Keys to Your Financial Future Overview. 1 Keys to Your Financial Future: Curriculum Goal To give young people keys to their financial futures so they

Keys to Your Financial Future Overview

2

Keys to Your Financial Future: Curriculum Goal

To give young people keys to their financial futures so they can be financiallyindependent and financially capable.

3

Why Keys?

Working title was Financing Your Future

Changed to “Keys” because:Keys provide access to things—an apartment, a car, a home and a business—many of the assets young people may be saving for.

Keys provide security—locking an apartment, car, home or business can.

Keys are about control—when young people have keys they have control over something.

Keys provide answers—answer keys.

Finally, information that is “key” is considered essential or important.

4

Keys to Your Financial Future: Modules

Module 1: Asset Building: Unlocking the door to long-term benefits building

Module 2: Good Credit: Your score in the game of life

Module 3: Money Management: Cashing in on financial success

Core Modules

Prior to enrollment in Opportunity Passport™

5


Module 4: Education and Training: The power of knowledge for work and college

Module 5: Housing: Reality in realty

Module 6: Transportation: Enjoy the ride

Module 7: Saving and Investing: Making the change by keeping it

About the Module NamesThe module names were developed by the participants of the 2012 Jim Casey Youth Opportunities Initiative Youth Leadership In

6


Financial knowledge and skills to transition out of the foster care system, which includes the ability to:

Set and achieve personal and financial goals.

Open and maintain savings and checking/debit accounts.

Describe the qualities of an affordable, stable and secure place to live and how to find and keep a stable and secure place to live.

Describe the qualities of safe, reliable and affordable transportation and how to find and pay for it.

Pay for training or education to achieve job-related/career goals.

7

Keys to Your Financial Future: Outcomes

Financial knowledge and skills to transition out of the foster care system, which includes the ability to:

Keep sources (income and benefits) and uses (expenses, debt repayment, saving, asset building, charitable contributions) of resources in balance.

Know what key documents they need and how to access and protect them.

Develop knowledge and understanding of community resources and access/use them when needed.

Continue to build assets and protect those they have.

8

Savings for both asset building and emergencies.

Knowledge about the access, use and management of credit, credit reports and credit scores.

Connections with financial service professionals within the community.

Ability to manage financial accounts.

Keys to Your Financial Future: Outcomes

9

Keys to Your Financial Future:Repeating

Competencies

Competencies addressed contextually in multiple sessions for the purposes of reinforcement.

Setting goalsBuilding assetsContingency planningProtecting assets (including your identity)Operating as a savvy consumerMaking decisions/evaluating the risks and returns of a product, service or situationMaking and keeping a budgetManaging cash flowFixing or improving credit and/or managing and reducing debt

10

Keys to Your Financial Future:Products

Participant Workbook

Facilitator’s Guide

Training of Trainers

Online Toolkit

11

Keys to Your Financial Future:Products

12

g a broad range of financial services and products—not just savings and checking accounts

Based on increasing young people’s capacity to become more financially capable within current economic context resulting in greater emphasis on:

Building assets—assets are also more broadly defined to include productive assets and social capital; thinking about assets from a portfolio model was added as a result of staff feedback

Saving for emergencies—heavily emphasized in the context of contingency planning and debt mitigation

Using a broad range of financial services an

Changes from Previous Curriculum

13


No “one strategy fits all” approaches—risks and rewards (costs/benefits and advantages/ disadvantage) of different approaches are examined in nearly every module

Building credit—is a core topic and has much more content including information on credit scoring (Note: This is the topic that seems to interest the young people the most.)

Alternatives to budgeting—bill paying calendar, envelope system, cash flow and online/technology-based systems are presented as options


14



Provides options—within materials, young people are asked to consider whether information is relevant to them now

Highlights differences and provides specific guidance where age matters—credit reports, loans, accounts, driver’s license, etc.

Aligned with changes to Opportunity Passport™—every module relates content to Opportunity Passport™ Matched Savings current policy

15



More technical information, more detail—pro and con; more will be expected from site person stewarding financial education

More narrative, but also more exercises and opportunities for reflection within workbook

Use of real examples—credit report, lease, auto insurance summary and declarations, etc.

16



Use of many case studies instead of one

Use of contemporary names“The different case studies and stories used as examples, I like the diversity in the names. It’s neat that they are not the usual Sally, Joe, and John names. The names used are relevant and recognizable for our generation. I know it is a small detail but definitely one I noticed and appreciated.”

17



Education and Training

Housing

Transportation

Saving and Investing

Financial concepts in context:•Relationship to asset building and asset building portfolio

•Relationship to their financial independence

•Goal setting

•Budgeting

•Credit and use of debt

•Risks and rewards of choices

•Contingency planning

•Making own choices using information provided

18


Process for Creating the Participant’s Workbook

Developing Curriculum

Focus Group with Young People

Outcomes, competencies and

modules

Activities tested at Fall Convening

Content reviewed/comments provided

by young people, site, consultants and

staff

n

Revised based on feedback and added content

Edited and published by

Communications Team

Feedback was generally positive.Only one substantive change—addition of asset building

portfolioconcept—resulted from review process.

19


Components of the Participant’s Workbook

Introduction—this provides a quick overview of the module.

Quotes—inspirational or thought-provoking statements related to the content of the section.

Where You Live—The Neighborhood

“Don’t buy the house, buy the neighborhood.” -Russian Proverb

Where you live is your neighborhood. When picking a place to live, most people consider the neighborhood. Usually they want to know if it’s safe. And by safe, they mean no or little crime. But is there more to picking a neighborhood? Here are some questions to answer when it comes to picking your neighborhood: Can you walk to a grocery store? Not just a grocery store, but are there businesses, services and other organizations that you need in your neighborhood. This may make it more affordable because you don’t have to use transportation to . . .

20


Key Questions—these are either questions for reflection or questions that may be used in the training. Young people participating in Opportunity Passport™ and Keys to Your Financial Future Training can use the space provided to write their answers or ideas from others in the training group.

Key Activity—these are case studies or problems that may be used during the training or can be used individually to get more practice in understanding a specific idea or concept covered in the curriculum.


21


Key Concept—these are all in boxes so they stand out and include additional or important information.


Key Concept

Successful Saving

People that save figure out ways to make their savings automatic. What does this mean? They generally make a decision once and set up a system that enables them to “save without thinking about it.”

Direct deposit is the easiest way to do this, but you have to have a paycheck and a bank account to use this approach. Module 3 will cover other ways to automate your savings.

Module Wrap Up—this is the conclusion of the module and includes highlights of content covered as well as a list of the Asset Building Plan Components (Keys to Your Financial Future Steps) covered within the module.

22



Within each module, there are Keys to Your Financial Future. Each step comprises a part of the Asset Building Plan.

They are numbered by module and in the order they come within a module.

When the young people complete all of these steps, their own asset building plan for financial independence.

23


Example Asset Building Plan Components from Module 1

Keys to Your Financial Future Step 1.1: Your Vision

Keys to Your Financial Future Step 1.2: Turning Your Goals into SMART Goals

Keys to Your Financial Future Step 1.3: Turning Your SMART Goals into Savings Targets

Keys to Your Financial Future Step 1.4: Revising Your Goals Savings Target

Keys to Your Financial Future Step 1.5: Making Contingency Plans

Keys to Your Financial Future Step 1.6: Charting Your Social Capital

Keys to Your Financial Future Step 1.7: Planning for Your Opportunity Passport™ Matched Savings

Keys to Your Financial Future Step 1.8: Your Savings Plan

24


Volume of content—may be too much for some sites to handle; may require technical assistance from consultantsOptions within Modules—some people like options, some people don’tLack of integration of video and technology —intentionally not included due to uneven resources at sites; optional lessons should be included in online toolkit for those who can run classes on computers, for example

Drawbacks

25


More guidance

Greater diversity of training techniques

Options for activities within module

Resources for coaching


“How one presents something is often as strong a political statement as the content one is presenting.”

-Training for Transformatio

26


Components of the Facilitator’s Guide

Training overview

Session outcomes

Materials needed for the training—this is a list of any handouts, visual aids, training props or other supplies you may need for the training session.

Overview of KEY ACTIVITIES—this is a list of the activities contained within the Participant Workbook in chart format with an indication of whether the activity is used within the training.

Keys to Your Financial Future Steps—this is a list of the Asset Building Plan components covered within the section of the training.

27


Keys to Preparation—this is a plan for helping you prepare for facilitating the training.

Keys to Timing the Facilitation of the Module

Following the facilitation materials, you will find:• Answer keys to the Key Activities• Templates for Training Props• Templates for the Visual Aids—these are available in PowerPoint

format also, but are provided to help you prepare flip charts prior to each training


“Tell me and I'll forget. Show me, and I may not remember. Involve me,

and I'll understand.”

Native American Saying

2828

Facilitation Materials—Module 2: Good Credit: Your score in the game of life Section #1: Credit Estimate of Time:

10 minutes Page in Participant Workbook:

Introduction Section

Materials Required: Blank flip charts for recording participant responses Markers and tape Card stock with question sets. Use like color paper for each set. Card set (see template following the section). Enough for each group of two to

have its own set. Prepared flip chart: Credit Matters (Visual Aid 2.1) Prepared flip chart: Credit is . . .(Visual Aid 2.2)

Facilitator I nstructions

Materials and Visual Aids

Vote with Your Body Use the following instructions to facilitate the opening activity. NOTE TO FACILITATOR: Before the session, complete each set of choices on card stock or flip chart paper. Hang them so only one set can be viewed at a time. Instruct participants to stand under the sign they most agree with. Explain that they will have to choose between one of two choices except

or the final question, they will have to choose among four questions. Reveal one set of choices at a time. Credit is generally good. VS Credit is generally bad.

Credit is an asset. VS Credit is NOT an asset.

Credit is too complicated to understand. VS Credit is a financial tool.

“I am too young to worry about credit.”

“I never want to use any credit.” “This information does not apply to me.” “I can’t wait to learn more about this topic.”

After each set, ask at least one participant to explain her/his choice. Try not to set this up as a debate; facilitate a dialogue.

Summarize using the following: You may have many associations with credit. Most of these come from your experiences or the experiences of the

people you know. Many people have gotten into trouble with credit. But credit can be useful. In fact, good credit is a productive asset. In fact, whether you want to use credit or not, credit will matter to you. Credit matters if you want or think you may one day want:

o A job

Post prepared card stock with question sets. Be sure that only one set is showing at a time to avoid confusion during the exercise. Post prepared flip chart: Credit Matters (Visual Aid 2.1)

Section Number & Title

Estimate of Time to Facilitate Section Only

Corresponding Pages in

Participant Workbook

Training Technique or Methodology

Instructions for Facilitator. Always Preceded by .

Talking Points for Facilitator. Always Preceded by . Can be Used “As Is” or Modified (Put into Your Own Words).

Additional Instructions to Facilitator for Using

Visual Aids, Handouts or Training Props.

These May Include Options for Facilitating, Notes for Preparation

or Other Useful Information.

2929

Facilitator I nstructions

Materials and Visual Aids

Facilitated Discussion Use the following talking points and questions to facilitate a discussion.

What is an opportunity cost?

After getting a few responses, summarize by stating:

o The opportunity cost is the cost of what you are giving up when you make a choice. Every choice has opportunity costs. Economists would say the opportunity cost is the cost of the next best alternative you are forgoing when you make a choice.

Exercise in Pairs (OPTIONAL) Use the following talking points to provide instruction for the activity. Instruct participants that they will be using KEY ACTIVITY—Amortized

versus Revolving Credit for this exercise. Provide the teams with 5 minutes to answer the questions. Ask participants to share their answers. Compare their responses with the

correct answers:

How much total interest is paid for the installment loan? $54.99

How much interest is paid for the revolving credit? $45.07 so far.

How much principal is owed on the installment loan after 12 months?

$0 How much principal is owed for the revolving credit 12 months?

There is still a balance of 600.07 left. How long do you think it will take to pay off the loan in years?

5 years TRANSITION Now that you know how credit works, you are going to look at the trouble with some kinds of credit.

Blank Flip Charts for Recording Participant Contributions Write participant responses to each question you ask. . Post prepared flip chart: Answers to KEY ACTIVITY—Amortized versus Revolving Credit (Visual Aid 2.7)

Question to Ask Participants Directly.

Always Preceded by “?”

Summary Answer to be Provided after

Participants Contribute. Always Italicized and

Preceded by “”

Answers to KEY ACTIVITIES; Sometimes Provided in Worksheet

Format Following Section

Statements to Help You Connect One Section to

the Next Section.

Summarizing Statement May Also be Used. These Start with “Summarize using the following:”

“

30



Facilitator Guide IntroductionPre-Training AssessmentPost-Training AssessmentEvaluations for all Modules Visual Aids for all Modules (PPT file)Appendix 1 & 2 (Icebreakers [1] and Energizers [2])Appendix 3 (Financial Coaching)Appendix 4 (Asset Building Plan Components)

31


Keys to Your Financial Future: Video Tutorial

Provides trainers with additional information to develop content knowledge and skills to deliver Keys to Your Financial Future to the young people they serve in a way that is effective, engaging and builds the financial capability of young people.

Provides an orientation to Keys to Your Financial Future including the participant’s workbook, the facilitator’s guide and the training tools as well as an introduction to coaching to supplement and support the young people during and following completion of the training and throughout their involvement with the Opportunity Passport™.

32


Keys to Your Financial Future: Video Tutorial-Results

Knowledge of the outcomes, competencies and content of Keys to Your Financial Future.

Ability to use the materials provided with the curriculum to deliver effective and engaging financial education that supports the young people they serve in reaching their own respective goals and building their financial capability.

Understanding of the Jim Casey Youth Opportunities Initiative’s expectations regarding financial education delivery.

Understanding of the pre/post assessment tools and how to analyze them for site level information on financial education efficacy.

Knowledge of financial coaching and how to use it to strengthen the financial capability of the young people they serve.

Documents

Keys to Your Financial Future Overview. 1 Keys to Your Financial Future: Curriculum Goal To give young people keys to their financial futures so they