CFPB FinEx webinar on measuring youth financial capability NWX-CFPB HQ (US) April 26, 2018 1:00 pm CT Operator: Welcome and thank you for standing by. At this time, all participants will be on listen-only until the question and answer session of today’s conference at which time you may press star 1 to ask a question. Today’s conference is being recorded. If you have any objections, please disconnect at this time. I’d now like to turn the meeting over to your host, Ms. Irene Skricki. You may begin. Irene Skricki: Great. Thank you so much. And welcome everyone to our CFPB Financial Education Exchange Webinar for the month of April. We’re excited today to be covering youth financial capability and how to measure it. And we have a couple of great speakers from the Office of Financial Education here at the CFPB. Let me get started by first doing our standard disclaimer -- extra long today. This presentation is being made by a Consumer Financial Protection Bureau representative but it does not constitute legal interpretation guidance or advice and any opinions may be our own and not the Bureau’s views. We also may have some references to third-party resources and content. But this does not necessarily reflect endorsement of those entities or their views. So just need to get started with that. So you probably all know about the CFPB at least a little bit as you are on this call, but our mission as a federal agency is to regulate the offering and provision of consumer financial products and services, and to educate and empower consumers to make better informed financial decisions. And of course it’s in that context of the second part of that -- educating and empowering consumers -- which is why we’re here today on this FinEx webinar. Again, this is an intro that I do on all these webinars to make sure everybody’s up to speed. In the consumer-facing side of the Bureau we have a number of offices. We are within the Financial Education office with the mission of educating and empowering all consumers to make informed financial decisions. There are sister offices that work with older Americans, military service members, students and young consumers, economically vulnerable consumers. We work with all these offices to help get their materials out to all of you in the financial education field as well. I always show this busy slide on CFPB FinEx. I’m presuming most of you on the call or many of you on the call are part of FinEx. If you’re not, I urge you to join. We are a way for the CFPB to get our resources out to all of you -- all of our tools and resources -- through regular webinars like this and newsletters and in-person convenings and also to learn back from you what’s working and what strategies you are all using. If you did not get a newsletter earlier this week, the CFPB FinEx news and updates, you can sign up by emailing the address at the bottom, CFPB_FinEx@CFPB.gov, or you can also go to our web page. I’ll show you in a second. You can sign up directly there. So again, if any of you are not receiving regular newsletters and would like to, please sign up. It’s generally just a single newsletter a month. I’m showing here the web page where we have all of our resources for financial educators including whenever the next webinar is. And again on the side, on the right side, there’s a little signup box where you can put an email address if you are not already signed up. Last thing I’ll mention as background -- well two things -- one is we have also a printed inventory that lists all of our different resources. You can also get that on the web page I just showed you URL consumerfinance.gov/adult-financial-education. And the final thing is we have a discussion group on LinkedIn where you can post resources and questions as well as us posting our things. So anyone who wants to join that there’s some information here. You can also see it again on our web page. So that is the background I always do to get us started. Again hopefully anyone who’s not in FinEx will be interested in joining. I will also say before we jump into the content part that I always get the question, can we get the PowerPoint after the webinar is over. The answer is yes. To do that, you need to email the FinEx inbox. Don’t send the request through the Q&A function on the webinar because I cannot record that as we go, and it goes away when the webinar is over. So email CFPB_FinEx F-I-N-E-X @CFPB.gov. You’ll see that address again later. And you just request the PowerPoint, I’ll be happy to send that to you afterwards. Last note is that if you have questions, send them through the Q&A function on the webinar and I will keep track of those as we go as our speakers are speaking. At the end we will open up for voice questions as well, for those who want to do that. So that was a lot to start. Let’s get into the fun stuff. Our topic today is measuring youth financial capability. And our first speaker is Meina Banh here in the Office of Financial Education I am very pleased to introduce Meina. (Meina Banh): Thank you. Good afternoon everyone. As Irene mentioned, my name is Meina and I lead the Bureau’s Youth Financial Education Evidence and Research work. The Bureau has pursued a strategy that focuses on supporting those who are in position to create opportunities for youth to develop financial capability skills. As such, we have identified three areas of focus that leverages evidence, working with educators, and working with parents and caregivers. Today, you’ll hear some of the resources that we have available for educators and parents, but the predominant focus of my presentation will be on our evidence and research work. I encourage all of you to visit our website at consumerfinance.gov for more information. (Irene Skricki): I’m going to stop you because I’ve gotten several comments, people saying that the slides are not moving forward. They are on my screen. So let me see. Operator, could you tell us is there a reason why things are not moving forward? Everyone’s still on the first slide and I’m on slide ten. So I’m sorry. It looks like something wasn’t quite set right. I will note that all of the slides you missed were my standard FinEx slides so you didn’t actually miss anything of real content. So big apologies there. I’m not quite sure what happened, but we are actually on the very first content slide so… (Meina Banh): Yes. And as Irene mentioned, we can send these slides to you if you request them. So you are not missing anything. Irene Skricki: Right. These are the good ones starting here. (Mina Bawn): Thanks. So as I was saying, our evidence work is focused on providing foundational research into the effective practices of youth financial education. And recognizing the general lack of research in this area, CFPB sought to identify the origins of youth financial capability as well as identify some promising strategies and techniques. So in 2016 we released research on a developmental framework that describes when, where, and how young people learn and develop the building blocks of financial capability. I believe we hosted a previous webinar on this, on the building blocks research, which was hosted in April 2016. So if you missed it, you can go to our website at consumerfinance.gov and listen to it. But it is not a prerequisite to understand what I will be talking about today. For those that aren’t familiar with our building block research, I’ll give you a quick recap as to what it is. In 2016, we mapped the three building blocks of financial capability to the developmental stages that are most commonly used in education and child psychology which are in early childhood, middle childhood, and young adulthood. So what are the three building blocks? They are executive function, habits and norms, financial knowledge, and decision making. Executive function is broadly described as a cognitive process used to plan, focus attention, remember information, and juggle multiple tasks successfully. Habits and norms are choices that we make on a daily basis, often automatically. And financial knowledge and decision making refers to the hard decisions in which you have to stop and weigh your options like how to finance higher education class or which college to go to. The building blocks research tells us that there are ideal windows of opportunities for program leaders and financial education practitioners to engage with youth on these. I want to note that the building blocks are not developed in isolation. Rather, they are a continuous process. For example, in early childhood program leaders can focus on executive function like imaginary play and play-based learning activities where kids set goals and manage resources. In middle childhood, as children develop values, norms, and habits their observations of peers and parents, we can leverage everyday activities to drive financial socialization. For example, parents can involve children in routine financial activities such as setting a budget, or we can leverage experiential learning opportunities like bank at school programs. As children approach young adulthood, there are more opportunities to receive allowance, earn money, and make spending decisions. To hone financial knowledge and decision-making skills, we can help use research and comparison shop the options available for them when they pay for college, buy a car, rent an apartment, or choose a cell phone plan. This brings me to our building blocks measurement guide which we are releasing as a follow-on to the 2016 building blocks research report. The new measurement guide will give program leaders, researchers, and other stakeholders a means to assess young people’s progress towards the achievement of the building blocks. The measures in the guide were selected from existing research studies and evaluation tools and based on their alignment with milestones and their validity for each developmental stage. The measures represent promising means of assessing progress towards achievement of milestones and youth. Some of the metrics have been widely tested by researchers, while others are relatively new. Youth financial education leaders and program leaders can use the tools identified in the new building blocks measurement guide to evaluate the impact of financial education programs or lessons. The data gathered in that process can then be used to track progress over time to provide evidence of a program strain and to refine program offerings and curricula. The measures can also be used by researchers to examine how the building blocks develop in childhood connect and predict adult financial well-being. Now, I’ll do a quick demonstration of how to use the measurement guide and how this measurement guide can be used to support your own work. So we are going to, yes that one. Great. The measurement guide starts with an introduction of the building blocks of financial capability, which I just went through. Just a reminder, those are executive function financial habitual norms and financial knowledge and decision making. Then the measurement guide presents age appropriate questions that program leaders, researchers, and others can use to evaluate a child’s progress towards each one of the building blocks. The measurement guide then presents a list of existing measurement tools that are designed to gather answers to key questions and these may include examples of surveys, tasks and exercises, and interview questions. Finally, the measurement guide explains how to use each tool and provides background information and special consideration. If we move to the next slide, we can see here based on your age as a program leader you would select which age group that you typically work with. So I’m going to show it for all three of the age ranges. In early childhood we see for ages three through five, the three building blocks. This is an example of one of the tables that are in the measurement guide. We have the three building blocks on the left-hand side and associated milestones with each one of the building blocks. For example, if I was working with a cohort of five-year olds and I wanted to measure whether or not a child begins to demonstrate self-regulation, persistence, and focus, we know that that’s now associated with the executive function building block. If we move to the next slide, we see another example for middle childhood -- ages six through twelve. Again, the three building blocks are on the left-hand side and associated milestones for each one of the building blocks are presented on the right-hand side. For example we know that for middle childhood, the building block that really develops here is around financial habits and norms. So one of the questions could be does the child begin to have positive financial habits like planning and savings. Next slide. This is slide 19. And then for young adulthood ages 13 through 21, again we see the three building blocks on the left-hand side and associated milestones for each building block. And here we know that financial knowledge and decision-making skills are the main building blocks. So one of the questions here is does the young adult grasp advanced financial processes and concepts. Assuming that I’m a program leader that works with young adults ages 13 to 21 and I’m trying to measure the milestone of does the young adult grasp advanced financial processes and concepts. If that’s the that I select, the measurement guide then goes on to present a table that looks like this. So you can see the milestones now on the left-hand side. Does the young adult grasp advanced financial processes and concepts along with other ones? But what you see now is the selected measures that will help measure those milestones. And in this case for that associated question we see three selected measures. And so if we go on to… Irene Skricki: Tell me what do those link to? So like what is the brief financial literacy assessment that is the first link there? (Meina Banh): If you click on it, it will actually take you to the link that describes what the brief financial literacy assessment is. So I actually have an example of those at the end. But Irene, you’re jumping ahead. Irene Skricki: Sorry. Full of questions. (Meina Banh): So before I show you what it actually links to is I want to take a step back and say, you know, if I am a program leader how do I know which measure I should use or choose? There are obviously special considerations that you should think about depending on the age group that you’re working with, resources that you may have, and then how much time you have available for administration and scoring. Next slide. For example if you are working with a young cohort and the measurement that you selected requires the child to fill out the assessment, that might not be the best measure for you to choose. Or the measure requires like long-term measurement and you’re a single researcher with a large group of folks. Again, that might not be the best thing for you to choose. So those are just some considerations to keep in mind. To go back to your question Irene, we’re going to do an illustrative example. So again if I am a program leader and let’s say I’m working with young adults and my milestone that I’m trying to measure is can the young adult identify trusted sources of information and process that information. I would go through the measurement guide and try to match this milestone with a building block. In this case, we know it’s associated with financial knowledge ages 13 through 21. So if you go back to this table here, and if you look at the last section, it says under financial knowledge and decision-making skills, that’s the building block. Does the young adult grasp advanced financial processes - sorry? Can the young adult identify trusted sources of information and process that information? You click the next slide. We see for that milestone there’s three selected measures for it -- cognitive reflection test, consumer self-confidence, information acquisition subscale and internet search and evaluation strategies. So we’re just going to click on the first one, which is cognitive reflection test which brings us to this if you click on the forward slide. So it brings us to this, which is now we actually see as a program leader what is the cognitive reflection test. You can see the measure’s name, the building block in which it is associated with -- in this case it is financial knowledge and decision making skills -- the age group or age range that this is most appropriate for -- 13 through 21 -- and the milestone that this will measure -- can the teen identify trusted resources of information and process that information? It also gives additional information on how the measure - what is the format of the measure, who it will be completed by, measure details, relation to the milestone, and other things. So this is an example of one of the very many measures that we have in the building blocks measurement guide. Again, you can really think of this as almost like an encyclopedia of all of the existing measures that are out there that can help you measure the building block. We certainly hope that this new tool that we have available will be helpful for you to measure how youth are progressing towards achieving each of these building blocks. Irene Skricki: I’m going to stop you because we have one question I’ll ask now. (Meina Banh): Sure. Irene Skricki: I’m sure we’ll go back to more questions later. But we’ve had one question come in which I think is actually quite interesting, which says is the approach for financial capability different for low income kids as opposed to middle or high-income kids? I feel sometimes the lesson of needs and wants is not useful to kids whose family doesn’t have the money to have wants. (Meina Banh): Yes, absolutely. We do try to consider these different components when engaging with financial capability for use. In our building blocks research, we do talk about how as program leaders and researchers we have to factor these pieces in. Also we have to factor in pieces of working with parents or parents’ education levels. Those different pieces does matter in terms of engaging with youth that are coming from different socioeconomic statuses. Irene Skricki: Great. (Meina Banh): So the next couple tools I wanted to talk about relate if you remember earlier on I said that we had three main areas in which we focused our youth financial education on -- evidence, which you just heard a lot about. There’s a whole piece around working with educators and working with parents. So I’m going to spend a few minutes talking about some of the resources that we have available for educators. Irene Skricki: Yes, actually another question came in again that’s relevant to what we just talked discussed rather than what we’re about to which is explain how the objective of identified trusted source of information is addressed in the examples given. So I guess you mean this case here. This is… (Meina Banh): Yes. So as a program leader you could administer this cognitive reflection test and hear the measure - sorry, here is the measure. You see these three questions and it would be you as the program leader would administer this to the teen and then based on them answering this and the point scoring for it, you could then determine is this teen able to identify trusted sources of information. Are they able to differentiate what is a good source of information versus something that may not be well vetted? Irene Skricki: But I do see the point that the actual questions don’t address source of information. It’s more of a… (Mina Bawn): Right. It’s more of a relation to that. This is only - sorry. The measure detail is actually much longer than this. I’m only showing a small snapshot of it. So again, I wouldn’t… So there’s actually more information towards the end. I encourage you to actually go to the building blocks measurement guide and look at all the different measures. Again, when we were trying to answer this question of can the teen identify trusted sources of information and process that information, it wasn’t just the study that we had listed. It was two or three other studies. So you can use that in combination as well. Irene Skricki: Okay. (Meina Banh): So to reiterate, I now want to talk about a few resources we have that are for educators to use. As Irene mentioned, for all the different resources that were mentioned here, you can go to our website. We have actually an entire page on youth financial education. You can see the link down there. Our building blocks research from 2016 will be there along with the new measurement guide and then all these other resources that we’re going to be covering in just a few minutes. So please… Irene Skricki: Great. And I’ll just read the link in case there’s people just on the phone. Consumerfinance.gov/youth-financial-education. Remember the adult one was adult dash financial education. (Meina Banh): Yes. And now I want to talk about a resource that we put out for those who are seeking to advance implement K-12 financial education in their states. We’ve heard from these stakeholders that sometimes they may not know where to start or what works and the information can be overwhelming. So we created this resource guide for advancing K-12 financial education. Basically, this resource guide is organized into three sections that correspond to the development of K-12 financial education, programs, and initiatives. They are laying the groundwork, building the initiative, and extending the impact. Laying the groundwork is really targeted towards those states and localities that do not yet have financial education policies or programs in place, or those that are just getting started. Building the initiative is really targeted for those that are focusing on successful implementation of an existing policy or program. And extending the impact is targeted for those who are looking to improve and expand those programs. Within each one of these sections, there’s multiple modules that contain case studies that describe the experiences of leaders as they address the challenges or themes that are central to that model. It also includes a list of relevant resources and several worksheets that leaders may find useful to their own work. Whether you’re a policy maker, a community leader, or a classroom educator this guide will connect you with information and insights that you can leverage and adapt to best suit your state, locality, or community. And as a commitment to this issue, CFPB will be updating and refreshing the resource guide on a regular basis. I think we hope to do so by the end of this year. Next slide. The other resource that I want to point you to is this youth financial education curriculum review tool. This is really targeted more towards teachers and educators. What we’ve heard is that educators who wish to teach financial education have fewer resources to help them select the most promising or appropriate financial education curriculum. There’s usually a wide range of curricula and again this can be very overwhelming for a teacher that has a short amount of time to kind of figure out what best suits their classroom needs. CFPB created this curriculum review tool provides criteria for a teacher and educator to analyze and select curricula that is best for their students. The tool can also help those who are creating curricula identify strengths of their current curriculum and areas for further development. We will actually be releasing this tool later in May. And what we’ve done is we’ve taken from the old PDF version and digitized it so that you are able to use it online. Also, what we’ve heard a lot is that teachers may feel unprepared to teach financial education in the classroom. So we’ve developed this teacher pedagogy which is a framework for teaching personal finance to children. And this is based on the CFPB building blocks research, which you all should now be familiar with because I just talked about it. The pedagogy is designed to help teachers work with their students improve executive functioning skills such as planning and problem solving to create and encourage positive financial habits and effective money management to build financial research skills and compare and contrast options and to help teachers design safe opportunities for youth to practice financial decision-making. Again, all of these tools are located at our youth financial education website so feel free to go there, download them, use them let us know what you think about them, how they can be improved. So I will stop there and turn it over to my colleague (Laura) who will be talking about our resources for parents and caregivers. (Laura): Hi everyone. Irene Skricki: Hi, (Laura). (Laura): Hi, Irene. Hi everybody else. Good to be here and share a little bit, just continuing on the theme of additional resources that are built around the same structure of the building block. And this time extending them out to parents and caregivers. We recognize that parents and caregivers are really the top influence on children’s financial futures. Children learn most of their money lessons in the home and they absorb a lot from the family environment. And parents and caregivers are really teaching about money whether or not they are conscious of it. Their children are watching and listening and observing the lessons that they’re being given in the home. And the good news is with these building blocks, parents and caregivers don’t need to be experts in money topics, in specifics of, you know, financial products and services. They really can rely on working on the building blocks development to prepare their children for the financial decisions they’ll face in the future. And buried in these building blocks are things that parents are doing right. Even if there’s a parent out there who doesn’t have a great understanding of mortgage financing or retirement investing or something like that, they can be very strong in the idea of money management habits or value systems, the kinds of comparison shopping or getting bargains that they’re good at. So there’s strengths that parents can build on that I think are inside these building blocks. So Money as You Grow is the category on our website that is dedicated to parents and caregivers. As you can see, the URL at the bottom of this slide is consumerfinance.gov/money-as-you-grow with hyphens -- money hyphen as hyphen you hyphen grow. And this is the way into all of the resources that are created for parents and caregivers. One thing that I wanted to feature for everyone on the call is the Money as You Grow book club. And this is the program that is aimed at four to ten-year olds and their families -- the age at which children are still being read to in the home, essentially. The Money as You Grow book club is designed to take well-known and popular, widely-held children’s books and help parents kind of extract the money lessons from those in conversations with their children. The parent guides that we offer, as with all of our resources, are free for the download and for ordering. They accompany individual books and the parent guide goes through the story, the key ideas that are inside the story that have money relevance and gives the parents something to think about, conversation starters on how to read the book to your child, how to talk to your child about that book, and then activities that follow up on the contents of the book. So the Money as You Grow book club is also easily found when you start at the Money as You Grow page and you can see the list of books we have. There are a couple of the titles are also available in Spanish and so are the accompanying parent guides. This helps especially with that age group, start them on the path with the building blocks for young children and also for school aged children. There are 16 books in all in the program, in the book club at this time. And two of those are in Spanish so there’s really 18. You’ll see 18 guides out there. Irene Skricki: Right. And I know just from having handed them out at exhibitor booths, there are some for very young children… (Laura): Yes. Irene Skricki: …some for eight to ten-year olds so that you can actually tailor to the age group that you are working with or to your own children if it’s your kids. Teachers use them as well as people on other settings. I know Girl Scout leaders who have been using them, so. (Laura): Yes. So the book club, it can be used as kind of just a program that’s in the home between the parent and the child, can be kind of done on an individual basis. And then there’s also a way to host a book club meeting and then parents and children can attend together their activities inside the implementation guide for parents and children, that they can get together and in a group talk about the book and do some exercises. Irene Skricki: Right. So just to build on that again if you’re a parent… (Laura): Yes. Irene Skricki: …you can do if yourself at home -- read the book to your kid and read the questions in the guide and discuss. Ofr a place around near you may be running a group like this or you may want to do one. (Laura): Sure. Irene Skricki: And certainly we’ve been distributing these to libraries around the country. And after-school programs. So we don’t actually run a book club but we provide these materials to anyone who wants to do them. And I see someone is commenting here that she has been using them as after school-activities, which is wonderful. (Laura): That’s great. Yes. Irene Skricki: Great. Okay. So that’s the end of our formal presentation. I already have a bunch of questions coming in, which is great. So before I start in, let me just say Operator can you explain again how to do voice questions? And again, you can also send them in through the Q&A or chat function. I am checking both. But Operator, why don’t you give a quick voice question tutorial and then we’ll… Operator: Thank you. If you would like to ask a question, please press star 1. You’ll be promoted to record your name, so please be sure to unmute your phone. Once again if you want to ask a question on the phone lines, please press star 1 and record your name. Irene Skricki: Great. And while people are doing that who want to do that, we actually have a number of interesting questions come in. Let’s see. Let me - this is a quick one for Meia(Mina). It says I found your 2016 report on the website. Where can I see the new report? I don’t know if that means the updated one you were mentioning which isn’t out yet, right? Meina Banh): If you can clarify which 26 report are you talking about. Is it the building blocks measurement guide or are you talking about the… Irene Skricki: The one that you said you were about to update. (Meina Banh): The resource guide for advancing K-12 financial education, that one will not be released until later on this year. So there is no new report. The building block measurement guide will be up in the next day. And you can find that on our youth financial education landing page. And while I have the mike here, I just wanted to say thank you to (Elizabeth Otters-White) who I believe is joining this webinar. She has been a fantastic supporter of the building blocks measurement guide and could not have done without her. So I hope I did the presentation justice. Irene Skricki: Actually she had a comment which is interesting. I have to go through all these questions we’ve got here to find it. Which was just a quick point of clarity on the very first question we had about the identified trusted source of information example. As Meina had said, the menasure was longer than you could see. But sorry, we had some clarity from someone involved in the report that the measure was also about the ability to process information -- specifically to process information carefully by suppressing impulsive initial responses. So I think those questions we saw about whatever was purchasing something that you could impulsively say this is the answer but there’s actually one you process the information more carefully. But I think it’s sort of that the measurement itself is more nuanced. And so the questions may reflect different aspects of that. It’s not just about trusted sources but also how to process the information. (Meina Banh): Yes. Irene Skricki: Because it says here to suppress impulsive responses. I like that. Okay. Let’s go to another one here before we turn to voice. Someone as asked, I’m interested in interpreting the measures. Are the survey measures readily interpretable for practitioners? I guess one issue I could see is a survey providing a score but then that score is lacking a context. Meina, what do you think about that? (Meina Banh): Again, so in our measurement guide unfortunately I wasn’t able to show all the full page of the measures. But if you go there, it does show all the different special considerations, how to interpret it, things to consider. So I’m going to try to read off some of this. It includes the measurement guide, the building block in which it is associated with, the age group, the milestone that it is measuring, the format of the measurement, who it should be completed by, Who it should be administered by, additional measurement details -- and that’s probably where you’d be able to find information on interpreting the survey score -- relation to the milestone, relation to money or personal finance, background testing, special consideration sources. So it is a lot. And this is for each measure that we site, which is a lot. Again because of timing I wasn’t able to cover all this but I encourage you to go to the measurement guide and take a look at this. If you still have more questions and am unsure about how to best utilize and interpret this, please feel free to shoot an email over to the FinEx email address and I’m sure Irene can connect you with me. And I’d be happy to answer that further. Irene Skricki: Absolutely. So I’m actually just going to put up our last slide just so you can see the webpage for the adult Fin Ed page. And our email address there as well. CFPB_FinEx@cfpb.gov is there as well. We have a couple some more Q&As to the WebEx already. But let me ask Operator do we have any voice questions at this point? Operator: You do have a question right now. This question comes from (Luke Evans). Your line is open. (Luke Evans): Okay, great. Thank you. Hey, I did send this in through WebEx so please ignore that version of the question. I’m not an educator. I work for a nonprofit that’s involved in financial literacy. And we’re looking around how we can be more effective in pushing this forward in our local schools. But we’ve heard from educators that they have a lot of standardized testing and measurement that they’re already doing for this, the standardized testing at their various levels. And we’re wondering if there is maybe a group of questions in the standardized testing that could be used as a proxy for measuring youth financial capability rather than having separate tests that require more time away from teaching for those educators? I was curious if CFPB was aware of research in this area or took that into consideration. That’s question one. The other question is if there are local state and national data that are being gathered for benchmarking. And that might’ve been a question that was addressed previously with the interpreting survey but I’m not an educator, so I think my parlance and words are maybe off from the industry. Thanks. (Meina Banh): Great, yes. So in terms of local state data, we do work with the Program for International Student Assessment (the PISA) data that does an international comparison of how youths perform on financial literacy tests. So we do take some of that data and consider it when we are creating our programs and research. As for the standardized testing piece, I don’t think we’ve done too much engagement with that because it is more of a state and local issue and we are mindful that we are a federal entity. So I think what we’ve done here with this measurement guide is really just say to stakeholders we’re not trying to tell you standardized testing is the way to go or this is or something else is the way to go. I think we’re just providing a menu of options, like here are all the different types of measures that you can use. And you kind of pick and choose what makes the most sense for you. Unfortunately, we’re not able to kind of provide that extra layer of information by saying, you know, we should go the way of standardized testing and you should include this. That’s not something that CFPB is really in a position to do. That is some of the limitations of this measurement guide. Again, readers or stakeholders that are planning to use this should really see it as like a menu of options for you to consider how you would want to measure your programs. Irene Skricki: Great. Yes. And on the topic of the PISA results -- which is again an international survey of youth financial literacy essentially including the US and some specific states -- the results came out last summer, right? (Meina Banh): Yes. Irene Skricki: And we did a webinar on that topic. So if you go to the adult financial education page, we’ve referenced - there is actually a recording of that webinar in case you wanted to hear the findings of that. (Meina Banh): Yes. And to (Luke’s) point, you know, that’s also why we had an entire section on special considerations. If you are an educator and you have limited time, or you don’t have as many resources, clearly we want you to be aware that you should not be selecting measures that are too difficult to implement. So if it’s something that you could combine it with something that’s already existing and going on with your program, that’s certainly something that we would encourage. But we’re not in a position to say exactly what that may look like. So sorry for a not perfect answer to all of that, but. Yes. Irene Skricki: No, that’s great. Actually just on the issue of recording that I just mentioned, someone had asked will you be sharing a recording of the webinar. Yes, we do record these. It takes a few weeks to be posted but it will get posted on the adult financial education page -- again, consumerfinance.gov/adult-financial-education. And I’ll just repeat again that if anybody wants a copy of the PowerPoint you have to send an email to the FinEx inbox CFPB_FinEx@CFPB.gov and just say you want it and I will send it to you. And thank you. I appreciate it. I think this is the first webinar where no one has requested the PowerPoint through the WebEx Q&A function. I always tell people that won’t work and this group is a very good group and have listened very carefully and I appreciate that. Let’s see, Operator do we have any voice questions at this point? Operator: We have no other questions at this point. But as a reminder if you’d like to ask a question, please press star 1. Irene Skricki: Great. And I’m also checking to see if we have any other questions coming in through the chat or Q&A function. I think we are out of questions, which is a good problem to have. Yes, I think so. Okay. So why don’t we wind up here. So again, lots of great information here. I can attest that the guide is full of information. It’s very long and lots of different measures so it’s sort of a smorgasbord of different things that you can use for different age groups and to achieve different goals. I think it will be very useful for practitioners who are working with youth. And then as of course we noted we have a number of other tools and resources that we mentioned at the end that have been presented before but we hope you will find useful. Actually, we have one more question here which is a nice follow on I think. Do you ever do any in-person professional development on these tools? That is where we come and speak to people about them. (Meina Banh): Certainly you may invite us to come. I mean, if you are interested in that, we would love to connect with you and talk further about that. Again, I think the best way to do that is to send an email to CFPB_FinEx@CFPB.gov and then can try to organize that better. We’ll let you know that we have an entire outreach team that goes throughout the nation. I think one of the earlier slides that Irene had just showed how many different cities and places that we’ve gone to to talk to financial education practitioners about our tools -- not just about our youth tools but also about our tools for adults we well. So that’s something that our office does. Irene Skricki: Of course ironically no one on here could see that slide because the presentation was stuck at that point. (Meina Banh): Yes. Irene Skricki: But had you been able to see it, you would have seen… (Laura): I guess you could go back to that slide. Irene Skricki: It’s just a list of cities we’ve gone to that as I said did not actually appear on screen. But yes, we do FinEx convenings so if there are folks out there who want to gather a group of financial education folks -- adult or youth serving -- we are generally happy to come out and kind of do trainings and lead discussions and all that. So, we welcome that opportunity. Let me do one last check. No additional voice questions dear Operator? Operator: We have no other questions at this time. Irene Skricki: Great. Okay. So I think we’ll wind up here. But this was very helpful. Again, if you have not signed up for FinEx, please do. We would love to be able to send you our newsletters with upcoming webinars like this. We will continue to have them approximately monthly. Thank you very much to Meina and Laura for speaking on this. And we look forward to engaging with you all again in future webinars and other opportunities. Thank you very much. We are all done. (Meina Banh): Thank you. Operator: Thank you. That does conclude today’s conference. Thank you for participating. You may now disconnect. END NWX-CFPB HQ (US) Moderator: Sharon Mobley 04-26-18/1:00 pm CT Confirmation # 7372621 Page 1