How to evaluate financial education programs
Originally appeared in CUES Credit Union Management
Eight ideal features to look for
I've been asked many times, 'how do you choose a financial education program?' and I always refer back to the same criteria we used when developing our own financial education program, It's a Money Thing. Here are the key factors to consider:
1. Storytelling + fun teaching methodology
Incorporating storytelling and a fun teaching style can make the learning experience engaging and effective, especially for younger students. According to this article from the Association for Psychological Science, storytelling has been found to be an effective tool for teaching because it helps to activate the brain's natural learning processes. Additionally, edutainment, or the combination of education and entertainment, can help to make the learning experience more enjoyable and effective. This article from American University's School of Education provides more information on edutainment and its benefits.
2. Teacher-developed and school-approved
Programs that are developed by teachers and approved by schools can be more credible and effective, as they are designed to meet the needs and standards of the education system. For example, this financial literacy school program run by Florida's VyStar Credit Union in partnership with 18 schools has produced over 77,000 graduates.
3. Online and offline education mix
Using a mix of traditional and digital content can cater to different learning styles and provide a more dynamic and interactive learning experience. This article from Next Gen Personal Finance explains the benefits of both digital and traditional financial education content.
4. Lots of financial education content
Having a large and diverse library of content can ensure that the program remains engaging and relevant for a longer period and can be used across multiple communication channels. Here’s a post I wrote which provides some tips for creating engaging financial education content, and this article from Sprout Social explains how often to post on social media to maintain audience engagement.
5. Unrestricted content utilization
Having unrestricted rights to use the program content and materials can be important for customization and integration into existing teaching materials.
6. Drives digital engagement
Structuring the program to drive website engagement can be a good way to reach a wider audience and increase sales opportunities. This article from HubSpot provides some metrics for measuring website engagement.
7. Respects online privacy and safety
Ensuring that the program and technology used respects user privacy, safety and security is crucial to maintain trust and credibility with both parents and students. This article from Common Sense Media provides some tips for protecting online privacy.
8. Regular content maintenance
Regularly updating and adapting content to emerging financial topics can help ensure the program remains relevant and effective in today's rapidly evolving financial landscape.
By keeping these criteria in mind, you can choose a financial education program that is engaging, effective and relevant in teaching financial literacy skills to young people
Tim McAlpine is Founder and CEO of Currency Marketing, a CUES Supplier member based in Chilliwack, British Columbia. Currency serves credit unions on a mission to improve financial well-being. Its financial literacy program It’s a Money Thing is built according to the recommendations above. If you’re a credit union looking at implementing a financial education program, consider It’s a Money Thing in your evaluation.
