Incorporating key elements of effective and engaging financial literacy training
Abstract
There are many factors to consider when developing financial literacy training. While the training an organization chooses to deliver will reflect the unique needs of its audience, financial educator Inger Giuffrida has identified eight traits that help make financial training effective and engaging. This effective practice is adapted from the article, "Elements of Effective Financial Literacy Training: Key Components of Effective and Engaging Financial Literacy Training," (May 2000) published on the Enterprise Foundation's website.Issue
Creating standards and developing financial literacy curricula to pass along to clients.Action
According to Inger Giuffrida, while the training an organization chooses to deliver will reflect the unique needs of its audience, there are eight traits that make financial training effective and engaging.
1. A Skilled Facilitator.
A skilled facilitator is essential to efficient and engaging training. A facilitator can also be thought of as a learning guide or an animator. Among many other tasks a facilitator must perform, she/he:
- Develops training that reflects the content and learning style needs of the learners
- Provides the framework for the thinking, doing and discussing
- Poses thought provoking questions that lead adult learners toward their own solutions
- Delivers relevant supplemental information
- Establishes and maintains the learning climate ensuring the contributions of all individuals are honored
- Provides effective feedback to those engaged in the learning process
- Ensures a balance between participants being heard and keeping the training focused
- Searches for common themes among participants and summarizes their contributions
- Possessing all essential information
- Filling the minds of students with knowledge
- Talking in the front of the room while the participants passively absorb information
Having a skilled facilitator at an adult training session is as important, if not more so, than someone with deep content knowledge. Specific content knowledge can be obtained through expert speakers (volunteer or paid); however, experts most often do not provide the essential elements a facilitator brings to training to ensure it is learner-focused. Of course it is optimal to find someone who has both content expertise or experience as well as good facilitation skills.
2. A Well Planned Training Tied to Behavioral (Participant) Objectives With A Focus on Application.
This element is directly related to the principle of adult learning. Adults are very busy and want specific solutions to their problems. In other words, they expect to be able to do something or know how to do something new that is useful to themselves and their families. Unplanned or poorly planned training is a sign of disrespect and wastes participants' time. Effective training design begins with the identification and development of participant or behavioral objectives. Behavioral objectives state in specific terms what the session participants will know (cognitive domain), be able to do (psychomotor domain), or feel about something (affective domain) by the end of the session. Behavioral objectives are written descriptions of specific observable behavior or measurable performance related to the knowledge being acquired. These are written from the learner's perspective and do not concern themselves with how the information will be conveyed (process or teaching objectives). Training content, method and evaluation flow from the behavioral objectives.
3. Content Relevant to The Audience.
The training must be structured to reflect the needs of the audience. This can and should be determined through needs assessments prior to the development of training sessions. Even if an organization chooses to use existing curricula, an assessment of potential participants' needs is necessary to ensure the training addresses the issues most pertinent to the audience. Relevant content will keep the participants engaged in the training and returning session after session.
4. A Training Based On and Reflective of the Principles of Adult Learning.
The design and implementation must incorporate the principles of adult learning. Adults have a great deal of life experience they bring to training. Tapping into this experience during sessions validates the adult participants' experiences, and provides a richer learning opportunity for everyone, including the facilitator.
5. A Training that Balances the Diverse Realities of Multiple Learners.
While the diversity of the learners is one of the key ingredients for a rich exchange of ideas and an exciting training, it can be one of the most difficult aspects of designing and delivering training for adults. Within financial literacy training groups, there may be people from different countries, regions of the U.S., religions, racial or ethnic groups, cultures, stages in the family life cycle, sexual orientations, as well as a range of ages, household income levels, and experiences. Every learning style will most likely be represented, and there may be people with learning disabilities or phobias in your group. Additionally, there will be people with different levels of:
- Formal education
- Experience with financial matters
- Literacy and numeracy
- Develop materials that use inclusive language and illustrations
- Cover a range of experiences in the examples used
- Write and deliver materials at appropriate literacy/numeracy levels
- Define new terms and use examples to illustrate the meaning of new or unfamiliar terms
- Vary the training method and process regularly within a training session to appeal to as many learning styles as possible
Note: If you are writing low literacy level materials, ensure the content is age appropriate. There is often temptation among inexperienced writers to use child-like phrases or subjects when trying to develop materials at low literacy levels.
6. An Adult-Oriented and Accessible Location.
Financial literacy courses should be held in locations that are easily accessible to as many participants as possible. Following are some criteria to keep in mind when choosing a site:Is the facility oriented toward adults? Elementary schools, high schools and youth centers are not appropriate sites for adult classes. Many adults have had prior negative experiences in these buildings and holding your session in a youth-oriented facility will make it feel like "school." Additionally, the chair and desk sizes will not comfortably accommodate the wide variety of shapes and sizes of adults.
- Is the site accessible for people with disabilities?
- Is the site on or near public transportation routes?
- Is there childcare on site or nearby?
- Is the training space big enough to allow for small group work as well as full group exercises?
- Is the training space pleasant, neat and clean?
The physical space is often an indicator to learners about how you as the facilitator view them. If the space is neat, clean, well organized and comfortable, you will convey respect to the participants. If, on the other hand, the room is dirty and cluttered, it may be taken as a sign of disrespect.Also, if the target market is geographically dispersed, you may want to hold the training in different locations during the course of a year.
7. A Training Schedule that is Respectful of the Needs of Your Audience.
Finding the ideal time to hold a financial literacy training course can be difficult. Generally speaking, evenings are best for adults since most work outside the home or work in the home with their children during the day. Weekends are also convenient for many participants, but often people want to focus on their families on Saturday and Sunday. The best way to determine when you should hold your training is to ask the potential program participants. Additional scheduling issues or the spacing of the sessions -- once or twice a week or once a month -- and the time of year should be discussed.
8. Training that Includes Evaluation.
Evaluation is the way to include everyone involved with the training/facilitator, guest speakers, staff and participants in measuring the effects of the training. A well-constructed evaluation will ask for feedback on both content and process (method). Most importantly, evaluation provides an opportunity for the participants to contribute in improving their own learning experience as well as future trainings.
Context
Financial literacy training should be structured to support the participants' progress toward meeting their savings and asset goals. The training should also provide program participants with opportunities to develop skills and acquire knowledge necessary to effectively manage their own financial situation. Most importantly, training should be designed to meet the participants where they are when they start the training and build on what they know in an affirming and participatory way.Citation
Giuffrida, Inger. Elements of Effective Financial Literacy Training: Key Components of Effective and Engaging Financial Literacy Training, (2000). From the Enterprise Foundation's Enterprise Resource Database website.
Inger Giuffrida is a financial educator and asset building strategies consultant. She offers technical and consulting services for IDA practitioners and has served with the Corporation for Enterprise Development at www.cfed.org, and GROW (Grand Rapids Opportunities for Women) at www.growbusiness.org.
Outcome
Those who undergo financial literacy training are more likely to make informed judgments and effective decisions regarding the use and management of money.Posted On
February 9, 2005For More Information
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