Partner with a local high school for the National Financial Capability Challenge

Posted on February 16, 2012 | Leave a comment

The National Financial Capability Challenge is an awards program sponsored by the U.S. Department of Treasury and the U.S. Department of Education. It’s designed to increase the financial knowledge and capability of high school youth across the United States so they can take control over their financial futures.  This year’s Challenge is from March 12 – April 13. 

 The Challenge is a free, voluntary, online series of financial questions for high school students to check their knowledge of earning, spending, saving, borrowing, risk protection, and more. The top two scorers at each school, plus all students scoring in the top 20 percent, will receive National Financial Capability Challenge Award Certificates. All participating educators will receive an official certificate as well.

Last year, nearly 85,000 students participated, and Iowa scored the 10th highest participation rate.  Help Iowa make the top 10 again by participating in the Challenge. (View more 2011 results here)

Follow these simple steps to get started in the Challenge:

  • Contact a local high school and ask if it would like to participate in the Challenge.  Materials can be found online to help you market the Challenge and spread the word.
  • Register online at www.challenge.treas.gov.
  • Use the free lesson plans provided online or use your own lesson plans to teach the students about money management.  Be sure to cover financial aspects such as earning, spending, saving, borrowing, risk protection and much more. 
  • Administer the online test between March 12 – April 13.  The online test will take the students about 30 minutes to finish, but the lessons they learn will last a lifetime!

 To learn more about the National Financial Capability Challenge, go to http://www.challenge.treas.gov/about.aspx.

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Posted in National Financial Capability Challenge

ABA Toolbox on Financial Education

Posted on February 10, 2012 | Leave a comment

If your bank wants to start or enhance its financial education outreach program, the American Bankers Association (ABA) provides a free ABA Toolbox on Financial Education for its members.  This toolbox is available online and divided into sections so your bank can pick its level of participation. 

Starting a Financial Education Program at Your Bank
If your bank is new to financial education, this section provides ideas on how to get started. If your bank already has a financial education program in place, use this resource to reevaluate what you are currently doing and make it more effective.
Materials include:

  • Getting Started Tips
  • Guide on Knowing Your Audience
  • How to Build a Partnership with Community-Based Groups
  • Advice on Choosing the Best Approach
  • Case Studies From Bankers Who Have Developed Financial Education Programs

 Level 1: Using Your Website to Educate
This level provides everything you need to offer financial education materials on your website.
Materials include:

  • Designing Web Pages to Educate
  • Case Study on Building a Financial Education Website
  • WebsiteEducational Materials
  • Identity Theft Prevention Resources
  • Website Financial Education Resources
  • Web Page Building Instructions
  • 14 Web Pages That You Can Add Right to Your Bank’s Website

Level 2: Teaching a One-Time or Annual Event
Use this level to plan an effective financial education event.
Materials include:

  • ABA Education Foundation’s National Programs
  • Tips for Effective Presentations
  • Case Study on an Effective Financial Education Program
  • Lesson Plan 1: Finding Money to Save
  • Lesson Plan 2: Making a Budget or a Saving and Spending Plan
  • Lesson Plan 3: Understanding Your Credit Report

Level 3: Developing Long-Term Education Programs
This level helps your bank integrate a continuous financial education program into its business plan.
Materials include:

  • Tips to Making a Long-Term Commitment
  • ABA Education Foundation Resources
  • Case Study on a Long-Term Financial Education Program
  • Four-Part Series on “Getting Banked”
    • Lesson Plan 1: The Benefits of Having a Bank Account
    • Lesson Plan 2: Opening a Bank Account
    • Lesson Plan 3: Selecting the Right Account
    • Lesson Plan 4: Managing a Checking Account

Communicating About Financial Education
This resource helps your bank communicate your financial education efforts to the public and media.
Materials include:

  • Resources on Speaking for Financial Education
    • Talking Points
    • A Speech for Bankers Before Community Groups, Parents and Others
    • An Op-ed for Bankers to Use With Local Newspapers
    • Statement Stuffer: Money Management Skills for Kids
  • Resources to Promote Your Financial Education Efforts
    • Sample News Release for Website Promotion
    • Sample News Release for Annual Financial Education Event
    • Sample News Release for “Getting Banked” Course
    • Sample Media Advisory for Financial Education Event  
    • Sample Event Invitation Letter for Lawmakers

If your bank is not a member of the ABA and would like to use this resource, contact Cashtyn Lovan at clovan@iowabankers.com for a digital or hardcopy of the ABA Toolbox on Financial Education.

 For more information about the ABA Toolboxes, click here.

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Posted in Financial Ed Resources, PR & Marketing

Help find the 2012 Money Smart Kid

Posted on February 3, 2012 | Leave a comment

This year’s Money Smart Kid (MSK) Essay Contest has just opened to the public. Students in grades sixth through eighth have a chance to win the title of MSK of the year, which comes with a $1,000 College Savings Iowa account that can be used at any accredited institution of higher learning in the U.S. The MSK Essay Contest is sponsored by the Iowa Bankers Association and the Iowa Credit Union Foundation in conjunction with Money Smart Week (MSW). 

Students are asked to answer the following questions in 300 words or less:
Give an example of when it is wise to borrow money and when it is not.  What factors must you consider to make a responsible choice? Please discuss the concepts of decision making and opportunity costs.

The MSK will be asked to read his or her essay at the MSW kick-off events and will serve as an ambassador during MSW, April 21-28. Candidates must be able to “think on their feet” when responding to questions from business leaders and media and be articulate when speaking in front of large groups and cameras. 

The deadline to submit an essay is April 2. For more details and guidelines, read the MSW Essay Form.

Help  find the 2012 MSK by using the ad material below to market the contest to your bank’s customers. 

For more information about the MSK and MSW, go www.moneysmartweek.org/iowa.

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Posted in Money Smart Week

Don’t make financial education just a resolution. Make real goals.

Posted on January 27, 2012 | Leave a comment

It’s the beginning of the New Year, and now is a perfect time to start thinking about your bank’s financial literacy strategy.  Whether you are just getting your feet wet or very experienced in financial education, it is always helpful to follow a well laid out plan and add some new creative ideas.  Below are helpful tips to plan out your year and add some fun along the way.

Adding in the fun
Here are some great and fun ideas to get people excited about financial education.

  • Check out the United Way’s Great Piggy Bank Saver’s pageant, where kids decorate their own cardboard pig. The United ­­­Way provides free materials for banks to order or download. Materials include: cardboard pig, lesson plan, tips for visiting bankers, banker follow-up report and much more. Have your bank decorate a giant pig out of a large cardboard box and display the students’ pigs around it. This is a sure way to get your customers talking!
  • During MSW, there is a poster contest for kids grades 2-6. Kids are asked to draw a poster answering the following question: “There’s a lot to know about money. What should you know now?” The winner of the contest receives a $200 savings bond from the Community Bankers of Iowa. This is a great way for kids to learn about money and be creative. Display the posters at your bank, and your customers will be thrilled to see what the kids came up with. Click here for more information or go to the MSW website.
  • Do you need to update your lesson plans? Here are some  creative and creditable resources: Federal Reserve Education, Jump$tart Coalition Clearinghouse, the FDIC’s Money Smart curriculum and Secret Millionaires Club. The IBA also has Teach Children to Save and Get Smart About Credit Day kits available for purchase at ABA member price.  To order, email clovan@iowabankers.com.
  • If you want to hold a session but don’t have the budget to rent a space, try your local library. Libraries usually have several rooms available to teach small classes that are free to the public. Just make it clear that you aren’t endorsing any sales and just want to teach the public about financial education.

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Posted in Financial Ed Resources

Help name the ABA’s Teach Children to Save logo pig

Posted on January 18, 2012 | 2 Comments

Yesterday, the American Bankers Association Education Foundation started a contest on its Facebook page to name “that pig” in their logo.  The winner of the contest will receive the new Teach Children to Save (TCTS) resource kit (valued at $300) or a $50 gift card. To enter the contest, simply “like” the ABA’s Education Foundation’s Facebook page and comment on the post regarding the contest.  Good luck naming!

The TCTS Resource Kit: the financial educators dream
The new and improved kit has everything your bank needs to enter any classroom, K-12, and successfully teach financial education without any prior experience.  Materials are divided into grades K-2, 3-5, 6-8, 9-10 and 11-12, each having four lesson plans to choose from. Lessons are easy to follow and neatly bundled in a spiral bound book and can also be found in the provided CDs.

Resources include:

  • Overviews and objectives for lessons
  • Step-by-step lesson plans, activities and leave-behind materials
  • Tips for making successful presentations
  • Class information sheet
  • Presentation planning checklist
  • Teacher evaluation cards
  • Communication tools
    • Curriculum standards correlation chart for all grades
    • Sample approach letter to educator/school administrator
    • Tips on communicating with the media
    • Sample media advisory letter
    • Sample news release
    • Letter to parents
    • Tips for taking pictures for the media

On Wednesday, Feb. 1, the ABA Education Foundation is offering Under the Hood; Making Use of the New Kit webinar to teach you how to fully utilize the kit’s resources. Click here to register.

The TCTS kit is also available to your bank at the ABA member price of $155 through the Iowa Bankers Association. To order a kit, contact Cashtyn Lovan at clovan@iowabankers.com or (800) 532-1423.

To learn more about the TCTS kit, go to www.abaef.com.

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Posted in Teach Children to Save

Best practices in selecting financial education materials

Posted on January 10, 2012 | Leave a comment

To help financial educators optimize the quality of their lessons, the Jump$tart Coalition for Personal Financial Literacy® developed Best Practices when creating or selecting financial education materials.

Follow these practices when developing or searching for your financial education resources.

Objectivity

  • Materials are objective in content and tone, and often include differing viewpoints. The materials do not deceive or mislead.
  • Materials are informative and do not promote a specific brand or provider.
  • Materials identify their content creator and list contact information.
  • Materials identify organizations that provide substantial funds for development and dissemination.
  • Recommended sources of additional information also meet objectivity guidelines.

Aligned to Standards

Teaching and Learning

  • Teaching and Learning Materials use plain-language. Technical terms, abbreviations, and acronyms are clearly defined.
  • Materials require little additional teacher preparation.
  • Materials include student learning objectives and assessment tools, background information, lesson plans, and activities that stimulate student participation.
  • Materials appeal to contemporary student interests and identify resources for additional information.
  • Lesson plans and activities address a variety of learning styles, such as visual, auditory, touch and group interaction.
  • Copyright restrictions and terms of use are clearly stated.

Target Group

  • Materials identify target educational settings, such as traditional classrooms, home schooling, after-school or youth clubs, rural and urban settings.
  • Materials identify the intended user, such as teacher, parent, or student.
  • The reading level is appropriate for the target group.
  • Materials reflect diversity in areas such as age, race, gender, and household income.
  • Text, illustrations, and learning activities are culturally sensitive and appropriate for the target groups. Text is translated if necessary.

Accurate and Up-to-Date

  • Materials are regularly revised to be accurate, relevant, and current.
  • The date of original publication is clearly stated, along with dates of subsequent revisions.

Available and Accessible

  • Resources are readily available to teachers and learners.
  • Web-based resources are accessible using the technology and software typically found in schools and public libraries.
  • The price for materials, if any, is clearly stated.
  • Materials that are also available in special needs formats such as other languages, audio, and Braille are clearly identified.
  • New or updated materials are submitted to the Jump$tart Personal Finance Clearinghouse at http://www.jumpstartclearinghouse.org/.

Assessment

  • Materials are tested before publication under conditions that realistically replicate the target settings and audiences.
  • Feedback from teachers and learners shapes development and revision of materials.
  • Materials include assessment tools, such as pre- and post-tests and/or examples of acceptable work, where appropriate.
  • Assessment tools measure both student knowledge and behavioral change as a result of teaching and learning.

The Jump$tart Coalition for Personal Financial Literacy grants permission to freely use these Best Practices statements for educational purposes.

Click here to download a free PDF copy of the Jump$tart Coalition for Personal Financial Literacy® 2010 Best Practices.

To learn more about the Jump$tart Coalition go to www.jumpstart.org.

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Posted in Financial Ed Resources, Jump$tart

Iowa ranks 11th in financial literacy capabilities

Posted on January 5, 2012 | Leave a comment

According to new research conducted by the nonpartisan Employee Benefit Research Institute (EBRI), Iowa ranked 11th in financial literacy capabilities and 17th in financial behavior among the other states.  The EBRI is a private, nonprofit research institute based in Washington, DC, that focuses on health, savings, retirement, and economic security issues.

The study used data from a state-by-state online survey to measure the difference in financial literacy and financial behavior across the states. After controlling the effect of demographic characteristics based on U.S Census Bureau distributions, the study suggest that the state in which people live in has an effect on their financial literacy and financial behavior.

While it is currently unclear why these state-specific differences are found in financial literacy and financial behavior, Sudipto Banerjee, EBRI research associate and author of the study, says that the results indicate “there may be a reason for policy intervention at the state level to help Americans achieve a financially secure retirement.”

By July 1, 2012, Iowa state law mandates the implementation of financial literacy in grades 9-12 in all school districts and accredited nonpublic schools.  Iowa banks can help schools meet this mandate by partnering with EverFi, a leading education technology platform that teaches, assesses and certifies students in critical life skills, including financial literacy. As of the end of third quarter 2011, 52 banks throughout Iowa have sponsored EverFi in more than 127 Iowa high schools. [Click here to read more about how Iowa banks are helping to implement EverFi in Iowa Schools.]

Iowa banks can also help support financial literacy by participating in upcoming financial literacy events such as the National Financial Capability Challenge, Money Smart Week, and Teach Children to Save Day.

To learn more about the EBRI go to www.ebri.org.  For the complete listing of state rankings and summary of the research conducted click here.

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Posted in EverFi, Financial Education News

A sneak peak at this week’s Tuesday Tips

Posted on December 26, 2011 | Leave a comment

Every week, the IBA’s Tuesday Tips are available for banks to publish and distribute to their customers. This week, as a subscriber to the Focus on Financial Education blog, you’re getting the article a day early. Take advantage of this benefit and publish this week’s tips to your website. If you would like to subscribe to the IBA’s Tuesday Tips, email Tim Laehn at tlaehn@iowabankers.com.

Make a New Year’s Resolution for Your Finances

As you’re considering your New Year’s resolutions for 2012, don’t forget to think about your money. The New Year is a great time to assess your finances, gain control and stick to a new budget or saving plan. Taking control of your personal finances will allow you to save and prepare for unexpected expenses. Here are some tips to help you get started:

Get organized. Start 2012 by organizing your financial records and creating a plan to keep your bills and financial statements organized throughout the year.

  • Consider treating yourself to a post-holiday gift of a financial organization system. Alphabetized file folders or filing systems specifically for financial organization are available in January as you begin to prepare for tax season.
  • While you’re getting organized, consider buying a shredder to keep your personal information safe from identity theft.

Create a budget. Track your income and expenses to see how much money you have coming in and how much you spend. If you have debt, establishing a budget will help you to pay down your debt while saving.

  • Identify how you spend your money.
  • Set realistic goals, especially if you plan to cut some of your expenses.
  • Use computer software programs or basic budgeting worksheets to help create your budget. Include as much information as you can.
  • Track your spending and review your budget often.

Lower your debt. Establish a plan to pay off debts while you save. By paying off — or at least paying down — high-interest credit cards, you’ll save on interest charges that add up quickly over time.

  • Make payments on time and, if possible, pay more than the minimum due.
  • Pay off debt with higher interest rates first.
  • Transfer high-rate debt to credit cards or other loan options with a lower interest rate. Talk with your banker about your options.

Save for the unexpected and beyond. Pay yourself first. Saving is important; it will likely help to ensure a comfortable future that can endure financial surprises.

  • If you receive direct deposit at work, ask your employer to send a specific amount to your savings account. Because the money is put into an account before you have a chance to spend it, automatic savings plans are an easy and convenient way to save. If your employer doesn’t offer direct deposit, many banks allow for automatic transfers from checking to savings accounts.
  • Save at least 10 percent of your income for retirement. Enroll in a retirement plan or consider optimizing an established retirement plan. Contribute at least the maximum amount that your employer will match. Contributions made to these types of plans are tax deductible. If your employer does not offer a retirement savings plan, many banks offer Individual Retirement Accounts. IRAs offer tax-deferred growth, meaning you pay taxes on your investment gains when you make withdrawals.
  • Financial advisors often recommend keeping about three months salary in a savings account in case of financial emergencies such as hospital bills or loss of job.

These tips are provided by the Iowa Bankers Association (IBA), representing banks and thrifts in the state. The IBA serves it members by providing legislative advocacy, training, regulatory compliance and other services designed to enhance the ability of banks to serve their communities.  Learn more at www.iowabankers.com.

 

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Posted in Tuesday Tips

More than 17,600 students reached in Iowa

Posted on December 22, 2011 | Leave a comment

Through the American Bankers Association (ABA) Education Foundation’s Teach Children to Save (TCTS) Day, 464 bankers across Iowa have taught 17,670 children the value of saving. With the help from Iowa bankers like you, the TCTS Day initiative has exceeded its goal of reaching 5 million students by the end of 2011. [Click here to see a full list of participating Iowa banks]

“We congratulate the more than 1,000 banks that contributed to this goal and encourage all banks to join the effort,” said Laura Fisher ABA Education Foundation executive director. 

Since the program began in 1997, more than 108,000 bankers taught nearly 145,000 lessons across the country.  In 2011, 522 of those lessons were taught by Iowa bankers.

As a part of the TCTS initiative, the ABA Education Foundation created the Race to Save Campaign which challenged banks to open 15,000 children’s savings accounts in 2011 in honor of the 15th anniversary of TCTS Day.  More than 61,300 children’s savings accounts were opened.

“In 2012, our goal is to increase participation among the nation’s 7,500 banks to one-quarter of the industry,” Fisher said. “More banks mean more lessons and more children we can reach with savings education.”

The 2012 TCTS Day will be held on April 24. Get a head start in this effort by coming up with ideas on how to teach financial education in your community today!

Learn more about TCTS Day by going to the ABA Education Foundation website.

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Posted in Race to Save, Teach Children to Save

Two Iowa banks make the top 12

Posted on December 15, 2011 | Leave a comment

On Dec. 13, the American Bankers Association (ABA) Education Foundation released on YouTube the 12 videos selected as finalists in its “Lights, Camera, Save!” video contest designed to get teenagers interested in savings.

The contest began at the local level with teens submitting videos to 178 participating banks. Each bank chose one video to compete in the national contest for a chance to win a $3,000, $1,500, or $500 U.S. savings bond. Videos submitted by Principal Bank in Des Moines and American Trust & Savings Bank in Dubuque were selected as top finalists. Click here to view the videos of top 12 national finalists.

Principal Bank, Des Moines
Principal Bank promoted its local contest by contacting area school districts and dropping by information for students.  The ABA also helped promote the contest through its national radio and television advertisements.

The bank provided local prizes for the top three videos.  The first prize of $250 went to Sam Ennis from Ames.  The second prize of $150 went to Aaron Hosman from Des Moines, and the third prize of $75 went to Anthony Hoover from Des Moines. 

“Through the ‘Lights, Camera, Save!’ contest, we hope to spread the word about financial education,” says Cheryl Paine, marketing officer at Principal Bank, “It’s important that children learn good spending habits so they make sound financial decisions in the future.”

American Trust & Savings Bank, Dubuque
For the second consecutive year, American Trust & Savings Bank’s video submission placed as a finalist in the “Lights, Camera, Save!” video contest.  Last year, Rachel Bruflodt’s video, The Savings Plan, won American Trust & Savings Bank’s local prize of an iPod and made it in the top eight national finalists.

This year, another one of Bruflodt’s videos won the local contest and made the ABA’s top 12 finalists. “[Rachel] has a real passion for it, and I hope that this contest will help her in the future,” says Lynne Hager, marketing officer at American Trust & Savings Bank. “This contest is a great program for teens to share their thoughts about saving.” 

The top 12 finalists were preselected based on the video’s quality and content and the judging criteria set forth in the contest’s official rules. The winner of the “Lights, Camera, Save!” video contest will be announced in March 2012.

To learn more about the “Lights, Camera, Save!” video contest, go the ABA’s website.

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Posted in Lights Camera Save!