1 nefe high school financial planning program® patrice dollar,cfp family financial management...

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NEFE High School Financial NEFE High School Financial Planning ProgramPlanning Program®®

Patrice Dollar,CFPPatrice Dollar,CFP

Family Financial Management Family Financial Management Specialist-University of GeorgiaSpecialist-University of Georgia

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Why Financial Planning?Why Financial Planning?

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Teens Have A Lot of Teens Have A Lot of MoneyMoney

andand

They Spend It!They Spend It!

$155 billion in 2000$155 billion in 2000

$172 billion in 2001$172 billion in 2001

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Did you Know?

• How much does the average teen spend per year?

• What percentage carry 4 or more credit cards?

• What percent of young adults between 18-23 are delinquent on credit card balances?

$4,368

20%

9%

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Did you Know?

• The average student loan debt is _____.

• What is the avg. credit card balance for undergraduates?

• More than ___ of U.S. 18-19 year olds have savings accounts.

• In 1996, ___ percent of the 1.1 million bankruptcy filers were younger than 25.

$15000-20000

$2,226

2/3

8.7%

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Jump$tart Results 2002

• 12th graders answered 50.2% questions correctly, average scores were 51.9% in 2000 and 57.3% in 1997.

• Students from the South scored (48.6%).

• Students who participated in stock-market game scored better (52.4%).

• Almost two-thirds of students felt very sure or somewhat sure about their ability to manage their own finances.

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• Students using credit cards declined (67.8%), (69.1%) 2000, (70.8%) 1997.

• More students have their own credit cards (12.1), 9.2% in 2000, 7.7% in 1997.

• Nearly 75% of students have savings/checking account with a bank.

• Slightly more one-third knew retirement income is called a pension. One-third thought such income was Social Security.

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• Almost 60% of students knew sales tax make things more expensive to buy.

• 21.1% national sales tax.

• 17% respond federal government deduct it from paychecks.

• 3.7% respond no tax sales was paid in cases of low income.

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Signs of Increasing Signs of Increasing Financial VulnerabilityFinancial Vulnerability

More consumer credit delinquencies

Sky-rocketing personal bankruptcies

Inadequate retirement savings

Decreasing personal savings rate

Lost workplace productivity due to

financial problems

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How can WE help provide

some stability to our nation?

Support through Financial Education

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Developed by

by the National Endowment for Financial Education®

The NEFE High SchoolThe NEFE High SchoolFinancial Planning ProgramFinancial Planning Program®®

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PartnersPartners

CooperativeExtensionSystem

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Mission: To help individuals acquire the information and skills to take control of their financial destinies.

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• Colorado-based non-profit foundation• Evolved from College for Financial

Planning

• Sold college in 1997

More at http://www.nefe.org

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• Community-based educators• Partnership of:

– USDA's Cooperative State Research, Education and Extension Service

– 105 land-grant universities– More than 3,500 county/city offices

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Mission: To help people improve their lives and communities through learning partnerships that put knowledge to work.

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Credit Union National Association, Inc. (CUNA)

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Mission: To provide affordable

financial services to people

from all walks of life.

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What is the HSFPP?What is the HSFPP?• Fully developed personal finance

curriculum

• Materials include instructor's manual, student guide for each student

• Easily integrated into math, social studies, economics, or family and consumer education classes

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Purposes of HSFPPPurposes of HSFPP

• Teach the financial planning processwhat it is what it can do for students

• Help students apply the process stimulating exercises realistic assignments • Encourage students to take controlof their finances—beginning now!

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HSFPP Curriculum is...HSFPP Curriculum is...

comprehensive flexible easy to implement educational all materials free!

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Easy ImplementationEasy Implementation

Can be completed in as few as 10 class periods

Suitable for block or traditional class schedule

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Results of National EvaluationResults of National Evaluation

After completing HSFPP 54% saved money 38% achieved financial goals 35% tracked expenses 31% used spending plan 27% compared prices IT WORKS!

Source: NEFE High School Financial Planning Program, Boyce and Danes, 1998

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What’s New in 2001?What’s New in 2001?

A brand new, A brand new, revised edition!!revised edition!!

• New Instructor’s Manual

• New Student Guide

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New Instructor’s ManualNew Instructor’s Manual

• Unit DescriptionUnit Description

• Learning Objectives Learning Objectives

• Concept Lessons Concept Lessons

(1-3 per unit)(1-3 per unit)

• Exams & Answer Exams & Answer

KeyKey

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National StandardsNational Standards• Learning ObjectivesLearning Objectives

• Cross referenced to National StandardsCross referenced to National Standards– Family and Consumer Economics

– Mathematics

– Social Studies-Economics

• National Standards/BenchmarksNational Standards/Benchmarks set by Jumpstart CoalitionJumpstart Coalition for Personal Financial Personal Financial LiteracyLiteracy

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NEFE NEFE High School FinancialHigh School Financial

Planning ProgramPlanning Program®®

and

Standards-BasedStandards-BasedInstructionInstruction

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Standards-Based InstructionStandards-Based Instruction

Problem/Issue Core Question

Student Work

•Learning Activities

•Assignments

Standards

•Content•Performance•Proficiency

Assessment•Rubrics•Portfolio•Exams

Adapted from materials developed by the National Center on Education and the Economy, Washington, D.c., 1997

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Interview Questions RubricInterview Questions Rubric

Group Performance

Not Quite(1) Okay (2) Excellent (3)

All group members participated

Only a few Most All

Number of questions

1-2 3-4 6+

Quality of questions

Basic, yes/no Some basic, some in-depth

In-depth, meaningful

Breadth of questions

Only one aspect 2-3 aspects 4+ aspects

Other:

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Lesson PlansLesson Plans

• Step-by-Step Planoutlines and visuals

• Learning by Doing4-phase process

• Optional Unit ProjectsService Learning Opportunities

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Brain Compatible LearningBrain Compatible Learning

1. Relevant through personal context

2. Dependent on motivation

3. Reinforced through hands-on experience

4. New information linked to prior knowledge

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Brain Compatible LearningBrain Compatible Learning

5. More efficient when information is “chunked”

6. Enhanced with time for reflection7. Retained when associated with

senses and emotions8. Best when environment favors

various ways of knowing9. Is a high-energy activity

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• EnergizerEnergizer

• InquireInquire

• GatherGather

• ProcessProcess

• ApplyApply

Learning By DoingLearning By Doing

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New Student GuideNew Student Guide

• More Content, More Colorful

• Can You Believe?

• Assignments

• Action Steps

• Personal Portfolio

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Three Action Steps:Three Action Steps:

1. Learn

2. Apply

3. Take Control

Student GuideStudent Guide

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NEFE High School NEFE High School Financial Planning ProgramFinancial Planning Program®®

66 Units Units

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Unit 1Unit 1Financial Planning:Financial Planning:

Your RoadmapYour Roadmap

• Setting Financial Goals

• Effective Decision Making

• Financial Planning Process

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Instructions Unit 1 – Lesson 3 – Inquire

“Mind Over Mind”

• Choose a fun name for your group• Pick one person to play the role of the teacher• The rest of the group will be students• Turn to page 28 in the Instructors Manual• Follow instructions in the Instructors Manual• You team has 10 minutes to percent to the entire

group

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Instructions Unit 1 – Lesson 3 – Gather

“Lapsus Lingo”

• Choose a fun name for your group• Pick one person to play the role of the

“teacher”• The rest of the group will be “students”• Turn to page 29 in the Instructors Manual• Follow instructions in the Instructors

Manual• You group has 10 minutes to present to

the entire group.

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Instructions Unit 1 – Lesson 3 – Process“Fund Raising Fundraisers”




the entire group.

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Instructions Unit 1 – Lesson 3 – Apply

“Putting the Plan into Action”




the entire group.

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Reflection

• How did it feel to try and communicate an abstract concept with pictures?

• How did working in a small group change or expand your ideas about financial planning?

• Is financial Planning a product or a process or both?

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Reflection

• How does having a phrase or concept explained from different perspectives help you better understand that phrase or concept?

• When you talk to people about financial planning, how can you be sure they really understand what you’re trying to communicate?

• How does learning about financial planning compare to learning to a foreign language?

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Reflection

• How are the financial planning process and decision-making process different? How are they similar?

• Which length goals are you more likely you achieve (short term, intermediate term or long term)? Why?

• What have you learned about the financial planning process that will be most helpful to you?

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Reflection

• How realistic is my plan?• How accurately do my goals fit their time

categories (short, immediate, and long term)?

• What suggestions do you have to help me accomplish my goals?

• What recommendations do you have for more appropriate goals?

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Unit 2Unit 2Career: Labor You LoveCareer: Labor You Love

• Successful Careers

• Education and Training Pays

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Instructions Unit 2 – Lesson 2 – Inquire“Money Money Money”




the entire group.

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“Help Wanted”• Choose a fun name for your group• Pick one person to play the role of the



the entire group.

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Instructions Unit 2 – Lesson 2 – Process

“Education Life”• Choose a fun name for your group• Pick one person to play the role of the



the entire group.

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Instructions Unit 2 – Lesson 2 – Apply“Training for a Career”




the entire group.

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Reflection

• How close were your estimates to the actual occupations salaries and educational requirements for these occupations?

• Which occupations revealed information that surprised you?

• How would you described the relationship between education and salaries?

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Reflection

• What jobs had training or education requirements that surprised you? Why?

• What would you say to someone who says, “I’m going to be in a dead-end job for the rest of my life”?

• How has seeing the training and education requirements for jobs you want affect your future plans?

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Reflection

• What were you thinking about during the campaign activity?

• What do you say to someone who says, “School is a waste of time”. I could be working a full-time job right now making lots of money”?

• How have your feelings and thoughts about high school, vocational programs, and college changed as a result of your campaign?

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Reflection

• How were your expectations of the training and education required for certain jobs affected during this activity?

• How has this unit affected your feelings and attitudes toward education?

• How would you describe the relationship between education/training and job satisfaction?

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Unit 3Unit 3Budget: Don’t Go BrokeBudget: Don’t Go Broke

• Budgeting Process

• Consumer Spending

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“Spin City”

• Choose a fun name for your group• Pick one person to play the role of the “teacher”• The rest of the group will be “students”• Turn to page 165 in the Instructors Manual• Follow instructions in the Instructors Manual• Use overheads to role play lesson discussion and

reflection* with the entire group

REMEMBER: Your team has 15 minutes to present to the entire group!!

*reflection overheads were created in PowerPoint for training demonstration

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“Climbing the Product Ladder” • Choose a fun name for your group• Pick one person to play the role of the “teacher”• The rest of the group will be “students”• Turn to page 167 in the Instructors Manual• Follow instructions in the Instructors Manual• Use overheads to role play lesson discussion and



*Reflection overheads were created in PowerPoint for training demonstration

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“Shoppers ‘R Us”




*reflection overheads were created in PowerPoint for training demonstration

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“Shop ‘til You Drop”

• Choose a fun name for your group• Pick one person to play the role of the “teacher”• The rest of the group will be “students”• Turn to page 171 in the Instructors Manual• Follow instructions in the Instructors Manual• Use notepaper to create matrices and write a short essay


•Role play instructions and classroom discussion for entire group

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Reflection

1. Which is more important: high quality or low price? Why?

IM p.170

3. How did your teammates influence your perceptions and your final choice?

2. How did your perceptions of the companies behind the product/service affect your final choice?

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Reflection1. Where do you get

reliable information about the product quality and service?

2. How do you know if the source is reliable?

3. How did analyzing your product/service as a group affect your ability to be a smarter consumer?

IM p.168

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Reflectio

n1. When you see an ad, how do

you know the product’s a good deal?

2. What’s the purpose of advertising?

3. What did you learn about advertising from this exercise that is new to you?

4. Is advertising good or bad for consumers?

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Unit 4Unit 4Savings and InvestmentsSavings and Investments

• Time Value of Money

• Investing

• Savings

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“Psst, Wanna Buy a Sure Thing?” • Choose a fun name for your group• Pick one person to play the role of the “teacher”• The rest of the group will be “students”• Turn to page 225 in the Instructors Manual• Follow instructions in the Instructors Manual• Use overheads to role play lesson discussion and




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“Investment Investigators” • Choose a fun name for your group• Pick one person to play the role of the “teacher”• The rest of the group will be “students”• Turn to page 227 in the Instructors Manual• Follow instructions in the Instructors Manual• Use overheads to role play lesson discussion and




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Instructions Unit 4 – Lesson 2 – Process “Investment Analogies”





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Instructions Unit 4 – Lesson 2 – Apply “Investment Interviews”





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• What are some examples of investments you know about?

• Are investments more like gambling at a casino or buying fresh vegetables at a roadside stand? Why?

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Reflection

• What interesting facts did you learn about ________?

• Which sources of information were most helpful to you?

• How do you know if a source was reliable?

• How did you find those sources?

• How could you help other students who are having difficulty finding information they need, regardless of the topic?

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Reflection

• What new insights

have you gained

about investments?

2. What misconceptions have you had about

investments?

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Reflection

• What similarities did you notice among the various analogies? Differences?

3. What are the risks and rewards of investing?

2. What has changed in your definition of investing?

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Unit 5Unit 5Credit: Buy Now, Pay LaterCredit: Buy Now, Pay Later

• How Credit Works

• Managing Debt

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Instructions Unit 5 – Lesson 1 –Inquire

“Give Me Credit”


“teacher”• The rest of the group will be “students”• Turn to page 299 in the Instructors Manual• Follow instructions in the Instructors Manual• You group has 10 minutes to present to the

entire group.

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Instructions Unit 5 – Lesson 1 –Gather

“Credit Masquerade”



entire group.

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Instructions Unit 5 – Lesson 1 –Process“Let’s Break Down a Deal”



entire group.

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Instructions Unit 5 – Lesson 1 –Apply

“Loan Ranger”• Choose a fun name for your group• Pick one person to play the role of the


entire group.

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Reflection

• What did you learn that surprised you about how credit works?

• How do you feel about using credit?

• What advice would you give to someone who is about to use credit for the first time?

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Reflection

• How does it feel to be “in the dark” when you are trying to get a particular piece of information?

• What strategies did you learn about asking questions?

• How can an activity like this help you learn to investigate credit offers you will receive after you graduate?

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Reflection

• Which variable carried the most weight in your group’s decision-making process? Why?

• How can you use a credit analysis process like this in your own life?

• How would feel about committing yourself to two, three or four years of monthly payments?

• Which is more important to you: a smaller payment or paying less interest?

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Unit 6Unit 6Insurance: Your Insurance: Your

ProtectionProtection

• Understanding Risk

• Types of Insurance

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“Student Paranoia”• Choose a fun name for your group• Pick one person to play the role of the


entire group.

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Instructions Unit 6 – Lesson 1 –Gather

“Lowering the Odd”• Choose a fun name for your group• Pick one person to play the role of the


entire group.

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“Managing the Possibility of Loss”• Choose a fun name for your group• Pick one person to play the role of the


entire group.

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“Real-Life Jeopardy”• Choose a fun name for your group• Pick one person to play the role of the


entire group.

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Reflection

• Which risks so you feel are likely to happen to you?

• What are the different ways you handle these risks?

• How do you feel knowing there is risk in living every day?

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Reflection

• How likely are you to put into practice some of the suggestions made today about handling risk? Why?

• How do you motivate other people to take steps to reduce their exposure to risks in their lives?

• How has your perception of risk changed?

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Reflection

• What would you say to someone who says, “I’m not going to buy property insurance for my stuff” in case it might be stolen or damaged because that will never happen to me?

• Based on your situation, what practical but inexpensive actions can you take to lower your risk of a loss?

• What do you feel are the chances you will experience a loss of some type within the next five years?

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The NEFE High School The NEFE High School Financial Planning ProgramFinancial Planning Program®®

Helping Students

Make Their

Dreams

a Reality!!

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Invite You To—Invite You To—“Catch the Vision: “Catch the Vision: Join the JourneyJoin the Journey””

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Working together

to increase

the financial literacy of

America’s youth!!

1 nefe high school financial planning program® patrice dollar,cfp family financial management...

Documents

financial education

georgia slide

cuna slide

financial vulnerability

financial problems

financial destinies

credit cards

affordable financial