FinEx Webinar: Financial Youth Research Priorities September 24, 2019 Presenters: Meina Banh & Leslie Jones Moderator: Heather Brown, Ed.D, SPHR >>Coordinator: Welcome and thank you for standing by. At this time all participants will be on a listen-only mode until the question-and-answer session. At that time we will need to have you press star followed by number 1 to ask a question. Star 2 to withdraw the question. Today’s conference is being recorded. If you have any objections, you may disconnect. I’d like to introduce Dr. Heather Brown. Ma’am, you may begin. >>Heather Brown: Thank you very much, (Robin). Hello, everybody, and welcome to our Webinar, Youth Financial Education Research Priorities. We’re very glad you were able to join us and I think you’ll find it to be an interesting Webinar and an interesting topic. We’re very fortunate to have two speakers with us from the Bureau and I’d like to take a minute to introduce them now and then you’ll hear from them after I go through my preliminary slides. First we have Leslie Jones who is the youth financial education analyst and she works very, very entrenched in the K through 12 audience although she’s very knowledgeable to a lot of other audiences as well. She has done a previous Webinar for us and I had the pleasure of training with her at a regional meeting in West Virginia and she was very well-enjoyed and I think you all will enjoy her as well and her expertise. Additionally we’re fortunate to have Meina Banh with us today and she is the Senior Policy and Innovation Analyst with the Consumer Financial Protection Bureau. She’s been with the Bureau since almost the beginning and she is responsible for doing research on the K through 12 audience so many of the great publications and articles and things you’ve seen come out about K through 12 could be attributed to her hard work so we’re very, very fortunate to have them and excited about hearing from this on this topic. I’m going to run through my slides quickly. We have to do our standard disclaimer. This presentation is being made by a Consumer Financial Protection Bureau representative on behalf of the Bureau. It does not constitute legal interpretation guidance or advice of the Bureau, any opinions or views stated by the presenters are our own and may not represent the Bureau’s view. We do not have any third-party links in this Webinar so I’m not going to finish that part of it. Additionally just for those that may not know, just so you know what the purpose of the Consumer Financial Protection Bureau is, we regulate the offering and provision of consumer financial products and services under the federal consumer financial laws and educate and empower consumers to make better informed decisions. And we do that with practitioners as well and that’s what the CFPB FinEx program focuses on as most of you know. The CFPB FinEx goal is to bring together financial educators, coaches, all kinds of financial literacy practitioners and be able to pull information, share resources, create a feeling of connectedness, and also for us to provide you all publications and tools and events that support the work you do so that you can leverage the reach of our program. And here we just state some of the locations we’ve had regional meetings and we have one coming-up in Madison, Wisconsin soon so if anybody is in that area that would like to go that has not been invited, just e-mail the e-mail address below, cfpb_finex@cfpb.gov at the bottom of the slide and we would be happy to get you on that list. Additionally, we have a list of some of the types of trainings and programs that we can provide. We always look forward to getting close to our stakeholder base so feel free to e-mail us if you need a speaker or you want to reach-out for something that we can provide you. We also use people on our FinEx list as beta testers for new tools and products that come-out so hopefully you’ll have a chance to do that as well and if you don’t already receive a monthly newsletter and you would want to e-mail that address at the bottom and ask to be put on the list and that’s how you’ll get notification of Webinars. This page with the link at the bottom if you’re not familiar with it is a great link for you to actually copy because and we will post these slides afterwards on our Webinar page but this is the page where you always see the announcements for upcoming Webinars. Also you can see in the little box at the bottom, it says view details and access previous Webinars. That is the link that you would click if you would like to see past Webinars that go back several years. There’s over 40 of them on our site and you can get the slides and recordings as well so we encourage you to take advantage of that as well. Okay, and these are just a couple of links that we just covered if you want to capture them all in one place. The other one that I didn’t mention is the LinkedIn group and we do have a LinkedIn group that has close to 3000 members just in the LinkedIn group now. We have over 7000 now in the FinEx group so feel free to join that and if you put in a request, I will accept it and you are free to post things that you want to post and promote on there. We just ask that it’s relevant to financial practitioners and financial literacy and we don’t mind if you’re, you know, posting a training program but we don’t want like a hard sell of products, especially things that may not be related. Okay, with that, that is all of my preliminary introductory information. I’m going to get our slides queued-up for our next speaker and I also want to just let you know that we will be posting the slides so you can get a copy by downloading them and if you have questions during the program, feel free to enter them in the Q&A or chat box and we’ll monitor those. We’ll answer questions by phone at the end of our presentation today and the operator will give you instructions on how to queue-up your questions at the end of the session. With that I’m going to hand it over to Leslie Jones. Leslie, I’m going to pass the control to you and you should be all set. >>Leslie Jones: Great, thank you, Heather. Good afternoon, everyone. As you see on the slide, we’re starting with the big question, what is financial well-being and I’m hoping that you have access to chat because I’m going to ask a question of you which is what messages about money did you receive from adults when you were a child? Can you briefly tell us what messages about money did you receive from adults when you were a child? I’m hoping the chat is functional. What messages about money did you receive from adults when you were a child? Nobody is telling me anything, okay, so what I’ve heard in the past, things like a penny saved is a penny earned and if I earn it, it’s not yours. And if we have checks, we can write checks and as opposed to if we have money we can write checks so I’ve heard a variety of things from people in my family that was the messages that I oh, okay, cute, if messages, that sounds like a good savings message Heather. Pennies makes quarters, quarters make dollars, dollars make groceries. What I learned in my family was that we don’t talk to children about money so and that was by osmosis through the fact that they didn’t say anything to us ever and we got a chance to figure it out all on our own. This question what is financial well-being came-up as the Bureau was started. You had people doing regulation and things like that but you have an arm of the Bureau that was asked to look into financial literacy and in looking in the financial literacy they asked themselves the question what is financial well-being? And the answer that they ended up coming up with was what is on this next slide which is what is which is the state of being wherein a person can fully meet current and ongoing financial obligations. The thing I love about this definition is that what it says is it’s not necessarily about how much money you have, it’s about what you think about your money, how it makes you feel. Do you feel like you can meet your obligations or do you feel like you’re always treading water and you’re never going to get where you needed to go and so same people can be earning the same amount of money but feel very differently about it. Let me ask this. How many of you are familiar with the millionaire next door, that idea? For the millionaire next door, it’s that person who lives down the street who doesn’t go on vacation. Their house doesn’t get painted. They don’t replace their roof, they drive a car that’s 25 years old and then you read in the paper - see, I’m dating myself - you read in the news that they have passed away and left $5 million to the local university. And you say to yourself there’s no way this person could have done that. I mean, they don’t go on vacation and their house hasn’t been painted and they don’t have a new roof and aha, I get it. I understand what’s happening here. this person wanted to leave a legacy. That was what was important to them. For some of us what’s important to us, what brings us financial being is that concept that we will be able to put our kids through college debt-free. For some of us it’s that great vacation we take every year. Everybody has a different idea of financial well-being or at least an individual idea, financial well-being. Some of us have similar ideas of what our financial well-being is. As part of this research, the Bureau further identified four elements of financial well-being that you have financial security in the present, control over your day-to-day and month-to-month finances, that you have security in the future, that you have the capacity to absorb a financial shock. I was at a session recently where I found the statistics of how many what percent of Americans can’t cover a $400 emergency to be startling because it’s such a large percentage. I don’t know if anybody knows has a guesstimate what that number is. I believe it’s somewhere in the neighborhood of 40% of Americans can’t afford a $400 emergency. That is a lot of people and those are people who can’t absorb a financial shock and so they don’t have financial well-being and then you have freedom of choice in the present. You have the financial freedom to make choices to enjoy life. You can say I’m not going to cook dinner tonight. I’m going to go pick something up and it’s okay, it fits into your budget and you have the ability to make that choice and then freedom of choice in the future, that you’re on track to meet your financial goals such as retirement or buying a home or buying a car, those kinds of items. So those four elements of financial well-being are very important and let’s see here, and we have we developed a financial well-being scale in order to learn more about or help people figure-out how they’re developing on the financial well-being continuum and I love these questions because they don’t have to do with math. Instead they have to do with how you feel about your money, things like I can enjoy life because of the way I’m managing money and giving a gift for a wedding, birthday or other occasion would put a strain on my finances for the months and the answers are just simple (Likert) scale answers and there’s only 10 questions so it’s very easy to complete. You can complete this online at our financial well-being scale and you will get a score and the score looks like this and in this case the person’s score was a 46 and that told them that they were below average in terms of the U.S. average for people their age but it shows their score calculation. You could take this as many times as you want. We don’t track it and it just gives you a chance like every year or so to stop-in and find-out how you’re doing in terms of your financial well-being so if you haven’t been, stop by and if you haven’t been lately, please stop back because your score might have changed and you will like what you’re seeing. All right. And so now financial well-being scale score led us to ask ourselves a question, how do we get to have children that are able to also manage their money to be adults with financial well-being? How do we get our kids to have the skills they need and when we asked that question, what we did was we identified three building blocks of financial capability and they are listed on this slide: executive functioning skills, financial habits and norms and financial knowledge and decision-making skills. And my question for you is who’s familiar with the marshmallow test because the marshmallow test is where they took two-three four-year-olds and they sat them down at the table and they said here’s a marshmallow and if you don’t touch it, when I get back I’ll give you more. They don’t tell them how long they’ll be gone. They don’t tell them how many they’ll get when they come back and the purpose of that is to see what the kids do in terms of their self-control. Are they able to resist the impulse to pop that marshmallow in their mouths and eat it immediately or are they able to sit there, wait patiently for an unknown "more" during an unknown timeframe and that is the magic that creates executive functioning skills. And executive functioning skills are that self-control, planning, problem-solving that gets you to say I can wait for that, to be able to tell yourself no when you need to and wait it out so that you can have something better in the future. That is a critical skill for having financial well-being because if all you operate is on impulse control, you’re not going to get where you need to go financially for retirement and it’s a great time to start teaching it is age 3 to 5 but unfortunately building your executive functioning skills continues the rest of your life. I think all of us can think about some things that we’re still working with ourselves on is to say no. All right, Number 2, financial habits and norms. That building block is building healthy money habits, norms, rules of thumb. For example if I asked you the question some people pay their bills at the beginning of the month. Some people pay them at the end of the month. Some people wait and they pay them or not wait, some people pay them the minute they come-in so they don’t have to worry about it. You probably have a habit for paying bills and if I asked you the question why, you probably would take a minute or so to be able to answer because it’s just a habit. You do it but you don’t necessarily know why you do it, it’s just a habit and that is a money habit you built for yourself to help yourself function when it comes to achieving your financial well-being and everybody has it whether it be for I gave the example of paying bills but you all have examples like how much you save for retirement, what percentage? How much you tip, things like that are also just rules of thumb that you have for yourself and they’re the same as other people’s and they’re different from other people’s and trying for us as educators, our goal is to help kids be adults that know what their financial habits and norms are and hopefully have healthy, positive ones. Heather’s example earlier from pennies make quarters, quarters make dollars and dollars make groceries is a great example of a positive financial habit and norm. Unfortunately my parents’ concept is not talking to their kids is an example of financial habit and norm that’s not exactly positive and then the last building block of financial capability, financial knowledge and decision-making skills. That’s what we do when we do so well. We teach that factual knowledge. The big thing that the Bureau likes to encourage you to do if you don’t do it already is to make sure that you encourage kids to comparison shop and identify trusted resources as opposed to just any resource where you can get information. All right, so now we’re going to also show you how we apply this throughout ages 3 through 12 in terms of resources that we have for you and so Meina, I’m going to pass this over to you I believe. There you go. >>Meina Banh: Great, thanks Leslie so as Leslie mentioned, the Bureau has been trying to make sure that while we’re presenting these building blocks to folks in the field that we also make sure to apply them with our own resources and one of the things that we’ve been doing is creating resources for parents and caregivers. I’m sure like many folks our first impression about money came from our parents whether that is good or bad and what we found is that there are many parents and caregivers out there who want to talk to their children about money but may not know where to start. Maybe they feel uncomfortable about their own money situation and so what we’ve done is we’ve created a Website called Money as you Grow and with Money as you Grow is you can find age-appropriate activities that you can do with your children at home and they’re based off the building blocks that Leslie just mentioned. So there’s building blocks around executive function, building block activities around building money habits and values and then building blocks that can be around practicing money skills and decision-making skills so I’ll give you an example of an activity that we have that can be used throughout a child’s development. It’s actually a money-sorting event that we have for ages 3 through 5, what a parent does is come to our Website Money as you Grow and look for this activity. You dump-out the change that you have in your pocket and then a child from ages 3 through 5 will sort the change into pennies, nickels, dimes and quarters. And as they age older, they may want to tally-up how many pennies they have, how many nickels they have, how many dimes and quarters and as they get older from that, you might use this as an opportunity to go to the grocery store to talk about what you can buy with that change so you can see that there is different activities for each age group as a child gets older. So Money as You Grow is a Website for parents and you can see the Website down there if you want to access it. This is the money-sorting activity I was just talking about, four little piggy banks there and then you sort-out the change that you may have in your pocket or in a piggybank. The next thing is we also talk about making money choices so one of the things that we thought about is that there as a child is scoring this in their life, there’s opportunities to engage children and talking about how money may affect their lives for example. You may have a child that wants to buy a new pet, a new dog or a new cat and that’s an opportunity to talk about some of the responsibilities for having a new dog or a new pet in your life? What are some of the associated costs with that? As they get older, I’m sure every 16-year-old is looking forward to buying a new car but what does that entail? A lot of times teenagers just think about the cost of the car itself but they may not think about taxes, title, fees, insurance that comes with it, so again these are opportunities to talk to your children about money and then lastly one of the big programs we have around Money as you Grow is the Money as you Grow bookshelf. This is more geared towards younger children so ages 3 through 10. These are books that you can find, common books that you can find at your local library. They’re things like the Bernstein Bears or Curious George. What you can do as a parent is go to a library and borrow one of the books and we’ve created a parent companion guide that goes along with the book that, you know, gives you ideas about what the book is talking about. It’s always related to some kind of money topic and then gives you ideas to have activities to reinforce what we’ve read in the book. I’m happy to announce that we’ve recently added additional titles to the money as you grow bookshelf. Some of these titles represent some more diverse communities like we added a book around Native American community. We added a book around the lunar new year so we’re looking to always continually add new books. You can download the parent guide on our Money as you Grow Website for teachers or schools or libraries looking to bring these parent guides into your activities, you can also request us to ship these parent guides to you and we’ll do so for free. At the end of this presentation I’ll talk a little bit more about how you can order our publications so again these are just some of our parent activities that we have available for you to talk to your children about and with that I’m going to pass it back to Leslie to talk about the next oh, sorry, this is my slide too. So sorry, before I pass it back to Leslie is I want to go back to the building blocks and milestone because we’ve talked about these building blocks in abstract and, you know, you may wonder how do I know if my child is actually demonstrating this or if you’re a teacher, how do I know if my students are actually demonstrating this so here are some sample milestones that we have listed-out. So for example for executive function we want to know the child is able to demonstrate self-regulation, persistence and focus. Leslie mentioned the marshmallow test, you know, are they able to be able to show restraint for financial habits and norms? Do they show positive attitudes towards savings, frugality, planning and self-control? As you’re moving into the middle school age, peers start to have more of an effect on children. They’re looking at what their friends are doing, how they’re spending, how they’re saving, maybe new things that they’re purchasing. How is your child reacting to that? Are they able to say hey, I’m going to save and wait for Christmas to buy a new toy or is it something that they really want right now? And then as they get older, some key milestones to look for around financial knowledge and decision-making is can the teen identify trusted sources of information so as we know, there’s a lot of misinformation out there especially with identity thief and scams. So the ability to be able to conduct research and identify whether or not they are being scammed is also an important milestone and with that I’m going to share, turn control over to Leslie so that she can talk about the next part of our presentation. >>Leslie Jones: Thank you, Meina so Meina was just going over what we’ve done in the age 3 through age 10 space, helping parents and caregivers. One of the other things we were tasked with was helping educators and researchers through the K-12 experience be able to bring financial literacy into classrooms and we have financial education landing page where we have our let’s say window into a variety of things. We have information on teaching building blocks, just learning more about the building blocks. We have classroom activities that you can do when you’re actually in a K-12 classroom we have a curriculum review tool to allow you to evaluate curriculum that’s out there and figure-out whether it’s appropriate for your school district. We have main thing research and resources and we also have the ability to order print copies of materials and we can Meina will go over that in greater detail and so now I want to talk to you a little bit more about the classroom activities that we have. We have a search engine that allows you to filter results as well as just type-in key text that you might want to use in order to search for things. Our filter results are standards-based. I don’t know how many of you are already teaching to standards but standards-based is so important. The standards that we identified that we wanted to target were the Council for Economic Education, CEE standards as well as the national Jump Start Coalition standards. We discovered that for most states they use one of those two Census standards as their foundation to identify their own standards but we also what’s one of the unique pieces here is that you can filter by school subject. So we try to help you teach financial literacy in an English classroom and a fine arts classroom and a science classroom and a world language classroom and we adapt different lessons to be appropriate for those courses, those standards and yet still teach financial literacy. An example would be in PE if you’ve got a child who’s interested in physical education and keeping themselves fit, they probably need to buy their equipment. They probably don’t want to buy a treadmill or a yoga mat or a bike or something like that and if they’re going to buy that equipment, comparison shopping, finding the best deal is a great idea and a perfect way to bring financial literacy into a fine arts, excuse me, into a PE classroom and it’s something that the teacher might not think about but we have and we have that lesson for them to be able to use. And then we’ve broken it down into simple topics, the my money five, earn, save, spend, protect and borrow and so you can also just search by those categories or the subcategories that are there and you can search by activity duration, grade level and various student characteristics. Now for the grade level, right now we have over 100 activities available for high school students but drumroll, there’s seven activities for middle school students right now and starting on October 10, 2019 there’ll be an additional 30 activities for middle school students and by the end of January, 2020 we will have 80 activities for middle school students. And if your focus is for elementary students, those’ll be coming by the end of 2020. We’ll have those out so give us a year and we’ll have our elementary activities out. All right, so now let me show you how once you’ve filtered and you’ve found an activity that you like, where you can get more information about what is involved in it. This is an example of what we call our activity detail page and this page in this situation it identifies the general idea about the activity, gives you the big idea, some essential questions, gives you the objectives, what students will do and on the right-hand side, basically the information you need for filling-out a lesson plan if that’s what you have to do. If you’re lucky and you’re just going in to do an activity with the kids, then that’s perfect. These activities are built to be single class period activities. They’re either 15 minutes in length, 45 minutes in length or 80 minutes in length and so there’s no pre, no post. They’re just individual topics, not a curriculum. This one happens to be tracking income for a farming family so the focus is irregular income. How do we deal with the fact that the vast majority of our income comes-in from April through October but we have 12 months of payments that we have to make on our rent and cars and things like that. And having that discussion and having that budgeting that you need to do that’s different than regular budgeting is what this activity has to deal with so one of the nice things about these activities is they’re great supplemental tools for people who already teach financial literacy and for people who don’t teach financial literacy, it’s a great way to dip your toe in one or two lessons at a time just to see if the kids are really enjoying the topics and to do a little bit more. All right, so then let me show you a sample activity. I think I mentioned earlier to you that 40% of Americans can’t afford a $400 emergency. One of the things that we’re trying to encourage at the Bureau, the Bureau is trying to encourage people to do is to try to "Start Small, Save Up" and be able to handle those financial emergencies, have those funds available. And so we heard what the Bureau was doing in terms of encouraging that so we created this activity to help educators teach students how to build a savings for state kit. The activity has students identify emergencies that happen to people and then evaluate which of those emergencies would probably have an immediate financial impact on your monthly budget and which activities or emergencies could be delayed until a later date. An example is let’s look at our kitchen so if the microwave breaks and doesn’t work, is that a financial emergency or is that just something that we’re going to want to replace sooner rather than later? That one’s probably not a financial emergency. That one we can probably wait on. We can probably manage to feed ourselves without the microwave. However, if the refrigerator were to break down and now work, given the investment we have in food that’s probably in that refrigerator as well as the fact that yes, you can consume things that are not refrigerated that is definitely our preference and so the refrigerator would be considered more of an immediate emergency in terms of an expense and something that we’d want to replace sooner rather than later. So having these conversations with students, having them think about yes, things happen to us that have financial impacts in our budgets but what’s really an emergency, what’s not, why should we have savings and how it can help is a great conversation to have and that’s what this activity is about is having that conversation starter. All right, so now I’m going to turn this back over to Meina because she’s going to tell us a little bit more about our research priorities and what we’re doing in that space and I’m going to say yes. Meina Banh: Great, so thanks, Leslie so as you heard earlier from the presentation, I just want to take a step back and say you know, part of our strategy to help stakeholders engage on the "K" calls youth financial education site is not only to provide researchers for parents and for teachers but also to provide evidence to support defective practices, youth financial education. What we’ve done around this is the first piece is to look at the existing research of youth financial education that’s out there and we conducted a literature review on it and what we’ve done is that by creating this literature review, we’re hoping that stakeholders can utilize this literature review to help make the case for why there should be support for youth financial education but more importantly use the literature to help identify effective practices for their own programs and practices. And the studies that we looked at were state-mandated financial education programs across the US, specific financial education programs in elementary schools, middle schools and high schools and we even looked at financial education programs in other countries. And what we found through this literature review was that first well-implemented state financial education mandates led to clear improvement in financial behaviors so we’re talking about a decrease in credit delinquencies and an increase in credit scores. And then we also found that many financial education programs improved financial knowledge for students so the size of the effect is based on the population served, the amount of instruction time and the topics that are covered. And then finally international countries have utilized randomized control trials to study their program effect and we in the US have learned from what other countries have done from that. So this literature review is available for folks to download or read on our Website and again we’ll go over that towards the end of the presentation on where you can find that but the literature review is out there for you to look at to see what the existing research says about youth financial education. So follow on this is we also create a set of youth financial education research priorities so while there is existing literature out there on youth financial education, unfortunately there’s still a lot of gaps in the research. And so what we’ve done at the Bureau is we have spent the better part of last year going around to talk to various stakeholders, federal entities, practitioners, national organizations, local organizations, just to talk about, you know, what are some of these gaps that you see in research and where would you like research to be done in? And our hope is by pulling all this information together, we can release a set of research priorities to the broader audience and basically help encourage the research to be done in this space and what we’ve done is we’ve put together a framework that identifies research questions for schools, households and communities because this is where financial education occurs. You can also see that it mirrors our own Bureau’s strategy around youth financial education so for schools we’re looking at the research questions around opportunities to scale-up effective practices and reach students where they are. For households we’re looking at research on understanding how children learn from parents in making money decisions. And then for the community we’re looking for around research questions around opportunities to buy effective financial education through different venues such as after-school programs, through churches, libraries or banks or credit unions. And an example of some of the questions we have surfaced for additional research is for example how many students complete school-based financial education? We still don’t really have an idea around this. There’s lots of different states out there, some that have mandates, some that don’t, some that have standalone courses, some that are incorporated into different classes so financial education is offered in a variety of ways but we don’t really have an idea of how many students are completing these types of courses. For households you know, what are the most effective ways for kids to interact with parents regarding money? Certainly we have our own Money as you Grow Website but there are many other ways for parents to interact with their children about money and so how do we know what is effective or not so these are some of the questions that we’ve posed out there. And then for communities a sample question we have is like can bank at school programs improve youth financial capability? There are a lot of financial institutions that work with states and localities in providing bank at school programs but we want to be able to study these and understand, you know, what specifically about the bank at school programs is helping to improve a child’s financial capability? So what we’ve done is we’ve released these research priorities into the field and to help kind of get the ball rolling on this, what we’ve done earlier this year is release a call for papers for researchers to help answer some of these questions. We’ve awarded funding to three different papers to look at some of these specific questions. Our hope is that by the end of the year, we can release some new research around this and then in spring 2020 we’ll have a research convening but again these questions are out there for all researchers to look at, again we’re working with a lot of federal entities and across the nation with a lot of different other organizations to help promote additional research in this area. And I’m going to turn it back over to Leslie to talk about our next slide, please. >>Leslie Jones: Okay, Leslie’s excited about this next slide. This is new. You guys are the first group to ever see this part of our presentation. We now have a huge financial capability survey and it’s just been on our site for a little over a month and it is a 40-question self-assessment that high school students would take given what we’ve seen in the testing that we’ve done, the students need about 20 minutes to complete the survey. And just like the questions that we have and the financial well-being scale, there are questions about how they manage their money, how they feel about their money, how they think about their money and then there’s this scoring worksheet that teachers would give the students that helps them score those student responses and then gives a snapshot of areas of strengths and weakness for growth and it provides an overall financial capabilities score between 1 and 100. And this score, although part of this survey does involve financial knowledge, it’s really an assessment of student financial habits and norms, their new executive functioning skills, those building blocks of financial capability that I went over earlier in this presentation. And this taking this survey can give both the students and the teacher a good picture of what the students emerging financial capability looks like. Are they developing it? Have they achieved it or do they still need quite a bit of work and you could do it as a post- in a pre- [test], if you’re doing a full-year course to get an idea of how well the students have changed or grown and what they’ve learned. And it can also then help you locate appropriate classroom activities. If you look at your students seem really weak on financial habits and norms, that would be the kind of activities that you might want to search for on our filter tool to identify and use in your classroom. So our financial capability survey is brand new and I’m hoping that you can get a chance to look at it and possibly use it in your classroom to improve your focus in teaching and also improve the student’s financial capability. All right, the other thing the other tool that we want to mention is the curriculum review tool and that is for a school district or a school that’s trying to select financial literacy curriculum that’s out there but they aren’t necessarily comfortable with what are the questions we should be asking ourselves? What should we be looking for and by the way is there an electronic way to just click a few buttons and have a square pop-up? That’s what the curriculum review tool can give for you. Everybody can be using it, clicking it’ll print-off a report for you and more importantly it give you the questions that you can ask yourself about the content that you’re looking at about how about the efficacy of the curriculum that you’re looking at. The utility, is it giving you the extras that you need in terms of support materials for differentiation and things like that and also what’s the quality look like? Is the information that’s there accurate and is it well-presented so if you haven’t checked-out our curriculum review tool online and you’re thinking about doing a districts-level curriculum review, this tool might be for you. It is not really for a single classroom teacher use to evaluate curriculum. It’s at a larger scale than that but if you guys got a diligent teacher, then they can absolutely try it but it’s definitely for district-level evaluation. All right, and then another program that we wanted to mention were youth financial, youth savings accounts. The FDIC has a program called the youth banking network and if you have a school that might be interested in starting a bank or a credit union in their school, be able to start up accounts for students, please check-out the FDIC’s youth banking network because they have some great information, meetings like once every other month that would give you information and let you ask question, things like that. All right, and then I’m going to send it back to Meina for the last of our presentation and she’ll wrap it up. >>Meina Banh: Great, thanks, Leslie so as I mentioned earlier you are able to order bulk publication from our Website. This is the Webpage in which you can do that. We are able to ship to you for free for of no charge to you some of our publications including the parent guide that it talks about for our money as you grow so you can come here and place your order. And the other thing is earlier in the slide, Leslie shared with you our youth financial Webpage. That’s sort of the portal to all of the resources that we talked about today including access to the research that I talked about, access to Leslie’s teacher activities that she talked about and finally if you still want to reach us, here is where you can find us on Facebook, LinkedIn, Twitter and as always if you don’t know our Website already, it is consumerfinance.gov. Again, that is consumerfinance.gov. If you go to the dropdown menu where it says practitioners and you click-on youth financial education, that’s where you can come to our main youth financial education Webpage and with that, that concludes our presentation. I think we have some time for questions and answers so if the conference administrator can begin that part of it or if you all want to type questions into the chat box, we can also take questions that way as well. >>Heather Brown: Thank you Meina and Leslie, really appreciate the great information that you shared with us. This was very interesting. We do have one question that I see that came-in but before we go over that, I’d like to give (Robin) an opportunity to give the instructions on how you all can ask a question by phone. >>Coordinator: And thank you. At this time to ask a question from the phone lines, that is star followed by the number 1, please unmute your line and record your name clearly so I can introduce you and to withdraw the question, it is star 2. Again with questions from the phone line, it is star followed by number 1 and I’ll be standing-by for questions. >>Leslie Jones: I see that there were two questions written in the survey that we mentioned. This assuming that that was the question that you’re asking is about the youth financial capabilities survey, it can be used as frequently or infrequently as you want. I would definitely recommend doing it at least once a year. I think it would be a great pretest for the students so that as an educator, you could use it to figure out what your students’ strengths and weaknesses are. And then I would definitely think about summing it up and teaching it later in order to be able to find out okay, how did my students progress, you know? What did they pick up, things like that and yes, I would definitely be able I think you can use it to set goals and then how long to receive publications? We’re told it takes usually two to three weeks to get your publications after you order them and then of course you can download anything that you want to have immediately. >>Heather Brown: Thank you, Leslie and regarding the publications, there are some stakeholders that nonprofits and groups that work with us that get they know what they need and they use it, you know, monthly for classes so they order stock and keep some there so that it’s there when they need it and many of the materials you can also use one-on-one. >>Leslie Jones: Meina, can you take them back to the survey page so they can see the link? The link’s at the bottom of the page, oh, actually it’s showing documents so if you’re on the youth financial education page, you click-on I believe it’s research, no, teach, I’m sorry, click-on teach the building blocks and on the bottom of the teach the building blocks page on the right-hand side is the youth financial capability survey. I list them on the "Youth" page, find, "teach the building blocks" at the bottom of the teach page, great, you found it, wonderful. >>Heather Brown: Okay, Operator, did any questions come in? >>Coordinator: I am showing no questions from the phone lines at this time but again if you do have a question and would like to answer, it is star followed by number 1. >>Heather Brown: Thank you. I had a question for either of you Leslie or Meina, I was just wondering if you’re able to discuss the topics that were selected from the research proposals that you receive? >>Meina Banh: Yes, I can generally share some of the topics that we did through the call for papers. One will be around the fact of the financial education mandates and improvement on financial capability scores. One is around the usage of child development accounts and the effect they have on the mothers who hold the account. And then whether or not it improves their financial capability and then the other one is around the usage of youth employment and how it may also improve financial capability for the young person so again this is preliminary research that’s being done right now. We’re hoping to have the research completed by end of the year, early next year and then we’ll be doing a spring convening in 2020 to release the results of that and hopefully get some of the papers to be published in academic journals as well. >>Heather Brown: Excellent, sounds really interesting and it sounds like we’ll have some future Webinar topics as well so thank you both. (Robin) did any additional questions come-in? >>Coordinator: I’m showing no questions at this time. >>Heather Brown: Okay, thank you. Well it sounds like you guys did such an excellent job, you’ve answered everyone’s questions. Wait, one just popped-in. It says are activity lesson materials also a reflection I think it means of social-emotional learning? I’m not sure exactly if some … >>Leslie Jones: I would say that we encourage them to think about social-emotional learning in the sense that with the financial habits and norms, you must you have to figure-out for yourself how you want to operate, what your rules of thumb will be and so we have a lot, every, not every but most of our activities have a time where the student is supposed to reflect on some sort of question that will then get them to figure out how do I feel about that? How does this change me? How do I want to behave in the future, those kinds of things. Does that address that or is there something more specific that you’re wondering about? >>Heather Brown: (Dan) if you’d like you can just reply, yes, that’s pretty close. Okay. Good question, very interesting question. I remember my first money emotional lesson was somebody stole $5 from me and I was just distraught and now when I look back it’s funny how upset I was but that was the first time I realized that your money could be taken unfairly so I loved it when I saw one of your five principles, one of them was protect, in other words how to protect your finances. Okay, well it looks like we don’t have any additional questions. I just wanted to point-out that we also have another office in the Bureau, the Office of Consumer Affairs and they have a Webinar. The one today is coming-up like in 7 minutes so you have to hurry and send an e-mail and hopefully they can get back to you in time but if not I’m sure they’ll provide you the slides later if you’re interested and there’s also one on the 26th for the Behind on Bills Booklet. We have that in Spanish as well and I think the focus of that one is going to be on, you know, teaching Spanish speakers using the booklet so I just thought I’d let you know about those two Webinars that are coming-up as well and if you’re interested in either of those, that’s not through the FinEx program, it’s through the Your Money, Your Goals team which some of you may be familiar with. But go ahead and send an e-mail to the address you see on this screen and they’ll get you the information to login and with that I think we’re done. Thank you, Leslie, thank you, Meina and thank you (Robin) and I thank you all for attending and the next Webinar is going to be a really interesting one on Financial Stress and how the finances impact your life and bring stress and how to deal with it. And that will be on the 17th of October from 2:00 to 3:00. That happens to actually be a Tuesday I think, I’m not sure but I don’t want to tell you wrong but definitely October 17 from 2:00 to 3:00 and if you’re not on our mailing list, you’ll get on it - you can get on it - by e-mailing cfpb_finex.com in the middle here and we will let you know about that one coming-up. All right, you can also let us know if there’s topics you’d like to see us cover, just send an e-mail and we’ll do our best to do the ones that we get a, you know, lot of interest in. >>Leslie Jones: Heather, can you remind people how they’ll get a chance to get our slides? >>Heather Brown: Sure, we’re going to actually have the slides uploaded. By the end of next week they should definitely be up with the transcript and a recording and you’re welcome to download the slides and access the video to see it again and you can reuse our slides. The only thing we ask is if you change it, that you take our logo off and put yours on. If you use them as they are, then we’re fine with you keeping the logo there. All right. Thank you so much, everybody. Have a great afternoon. >>Meina Banh: Thank you. >>Coordinator: And thank you. This does conclude today’s conference. You may disconnect your lines and thank you for your participation. END NWX-CFPB HQ (US) Moderator: Heather Brown September 24, 2019 2:00 pm ET Confirmation # 9542146