NASCUS works to enhance state credit union supervision and advocate for a safe and sound
credit union system. State credit union regulators formed NASCUS in 1965 to ensure the safety
and soundness of state-chartered credit unions. It is the only organization dedicated to the
defense and promotion of the dual chartering system and the autonomy of state credit union
regulatory agencies.

American Association of Residential Mortgage Regulators (www.aarmr.org)


The primary goals of the Corporation are to promote the exchange of information between
and among the executives and employees of the various states who are charged with the
responsibility, pursuant to the laws of the individual states, for the administration and
regulation of residential mortgage lending, servicing and brokering; assist in resolving
conflicts of jurisdiction in relation to mortgage lending, servicing, and brokering; promote
a better understanding of mortgage regulation; develop model legislation applicable to the
administration and regulation of mortgage lending, servicing and brokering; increase the
knowledge and ability of those engaged in the administration and enforcement of mortgage
regulation and those engaged in mortgage lending, servicing or brokering by organizing and
sponsoring lectures, seminars, and training programs and by providing a forum for the
exchange of information; and do everything necessary, proper, advisable or convenient
for the accomplishment of the Corporation’s purposes and goals.

93
Money Transmitter Regulatory Association (www.mtraweb.org)
MTRA is a national non-profit organization dedicated to the efficient and effective regulation
of money transmission industry in the United States of America. MTRA advances uniform
examination standards, reports, forms and ratings that are crucial in providing value for both
the membership and the industry; promotes a more efficient and less burdensome state
regulatory system that has universal respect and credibility; provides quality educational
opportunities and certification for participants through a well defined curriculum; collects
and disseminates reliable industry specific data, common analytical standards and best
practices; serves as the authority and resource on money transmission issues on a national
scale; and, partners with state and federal authorities to further efforts in the detection and
elimination of illegal activities including terrorist financing.

National Association of Consumer Credit Administrators


(www.naccaonline.org Select Consumer Information and Resources)
The Consumer Information and Resources page at NACCAonline include publications and
additional resources on topics including choosing a credit card, credit repair scams, credit
rights and responsibilities, mortgage loans, vehicle financing, fair credit reporting, how to
cut the cost of credit, interest loans and payday loan pitfalls.

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ACKNOWLEDGMENTS

The program was written and produced for Catholic Charities USA
as a public service by the Denver-based National Endowment for
Financial Education®, or NEFE®; Ted Beck, President and CEO;
Brent A. Neiser, CFP, Director of Strategic Programs & Alliances;
and Mary J. Schultz, MNM, Project Manager of Strategic Programs & Alliances.

NEFE is an independent nonprofit organization committed to educating Americans


about personal finance and empowering them to make positive and sound decisions
to reach financial goals. The National Endowment for Financial Education, NEFE,
and the NEFE logo are federally registered service marks of the National endowment
for Financial Education. For more information about the National Endowment
for Financial Education, visit www.nefe.org.

Catholic Charities USA’s members (more than 1,700 local Catholic Charities
agencies and institutions nationwide) provide help and create hope for nearly
8 million people a year regardless of religious, social, or economic backgrounds.
For almost 300 years, Catholic Charities agencies have worked to reduce poverty
by providing vital services in their communities, ranging from health care
and job training to food and housing. Visit www.catholiccharitiesusa.org.

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