Community Campaign Overview
Community Campaign Overview
Members of Your Own Community Struggle with their Finances and Lack Access to Solutions that Could Make a Meaningful Difference in their Lives.
When it comes to financial matters, people need a lot of support and guidance. People have deep-rooted behaviors and sentiments around the topic of ‘money’ that take time and resources to address. You can help. Sure, you can donate to financial education organizations, volunteer to teach personal finance, or help people individually when they have questions – but there’s only one of you. How much difference can you truly make? In this document, you will learn how you can make a simple, yet substantial difference in the lives of people in your community while demonstrating your commitment to creating a legacy of positive change for today’s and future generations.
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Community Campaign Overview
Current Environment
People are Experiencing Financial Challenges People are going through financial hardships. From kids who lack basic necessities, to families seeing their dream of retirement slip away – the financial challenges people face today have powerful impact on their health, well-being, and security. The epidemic of financial problems is vast.
Consider these statistics:
84%
48%
46%
72%
Americans Short of Retirement Savings Targets [1]
Americans Classified as ‘Poor’ or ‘Low-Income’ [2]
Americans with Less Than $400 in Emergency Savings [3]
Americans Experiencing Financial Stress [4]
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Community Campaign Overview
I recently graduated from college but find myself back at my parents’ home, working my old job. And the worst part is that I’m in almost $40k of debt. This wasn’t how it was supposed to turn out.
My husband and I work jobs, and yet 30 years later we’re barely getting by. We’ve been struggling for years and it’s gotten more stressful recently. To keep our place, we’ve pulled everything out of our retirement account and still have a lot of credit card debt. The worst is that I’m not able to help pay for our oldest to go to college. I feel like we’ve failed our children and ourselves.
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Community Campaign Overview
With the current financial situation most people are experiencing – during stronger economic conditions and the certainty of an eventual financial downturn – as a country we must already be urgently preparing people for the financial realities of life.
Right?
NO In fact,
we’re doing the opposite.
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Community Campaign Overview
Instilling Poor Financial Habits & Not Teaching Kids About Money Molding Negative Financial Habits in Children •
Parents. Most primary caregivers shape negative financial habits in children. [5]
•
Advertising. The $12 billion spent annually advertising to kids has powerful impact on spending behaviors through adulthood. [6]
•
Peers & Influencers. The reach and frequency of social financial pressures has increased due to expanded social networks. [7]
•
Socioeconomic Background. Past financial experiences play a strong role in a person’s financial attitude and circumstances. [8]
Little Being Done to Counteract These Habits or to Teach Kids About Personal Finance •
Most children are not taught about money at home or school.
•
Schools. Most states have no financial education requirement and only one state requires a single semester of personal finance. Few colleges offer dedicated personal finance classes.
•
Parents. Most parents never provide their children with comprehensive financial education. They may share a few lessons, but it takes far more to make a difference.
Bottom Line: People are not being prepared for the financial realities of life. In fact, we are doing the opposite – ingraining negative financial habits at a young age that are reinforced into adulthood.
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Community Campaign Overview
So What is Being Done?
Main Stakeholders in Financial Education Direct Annual Financial Education Spending by All Sources [9]
800
670
700 600 Millions of $
To address the epidemic of widespread personal finance problems, financial literacy programs are sprouting up in communities across the country. Passionate individuals and organizations are dedicating their efforts to helping others pick up financial literacy skill sets. Nonprofit organizations are leading the charge toward ensuring that community citizens receive financial education.
472
500 400 300 200
130
100
7
31
31
0 Federal Government
State Government
Municipal Gov/ School Districts
Nonprofit Organizations
Total
Financial Institutions
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Community Campaign Overview
Programs Struggle to Make a Meaningful Difference Unfortunately, many groups developing financial literacy programs lack the training, funding, support, and resources necessary to do so effectively. Initiating high-quality financial education programs takes significant time, capital investment, and expertise. And once started, a program takes years of testing and refinement to be successful. Consider these data from interviews with 53 financial education programs.
Organzational Objective with Measures Infrastructure & Processes for Program Srakeholders Qualifications & Defined Roles Trained &Qualified Education Staff Understanding of Learner Needs Evidence-based Programming Education for Participants Support Groups Learner Outcome Goals & Measurements
Two significant consequences: 1) Limited Reach: Only a small number of people receive financial education. 2) Limited Results: Those who do receive financial education get limited benefits.
Reporting of Data & Initiative Quality of Materials, Brand & other Aspects Well-defined Marketing & Promotion Includes Broader Promotion of financial Education
Enlists Broader Community Failing
Performing
Deficient
Overperforming
Underperforming
Unknown
Fosters Collaborations of Partners Results with Lower Cost-per-Impact
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Community Campaign Overview
So how do we empower nonprofits, community groups, and schools so they can serve more people and deliver better results? Supply them with proven systems that provide the training, resources, and expertise to build high-impact financial literacy programs that make a meaningful difference in the lives of the people they reach.
2-18 MONTHS
4 -12 MONTHS
12-24 MONTHS
$20,000 - $100,000
$15,000 - $80,000
$15,000 - $100,000
24+ Months Investment Varies
So Instead of This Seed
Start-up
Growth
Established
Expansion
Mature
They Can Experience This 0-1 MONTHS
1-4 MONTHS
4-8 MONTHS
$0
$0
$0
• Development of plan and overall model. • Define outcomes and design programming. • Experienced leaderships and personnel located. • Systems, processes and infrastructure development. • Educational materials and systems are created.
• Personnel are mobilized, trained and supported. • Marketing and promotional materials developed. • Program is launched and implemented. • Testing and measurements are conducted. • Systems to manage reporting are rolled out.
8+ Months $0 - Donated
• Awareness campaigns and promotions launched. • Participate in advocacy and partner activations. • Multiple funding and revenue centers are built. • Systematizes processes so programs can scale. • Transfer knowledge to
• Measurements & data-driven modifications to enhance program. • Continued program director and resources support initiative. • Development of additional revenue streams to fund continued expansion. • Continued reporting and long-term monitoring of program outcomes.
other organizations.
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Community Campaign Overview
We’ve Done Just That After 10 years of development and recent technological advancements that streamline information delivery, we provide organizations with turnkey financial education programs. We empower community groups with the systems, resources, and expertise that optimize financial education program development and reduce barriers to entry – lowering the cost per impact and increasing the ability for programs to scale. The Community Financial Education Campaign makes it possible for organizations to make a measurable difference in the lives of their community’s citizens and build a professional-level financial education program that aligns with best practices for teaching and promoting positive financial behaviors. All material and messaging are 100% Independent, 100% Educational, and 100% Ad-free. This means no sponsor logos, company promotions, or any commercial messaging that can interfere with a child’s financial education.
Provide More than Just ‘Financial Literacy’ To truly make an impact, our programming focuses on more than just financial literacy. Learners come away with more than knowledge – the resources help them assess their situations, create personal financial plans, address their behaviors, and set up systems that support their efforts to achieve greater financial security.
The programs are focused on five core pillars of financial wellness that address: 1) Financial Behaviors, Sentiment, & Psychology 2) Financial Knowledge (literacy) & Skill-building 3) Personal Financial Plan Creation 4) Financial Plan Implementation 5) Development of Money Management Systems & Processes
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Community Campaign Overview
How We Accomplish These Goals / What We Provide Organizations Recent process and technological advancements developed through this initiative provide nonprofits and schools with turnkey financial education programming. We support their financial education program needs, allowing them to focus on reaching more people and promoting financial wellness. We support groups with the resources, personnel, systems, and expertise they need. Beneficiary organizations are led through eight stages of program development:
Phase 1: Define Objectives & Design
Programming.
Phase 2: Build Infrastructure &
Mobilize Personnel.
Phase 3: Train & Equip Staff
Members Involved.
Phase 4: Support Program Launch &
Implementation.
Phase 5: Conduct Detailed Measures
& Report Results.
Phase 6: Advocate & Promote the
Organization.
Phase 7: Build Multiple Funding
Sources to Scale Programs.
Phase 8: Leverage Data to Refine &
Enhance Programming.
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Community Campaign Overview
Why Now?
We are taking our experience, resources, and processes now to serve our vision of empowering communities across the US with scalable financial education programs focused on positive behavior change.
About the Financial Educators Council We have designed, developed, and deployed programs to serve the needs of organizations around the globe. As an IRS-recognized Benefits Corporation, we have supported the development of 2,500+ programs over the last decade, built over 80 financial literacy assets, and led the development of national financial education standards. Our materials have served more than a million people across 50 countries – making us a recognized thought leader in the financial education space.
National Financial Educators Council
Financial Educators Council of California
Develop and test materials with tens of thousands of organizations.
Disseminate materials complimentary to nonprofits and schools.
Donate materials to state charters.
Lead advocacy campaigns and state-sponsored research efforts.
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Community Campaign Overview
Vision Moving Forward: Build Scalable Programming in Local Communities Across the Country Over the next eight years, scalable financial wellness initiatives will launch in the 929 core-based statistical areas (CBSAs) across the country. These local pilot programs build a team of local area experts that allow us to transfer knowledge to other local organizations through this expert team on the ground.
929
39
CBSAs Nationwide
CBSAs Within California
$250,000 Funding & In-Kind Donations Committed to California
Building out the 39 CBSAs across California is the first priority. Funding and in-kind resource donations of $250,000 have been committed by the National Financial Educators Council to schools, nonprofits, and community groups to support California-based organizations.
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Community Campaign Overview
How Influencers Participate The NFEC works with dignitaries, athletes, and celebrity figures to promote financial wellness in communities across the country. The objective is to bring mainstream attention to the financial literacy movement while we help promote your advocacy efforts and personal projects.
Donations in your Name.
Comprehensive financial education programs are donated in your name to a select nonprofit or school (costs are fully covered by the NFEC).
Message to Participants. Record a
brief video message or write a note that encourages youth participants as they reach milestones in the program.
Public Relations & Promotions. The
NFEC conducts public relations campaigns and promotions that highlight your leadership and involvement in the financial literacy movement. We work with your PR team to ensure that messaging matches your brand; we also help promote other projects with which you are involved.
Speaking & Photo Opportunities.
For those looking for speaking or appearance opportunities, we actively promote our speakers and you may select opportunities that meet your compensation requirements.
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Community Campaign Overview
[1] National Institute for Retirement Security, The Retirement Savings Crisis: Is it Worse Than We Think?, http://www. nirsonline.org/index.php?option=content&task=view&id=768 [2] Kario Center, Poverty Fact Sheet, https://kairoscenter.org/ wp-content/uploads/2015/02/Poverty-Fact-Sheet-Feb-2015final.pdf [3] Federal Reserve, Annual Economic Well-Being of U.S. Households Report, https://www.federalreserve.gov/ newsevents/pressreleases/other20170519a.htm [4] American Psychological Association, Stress in America, http://www.apa.org/news/press/releases/2015/02/moneystress.aspx [5] National Financial Educators Council, National Financial Capability Strategy, https://www.financialeducatorscouncil. org/wp-content/uploads/2016/11/National_Financial_ Capability_Strategy_Whitepaper.pdf [6] American Psychological Association, Advertising and Children, https://www.apa.org/pi/families/resources/ advertising-children.pdf [7] Psychological Science, Social Media and Teens Behavior, https://www.psychologicalscience.org/news/releases/socialmedia-likes-impact-teens-brains-and-behavior.html [8] National Financial Educators Council, Financial Literacy Sentiment Survey, https://www.financialeducatorscouncil.org/ financial-literacy-survey/ [9] Consumer Financial Protection Bureau, Navigating the Market. https://files.consumerfinance.gov/f/201311_cfpb_navigatingthe-market-final.pdf
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