February 18 2015 Making Cents

welcome everybody to the februar 18 2015 making sense project webinar it’s a pleasure to have you here with us my name is Hillary hunt and i’ll provide a brief overview of our webinar and give some instructions and then that’ll be followed by tricia Heisey talking about basic banking’s what students should know about banking today and financial education resources available from financial institutions we were originally planning to have another guest speaker with us Chris rocky from pnc had planned to be with us but due to a family emergency was unable to join us today on the webinar so we appreciate Tricia stepping up and taking on the topics you’re covering covering more topics than she had planned to originally and then I’ll wrap things up this evening with some professional information and an update on our model curriculum a call for for some helpers to join a new team that we’re forming and then wrap us up here this evening the making sense webinars are a partnership between the pennsylvania department of education and penn state university there are part of a series of financial literacy and economic education initiatives the goals of our program are threefold to provide curriculum resources help increase content knowledge I know that some of the things Tricia is going to be talking about later today will probably be very new to almost everybody that’s on with us tonight and then also share professional information things that help you just to do a better job as a teacher in a variety of different ways I want to thank and acknowledge our project partners both Sally flirty with the Pennsylvania Department of Education and dr. Cathy Bowen professor at Penn State University and with that i’m going to ask tricia Heisey to unmute and i am going to switch things over here to Tricia and just a second oh actually I’m sorry Tricia oh I’m not handing over to you this was a this is our shift from our original plan we have a Trisha was having a problem getting her slides to afford an advance before our call before before the webinar began so I’m going to play Vanna and and or just be the mouse clicker for Tricia here this evening so Trish are you there yes I am all right very good good evening well it’s a privilege to be here I’m looking outside the window and I don’t see any snow squalls yet so we’re in good shape oh it’s coming it’s down where I am so it’s coming your way I’ll close the blinds oh I’m not distracted that’s right it’s a privilege I’m the financial literacy educator for Belko community credit union and some of my main roles is representing Belko in the community I work with different chambers of commerce with different nonprofit organizations but my passion and one of my main objectives is to provide financial education so I work with employees and I work with a lot of high schools as you’ll see during my presentation then with Belko for 32 years so I started right out of high school so I see the need and a tie-in for financial education in the high school arena k Hilary so I’m going to start with the basics just going over a few things how credit union differs from a bank okay next slide yep okay so you’re going to see a couple things that are different and then I’ll go over some similarities that we have as well so credit unions are not-for-profit any profit that a credit union makes goes back to its members in a way of higher rates on savings lower loan rates and products and services with minimal or no fees a bank on the other hand there for profit and they have to make a profit for their stockholders and their board of directors at a credit union we have tier or two directors and any member can run and serve on our board our credit unions they are member owned and member operated and with the volunteer board of directors every single member gets to vote on its board so whether you have five dollars in your account $50,000 or $250,000 every member gets one vote eligibility is a big difference whereas

anyone can join a bank but at a credit union you must be eligible for membership either through your employer through an immediate family relative or through a particular area for example bilko’s community chartered and we have one of the largest charters in the state of Pennsylvania we serve individuals and businesses and Adams Cumberland dolphin lancaster-lebanon Perry in York County so we serve a particular demographic area one of the similarities are that we are both federally insured up to two hundred and fifty thousand dollars I are raised or a separate $250,000 security and credit unions are insured by NCUA through the National Credit Union Administration whereas banks are insured through FDIC okay so finding a credit in you may ask how do i know if i’m eligible for one what I suggest you can do is go on its credit union campaign that we launched a number of years ago and it’s called the I balam campaign I belong org if you go onto that website there’s a number of different ways you can search it one is a simple search where you’re just keen in your address there’s an advanced search where you can key in your affiliation such as your sump lawyer your school that you attend church or organization or the last name you’re keen and the credit union name when you can that information it’ll pop up any credit union that you are eligible to join so it’s a really nice feature to know um some credit unions still work with particular employers while others have expanded to community charters financial resources this is another similarity that both credit unions and banks have we both provide a full range of products and services we have all different types of savings products investment retirement options as well as many different loan options most credit unions and commercial banks both offer these products and services to both businesses and individuals um as I said I’ve been with Belko for 32 years and while have I seen a lot of changes over those years with technology I remember when the first ATM started and I thought that was such a great machine and then you know that wasn’t convenient enough so we came up with the drive up ATMs and that was nice because then you didn’t even have to get out of your car especially if you have young children well then as we continue to make advancements as consumers nowadays you know a bigger better faster and more convenient it came up with smart ATMs which hm’s now can even cash a check to the penny the typical ATMs might have ten and twenty dollar bill increments but now the smart ATMs can cash your check you don’t even need to key in it put an envelope in you just slide your check in again can cash the check to the penny you can even say how you want the denominations some even just spends postage stamps and gift cards then because as consumers we don’t even want to leave the comfort of our home we have remote deposits now now not everyone is automatically eligible for removed upaya as it some institutions will base it upon your credit score and your history with the financial institution but remote deposits it’s really a smartphone application where you’re taking a picture of the front and back of your check and it gets credited to your account typically there’s anywhere from like a one two three day time period before it’s actually credited but technology it just amazes me how we’ve advanced with things such as that then bank by phone we have a 24-hour phone service which many institutions do where you can call up and transfer money find out what your balance is or you know you get up in the middle of the night you can’t sleep you can balance your checkbook or see if the check clear and so forth right over the phone and then became online banking which was nice because you have that visual there you can do all sorts of things with online banking again check your activity transfer money take out certificates just a whole host of things to make it more convenient to so we don’t have to write out checks we have the bill payer system where you can just go on and electronically deduct funds from the account to pay utility bills and so forth and then a smartphone banking most folks have smartphones now

so you can actually download the app from your financial institution and again do most of your transactions right there I’ve already you know stood in line at the register to see okay this is how much is in my account or you know you want to bear by payrolls posted or whatever the situation is all by the use of your phone that technology is available and then the ATM cards that used to be typical it would come out of your savings or checking and I never forget when check cards first came out and I thought well that’s crazy you know just write a check out but check cards are so popular now I think it’s almost widely accepted as easily as cash sometimes you know you’ll hand cash to a clerk and they’re not even sure what to do with it it’s so crazy so check cards are really popular whether you hit debit or credit when I asked you for transaction it’s going to come from the the checking account is going to be deducted some people get confused with that so check cars are wonderful very convenient and you can use it at most places that accept like these I MasterCard and things like that then the in these smart cards which I’m going to talk to you about that in just a moment so what is an EMV card the envy stands for europay MasterCard and Visa and why are we doing this because there’s a lot of fraudulent activity and a lot of that is because information is stored on the back of a card on that magnetic strip now many European countries have used this technology for several years and because they have this technology more and more people than have come to the US and that’s one of the reasons fraudulent activity is higher in the u.s. so by adding this euro chip technology experts estimate it should decrease the lesson fraud by seventy percent which is an outstanding percentage so again some of the differences with the magnetic strip the information is stored in the back with the chip every time you use the card and instead of swiping it they refer to it as dipping your like dip the card into this reader it creates a new code each time so it’s a lot less likely that that can be duplicated that card the initial round of cards will have both the magnetic strip as well as the chip because it’s going to take quite some time for all of the financial institutions to reissue cars and for merchants to get these new readers in place I mean you can imagine the cost of it because you know you might have a store that might have three or four readers now for the magnetic strip but he’s sly but just imagine the walmarts and targets and things like that when they’re like you know tens of thousands of reader so it is very costly the important date is October first because after that tongue fine if they don’t have the new reader in place than any loss that may occur due to fraud is the merchants responsibility so at that point again if they don’t have that new reader in place with the chip then that merchant takes on that responsibility okay so just a little bit of trivia some facts here in 2015 by the end of this year 1.1 billion EMV cards will be issued 13 million point-of-sale systems will be upgrading we just talked about that to this new it to be EMV compliant and the average cost to issue and replace a new EMV card is three dollars and fifty cents so again it’s expensive for the merchants it’s expensive for the financial institution on some financial institutions they pass that additional charge on to their member or to their customer but in the long run I feel with you know it’s going to be a good investment because of the decrease and the losses due to fraud so I’m going to talk to you about I can talk with Belko particularly does in the schools many other credit unions and I know there’s banking programs and so forth so some are very similar but with what’s out there but I want to direct you to what you know we’re doing as well again I work with many nonprofit organizations also with students parents and volunteers this year alone or sponsoring 15 local high schools with a financial literacy booklet that’s written by ce mark and in the picture you can see the

booklet it’s not there’s maybe 60 pages tops so it’s a nice compact booklet but it’s packed with a lot of valuable information you can go on see marks website check out they have other different booklets available this one typically is best for high schools there’s one for more of an elementary grade level as well as some for adults like how to open manage a checking account some of their booklets are also available in Spanish as well as English what our sponsorship does it allows us to work with many different high schools in the area I follow up with the sponsorship by going in and providing classroom presentations and I’m sure as teachers it’s kind of nice to have that break and have someone come in and have someone come and that’s you know an expert in that area as well as they can give stories and examples of what they have seen firsthand in the financial industry so for example the budgeting activity I talked to them at least once set SMART goals we talked to them about goal setting but the bulk of the time is really doing a very fun interactive budget activity where they work in groups and they randomly they pick a card which will tell them what their occupation is the group’s occupation and then they quickly understand necessary expenses such as utilities and health insurance and things like that just even finding out how much comes off your paycheck and taxes is an eye-opener for them at some point then they during the budget activity they get to make real life adult decisions on transportation options there’s housing options clothing food and so forth a time and time again I hear students say wow I never realized how much my parents you know spent and paid for just everyday household expenses and things like that and they have much better appreciation for the parents I talk to about credit basics understanding credit some financial terms that are related to credit as well as telling them to start credit responsibly I usually share a little story with them about how many of them look forward to the day when there’s no more report cards and hands fly up they can’t wait but I tell them they’re going to get a report card the rest of their life and it’s in the form of their credit report or their credit score so just like in a is good in school and a is good on your credit report that’s going to determine what you can buy when you come by and how much you’re going to pay for it i also have a presentation alone ID theft and towards the end of the presentation I’m going to give you just an abridged version of a PowerPoint that I do on ID theft for the schools Bellco we promote our youth and young adult savings programs because with many institutions as well it’s important to get the children to start saving at a young age so we personally make a fun clubs are saving safari club is for 12 and under then we have an extreme teens club for 13 to 18 year olds and then we have a Smart Start package for 18 to 29 year olds not only do we offer incentives and rewards for them saving but we also promote academic excellence so for grades kindergarten through 12 for every a they get on a report card if the parent or grandparent deposits it we will match that up to five dollars per marking period so again we’re rewarding them for doing academic excellence now once they graduate and go on to college if they take at least three accredited courses and maintain the 3.5 GPA right now we’re giving out free kindle fire so that has been a fabulous program and a lot of young adults are taking advantage of that we also offer 5 $1,000 scholarships each year three for high school seniors and 24 members continuing their education so again we’re linking the financial education with the importance of savings as well as academic excellence I don’t know how many school districts are on signed up but I’d be interested to know how many of your school districts require financial education as part of your curriculum I know this year central dolphin school district and the

Harrisburg area has a required ninth grade class all ninth graders have to go through that class and I’m thrilled with that because I’m such an advocate for financial education my son is in 11th grade nice central office and I just had the privilege of survive but um he’s taking financial management as an elective and even at his age almost 17 years old he said you know wow the information we get here every single student should go through this so I’m really glad that central dolphin has taken that approach I know state representative rosemary brown she if she hasn’t already introduced it she’s in the process of introducing a bill that would require high schools to have some type of financial education requirement component they said we also work with schools to do mock interviews we support their ptos and events we work with them with her after school programs um also I there’s a wonderful committee that the Harrisburg chamber has and I would encourage you to check with your local chambers of commerce they have an education business partnership committee it’s one of my favorite committees to serve on because you have the business sector you have a lot of like the career coordinators at high schools as well as post-secondary schools and we’re all working together we do a host of different projects but one of you know one of the things that the schools are asking for from businesses what can we do to better prepare these students so when they graduate so you know even just like soft skills communication skills things like that is very important so that’s a great committee and I would encourage you again to check with your local Chamber we sponsor different high school business challenge we’ve hosted a reality bear in the hand with Pennsylvania accrediting Association and we also financially support and provide volunteers for junior achievement okay I’m very involved with Junior Achievement I work with Junior Achievement of central PA as well as junior achievement south central PA and on the Regional Council and I work with volunteer at all of their different events and also teach classroom curriculum and velco sends volunteers as well again I know other financial institutions are doing the same but classroom curriculum is through grades K through 12 is typically 5 45 minute sessions and a lot of times it’s you know a volunteer from the community from the business sometimes it’s a parent Junior Achievement focuses on three components career exploration entrepreneurship and financial literacy typically again am I you might go in once a week but they have a whole curriculum already outlined they give you a booklet it’s very simple for the volunteer to do j.a in a day sometimes they’ll take that five-week curriculum those different five sessions and then just do that all in one day that’s typically sometimes at the elementary school level but sometimes even at the middle school level J a biz town ah the one that closest here is in York Pennsylvania if you’ve never seen that google it it’s a wonderful program there’s a curriculum that’s taught for mainly fifth and sixth graders and they work on crew exploration and so forth but they learn about different jobs they have to apply for a job and they could go through an interview there’s a town mayor that works at City Hall there is a DJ there’s a snack shop you know lots of different you’re the kids are actually running a town for a day so it’s phenomenal finance park is for usually anywhere between 10th and 11th graders typically attend that and that’s like a budgeting activity as well if they do because of school budgets and things like that and they found school saying it’s a little difficult to get students for busing and so forth to get them to York this year they launched a new program called real life I the privilege of helping out and again it was at central ball in high school but the real life program it’s broken down into different components there’s a financial Jenga there’s a real life almost like a life-size life game you can see in the bottom corner of the slide and they roll the dice and they have to go to the different blocks and then see what life has handed them on the different blocks

part of the time are doing insurance jeopardy so they’re learning about that the price is wrong we’re there it’s kind of set from the price is right game as well as part of the activities is budget build or activity that they do at finance park it’s just streamlined a little to fit into the day the stem summit they started that last year is extremely popular it’s hell right at the school and it’s a one day program it consists of 9 30 minute sessions where students will rotate through in groups of 20 to 30 students and the sessions are a mixture of hands-on experiments team competitions and career panel presentations the goal is stem summit is to inspire students to pursue a stem focus in their academic selections for the science technology engineering and math course and then the J a symposium this is probably one of my favorite activities and events high school boys and girls J a central I know has one for both young men and young women J a style central right now just has a young women symposium about 125 again your young men and young women take the day they go in and we do different activities with that part of its budget building they listen to career panelists we show them how to properly write a resume do job interviews and things like that so it’s a wonderful day and it ends with a motivational speaker who is absolutely phenomenal so that is the highlight of one of many of the students high school careers and if any of you your school’s if you participate in and these events feel free to put a comment on and to let us know how you like them or if you want more information just check the local your local junior achievement again because as some of the junior treatments have smaller offices all of these events nathi may not be available in your area other ways credit needs work with schools is by starting in school branches the purpose of the in-school branch is really twisted young people in personal finance as well as prepares them for employability skills so what is it in school branch it’s really a partnership between the financial institution as well as the school district it gives this in school range of students opportunities to learn about these money management skills and it also helps prepare them with math and organizational skills as you see outlined there by really getting the students involved in the operation of the branch most branches will have limited hours usually they have a credit union staff person on site so it might run like a monday wednesday and friday between 11 to 1 over the lunch period so again we’ll have a staff person there or sometimes they will stipend the teacher for them to oversee the program security tip it’s not available to the public so it’s still closed for the students and staff to participate so it’s secure in that sense also one of the drawbacks that I’ve heard in the past while it is very successful some teachers are sometimes a little hesitant of giving say a student may be a paycheck or something like that to deposit because you know it’s confidential information and they would just rather prefer going to a branch off site but there are many different advantages and I’m going to show you some pictures in the next slide they can vary some are very simple okay that can vary greatly in in size as well as cost you can set up just deposit days in your school where maybe the financial institution will come in you know once or twice a month and take deposits and then take them back to the branch there are standalone like kiosks that is in the upper left corner and then down below the bottom picture shows pretty much a full-size setup many schools will actually use their school store as a place to incorporate the credit union branch okay the credit union benefits because they’re really growing their future membership by having an on-site branch it’s a great report to with the staff great branding and great way to promote the financial education in the school system again they can reach out to parents and staff as well and high

school students many times though actually stay home with the credit union after school and work or even during christmas break holiday breaks as well as the summer so a lot of times they’re planning is he for future cruddy and employees if you’re interested in learning more about an in-school branch i would recommend that you go on pc UAE’s website it’s pennsylvania credit me association you can either follow the path that I have or just simply google student branches in the search there are currently 54 credit union right student-run branches throughout pennsylvania and you can see what credit unions are currently offering the in-school branch also a great resource is through the Michigan craigy League you can go on their website and again in search to the in-school branch they have an entire handbook on how to start even you know if you have to pitch the idea maybe to your principal or to the school administrators it takes you step-by-step exactly how it go about that how to set it up policies procedures you know even sample deposit slips and everything so that is a wonderful i think it’s like 54 pages but it’s a wonderful guide to answer any questions that you may have and if you’re interested I would strongly encourage you to check that out okay the Pennsylvania credit union foundation is another wonderful resource I know we’ve worked with with them very closely over the past number of years many schools will want to look for a sponsor to provide maybe the financial literacy booklet or to provide instruction and things like that or even to set up a branch you what you would need to do is work with the credit union because you need to have a sponsor credit union the sponsor crediting you will really work with the foundation directly for example the financial literacy booklets that I showed you they will help pay the cost of the books for two years and then after that their hope is that creddie new net will continue to provide that book at the crediting is expense which we have done for many years with the number of schools that we deal with also as far as the branch if you are interested in doing that and cost might be a factor the credit union is foundation will match fifty percent of what the credit union invests up to ten thousand dollars so if you’re doing like a full branch build-out even in the school store and the cruddy means willing to invest twenty thousand dollars you can potentially get a grant up to ten thousand dollars want to make sure I have your attention because the information that I’m going to go over is on ID theft again this is an abridged version of what I teach in the high schools and I hope you find it as valuable as well so ID theft occurs when someone uses your name social security number and other identifying information without your permission to establish accounts my tech out loans file for bankruptcy even give your name during an arrest recent federal trade commission studies explains that ID theft costs us business is nearly 48 billion dollars annually and cost consumers an additional five billion dollar so how do crooks get your number some of the more common ways or lost in stolen wallets misused by family and friends as you can see that from mailbox and data breaches so I’m going to go over some of them in a little more detail but this is how they get the number who’s most vulnerable typically 18 to 24 year olds because they’re just starting out maybe applying for credit and things like that so they would be less likely to be turned down Plus that age group tends to use a lot of technology so they could be a target elderly people are also a target because they’re very trusting you know they receive a call saying that there is a problem with their Medicare or you know your grand child’s been arrested we need your account information they’re going to be more likely to give that information up so this information like over with the the students also encourage them to share that with their parents and grandparents as well the average victim spends 30 to 60 hours resolving the problem they spend between 500 to 1200 dealing with the river and

the perpetrator gets away with over ten thousand dollars in cash goods or services so here’s some trivia for you we were talking about data breaches one in four data breach notification recipients become a victim of identity fraud consumers who have their social security number compromised in a data breach are five times more likely to be a fraud victim than the average consumer you know number of years ago was TJ maxx and that you know a couple years went by I died off then the next big one to hit was target then on the heels of that it almost became almost an everyday occurrence than it was home depot and michaels and jimmy johns and a number of other ones then it even moved to recently to payroll processors like pay time and medical insurance providers so this information is out there it can be hacked into so it’s really important that even as consumers we do our part now the data breach not every fraudulent activity results in ID theft as I was sharing with the earlier group I was a potential to have fraud on my account with the target breach because I had used my card during that time so Belko reissued cards burning those potential victims and that’s very costly for a financial institution so that happened I got my new card probably January timeframe i’m guessing beginning of april i looked at my thesis statement and I thought it has my visa balance so high here someone reproduced my new card and took two one thousand dollar cash advances near the Philadelphia area now that card never left my sight I never gave it to anyone and a couple slides later we’ll show you how things like that can occur so these are the different the cause of the type of breaches as you can see from 2011 to 2014 hacking is a number one way that these data breaches are occurring I gave the kids a quiz I have all these different terms on papers with definitions and they have to match up but when they see it may start giggling it’s almost like it’s you know words to rap music the skimming and scanning and spamming we’re going to talk about some of these in just a little more detail the first one is this skimming device the upper corner is a handheld device and you can see how it fits in the palm of your hand most time you know you’re going to run into people that are very trusting this is just raise awareness so when we go out to dinner we’re done eating the waiter waitress comes up gives us our check and what do we do we give them our credit card or debit card and they walk off we’re trusting that they’re going to process the transaction properly in most times they do but they could easily have this device in their hand and swipe your card through that’s where that this reader reads that magnetic strip on the back of the card after a number of swipes and they get this information they’ll either download the information or sell the skimmer and that thief will then reproduce cards which is probably what happened to my card another thing to look out for if you go to say a craft show or a concert and things like that the device they can swipe through code it’s called square some of the devices are and they’ll have it on their iPad or maybe their phone and then you’re signing right on their phone for that purchase people can easily purchase those I’ve even seen them for sale at advanced auto they can get those devices so be very careful when you give out your card and who do you give it and who you give it Joe and just be cautious the bottom picture is an overlay on an ATM machine if you ever go up to machine and you see something just doesn’t look right or maybe it’s not aligned you can just jiggle it a little to make sure it’s actually the original part to the machine if there are any doubt please make sure you go into the financial institution and let them know at it we are we’re required as part of our procedure i should say is to check our machines daily to make sure no overlays have been placed on our ATM machines right skimming devices at the gas pump is the next slide and i just added this um for my presentation last week and the kids were really that they were very interested in it there’s lots of clips YouTube clips and news clips online that

you can google the middle slide shows the gas where you would insert the card and people a lot of times they see pullip maybe in a van to block the view the cashier they’ll open that door and insert this skimming device so you unknowingly when you’re swiping your card when you’re sliding it it’s reading that information off that magnetic strip on the left and the right of it you’ll see where a seal goes across that door so you want to make sure the seal isn’t broken or in the example to the left it’ll say void if that tapes been tampered graph so just make sure that you look for those things and again if you see anything make sure you go inside and alert the clerk or the owner okay we’re going to talk about a phishing attack a lot of times you might receive an email or a text and it’s usually a generic reading your visa customer dear friend it refers to an urgent problem and it asks you to key information and it might urge you to click on a link within the message a couple examples that I have I received one from ebay saying that my account may have been compromised so at first blush I thought okay they have my back there looking out for these things then it asked me to set up a new account number as well as a new PIN number now the site looked absolutely legitimate but once I saw it was asking for that information I stopped and did nothing more than likely that was a phishing attack there was one several months ago were several institutions in the area were hit with it people were getting text messages saying that their visa card was deactivated and they were to call this number to reactivate it and with that they had to have a new PIN number so here when you made that call it sounded legitimate but it was bogus and people were trying to reproduce card so again just always be careful of things like that farming is even worse because you don’t even have to click on a link it’s embedded right in the email and we’ve seen misspellings and domain names so right underneath that underneath domain name URL you’ll see it looks West credit union gorg both times the first one knows actually two V’s now you know if you’re looking at it my mullets could be obvious but you know where we live in a fast-paced world world we’re all in a hurry so at first blush it looks like west credit union’s website but it wouldn’t be it’s redirecting you to a an illegitimate site even down like at the paypal or the google examples down here they’ve just tacked on some letters to the end of the URL line and it’s redirecting you to an illegitimate site so here are some helpful tips to combat ID theft I always share with the students and again with adults but be very careful you know use strong passwords not your birthday not your address I’d be very careful in the strength of the passwords make sure that you even lock your cell phone because again there’s so much information on your cell phone your account balances and things like that to make sure you’re careful with that and safeguard your your cell phone use upper lower case letters don’t share your password with anyone handle your personal identification again be very careful where that’s stored I would encourage everyone to read your credit report annually you can get one free credit rating from each of the three credit union or I’m sorry from each of the credit bureau providers each year typically we recommend the first time get them off all at one so that you can compare them to make sure everything’s current and you don’t see any council in there that you know you did not establish and then after that stagger them out so that you know typically if one reports it the other two will will have it on there as well so that’s my advice to you be careful what you carry around in your purse or your wallet don’t have your PIN numbers written down be very careful with that you should never carry your Social Security card in there and again share these tips with both you know your friends and your family okay some other helpful tips just basically you know install the latest virus protection where’s spam blockers and things like that make sure you have the correct browser security levels set up and again just be careful when you get emails and things like that what it’s asking for a financial institution is never going to call want your social

security number of the phone or ask you for a pin number and things like that there are many safeguards in place at financial institutions in the last two slides I have there are so many different wonderful resources on financial education I’ve listed just a few some are free there’s an expense for some again sometimes you can work with a financial institution to see if they can sponsor that many are more than willing to come into the classroom and present on on topics as we discussed earlier and then I one more slide with some additional resources I know I the Philadelphia Federal Reserve they gave wonderful actual classroom curriculum and instruction out I see the council for economic education is hosting a seminar in Florida and October over the Columbus Day weekend and that looks like another fabulous resource to utilize some are very fun they’re very interactive and I think that’s what’s really important when you’re working with students you’re making learning fun so they’re going to be more apt to retain this information and pass it along as you know Hillary will say it might not they might not remember it next week or even a year but believe made this information is very valuable to them and they will remember it down the road as they begin putting some of this into practice when they’re opening their check-in encounter or getting their first loan the information will be invaluable to on clean the last slide is questions alright if anybody has any questions for Trisha please put them in the in the questions section there in your control panel we did have one that came in earlier for you Marta asked do all credit unions have similar programs when you were talking about some of the things that that bill many crying is due sometimes it’s going to be dependent on their size as to know how elaborate they are so to speak so we’re we’re about 425 million dollars in assets so we are the third largest credit union in the Harrisburg area but many do have some type of you know savings accounts to encourage kids to say thank you so much Tricia I appreciate you being here and sharing all that great information for us we really appreciate it and if anyone has any questions after it please feel free you have my contact information to reach out to me individually thank you thank you alright we’re going to move on here in our presentation and talk about the model curriculum and some professional information Oh Patricia and then we had another question are there new guidelines to teaching reconciling the checking account with the advent of online banking I know the book that we sponsor they just upgraded that an updated it maybe a year ago two years tops and I can look through the actual they have an activity so as we’re going through I can look at that I know it does discuss about the check 21 which you know can clear your check checking account instantly so people can no longer you know Duke hiding or have that flow period so I know it definitely addresses that in there which that’s you know then in the last number of years but um I can take a look as you’re presenting and I can answer that later on alright great thank you so much Trish I appreciate you staying with us alright I’m going to go ahead and and move us forward here then and talk about a couple of new resources or information that are available the first is the new new study that came out of Montana State University of wisconsin-madison and the Federal Reserve Board it was sponsored through a grant from the FINRA investor Education Foundation and it seeks to answer a question that we’ve been having for years in financial education and basically is does it matter and doesn’t work and is there an impact especially you most people are curious about whether or not there’s a long-term benefit to financial education not just a knowledge increase say for example you know you can pre and post-test your students but does it make a difference in their financial behaviors or attitudes down the road and in particular um you know can we see can we

see a broad impact at a sort of higher level and so there was a national bureau of economic research study over a decade ago that looked at states that had a requirement for consumer education but nothing had been done recently to look at this issue and so um we have a new study that basically says that yes mandated courses and financial education do do matter and can make a difference and it can be a pretty significant difference and so this this new report that came out on this study they looked at three states that have a requirement for financial education of some kind and compared those to two schools or two states that did not have a required course in personal finance and what they did is they showed that in the states that in which there was a requirement our mandate had been at put into place that there is in effect in an impact on on credit behavior in particular down the road and what I think is really interesting and this may be some of the shortfalls of some other research they looked at by implementation year when it made a difference so one year out not a real big difference but boy can you see a difference in the third year after implementation of the financial education mandate what what kind of a difference it made so you know look at Texas you know just one year out of a five-point change in the credit score all the way up to a 32 point difference that’s a that’s a very significant difference same thing over on the other side we were looking at the sensed States here but in this case we’re looking at the 90-day delinquency rate so where we want credit scores to go up we want the delinquency rate to go down and we see there again a pretty significant decrease in the rate from the the first year through to the third year something else that’s coming up that I’d encourage you to check out and consider participating in and or watching afterwards is visas annual financial literacy summit with the Federal Reserve Bank of Chicago this is an annual event they’ve done this for a number of years and each year they have a theme or a focus last year’s was on the unbanked and underbanked and this year I think might have some particular interest for teachers because we it is a focus on improving Millennials financial literacy with mobile technology this is an area that is of very great interest by those in the in the financial education community and you can register to to watch the online streaming version of the summit that will take place April fifteenth on on tax day from ten to twelve thirty eastern time it’s listed on their website and central times you have to do that conversion or if you want afterwards on then they put a video so here you can see on the screen capture that there’s option to watch last year’s the eighth annual event once this one is done though I’m sure put up the the one from this year and make that available to if you’re not able to watch live I think it would actually might be interesting to have students watch watch some of it or a portion of it and react to the discussion I think it would be sort of an interesting thing to do in class if you had that opportunity most of people I don’t have two three two two and a half hours of time in your your week or during a day while you’re teaching to watch the entire thing but just might be fascinating three other events that I wanted to promote this evening the Federal Reserve Bank of Philadelphia some of you may have been on previous sessions when we had Andrew hill and or Todd zartman from the Federal Reserve Bank of Philadelphia’s economic education department join us for programs and they are going to be doing a series of programs here in the in the spring and then over the summer that relates to financial education and I’d encourage folks if you have the ability to attend any of these to do so you can register on their website right now registration for all three is now open these are fantastic programs very low cost to attend and just just really really great programs for those that are here at the middle school level for that

first one and then the keys to financial success program is basically where they give you everything that you need to teach us one semester course the keys to financial success course is for the most part based on the financial fitness for life curriculum from the Council on economic education it’s supplemented with some things that they developed in-house as well as materials from visa and a few other places but everybody who participates gets all of the materials you get a USB drive with the financial fitness for life curriculum materials on it and everything that you need and then their week-long making sense of money and banking which is a little bit more of an econ focus but also great if you’re teaching monetary policy in any of those pieces in your personal finance courses the other thing that they have on this page now is a video it’s a little over two minutes and it includes a couple of teachers talking about their experiences the programs and and shows some snippets they’re very hands-on very engaging you get to do a lot of the activities and participate in the what the the lessons would look like as a participant so that you’re more confident taking those back to your classroom and using those with your students so highly encourage you to consider on scheduling yourself to go to one of those either in March or coming up over the summer another new resource that is available is the map in the real world set of lesson plans the first there these are ongoing and rolling out as we speak the first set come out already and a few more are coming out I’m a little biased because I was part of the team that helped to write these actually there on the screen shot that I captured that one graphs mislead us is one that I co-authored with a professor from South Africa we participated in a program together then no now I guess December before last in st. Louis at the Federal Reserve Bank of st. Louis to start work on these lesson plans and then that how expensive are payday loans lesson is another one that I I wrote that one independently but the majority of these are written by high school teachers the team ones a lot of those were co-written by math teachers with other econ or personal finance teachers as a team and you’ll find a lot of great resources in these I’d encourage you if you if you could to send this link out to some of your math teachers and share with them the information about these these lesson plans because it’s a great way for folks to in some cases use some some pretty hefty math in with these this is also something very applicable to to high school mix courses Rx and I’ll economics teachers some of you I believe are familiar with our model curriculum that we put out this this fall or just it release this this last fall I like to refer to it as being in sort of two sections the what and the how so I’ll talk to you just a little bit about those so the what piece so this shows on the long-term transfer goals the big ideas and the essential questions for a pre-k to 12 financial education curriculum so this is sort of you know at a glance what this would look like and again these are overarching across all of the grade levels pre-kindergarten through 12 we decided to break down financial education into these six big ideas you can slice this pie any number of ways and you know we know that in in every school if we went went to every school it does it of course in personal finance their their units for example in a course would all look a little bit different um and we just decided we had to we had to pick one so we actually went with the the same breakdown as the National Endowment for financial education newest version of their high school financial planning program and and organize things around that it doesn’t mean that this is the right way are the only way to do it it was just the way that we chose as a team to to organize ourselves and in our work for each big idea we’ve identified the essential questions as we’re also listed on that previous document and then by grade level on we have specific overarching concepts and then specific competencies within each of those grade bands and then correlating those to the standards in economics family consumer

science career education work and bcit or business computer information technology so you’ll see if you download document we have this it goes through all six of the big ideas with a list of personal finance concepts and competencies by grade level this is sort of a snapshot version that doesn’t include the competencies but lists all of those standards at all the grade levels by the concept and this is available on SAS from the front page or what I would like to call through the public side of SAS so if you go to PDE sasso RG go to the curriculum framework tab there in the green and then click the tab for personal finance model curriculum its side by side there with with the library model curriculum and the PA core curriculum framework so this is where you’ll find those three documents that i just showed you okay I just want to make sure that my audio and everything else is still catching up and the slides are catching up so we click the raise your hand if you can see my focuses on the house lied right now okay great I appreciate it you guys we’re definitely hampered a little bit with technology today as I like to say it’s great when it works I’m sure all of you have never experienced a time or two when you hope something would work and it’s not always cooperating so that seems to be us today alright so the how piece and this is I’ll show you where this lives on SAS this is on the back end because we don’t want to sort of give the keys to the kingdom if you will away with all of the assessment and everything else on the front end so this is on the back end of SAS and this is where we focus in on the integration k 28 to pre-k 28 and then with crew very clear grade by grade delineation I can tell you when you show a document with everything from from pre-k all the way through 12th grade on it to a first grade teacher for example their eyes tend to tend to sort of glaze over but what we did to to make that easier is make it make it a little bit more digestible so first we developed grade band summaries so this shows from pre-k to 2 what’s gone where students would be focused grades 3 to 5 and then six to eight and then what I think are probably most useful than is breaking it down by individual grades so if we want them to get to a certain point by grade 2 then this is what it would look like in pre-k kindergarten grade 1 and gray to in terms of how you would break that apart so you don’t need to do for example once and needs in every single grade you know you don’t have to have a unit on wants and needs every single grade kindergarten first and second we suggest that that take place and in first grade and you know making connections for example in kindergarten between how community helpers provide services and earn money we tried to work really closely with elementary school teachers in what they’re already doing and where they’re good could be ways to to make these things make sense so for example you know they very frequently talked about community helpers you know firefighters and you know doctors and veterinarians and what have you in in kindergarten and our suggestion is that they incorporate that on into a small financial education lesson talking about how those individuals are money for what they’re doing that um you know the what we our belief is that you know integration is important and then we’d love to see it then with a capstone course at the high school to sort of cap things off it’s been developed in a traditional one semester since we have a lot of teachers that have you know we know teach on a block and we’ll make the accommodations accordingly we have a strong preference that it be taught and grades 11 through 12 just because that’s when students are most likely to be engaged and interested in financial education classes much more so than when they’re freshmen and they haven’t gotten a job learned how much expensive car insurance or gasoline is started to really pay attention to the price of what it’s going to cost to go on to college or be living on their own in a year or two so we find most of the teachers that we’ve worked with report

much greater levels of success when they do this in grades 11 or 12 it also allows for a lot of flexibility with what department at offers as I mentioned before we’ve aligned with all four of those standards areas economics FC CIT career education and work so a lot of flexibility there you I mean it’s how you can access this I’m but module are these components that you’ll see here basically it breaks dine with the backward design you um things like you know people with lots of money don’t need to budget well that’s not true so we talked about some of the misconceptions that students frequently have and and what some of those things are to look out for if you’re teaching a course especially if you’re teaching a course for the first time and don’t know maybe what students might come in thinking and then we include all of the basic components the concepts the competencies of a cab you Larry we have suggested assessments as well as then strategies for instruction and within each of those then we have links to lesson plans from the National Endowment for financial education high school financial planning program take charge today’s program visas practical money skills for life and all of those are hyperlinked then it’ll take them take you directly to the lesson once you’re logged in those organizations do a really good job of updating their materials so we didn’t want to download their stuff and put them on our site we want you to go to their site and register so that they know that you’re using things and that also when you get resources that they’re the most current and up-to-date we would not be able to update these documents every single time say for example that take charge today updates a lesson plan or an activity so we’re sending you to wear those live and where those are on their websites so the first time you access it if you don’t have a user ID with some of those organizations you’ll want to get those and and and then log in each time so those links will work and take you directly where you need to go and then with each of those we also offer suggestions for differentiation both for struggling and advanced learners and then also discipline interdisciplinary connections the additional resources are quite rich in each one we’ve pointed to ones that you’ve seen on some of our other webinars so for example ever phi is a problem popular program we’ve linked to those and some of the others that we know connect and correlate to the personal finance course to get to this you want to go to the PDE SAS org and log in under the right hand corner down here at the registered users if you’re not logged in you can you can join it’s very quick and easy to do when you do that then you’ll go to the teacher tools up here in the top right hand corner and then to curriculum mapping and once you’re logged into curriculum mapping you’ll see here the PA standards instructional framework for personal finances side by side with those for ela and math so if you click on the frameworks or personal finance you’ll see the documents that i mentioned earlier the great band summarise a grade level summaries and then down below or each of the modules so here you can click on this module one and it will take you to a screen that looks like this you just continue to to scroll and you’ll see all of those components that we talked about earlier and a lot of piper links here for example the focus standards there are all linked accordingly the other way to get it is as a PDF because one of the things that I found is that when you if you print which you can you can you can choose the printer option here or you can export this to excel as well but when you print to your printer I don’t know about you but it’s a font size that’s too small for me to easily read so we have formatted this in a PDF it’s a lot easier to go through and the PDF all of the hyperlinks should work just like they do on the website to get to that again you’re going to go into teacher tools to my communities and then once you’re in the my community section if it doesn’t show up under your my communities list then you want to go to the keyword and type in financial

education and it should show up with the financial education learning community community and give you the option to join once you have joined that community this is sort of what it looks like it I’ll show you right now we have 84 members I’d love by the way for this to become a more active community anyone who is who joins is welcome to to post to it and and provide put out questions share information what have you if you scroll all the way down to the page you’ll see the digital content repository and this is where that complete model personal finance course in a PDF version is so you would click on that to open or save it any questions thus far about the model curriculum or any of the other pieces of information so far that I shared the the survey or any of those all right I am not seeing any yet but I did want to go back and answer the question about are there new guidelines for teaching reconciling the checking book Tricia did send me a message and said yes the checking activity and see marks making the right money moves booklet does include automatic withdrawals and online transactions in their checking account reconciliation activity so if that’s something that you’re interested in you might want to follow up with which Russia or with a credit union near you and see if they’re using or can make those see marks um booklets available to you all right and then I had another some going forward all of the stuff that I’ve talked about before was developed with teams of teachers so we had a team of teachers that helped us develop the pre-k to 12 overarching model we had another team of teachers that worked on the pre-k 28 integration piece and then another team of teachers that worked on the model course with us and so I’m recruiting again to create one possibly two additional groups to work with me but what we are looking at is the development of an iTunes U course if you’re not familiar with these mmm it’s an ability within itunes to provide resources on a bride wide variety of topics and students and teachers can access them from the iTunes U app either an iPad or iPhone or the way that these have been developed there’s also an Excel spreadsheet that includes all of the resources in that format for teachers the Department of Education has partnered with itunes you two to prepare these and the I use and others are helping with this all of the pieces that they have available and if you do a search for Pennsylvania learns on iTunes U this is up in the upper right hand corner is what that looks like you’ll see that all of the courses so far our math ela and science but we’re looking forward to providing resources there for for financial literacy basically one of things that we’ve heard is that teachers have a hard time locating resources and SAS so whether it was there a better easier place that we can put it and make it more widely available and so Pennsylvania learns on on iTunes U is an attempt to do that so what I’m looking for um are some teachers that are interested in helping me to locate for most part digital resources for student use to augment the the high school personal finance course so for example videos that teachers might use if they want to flip their classroom or to have students watch together even in a group in class they can beat anything from Khan Academy videos or teacher created videos we may be looking at some of our team members to create their own either screencasting or live person recording kinds of things apps other other types of things that would augment a course so that teachers could have them easily accessible all in one place so if this is something that would interest you I would ask that you would get in touch with me and let me know and we will i’ll i’ll be getting you additional information about that and and what that will look like i’m hoping that we’re gonna be able to do the majority of this work in teams online and not need to spend a considerable amount of time face-to-face I think the nature of this work will lend itself well to an online exchange and some online dedicated meetings for this but that’ll be determined as we move forward then the second component excuse me its

financial algebra we’re seeing a lot more schools in the state offering a course in financial algebra to really meet the needs of of a math credit and so would like to develop some additional resources this photo that I’ve included as a cengage textbook that’s become quite popular in schools that are doing this and one of the things that we’ve been hearing from some schools in terms of push back to financial education is that a personal finance course cannot count towards NCAA eligibility and the financial algebra folks have actually put together some documentation to show why as a math credit this would be eligible for NCAA consideration unfortunately the current NCW a regular regulations specifically call out consumer education and personal finances courses that are not eligible so anyhow for schools that are interested or concerned about that making it a math course is certainly an option as well that brings us to the end of our of our time together um if you have any questions I will stay on for a few more minutes but I thank you for participating today and for being a part of our webinar this evening