Alternative Approaches to Financial Education Mandates and Their Effectiveness

Recap: A Conversation with Nan Morrison

The final episode of the series is a conversation between the heads of the two organizations who hosted the convenings – Dr. Billy Hensley (NEFE) and Nan Morrison (CEE). The two leaders discussed some behind-the-scenes work that went into the convening development and how the right topics and the right stakeholders truly made the outcomes what they were.   Participants / Guests: * Host: Billy Hensley, president and CEO, NEFE [https://www.nefe.org/about/our-team/employees/hensley-billy.aspx] * Special Guest: Nan Morrison, president and CEE, Council for Economic Education [https://www.councilforeconed.org/about/executive-team/]   Topics: * The benefits of having a diverse audience with different views on the topics. * The role the pandemic played in the discussions and who participated. * A preview of NEFE’s and CEE’s partnered advocacy work on K-12 financial education requirements. * How this work relates to CEE’s 2022 “Survey of the States” Report [https://www.councilforeconed.org/survey-of-the-states-2022/].   Additional Resources: * Policy Convening Summaries [https://www.nefe.org/initiatives/financial-education-policy-convenings/default.aspx]   Disclaimer:  Focus on  FinEd: The  Policy  Convenings is produced  by the National Endowment for Financial Education, a 501(c)(3) nonprofit that is the independent, centralizing  voice providing leadership, research  and collaboration to advance financial education and financial well-being.   The opinions and statements made on this Podcast are those of the Podcast participants and do not necessarily reflect the views of NEFE or constitute statements supported by NEFE.   For more information, visit www.nefe.org [https://www.nefe.org/]

How Can We Better Align Financial Education to Support the Values and Contexts of Diverse Communities?

This episode reflected on the importance of placing a diversity, equity and inclusion lens on financial education. Dr. Billy Hensley provides introductory and closing remarks, and host Raven Newberry interviews Anne Price, the policy convening’s moderator, on the need for the field to re-examine how financial markers, history and generating wealth are taught to ensure accuracy and foresightedness.     Participants / Guests: * Introduction/Conclusion: Billy Hensley, president and CEO, NEFE [https://www.nefe.org/about/our-team/employees/hensley-billy.aspx] * Host: Raven Newberry, director of Policy and Advocacy, NEFE [https://www.nefe.org/about/our-team/employees/newberry-raven.aspx] * Special Guest: Anne Price, president, Insight Center for Community Economic Development [https://insightcced.org/people/anneprice/]   Topics: * The benchmarks and language used or misused when teaching financial education. * The role parents, culture and community can – and should – play. * The false narrative of “one-size-fits-all” regarding financial education. * The concept of “mental models” and the relationship between assumptions and behaviors.   Additional Resources: * Policy Convening Summary [https://www.nefe.org/initiatives/financial-education-policy-convenings/financial-education-content-and-diverse-cultures.aspx]   Disclaimer:  Focus on  FinEd: The  Policy  Convenings is produced  by the National Endowment for Financial Education, a 501(c)(3) nonprofit that is the independent, centralizing  voice providing leadership, research  and collaboration to advance financial education and financial well-being.   The opinions and statements made on this Podcast are those of the Podcast participants and do not necessarily reflect the views of NEFE or constitute statements supported by NEFE.   For more information, visit www.nefe.org [https://www.nefe.org/]

How To Better Support the Unique Needs of Communities in Rural Areas

This convening examined rural areas with a special focus on military and native communities and the importance of customizing financial education for the specific needs of these demographics. Dr. Billy Hensley provides introductory and closing remarks, and host Raven Newberry interviews Chrystel Cornelius, the policy convening’s moderator, on how the conversations that happened throughout the event can evolve into logical next steps for communities to implement.   Participants / Guests: * Introduction/Conclusion: Billy Hensley, president and CEO, NEFE [https://www.nefe.org/about/our-team/employees/hensley-billy.aspx] * Host: Raven Newberry, director of Policy and Advocacy, NEFE [https://www.nefe.org/about/our-team/employees/newberry-raven.aspx] * Special Guest: Chrystel Cornelius, CEO and president, Oweesta Corporation [https://www.oweesta.org/chrystel-cornelius/]   Topics: * An overview of the convening’s overarching question and the feedback from participants. * The diversity of rural communities and the need for customization. * The role educators need to play in respecting cultures. * Why “trusted touchpoints” are an effective tool in rural communities.   Additional Resources: * Policy Convening Summary [https://www.nefe.org/initiatives/financial-education-policy-convenings/financial-education-in-rural-areas.aspx]   Disclaimer:  Focus on  FinEd: The  Policy  Convenings is produced  by the National Endowment for Financial Education, a 501(c)(3) nonprofit that is the independent, centralizing  voice providing leadership, research  and collaboration to advance financial education and financial well-being.   The opinions and statements made on this Podcast are those of the Podcast participants and do not necessarily reflect the views of NEFE or constitute statements supported by NEFE.   For more information, visit www.nefe.org [https://www.nefe.org/]

What Research Says Is Effective in Financial Education and How to Best Support That with Legislative Dollars

This convening covers the important topic of how policymakers and elected officials should choose and develop investments in financial education. In general, the more financially capable an individual is, the more likely they are to contribute to the tax base and their community overall. However, how can leaders find the best ways to assist their constituencies? That is the question this episode addresses. Dr. Billy Hensley provides introductory remarks and host Raven Newberry interviews Massachusetts’ State Treasurer Deborah Goldberg and Deputy Treasurer Alayna Van Tassel, who provide perspectives of policymakers, examples of initiatives they spearheaded in their state and the benefits of replicating them in other states. Participants / Guests: * Introduction/Conclusion: Billy Hensley, president and CEO, NEFE [https://www.nefe.org/about/our-team/employees/hensley-billy.aspx] * Host: Raven Newberry, director of Policy and Advocacy, NEFE [https://www.nefe.org/about/our-team/employees/newberry-raven.aspx] Special Guests: * * Deborah Goldberg, state treasurer, Commonwealth of Massachusetts [https://www.masstreasury.org/] * Alayna Van Tassel, deputy Treasurer and executive director of Massachusetts’ Office of Economic Empowerment [https://www.mass.gov/orgs/office-of-economic-empowerment] Topics: * How Massachusetts created new programs and a department focused on economic empowerment * How Massachusetts approached K-12 financial education mandate legislation * Using existing curriculum to push financial education in unique ways * The benefits of using mainstream topics (homeownership, student debt, etc.) to help illustrate the need for financial education Additional Resources: * Policy Convening Summary [https://www.nefe.org/initiatives/financial-education-policy-convenings/effective-financial-education-programming.aspx] Disclaimer:  Focus on  FinEd: The  Policy  Convenings is produced  by the National Endowment for Financial Education, a 501(c)(3) nonprofit that is the independent, centralizing  voice providing leadership, research  and collaboration to advance financial education and financial well-being.   The opinions and statements made on this Podcast are those of the Podcast participants and do not necessarily reflect the views of NEFE or constitute statements supported by NEFE.   For more information, visit www.nefe.org [https://www.nefe.org/]

Alternative Approaches to Financial Education Mandates and Their Effectiveness

The theme of this specific convening focused on alternatives to state financial education mandates. Dr. Billy Hensley provides introductory remarks and host Raven Newberry interviews Heather Daly* (director of Economic Education, Federal Reserve Bank of New York), the policy convening’s moderator, and Mike Bobbitt (deputy commissioner, New York City Department of Youth and Community Development) who provides methods, reasoning and examples for what kind of alternate programs can resonate in a community.   Participants / Guests: * Introduction/Conclusion: Dr. Billy Hensley, president and CEO, NEFE [https://www.nefe.org/about/our-team/employees/hensley-billy.aspx] * Host: Raven Newberry, director of Policy and Advocacy, NEFE [https://www.nefe.org/about/our-team/employees/newberry-raven.aspx]   Special Guests:   * Heather Daly, director of Economic Education, Federal Reserve Bank of New York [https://www.newyorkfed.org/outreach-and-education/economic-education] * Mike Bobbitt, deputy commissioner, New York City Department of Youth and Community Development  [https://www1.nyc.gov/site/dycd/index.page]   Topics: * The type of organizations that can support financial education outside of schools. * The strategy of finding the moments when learners are most receptive. * Finding and building strong partnerships. Scaling community-based financial education initiatives.    Additional Resources: * Policy Convening Summary [https://www.nefe.org/initiatives/financial-education-policy-convenings/evidence-based-alternatives-to-mandates.aspx]    Disclaimer:  Focus on  FinEd: The  Policy  Convenings is produced  by the National Endowment for Financial Education, a 501(c)(3) nonprofit that is the independent, centralizing  voice providing leadership, research  and collaboration to advance financial education and financial well-being.   The opinions and statements made on this Podcast are those of the Podcast participants and do not necessarily reflect the views of NEFE or constitute statements supported by NEFE.   For more information, visit www.nefe.org [https://www.nefe.org/]