Working Toward Building a Financial Literacy Program Template for State Treasurers

Transcription

1 Working Toward Building a Financial Literacy Program Template for State Treasurers This Webinar is presented by the NAST Financial Literacy/Financial Wellness/Retirement Readiness Committee Chair: John D. Perdue (WV) Vice Chair: Kelly Mitchell (IN) Members: Ron Crane (ID) Lynn Fitch (MS) Michael Frerichs (IL) Deb Goldberg (MA) Todd Hollenbach (KY) Seth Magaziner (RI) Josh Mandel (OH) Beth Pearce (VT) Richard Sattgast (SD) Don Stenberg (NE)

2 Asking Questions & Making Comments

3 Presenting today Gina Joynes James Armistead Lisa Helme

4 Welcome to Working Toward Building a Financial Literacy Program Template for State Treasurers Hon. John D. Perdue West Virginia State Treasurer

5 WEST VIRGINIA STATE TREASURY John Perdue, State Treasurer Tom Vogel, Financial Education Director Presentation by Gina Joynes, Deputy Treasurer of Communications

6 Financial Literacy Program Overview Determined a need for quality, comprehensive financial education Developed NetWorth in 2008 Designed program to teach personal financial management for all ages

7 Program Focus All-Inclusive Comprehensive Relatable

8 Program Funding Created a 501 (c) (3) non-profit organization Governs, funds and promotes financial literacy initiatives Board members represent State Treasury, banking industry, higher education and other community members

9 Securing Funding

10 Program Initiatives Integrated Lesson Plans Partnership with State Department of Education Lesson plans developed by teachers Instructional guides for personal finance posted on website West Virginia mandates one unit of financial education before graduation

11 Bank at School Partnership with local elementary schools and banks Opens savings accounts Teaches basic saving/ spending principles

12 Get a Life Partnership with local middle schools and community volunteer groups 90 minute hands-on budget simulation Students visit various business stations and manage expense ledger

13 High School Money Conferences Partnership with local high schools Sponsor financial literacy/motivational speaker Provide free book

14 Adult Money Conferences Women and Money Senior Money Management Money Smart Week

15 Thank you! Getting Started John D. Perdue, W.Va. State Treasurer Partner with other agencies Work with State Department of Education Gina Long Joynes, Deputy Treasurer Work with universities/colleges/agencies to develop initiatives Create a 501 (c) (3) organization to help govern, guide and fund your initiatives Work with state legislature

16 TENNESSEE TREASURY DEPARTMENT David Lillard Jr., State Treasurer Presentation by James Armistead, Financial Literacy Specialist July 9, 2015

17 Program Overview The Tennessee Financial Literacy Commission (TNFLC) was established in 2010 by act of the Tennessee General Assembly. The TNFLC s mission is to equip Tennesseans to make sound financial decisions when it comes to planning, savings and investing. Financial Literacy enables individuals and families to make the best use of their financial resources at key decision points in life, such as college savings for children, getting the most for your money when buying a car or home, saving for retirement and gaining the financial discipline to save regularly. The need for financial literacy education exists for Tennesseans of all ages, economic status and educational backgrounds.

18 Program Administration and Funding The TNFLC is a 501 (c)(3) and is governed by an 11 member board of directors. The board members have staggered terms of 4 years. The State Treasurer serves as the board chair and is an ex-officio member. The TNFLC has one staff member who manages operational functions of the commission. The TNFLC operates on a budget of around $350,000. $125,000 is provided by a state grant while the rest of the budget is funded through fundraising activities.

19 Program Focus The Commission s approach is achieved in two ways: Training elementary and middle school teachers on how to teach the Financial Fitness for Life curriculum to their students. Educating student and their parents through the Vault - Understanding Money online interactive financial literacy platform.

20 Program Initiatives Financial Literacy Summits The TNFLC hosts financial literacy summits throughout the state. Teachers receive: As set of Financial Fitness for Life curriculum valued at $50 2 hours of training on the curriculum A $50 Amazon gift card upon completion of a post-summit survey Free parking, a light breakfast and boxed lunch Retirement counseling and information on the TNStars 529 College Savings Program. A certificate of completion indicating 5 hours of professional development

21 Program Initiatives Financial Literacy In-Service Trainings The TNFLC contracts with the University of Tennessee to offer in-service training programs directly to Tennessee public schools, providing convenient and efficient financial literacy training. Teachers receive: A set of Financial Fitness for Life curriculum valued at $50. 2 hours of training on the curriculum District in-service credits Information on the TNStars 529 College Savings Program

22 Program Initiatives Vault - Understanding Money (provided through a partnership with EverFi) Vault is an interactive learning platform specifically designed to introduce financial education skills early in a child s cognitive development. The program takes roughly 2 3 hours to complete on the computer and includes pre and post-testing on each module; student must score at least a 70% to proceed to the next module. Each module is aligned to work in conjunction with a lesson from the Financial Fitness for Life curriculum. Vault is designed for grades 3-8.

23 Program Outcomes Since teacher training commenced in 2012, the TNLC has trained over 2,800 teachers in the Financial Fitness for Life curriculum. Through an assessment tool used in 2012 and 2013, selected teachers gave their students a pre-test and post-test and saw over a 350% score increase after receiving instruction in the curriculum. A new assessment is currently being administered by the University of Tennessee and data will start to be available this fall. 2,674 Tennessee students have gone through the online VAULT program. They have completed 8,585 modules and have spent over 3,520 hours on the platform.

24 Getting Started Create a business plan Identify your target audience. Ask yourself, what segment of the population am I trying to reach with a financial literacy program? If you want to reach more than one segment, be sure to consider if you have the resources to accomplish your goals. Consider creating an entity that can obtain 501(c)(3) status so that funds can be privately raised. Work with your legislature to pass legislation authorizing a financial literacy entity.

25 For More Information Feel free to contact me anytime with any questions you might think of. James Armistead

26 VERMONT STATE TREASURER S OFFICE Beth Pearce, State Treasurer Presentation by Lisa Helme, Director of Financial Literacy

27 Financial Literacy Program Overview Financial Literacy Initiative Launched in 2007 One full-time staff member hired (60% financial literacy/40% communication)

28 Vermont Population 626,562 Vibrant local communities Program Focus Advocacy Collaboration Development

29 Program Funding In 2008, State Legislature approved the establishment of the fund, authorizing the Treasurer to collect and expend money for financial literacy education and outreach

30 Getting Started Don t waste time and money replicating work already being done. Document what is already being done in your state Introduce yourself & make your purpose clear Join efforts that are underway Recognize the work that is being done

31 Partnerships With VT Dept. of Libraries With coalition of financial & education professionals With United Way Agencies With VT Dept. of Taxes IRS Burlington, VT

32 Program Initiatives Web Portal Posted in 2007 Six Key Pages: Teaching Resources Save for Retirement Just for Parents & Kids Manage Your Money Investment Education Clearinghouse

33 Educating on Retirement Savings Save for Retirement Week National Association of Government Defined Contribution Administrators Opportunity to raise awareness: Op/Ed in newspapers; retirement system member newsletters; labor groups; etc. Third week in October

34 Educating on Retirement Savings Keeping the Gold in Your Golden Years Thank you for the workshop. It was helpful that I didn t feel that I was dealing with a salesperson trying to sell a policy. I feel a lot better about what I need to do to prepare, a lot less freaked out. Started 2008 Need for nonpartisan, fact-based workshop Workshop offered to all community groups, libraries, system-based groups (State, municipalities, & teachers)

35 Educating on Retirement Savings Use free quality resources like the U.S. Department of Labor s, Taking the Mystery Out of Retirement Planning. 2-hour workshop Examine annual amount needed in retirement based on current salary Look at sources of retirement income Evaluate expenses in retirement Project out growth in current retirement savings NOT based on any DC or DB plan or vendor Teach how to do a retirement needs assessment Based on existing curriculum, modified to meet our unique needs University of Rhode Island Center for Personal Financial Education

36 National Guard Partnership Presented Financial Readiness workshop for deploying troops and their families as part of Yellow Ribbon events Developing new 4-part money management series & will do pilot test this fall

37 Reading is an Investment Increase school book collections in personal finance Give teachers & librarians curricular resources Encourage students to read books about money Many students were checking out books about money an area that doesn t normally circulate well. My favorite part was the interest it generated in the students!

38 Reading is an Investment Sixth year of program Last school term 137 of 180 elementary schools using the resources, representing 25,000 students Participation growing 5,634 students completed reading requirements

39 Reading is an Investment Filled an unmet need in Vermont Major operational cost is book purchase Curriculum work done in-house Annual $10,000 cost underwritten by grants and gifts Past themes: Value of Money & Personal Choice Earning & Saving Money Investing & Goal Setting Choices Have Costs & Benefits Building a Money Plan theme: Money Business

40 Vermont Treasury Cup Challenge Annual academic high school tournament Tests student knowledge in personal finance & economics $500 college savings accounts awarded to each student on the winning team Partner with VT Jump$tart It was an absolutely wonderful day. My students had a blast and can t wait to attend again next year.

41 Financial Literacy Awards Ceremony April State House ceremony Proclamation by Governor of Financial Literacy Month Recognize students in two Treasurer s office programs & Vermont Jump$tart Financial Literacy Champion

42 Thank You! Beth Pearce VT State Treasurer What s Ahead? Financial Literacy Commission Growth in student programs Lisa Helme Financial Literacy Director lisa.helme@state.vt.us Web site migration Test of National Guard program

43 Asking Questions & Making Comments

44 Discussion What would you like to know more about? What is working or not working in your state? What specific issues or tasks do you need help with? How can NAST and the Financial Literacy/Financial Wellness/Retirement Readiness Committee better serve you in this area? Do you have suggestions for future Webinars on this subject?

45 For more details contact: Gina Long Joynes, Deputy Treasurer, West Virginia Treasury Tel. (304) James Armistead, Financial Literacy Specialist, Tennessee Treasury Tel. (615 ) Lisa Helme, Financial Literacy Director, Vermont Treasury Tel. ( 802) lisa.helme@state.vt.us David Milby, NAST Staff Tel. (859) david@statetreasurers.org