Boot Camp Overview

1. Financial Education Boot Camp:
Methodology and Impact Evaluation
Barbara O’Neill, Ph.D., CFP®
Rutgers Cooperative Extension
oneill@aesop.rutgers.edu

2. Background Data: Council for Economic
Education Survey of the States (2009)
• 13 states require a personal finance course as a
graduation requirement (7 states in 2007)
• 34 states require implementation of personal finance
content standards (28 in 2007)
• 2008-2009 financial crisis called attention to consequences
of personal finance knowledge and skills
– NJ “perfect storm” for financial education

3. Jump$tart Financial Literacy Surveys
Performance Trends
100
%
%
%
%
%
80 57
.4
.3
.9
.2
52
52
51
50
97
06
04
00
19
02
20
20
20
20
60
40
20
0
2008 average score: 48.3%!!!

4. Background Data: Way & Holden Study of
Teachers’ Capacity to Teach Personal Finance
• Published in JFCP (2009, Volume 20, Issue 2):
http://www.afcpe.org/publications/journal-
articles.php?volume=384&article=369
• Online survey of K-12 teachers in 8 states (N = 504)
• Little formal education in personal finance
• YET…formal education is significant predictor of teachers’
perceived competence to teach personal finance
• Limited perceived preparedness in both subject matter
and pedagogy (i.e., content and methods)
• Greatest hesitancy: insurance and saving/investing

5. Way & Holden Study Conclusion
“One of the main implications of this
study is that there is a great need to
expand personal finance educational
opportunities for pre-service and in-
service teachers in order to meet both
their personal and professional needs.”

6. Enter Financial Education Boot Camp
• Funded through NJ Coalition For Financial Education in
cooperation with Rutgers Cooperative Extension
• Funders to date: Citi, NJ Credit Union Foundation, and
Council For Economic Education
• Seeking funding for online Boot Camp in 2012
• Methods and impacts will be discussed in second
workshop
• This workshop will describe four subject matter content
learning activities from BC I and BC II

7. Financial Education Boot Camp
• Boot Camp Definition (Webster’s): “A
short concentrated period of intensive
training prior to assuming new roles,
responsibilities, and/or challenges.”
• Includes both content and methods

8. Boot Camp Goals
1. Review personal finance content to improve
subject matter knowledge
Increased knowledge and skills = better teaching!
2. Share activities, strategies, and resources to teach
personal finance/financial literacy
3. Provide helpful information for personal use
4. Increase confidence to teach personal finance

9. Key Point: Teachers Don’t “Sit” Well
• Keep Boot Camp content lectures short (75 minutes
max)
• 75% of Boot Camp is discussion or small group
activities
• Provide opportunities for teachers to seek information
(from free curricula, books, etc.) and teach each other

10. Boot Camp Formats
• 3-hour condensed BC Light (conference workshop)
• 1-day Level I (“Boot Camp Light”)
• 2-day Boot Camp Level I (basic topics)
• 2-day Boot Camp Level II (advanced topics)
• Coming: Online Boot Camp

11. Boot Camp Light Format
• 1-day program
• Five 30-minute “content chunks”
– Basic financial topics
– Income management
– Understanding credit
– Income taxes and insurance
– Saving and investing
• Alternated with learning activities for each chunk

12. Boot Camp Level I Format
• 9 am to 3:30 pm for 2 days = 13 CEUs
• 90-minute intro and content presentation on both days
• Break
• 75-minute intensive small group learning activity
– Jeopardy-style game (Day 1)
– “Millionaire”-style game (Day 2)
• Lunch
• Games are finished off for teachers’ flash drives
• Afternoon: discussion and activities

13. Boot Camp I Photos

14. Boot Camp Level II Format
• 9 am to 3:30 pm for 2 days = 13 CEUs
• 90-minute intro and content presentation on both days
• Break
• 75-minute intensive small group learning activity
– Time value of money problems (Day 1)
– Financial case study analysis (Day 2)
• Lunch
• Afternoon: discussion and activities
– Including computer lab work

15. Boot Camp II Photos

16. Examples of Afternoon Activities
• Calculating Maria’s net worth
• Calculating loan costs for different interest rates and loan
maturities
• Advantage Publications calculators
• Review of online Financial football game
• Review of FinEd Reviews (teacher curriculum reviews)
• Holiday spending activity
• Rent-to-own activities
• Skits (“nosebag theater”)
• Review of YouTube videos

17. Other Boot Camp Features
• Scholarship application program
• Online and mail registration
• Credit cards OK; no purchase orders
• Two daily meals provided
• Door prizes
• Continuing education certificates
• Post-class and 3-month follow-up evaluations (with
incentives)

18. Boot Camp Light and BC I (2010) Impact
Post-Class Evaluation
• High value placed on training received
• Most gained “a lot” or “some” knowledge about personal
finance content and methods
• Increased preparedness to teach personal finance after
Boot Camp
3-Month Follow-Up Evaluation
• 2/3 of respondents used information and materials
• Number of students impacted by respondents: 10 to 400

19. What Teachers Liked: Boot Camp I
• The interaction, the learning, the lessons, the ideas, and knowing where and how
to start
• Relaxed atmosphere, lots of resources, opportunity to share with others
• Thank you. This was great. I enjoyed both days and I look forward to additional
training
• All of the resources provided and the ability to brainstorm, beg, and borrow from
others
• Ideas for teaching techniques and games
• Interactive activities
• The amount of free materials distributed was great. Presenters were friendly and
knowledgeable.
• Energy of presenters. Everything was enjoyable and usable
• Personal interaction with groups
• Working in teams; interesting activities
• My cabin (small group) buddies (2)
• Opportunity for discussion and networking
• Resource materials, both online and hard copy
• Activities shared and being able to use in class (3)
• Interactivity with “real teachers”
• The design of the sessions-content-activities
• Everything-friendships and materials

20. Boot Camp I Knowledge Gains
• Pre-and post-tests (50 questions) were administered at the
beginning and end of each BC series to determine changes in
participants’ personal finance knowledge
• Test Statistics:
Westampton (South NJ)
Pre- Percent passing: 92.3%; Average score: 87.7%
Post- Percent passing: 100%; Average score: 94.7%
Score change range: -2 to +20; Average score change: +8.2
points
Madison (North NJ)
Pre- Percent passing: 95.8%; Average score: 82.9%
Post- Percent passing: 100%; Average score: 91.9%
Score change range: -2 to +24; Average score change: +8.5
points

21. Boot Camp II Knowledge Gains
• Again, pre-and post-tests (50 questions) were administered at the
beginning and end of each BC series to determine changes in
participants’ personal finance knowledge
• Test Statistics:
Basking Ridge (North NJ)
• Pre-score range: 32 to 86; Average score: 67.20; Number of teachers
with grade of 70+: 46%; Number of teachers with grade of 90+: 0%
• Post-score range: 40 to 98; Average score: 80.06; Number of teachers
with grade of 70+: 88%; Number of teachers with grade of 90+: 27%
Mays Landing (South NJ)
• Pre-score range: 52 to 96; Average score: 69.69; Number of teachers
with grade of 70+: 62%; Number of teachers with grade of 90+: 7%
• Post-score range: 70 to 100; Average score: 84.25; Number of
teachers with grade of 70+: 100%; Number of teachers with grade of
90+:19%

22. Conclusion
Boot Camp increases teachers’
preparedness to teach personal finance
Increased knowledge and skills = better teaching!

23. So What if Teachers Don’t Live in NJ?
• Not to worry: Financial education is going national…. and hopefully online
One-Day Personal Finance Boot Camp:
• Five short “subject matter chunk” presentations followed by five sets of interactive
teaching methods interspersed throughout the day.
Two-Day Personal Finance Boot Camp:
• Short subject matter content presentation and teacher preparation of PowerPoint
games each morning followed by interactive teaching methods each afternoon.
Participants leave with files for the games that they create.
Cost:
• $ 3,500 plus travel expenses- One-Day Personal Finance Boot Camp
• $ 5,000 plus travel expenses- Two-Day Personal Finance Boot Camp
For information about Boot Camp programs held in New Jersey, see www.njcfe.org
To arrange a Boot Camp presentation, contact Dr. Barbara O’Neill at
oneill@aesop.rutgers.edu or Carole Glade at caroleglade@gmail.com or Dr. Deborah
Figart at Deb.Figart@stockton.edu.

24. Questions and Comments?