2011 Minnesota Financial Fitness Conference
Materials developed by
Inger Giuffrida, Financial Educator and Asset Building Consultant
Materials developed by and copyrighted to Inger Giuffrida. Please cite if using. Thanks.
1

 In your group, draw a picture using anything EXCEPT
WORDS that depicts or represents:
 The way your clients’ lives look now without financial education, financial stability or economic security.
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2

 In your group, draw a picture using anything EXCEPT
WORDS that depicts or represents:
 The way your clients’ lives would look with financial stability or economic security.
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3

 What most keeps people from making the transition from the first picture to the second?
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 What most keeps people from holding on to the vision in the second set of posters— maintaining and retaining their position of economic security?
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 To provide practitioners from a broad range of agencies information about ways to integrate financial education into their current models of financial education delivery.
 Integration starts with the target audience and their outcomes—what is depicted in the posters.
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Increased understanding of:
 Ways to integrate financial education into their agency programs.
 Theories of change and their importance in considering approaches to integration of financial education within an agency.
 How integration increases opportunities for reinforcement of financial education and the benefits of reinforcement in a financial education model.
 How to tailor financial education content and delivery for different target audiences.
 The “right time” to provide financial education for different target audiences and under different circumstances.
 Resources for the provision of financial education including funding, staffing, partnerships, and other tools.
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 Use your BIG voice when asking a question or contributing.
 Keep yourself comfortable.
 Provide peers a safe place to express themselves and share their questions and comments - in the large group and in the small groups - and in ways that are culturally relevant to them.
 Try to keep questions, comments and ideas on topic and within a timeframe that allows other to share.
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 Please put cell phones, PDAs, etc. on meeting setting and wait until lunch and breaks to send text messages.
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 Formal education NOT systemically provided on understanding and managing personal finances even though this touches every person’s life.
 Increased complexity of financial products and services.
 Increased number of choices for financial products and services; paradox of choices.
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 Increased and aggressive marketing of financial products, especially debt-creating financial products to individuals; deregulation of credit.
 Increased responsibilities for the average individual—retirement (shift from defined benefit to defined contribution plans), health care, and education.
 Increased complexity and instability in the financial services industry/financial markets as a whole.
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 Information and skills building opportunities that build individual and family capacity to get, manage, and use their resources to maintain a healthy existence and achieve their goals.
 Many definitions.
 Many approaches.
 Many topics.
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 Economic literacy
 Financial literacy
 Financial education
 Financial capability
 What’s next?
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 Is financial education really asset building?
 It depends on how you define asset building.


An asset is something that you own that has value.
Financial assets v. productive assets
 What is the difference between a financial asset and a productive asset?
A productive asset is one that increases individual, household or community capacity to acquire, maintain and leverage others assets and achieve financial well being/economic security.
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 What is the role of attitude/beliefs in financial education?
 How is attitude related to behavior?
 What causes someone’s attitudes/beliefs to change?
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f: quality, time, support and reinforcement
Experiences +
Knowledge &
Skills
Changes in Attitudes
(Beliefs and Values)
Changes in Behavior
Now & in the Future
(Practices and Habits )
Forcing behavior can also lead to changes in attitudes and beliefs
Experiences +
Knowledge &
Skills
Changes in Attitudes
(Beliefs and Values)
And so on . .
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 Based on this model of change, what are the implications on the design and delivery of our financial education efforts?
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Financial Education:
A Perpetual System Rather Than Episodic
 A financial education course is not a lifetime vaccination ESPECIALLY GIVEN life stage/life cycle concerns.
I wonder if this will change when I have children? When I have to take care of my parents? If I become
chronically ill?
Financial
Education
Lifetime
Dose
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Group/Classroom
Based Training
Assessment
Self Study
Linkages to Resources ,
Incentives, and
APPROPRIATE
Services, Accounts &
Other Products Participant/
Client
Useable/Accessible
Resources
Promotional
Campaigns
Counseling
Teachable Moments
Coaching
Ongoing Advocacy for Systemic and
Policy Changes
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Start
Financial
Education
Assessment
Financial
Education
Assessment
Financial
Education
Application
End
Application
Assessment
Application
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 Participatory classroom-based training—cohort-based training with set number of sessions based on the curriculum.
 Individual financial management counseling—responsive one-on-one meetings with clients designed to solve specific problems they may be facing.
 Financial coaching—a one-on-one relationship with a coach designed to proactively meet the person’s financial and other life goals.
 Individual study—using either online materials or a workbook (the curriculum being developed) empowers young person to work through sections of material with one-on-one check-in sessions with staff.
For people with complicated lives yet very motivated to succeed, this option may be very workable.
 The Stock Market Game
 Social marketing—using Facebook, Twitter or group texts, provide daily tips and financial literacy updates.
 Resource centers—onsite and website based financial resource centers. People would be able to access these materials when they need them.
 Linkages to Resources, Services, and Accounts—Consumer Credit Counseling Services for debt management and credit repair, credit union or bank to open a savings accounts, etc.
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Precontemplation
Not intending to act within the next 6 months
Contemplation
Intending to change in the next 6 months
Preparation
Intending to take action to change within the next month
Action
Implementing new behavior
Maintenance
Working to keep from using old behavior again
(can last from 6 months to 5 years in model)
Developed by: James Prochaska, Ph.D. and Carlo DiClemente, Ph.D.
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 What is integration?
 Combining parts so they work together as a whole.

To unify or unite.
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Rationale for Integration
PRIMARY REASONS
 Clients are busy—efficiency in addresing many issues in one stop.
 Financial and economic issues cut across situations and challenges: basic needs, housing (and all issues related to safe housing), health and health care, child rearing and care, work, transportation, and so on; may present a more holistic approach to working with clients.
 May result in better outcomes for the clients.
 Builds on established relationships staff may have with clients; may open additional channels for financial education that are not staff intensive.
SECONDARY REASONS
 Increased competition for “financial education” dollars.
 Decreased funding overall.
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The truth about integration:
 Integration is NOT without cost—it does not save money initially.
 High upfront costs—staff training, creating linkages and partnerships, securing appropriate tools and resources to support staff, developing resources and technology-based systems to deliver financial education.
 Potential for intra-agency resistance—reluctance to take on new responsibility without increased pay or decreased workload in the case of staff driven approaches.
 Effectiveness and efficiency will improve with time—does the organization have the patience to allow this to occur?
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Non-comprehensive example of staff centered approaches
Individual Financial
Counseling Sessions
(as needed)
• As part of case management or other direct service with clients
Financial Education
Support Groups
• As part of existing peer networks; train network members to facilitate groups-staff provide administrative services primarily
Lower level of staff involvement
Financial Education
Training
• As part of existing training program within the agency:
MED + financial education
Financial Coaching
• As part of case management or other direct service with clients
High level of staff involvement
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:
Nonstaff centered approaches
Online Financial
Education
Curriculum
• Available at any time for participants
Financial Information
Center—in person or virtual
•Resource
Information Center
(financial and other appropriate agency and partner information )
Financial Education
Facebook Page;
Twitter Feeds
• As part of organization’s social media strategy—not a stand alone topic
Low level of staff involvement for maintenance
Financial Education Tips and Information— newsletters, inserts, post cards, etc.
• Within other agency communications or with a partner agency
High level of staff involvement for maintenance
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Target
Audience
Outcomes
Organization
Competencies
&
Processes
Potential
Integration
Points
• Existing financial education system components for clients
• Possible partnerships
• Analysis of whether integration benefits outweigh costs
(short and long term costs)
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Integrated Financial Education:
IDAs
Financial
Education
Learn about the IDA program .
Contact the
Organization
Enroll in & attend
Orientation
Financial
Education
Meet 1-on-1 with program s taff to determ ine eligibility, review financial s ituation, review credit report, choos e as s et goal, ask any ques tions
Take & complete financial education
Make the first depos it into the IDA
Open the
IDA
Enroll in the
IDA Program
Continue regular depos its
Financial
Education
Financial
Education
Financial
Education
Financial
Education
Financial
Education
Take and com plete as s et s pecific education/ technical as s is tance
Reach s avings goal
Prepare for
As s et
Financial
Education
Financial
Education
Participate in
Evaluation
Participate in as s et retention
& m aintenance follow up
Withdraw funds from the IDA (individual account and match) & purchas e ass et
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Financial
Education
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 Credit union and one-stop customer service representatives (tellers) trained to provide specific financial education (advice) and recommend linking products based on transaction being conducted by the participants. Teller becomes a “just-in-time” coach pointing customer to beneficial products while providing beneficial information.



Efficient for client
Client able to act on new knowledge immediately with appropriate product or services
Efficient for organization although high investment in staff training and longer transaction time per customer/members
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 Tax preparation sites enlist volunteer or paid asset building coaches to meet with clients while waiting turn to complete tax return. Focus on ways to leverage tax refund, provide information about the savings bond option and in some cases, schedule appointment for benefits screening. Some sites also use passive financial education strategies—information posted in waiting area.



Efficient for client
Client able to act on new knowledge immediately
Efficient for organization although high investment in volunteer or staff training; volunteer management
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Materials developed by and copyrighted to Inger Giuffrida. Please cite if using. Thanks.
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 Provide financial education in the context of a parent education program.



Efficient for client—they have to be at parent education program; the financial education is an added benefit.
Client able to contextualize financial information within role as parent; budgeting approached in terms of fulfilling responsibilities to children first.
Efficient for organization although parent education program is longer (in terms of hours) to cover both necessary parenting information and the integrated financial information.
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 Financial education workshops provided in the workplace through partnerships with employers (large and small).
Options for individual work with Consumer Credit
Counseling Services (they meet onsite with employees during breaks, lunch or before/after shifts). Financial education tips provided as inserts with paychecks and through posters in break area, etc.



Efficient for client—they have to be at work; the financial education is an added benefit.
Client able to contextualize financial information within role as worker—where they are earning their money.
Efficient for organization because recruitment is done by employer to captive audience.
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 Is it more efficient for the client?
 Staff training
 Is it likely to achieve better outcomes for the client?


Resources needed for staff and organization
Partnerships needed
 Is it likely to be more efficient for the organization in the medium to long term?


Organizational culture
Ways to measure financial education results if integrated into other services (does this matter)
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35

 Use the information and worksheet to identify potential integration points for financial education.
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Inger Giuffrida, Financial Educator & Asset Building Consultant
Inger Giuffrida has operated her own consulting business for nine years. As a financial educator and assetbuilding consultant, she has developed and delivered asset building training and financial education
“training for trainers” to thousands of practitioners in the asset-building field across the United States and
Canada and is frequently asked to be a keynote speaker or featured trainer at state and national conferences.
She served in the U.S. Peace Corps in East Africa, ran a community-based non-profit in Michigan helping women with low income build businesses and achieve economic security, and led the asset-building department at a think tank in Washington, D.C. She has written several nationally distributed financial education curricula, including one named the best financial literacy curriculum of the year by the Financial
Literacy Institute.
She is currently developing a national financial education program for Jim Casey Youth Opportunity
Initiative, a foundation dedicated to helping young people make the transition from foster care to independence; serving as the lead trainer and TA provider for United Way Worldwide and FINRA Investor
Education Foundation; developing resources and training and serving a lead trainer for the Financial
Literacy Enhancement Initiative for the AFI Resource Center (Abt Associates); serving as project consultant for the Pioneer Library System Smart Investing @ your library® initiative; and providing financial education for Citizen Potawatomi Nation’s youth asset building camp, among other projects.
She has served on numerous community boards and has volunteered in every community in which she has lived. Currently, she serves on the board of the Oklahoma JumpStart Coalition for Personal Financial
Literacy, the steering committee of the Oklahoma Asset Building Coalition, the Family Impact Council for
United Way of Cleveland County, the Truman Elementary PTA and the Pack 217 Committee. She also founded Touch a Truck Day, a fundraiser for the children’s section of the Norman Public Library in 2005. She holds an MBA from Western Michigan University and a BS in Business Finance from Miami University. She lives in Norman, OK where she resides with her spouse, two young children and a house full of pets.
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 Inger Giuffrida
Financial Educator and Asset Building Strategies
Consultant
  405-819-7039 or 405-364-4462
  inger.giuffrida@gmail.com
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