Teaching Financial Literacy: Engagement of Multigenerational Learners

Reaching Multiple Generations

Becky Hagen Jokela & Lori HendricksonExtension Educators,

University of Minnesota Extension

Barbara Haynes, Extension EducatorUniversity of Wisconsin Extension

Increase knowledge and understanding of the six generations.

Enhance comprehension of how generational differences affect communication patterns and specifically financial education.

Promote skills for effective intergenerational communication and financial education.

Generally about 20 year span

Happenings during formative years affect attitudes, values and perceptions

Core values of the large group

Stencel and Bjorkland (2008)

Depression/GI 1901-1924 Silent 1925-1940 Baby Boomers 1941-1964 Gen X 1965-1980 Millennials 1981-2000 Generation Z or @ 2001 – present

Underwood (2007)

Depression/GI 1901-1924

Uniformity - good and normal for all to agree, work & look the same

Cooperative - put trust in government, authority & community; civic-minded Winners and achievers Leaders Public interest over personal gain

  Underwood (2007)

Silents

Silents 1925-1940

Ambitious,  seeking achievement, power and status Spend money freely Strong work ethic Respect for authority Delayed reward Loyalty to organization Desire to be youthful & vital

  Underwood (2007)

Boomers 1941-1964

Enjoy working in creative and independent manners Teamwork Personal gratification Health & wellness Require lots of interaction and “talk” time Workaholic 

Underwood (2007)

Gen X 1965-1980

Fiercely self-reliant Require regular feedback Are adaptable and informal Technologically capable May lack interpersonal skills Require relevance in tasks given

Underwood (2007) 

Millennials 1981-2000

Social Easily able to multi-task Comfortable with active learning Motivated by money and earning

potential Goal-oriented Experienced with technology 

Generation Z or Generation @ 2001 - present

Highly connected to media and technologies Less used to interpersonal communication Active consumers High influence over how parents spend

money More highly indulged Strong work ethic and social conscientious

Financial tasks differ at different stages in life

Various generations deal with these tasks in different manners

The generation we are born into influences our expectations

Find ways to promote financial education through methods to meet each generation’s needs

*These are generalizations, not necessarily applicable to all individuals with whom we work.

Building the foundation Early accumulation Rapid accumulation Financial independence Conservation Distribution Sunset

Bert Whitehead, Cambridge Advisors

Financial tasks differ at different stages in life

Various generations deal with these tasks in different manners

The generation we are born into influences our expectations

Differing methods will help to meet each generation’s needs

Give plenty of time for activities & group work

Provide both group & individual response opportunities

Provide opportunities to share experiences, but don’t make everyone respond

Change activities often-variety of types Use technology pairs-teaming up learners Games, puzzles- individual or group Role play-use cautiously! Be flexible in allowing participants to opt

out

Communicating Across the Generations JCEP PPT, Beverly J. Stencel, Professor Community Resource Development, University of Wisconsin-Extension and Annette Bjorklund, Associate Professor 4-H Youth Development, University of Wisconsin-Extension

Teaching Across Generations. Effective Teaching & Learning Department, instructionaltech@baker.edu, Baker College, 2005.

Teaching Strategies/Methodologies: Advantages, Disadvantages/Cautions, Keys to Success

The Generational Imperative, Chuck Underwood, 2007 Bert Whitehead, Cambridge Advisors  

Becky Hagen Jokela- hagen022@umn.edu Lori Hendrickson- lhend@umn.edu Barbara Haynes –

barbara.haynes@ces.uwex.edu