Smart library : Community-based Financial Education. Cynthia Needles Fletcher Iowa State University

Transcription

1 Smart library : Community-based Financial Education Cynthia Needles Fletcher Iowa State University

2 Agenda describe a grassroots investor education project discuss project outcomes describe efforts to scale up reflect on lessons learned

3 Smart library grants program developed by the American Library Association and FINRA Investor Education Foundation addresses growing need for unbiased financial and investor education at the grassroots level grants to local public libraries working with a non-commercial community partner

4 Smart library Ames (IA) Public Library invited to develop a Smart Investing proposal Iowa State University Extension invited to partner partnership sparked by a Rotary lunch conversation 1 of 13 proposals funded in initial program year

5 ISU Extension and Outreach offers practical education and technical assistance based on research; available to any resident and tailored to meet the needs of Iowans. Our faculty, program specialists and volunteers live and work in all 99 counties. is part of the Cooperative Extension Service one of the nation s largest providers of scientific research-based information and education. It is a network of the land-grant universities and the U.S. Department of Agriculture, serving communities and counties across America.

6 Ames (IA) Public Library: The Agora of Our Community Our library is a living space where people come together to experience the world of ideas not only through books but also through program presentations and group discussions. The ancient Greeks called such a community place an agora. -- APL Strategic Plan

7 The well loved Agora of Ames, Iowa (pop. 60,000) nearly ½ million visitors each year 1.4 million items circulated each year 38,000 borrowers 267 programs for adults with attendance of 57,000 for all programs APL ranks among top 10 nationally in circulation, program attendance and children s books borrowed for libraries serving peer populations

8 Project Objectives to design a multi-part Smart investing@your library project to improve investment knowledge, attitudes and behaviors of three target audiences: GenX, Baby Boomers, & Retirees to increase awareness of the project through a widespread media campaign to enhance investor education through well-trained staff, an excellent investment collection, and a series of targeted face-to-face and web-based classes

9 Conceptualizing the Project External Environment Education

10 4-week classes (face-to-face & online) Starting Out (GenX) Building Up (Boomers) Making It Last (near/ Retirees)

11 Library Staff 4-week classes (face-to-face & online) Starting Out (GenX) Building Up (Boomers) Making It Last (near/ Retirees)

12 Library Website Library Staff 4-week classes (face-to-face & online) Starting Out (GenX) Building Up (Boomers) Making It Last (near/ Retirees)

13 Library Website Library Collection Library Staff 4-week classes (face-to-face & online) Starting Out (GenX) Building Up (Boomers) Making It Last (near/ Retirees)

14 Library Website Library Collection Library Staff 4-week classes (face-to-face & online) Starting Out (GenX) Building Up (Boomers) Making It Last (near/ Retirees) Marketing Plan

15 Library Website Library Collection Library Staff 4-week classes (face-to-face & online) Starting Out (GenX) Building Up (Boomers) Making It Last (near/ Retirees) Marketing Plan Radio & Newspaper Media Campaign

16 Welcome Page

17 Features of Online Course

18 Course Tutorial Video

19 Week One Module

20

21 Project Outcomes

22 100% of library staff increased confidence in 14 areas/competencies as part of their training on online investment resources. Average scores increased from 1.76 to 2.69 on a scale of 1 to Pretest Posttest

23 Value Line Investment Survey (online) acquired and use increased dramatically (2 nd highest use of all library s subscription databases) Page Views 0

24 Monthly circulation of library s investment collection increased during October, February and April the months when classes were offered: Items checked out 130 October February April

25 Marketing and outreach plan to recruit community members who would most benefit was successful. Goal of registering at least 50 attendees in each of 3 classes was exceeded. Newspaper and information from the library were most frequently cited information sources. Attendance f2f Attendance web % of Target Starting Out (GenX) Building Up (Boomers) Making It Last (Near/Retirees)

26 Pre/Post Knowledge Pre/Post Decision Confidence Starting Out 28% 43% Building Up 14% 35% Making It Last 14% 31%

27 Scaling Up to Underserved Communities: Smart library grants Ames Public Library (2007) State Library of Iowa (2009) statewide project with 25 rural libraries State Library of Iowa (2011) statewide project with 18 rural libraries

28 Lessons Learned Public libraries hold much potential as partners for building financial capability. Community-based projects must focus on both education (using information) and enhancing access to quality information, resources and services. Reaching Gen X learners is a challenge, but consider the role of diffusion of information. Economic shocks are good for the financial literacy business! Timing is important. Scaling up to underserved libraries requires more library staff training and marketing support.