Creating a financial literacy program

Financially literate employees also have a much better understanding of their total rewards: They understand the value of their k plans, health and disability benefits, tuition and profit-sharing plans and the like; they even have an easier time managing within high-deductible health insurance plans.

Financial literacy carries through to employees' everyday jobs, as well, in terms of increased business acumen. Since the early s, Congress has recognized National Financial Literacy Month as a time for public and private institutions and nonprofits to promote educational initiatives that will help people better understand and control their personal finances. Starting a financial literacy program does not need to be a huge undertaking.

There are many resources on the SHRM website and through benefit providers, plus programs and information from these and other organizations:. Small steps go a long way toward improving financial literacy.

Together, we can have a positive impact. Was this article useful? SHRM offers thousands of tools, templates and other exclusive member benefits, including compliance updates, sample policies, HR expert advice, education discounts, a growing online member community and much more.

You may be trying to access this site from a secured browser on the server. Please enable scripts and reload this page. By Mary Mohney, C. April 12, Reuse Permissions. Image Caption. Negative Effects of Financial Stress Financial stress, many times due to a lack of financial literacy, is currently affecting millions of people at home and at work. Personnel Flexibility Participate directly or outsource needs to our team. Under-qualified or poorly-performing financial educators may bring future economic disaster.

According to the Dallas studies cited above, not only do under-qualified teachers reduce overall student achievement levels, but sub-par teachers also tend to be paired with already under-performing or at-risk students—thus exacerbating the risk of future economic problems resulting from financial illiteracy.

Numerous studies have shown that students of highly-qualified educators accomplish more positive outcomes than those taught by less-qualified instructors. For example, students of qualified educators may expect higher lifetime earnings and greater security at retirement [1] as well as improved mental and physical health and well-being.

Download a complimentary copy of the Framework for Teaching Personal Finance. Financial education is a unique subject that requires specialized expertise to teach effectively. The quality of financial education instructors directly influences both short-term student outcomes and long-term impact on their financial wellbeing.

Unlike other core subject matter typically taught in schools, the topic of money elicits emotional reactions in people—ranging from excitement to anxiety to shame. Each participant in a financial literacy course brings his or her own experience, emotions, and relationship with money into the classroom. Educators must understand and respect these emotional reactions to succeed in establishing financial literacy among participants. Emotional attachment and pre-existing relationships with money also put participants at greater risk.

When participants are taught by an untrained educator, their risk of regressing to lower stages in the model is greatly increased. Thus they are likely to become more resistant to changing their financial acumen and habits.

To facilitate lasting behavior modification, educators must help students achieve a deeper level of understanding about financial literacy lessons compared to other core subject requirements.

Given adequate instruction time, a highly-qualified financial education instructor drives participants to synthesize the lessons and make decisions in alignment with their individual financial situations. Few other topics taught in schools demand such depth of understanding; for most subjects students simply need to recall information to pass testing requirements. I offer personal finance seminars that will benefit them on their quest to become debt free.

Hello Vima, We would be happy to help you find a solution that works for you and your students. Would you like to speak to us this week or perhaps next Monday?

Strengths Brand Alignment. Designed Around Organizational Objectives. Events give us a way to connect with the community and educate the people we serve. The Real Money Experience is an experiential financial education workshop that has students making financial decisions they will face later in life. This is customizable and is a great feature of any financial literacy program.

You could tell by their questions they were asking that they were thinking about their finances and what their parents had to deal with. Money XLive is a full production financial literacy event that brings out top sport stars and celebrities to motivate and education the audience. This financial education program serves audiences of 1, or more and has kicked off national financial literacy initiatives. A lot of schools may not be able to afford to bring Money XLive to their campus.

Working with a local Credit Union to bring financial literacy into the classroom can be an affordable alternative. Money XLive multimedia combines live presenters with celebrity and sport star videos. This program is especially effective with youth ranging from junior high through college. A lot of excellent feedback from both the kids and parents regarding the videos. I think next time we need to put it on at a bigger venue. Evolve is a flexible program that can be delivered over a day, a week or semester.

This in depth learning experience produces measurable results and has received great reviews from the students. High level studies have shown that having workplace financial literacy programs in place increase the productivity and emotional state of employees. The financial education programs mentioned above are delivered turnkey or fully hosted by certified educators.

If you want to host your own financial literacy programs we have included additional tips below to help. The first recommendation is to ensure your trainers receive their financial educator certification. Training is an important part of any financial education program as trained instructors ensure the message is delivered effectively and retained by the students.

Also be careful to choose highly rated financial literacy curriculum will improve the test results of your financial literacy programs. NFEC curriculum combines the national standards with real world information. Collaborating with teachers, financial professionals and leading experts, the NFEC curriculum is an important piece of any financial education program. The NFEC also offers a variety of virtual financial literacy programs. This includes their acclaimed multimedia learning center Money Smarts Multimedia Personal Finance Course and other virtual financial education programs.

Upon completion of our virtual classrooms students receive a certificate in financial education and have a new found motivation for picking up money skills. With all the financial literacy programs the NFEC also has a team of world class financial education speakers available to support your efforts.

These experts know how to entertain and engage an audience while delivering a practical financial education program. Keep up your commendable efforts and together we can improve the lives of individuals, families and communities worldwide. The NFEC, an advocate of financial literacy programs, also has tips for parents and educators who want to teach their children practical money skills to fill in the gap left by most schools. They include:. Tip The earlier people begin to develop a good savings habit the better off they will be.

Include the practical activity like opening a savings account in your financial literacy program. Participants get energized when they see their money growing — especially when they do not have to actively work for that growth. Spend some time with your students and uncover their short and long term goals. Then figure out how your financial literacy program can help them live that lifestyle they want sooner.

These holiday side gigs can help you lessen that stress and even have a little fun at the same time. The Plutus Awards Follow. I get asked about investing in NFTs a lot — like way too much. I think the interest has to do with there being a lot of FOMO and inflation. Here are some reasons I avoid investing in NFTs. Kevin Payne April 3, Financial Literacy. Start a financial literacy program with these resources. Gov MyMoney.

The curriculum is broken down into groups: Pre-kindergarten to 2nd grade 3rd to 5th grades 6th to 8th grades High school College Adult While you can purchase curriculum packages, you can receive five free financial literacy presentations by joining their email list. Financial Literacy: Next Steps If you are interested in starting your own financial literacy program, review the resources above to see if any align with your values and vision.

Either way, there are plenty of great resources to help you make a difference in your community. Share via:. Kevin Payne. Kevin Payne is a freelance writer living in Cleveland, Ohio with his wife and four kids. Kevin also writes about family finances and travel on his website FamilyMoneyAdventure.