NEFE High School Financial Planning Program Patrice

1
NEFE High School Financial Planning Program

• Patrice Dollar,CFP
• Family Financial Management Specialist-University
  of Georgia

2
Why Financial Planning?
3
Teens Have A Lot of MoneyandThey Spend It!
155 billion in 2000 172 billion in 2001 170
billion in 2002
4
Test Scores

• Years Score
• 2002 50.2
• 2000 51.9
• 1997 57.3

5
Signs of Increasing Financial Vulnerability

• More consumer credit delinquencies
• Sky-rocketing personal bankruptcies
• Inadequate retirement savings
• Decreasing personal savings rate
• Lost workplace productivity due to financial
  problems

6
The NEFE High SchoolFinancial Planning Program
Developed by by the National Endowment for
Financial Education
7
Partners

CooperativeExtension System
8
What is the HSFPP?

• Fully developed personal finance curriculum
• Materials include instructor's manual, student
  guide for each student
• Easily integrated into math, social studies,
  economics, or family and consumer education
  classes

9
Purposes of HSFPP

• Teach the financial planning process
• what it is
• what it can do for students
• Help students apply the process
• stimulating exercises
• realistic assignments
• Encourage students to take control of their
  financesbeginning now!

10
HSFPP Curriculum is...

• comprehensive
• flexible
• easy to implement
• educational
• all materials free!

11
Easy Implementation

• Can be completed
• in as few as
• 10 class periods

Suitable for block or traditional class schedule
12
Results of National Evaluation

• After completing HSFPP
• 54 saved money
• 38 achieved financial goals
• 35 tracked expenses
• 31 used spending plan
• 27 compared prices
• IT WORKS!

Source NEFE High School Financial Planning
Program, Boyce and Danes, 1998
13
New Instructors Manual

• Unit Description
• Learning Objectives
• Concept Lessons
• (1-3 per unit)
• Exams Answer
• Key

14
National Standards

• Learning Objectives
• Cross referenced to National Standards
• Family and Consumer Economics
• Mathematics
• Social Studies-Economics
• National Standards/Benchmarks set by Jumpstart
  Coalition for Personal Financial Literacy

15
Lesson Plans

• Step-by-Step Plan
• outlines and visuals
• Learning by Doing
• 4-phase process
• Optional Unit Projects
• Service Learning Opportunities

16
Learning By Doing

• Energizer
• Inquire
• Gather
• Process
• Apply

17
NEFE High School Financial Planning Program

• 6 Units

18
NEFE High School Financial Planning Program

• Unit 1Financial Planning
• Your Roadmap

• Setting Financial Goals
• Effective Decision Making
• Financial Planning Process

19
NEFE High School Financial Planning Program

• Unit 2Career Labor You Love

• Successful Careers
• Education and Training Pays

20
NEFE High School Financial Planning Program

• Unit 3Budget Dont Go Broke

• Budgeting Process
• Consumer Spending

21
NEFE High School Financial Planning Program

• Unit 4Savings and Investments

• Time Value of Money
• Investing
• Savings

22
NEFE High School Financial Planning Program

• Unit 5Credit Buy Now, Pay Later

• How Credit Works
• Managing Debt

23
Instructions Unit 5 Lesson 1 InquireGive Me
Credit

• Choose a fun name for your group
• Pick one person to play the role of the teacher
• The rest of the group will be students
• Turn to page 299 in the Instructors Manual
• Follow instructions in the Instructors Manual
• You group has 10 minutes to present to the entire
  group.

24
Instructions Unit 5 Lesson 1 GatherCredit
Masquerade

• Choose a fun name for your group
• Pick one person to play the role of the teacher
• The rest of the group will be students
• Turn to page 301 in the Instructors Manual
• Follow instructions in the Instructors Manual
• You group has 10 minutes to present to the entire
  group.

25
Instructions Unit 5 Lesson 1 ProcessLets
Break Down a Deal

• Choose a fun name for your group
• Pick one person to play the role of the teacher
• The rest of the group will be students
• Turn to page 303 in the Instructors Manual
• Follow instructions in the Instructors Manual
• You group has 10 minutes to present to the entire
  group.

26
Instructions Unit 5 Lesson 1 Apply Loan
Ranger

• Choose a fun name for your group
• Pick one person to play the role of the teacher
• The rest of the group will be students
• Turn to page 309 in the Instructors Manual
• Follow instructions in the Instructors Manual
• You group has 10 minutes to present to the entire
  group.

27
Reflection

• What did you learn that surprised you about how
  credit works?
• How do you feel about using credit?
• What advice would you give to someone who is
  about to use credit for the first time?

28
Reflection

• How does it feel to be in the dark when you are
  trying to get a particular piece of information?
• What strategies did you learn about asking
  questions?
• How can an activity like this help you learn to
  investigate credit offers you will receive after
  you graduate?

29
Reflection

• Which variable carried the most weight in your
  groups decision-making process? Why?
• How can you use a credit analysis process like
  this in your own life?
• How would feel about committing yourself to two,
  three or four years of monthly payments?
• Which is more important to you a smaller payment
  or paying less interest?

30
NEFE High School Financial Planning Program

• Unit 6Insurance Your Protection

• Understanding Risk
• Types of Insurance

31
Personal Finance Web Sites

• http//www.nefe.org/webtraining/index.html
• www.nefe.org
• www.ntrbonline.org
• www.jumpstart.org
• www.cuna.org
• www.asec.org
• www.ecs.org
• www.kiplingers.com
• www.younginvestor.com
• www.ultra.zacks.com/invest101/
• www.ihatefinancialplanning.com

32
Personal Finance Web Sites

• www.ftc.gov
• www.superstarinvestor.com
• www.ed.gov
• www.collegeboard.org
• www.nelliemae.org
• www.bankrate.com
• www.finaid.org
• www.Salliemae.com

33
The NEFE High School Financial Planning Program

• Helping Students Make Their Dreams
• a Reality!!

34

• Working together
• to increase
• the financial literacy
• of
• Americas youth!!