The National Credit Union Foundation (NCUF) is encouraging credit unions to look at a new study from the United States Department of Treasury on experiential learning and an upcoming webinar from the Center for Financial Security and the Corporation for Enterprise Development (CFED) on youth financial education programs.
“Both the Treasury study and CFED webinar are in line with NCUF’s mission to improve people’s financial lives through credit unions,” said Gigi Hyland, NCUF Executive Director. “Through NCUF programs, we know first-hand the power of youth financial literacy and experiential learning. I hope credit unions use these resources to further and strengthen their own financial education efforts to improve their member’s financial well-being.”
Treasury Study Finds Hands-on Financial Ed More Effective
In a recent blog post, Louisa Quittman, Director for Financial Education in the Office of Consumer Policy at the U.S. Department of the Treasury, wrote about the promising results of their research on experiential learning or “hands-on” financial education strategies. The Treasury commissioned CFED and the Center for Financial Security at the University of Wisconsin-Madison (CFS) to conduct “a first-of-its kind examination of the combination of classroom financial education and in-school savings account access which could be a promising approach for driving measurable improvements in financial capability.”
Quitmman writes, “Overall, the research found improved outcomes from the hands-on financial education approach. Even relatively short classroom financial education significantly improved student financial knowledge, the effects of which persisted through the end of the study period. Both the financial education and access to in-school savings accounts were found to improve students’ attitudes toward saving and about financial institutions. A student with access to banking in his or her school also was more likely to have a savings account than a student who did not. Beyond the research findings, the research also offers new insights into the process of launching and operating an in-school banking program and connecting such a program to a school-based financial education curriculum.” Click here to read the blog post and/or view the full study.
CFED Webinar to Detail Youth Financial Ed Study Findings
In an upcoming free webinar on April 23, 2014 at 3-4 pm (ET), CFED will describe findings, research methods, and implications for youth financial literacy programs culled from their Assessing Financial Capability Outcomes (AFCO) Youth Pilot project. The AFCO youth pilot was designed to test the effect of approximately five hours of classroom-based financial education and access to a bank or credit union branch in school on students’ financial knowledge, behavior and attitudes. Click here to register for the webinar.