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Taking a Preventive Approach to Financial Education Through Brief Online Interventions

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Average recent college grad has 4 credit cards and $5,000 credit debt ... Custom questions and yearly data reports provided for Financial Literacy 101 ... – PowerPoint PPT presentation

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Title: Taking a Preventive Approach to Financial Education Through Brief Online Interventions


1
Taking a Preventive Approach to Financial
Education Through Brief Online Interventions
JumpStart VT Conference
JumpStart VT Conference
2
About Decision Partners
  • 501(c)(3) non-profit organization founded in
    2004.
  • Offers two finance-related online courses
    TuitionEdu.org for high school students and
    FinancialLiteracy101.org for college students.
  • Implemented two financial literacy programs in MA
    with MASCA and an ongoing statewide program in NC
    with College Foundation of NC.

3
Why Financial Literacy?
  • Debt is a significant and growing problem for
    young adults
  • Average student loan debt is now 20,000
  • Up to 1 in 3 recent college grads have additional
    credit card debt of 10,000
  • Average recent college grad has 4 credit cards
    and 5,000 credit debt
  • Up to 3 in 5 freshmen max out their first credit
    card within a year
  • 1 in 3 freshmen report that their financial
    situation distracts them from their school work
  • Unlike other predictable youth problems such as
    binge drinking, there are few state/school
    mandated financial literacy programs and even
    fewer with demonstrated efficacy.

4
Our Key Principle
  • We see financial literacy
  • education as a behavior-focused
  • prevention effort.

5
Prevention Education
  • Lessons learned from other prevention contexts
  • People are not always rational decision makers.
    We must tackle assumptions and expectations, in
    addition to knowledge, in order to have a
    quantifiable impact on behavior.
  • Knowledge-only education (brochures, lectures) is
    likely ineffective when used alone.
  • Behavior is a cultural issue education must
    address parental guidance, peer behavior and
    media literacy.

6
Prevention Education
  • Look to proven models in clinical settings
  • Motivational interventions Asks students about
    attitudes and behaviors while providing
    non-judgmental feedback designed to stimulate
    intrinsic behavior change in stages.
  • Expectancy challenges Combines information and
    experiential learning to show that reality may be
    different than anticipated.
  • To have the greatest effectiveness, a prevention
    program must have large-scale reach (campus or
    community-wide support).

7
Our Multi-Pronged Approach
  • Use online delivery to personalize financial
    literacy education to each student based on their
    age, learning needs, and survey responses, while
    integrating proven prevention strategies.
  • Educate entire populations for greatest cultural
    impact.
  • Involve parents/schools/communities in
    acknowledging and addressing problem.
  • Allow flexible implementation options adaptable
    to a variety of institutional needs, including
    financial aid education, customer relationship
    programs, freshman orientation programs,
    entrance/exit counseling, and even at-risk
    students.

8
How Our Programs Work
  • Prevention education tied to times of transition.
  • TuitionEdu combines a robust financial aid
    curriculum with a financial literacy education
    tailored to an important time of transition
    (making long-term financial decisions for the
    first time during the college planning process).
  • Financial Literacy 101 focuses solely on
    preventing predictable financial problems related
    to credit cards and budgeting as students
    transition to an unsupervised financial life at
    college.

9
Online Assessment Integration
  • 40 survey questions capture the knowledge,
    attitudes and behaviors of students and parents
    towards college finance.
  • Final Exam measures learning and reinforces
    important points.
  • Custom questions and yearly data reports provided
    for Financial Literacy 101 implementations and
    for content licensing programs.

10
Interactive Curriculum
  • Interactive chapters for each course teach key
    lessons developed by our experts.
  • Linear learning model like an in the
    classroom course.
  • Students may start and stop the course at will
    without having to start over. Takes less than an
    hour to complete the basics.
  • Objective content presentation and interactive
    exercises integrate key prevention strategies.

11
Personalized Homepage
  • Aid Coach guides families through the process,
    telling them what they need to accomplish based
    on their actual progress.
  • Page allows customization so families may build
    around their own learning needs.
  • Easy-to-use visual design organizes all resources
    at a glance. Developed through extensive focus
    group research into online preferences of teens.

12
What We've Learned So Far
  • Of hundreds of high school seniors surveyed in
    MA
  • Students react well to learning about financial
    literacy online
  • 97 percent would recommend the course to
    friends.
  • 94 percent said they learned a lot from this
    course.
  • 77 percent found the course interesting.
  • Over 90 percent of students agreed that the
    course increased their understanding of credit
    cards in several areas, including the impact of
    interest on payments, the consequences of
    misusing credit cards, and the consequences of
    making just the minimum payment.
  • 60 percent of respondents had never discussed
    college debt with their parents, 48 percent had
    never discussed credit card management with their
    parents, 24 already had at least one credit
    card.

13
On the To Do List
  • Quantify behavioral results with long-term
    longitudinal studies.
  • Reach tipping point after which financial
    literacy education is not the exception but the
    rule.
  • Engage more state/community leaders with the need
    for financial literacy education for all.
  • Progress is possible! Think seat belt use,
    smoking prevention, drunk driving.

14
To learn more about Decision Partners, please
contact Jim Pfeiffer at jim_at_decisionpartners.org
(978) 562-1390 Or contact us online
at www.decisionpartners.org
Thank You!
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