FDIC Money Smart for Adults Train-The-Trainer on Module 1: Your Money Values and Influences

Welcome to Money Smart For Adults, Module One, Your Money Values and Influences We’re gonna go through this instructor guide and highlight how you can facilitate this training As in all other modules it starts out here with a contents page giving you all the information relating to this module listed by section and page number so that you know exactly where to find things here Background information for instructors, as with other modules, is exactly the same The training preparation checklist is to make sure that you have everything that’s going to equip you to have a successful training Materials you may need, as in other modules, this is a checklist of all that you’re going to need to deliver the training including the instructor guide, participant guide, PowerPoint slides Now regarding the participant guide if it’s a challenge for you to give copies to everyone in your training please refer them to the online version or some other solutions that may be appropriate Optional materials such as the parking lot for questions, and supplies for any optional introductory activity that you may be doing should be on-hand Understanding the icons These icons serve as visual prompts for facilitation tasks to do throughout the training Seeing these icons throughout the instructor guide will help you to navigate the delivery of the training content This section is the same for all the other modules in the Money smart For Adults Training, and you can reference them here as a refresher if you need to The module purpose is to help participants understand their values and how they influence their opinion to decisions This module also covers identifying values, why they’re important, and how they influence financial decisions, discusses goals and why they’re important in the short and long term, considers how goals are related to values, shares the smart framework for setting goals, discusses factors including advertising that influence spending, and introduces strategies for controlling those influences The module-at-a-glance table We estimate that you’ll need two hours to cover the entire module, not including breaks or any optional introductory activities Please refer to the guide to presenting Money smart For Adults which includes additional information on selecting sections for specific audiences so you can further customize your training The module-at-a-glance tables lists the sections, the key take-a-ways, the purpose objectives, and the time estimates all laid out here for you Here’s the module opening, show slide one, which is the title slide of the module, and as in every module, in the Money Smart For Adults Training, you’re going to complete a few tasks such as welcoming participants as they arrive, introduce yourself, ask them to sign in, and share any requested reasonable accommodations that are in place and make any necessary adjustments And once you’re ready to begin the training ask participants to complete the pre-training survey Parking lot and participant guide Establish a flipchart poster for a parking lot and inform your participants that it’s for questions, concerns, ideas and resources that you’ll address during breaks or at the end of training Mention that the participant guide is theirs to use during and after the session and encourage them to take notes and to write in it If time permits start your training with an optional introductory activity I highly recommend that you do this as it’s a great way to get participants energized and ready to learn You’ll find suggestions for fun activities in the guide to presenting Money Smart For Adults, or you can use your own Section one, values and learning The objectives here is that participants will be able to identify their own values, explain why values are important and how they influence financial decisions Let’s pause for a moment to point out some helpful navigational features of the instructor guide There’s helpful information in the headers and footer that will help you stay oriented In the header the right-hand side reminds you that you’re looking at the instructor guide This is helpful if you happen to also consult a copy of the participant guide during your training The left-hand side of the header identifies the section you’re in The footer identifies the module along with the page number Now these modules can seem like they all look alike, but you can always know where you are by looking at the headers and footers You’ll notice that there are facilitation instructions, say, ask, do, show slide, which are prompts to guide you through the flow of the training through the section topics Introduce the section showing slide three

and introduce the key takeaway showing slide four which is understanding your values can help you set achievable financial goals The first topic in this section, what are values? You’re gonna share with participants how values shape how they prioritize their time and energy and importantly their money That’s going to lead you into the very first activity, apply it, my values, you’re showing slide number six and you’re gonna ask the question, what contributes to how your values get formed? You’re gonna write participant responses on a flipchart, or a white board, and add the following speaking points here in the middle of page 12 if not already contributed from the discussion Then after that you’re gonna have them turn to page three in the participant guide and give them a few minutes to think about their values and to complete that, after three minutes invite participants to share their answers to the first question which is, what are the people, things, and places that matter to you? Write their responses on the flipchart or white board and remember there are no right or wrong answers, you just want participants to get engaged in the discussion and you’ll be recording what they’re saying And next, invite a few participants to share answers to the second question as well, what values might your answers represent? And possible answers that you might hear from participants are listed at the bottom of page 12 in your instructor guide as well Now, we’re going to go into the try activity, values and financial choices This is a scenario and you’re going to actually read it to them or ask for a participant or volunteer to do so This scenario is Valentina and Isaiah decide how to spend their tax refund So go ahead get that scenario read and have a discussion around the two questions, the first one being, what values are influencing Valentina and what values are influencing Isaiah Give participants three minutes to answer the first two questions on their own and then after the three minutes invite a few participants to share their answers and of course add the following information on the top of page 14 in the instructor guide if not already contributed from the discussion And then as you’re helping participants to look at the last two questions if Valentina and Isaiah came to you for advice what would you tell them to do? And the other question is, do you think any of your own values are influencing how you view their situation and your advice? And give participants a few minutes, three minutes, to discuss the last two questions with a partner, you want them to have a discussion about it and then of course after three minutes invite participants to share their answers and contribute the information that you see on page 14 if not already contributed from the discussion The next topic, aligning behavior with values You’re gonna explain to participants that neither Valentina nor Isaiah is wrong, their financial choices are guided by their own values, but sometimes values might conflict with those of their community, culture, family, partner, or friends Family culture may value saving and avoiding debt, but broader community may value material things like new cars or expensive clothes and the reverse could also be true Also point out to participants that understanding their core values can help them to set realistic goals In addition to understanding their core values can help them to make many decisions that will help them to meet their goals And you’ll wrap up with a section closing showing slide number eight reiterating what we said before, was understanding your values can help you set achievable financial goals Section two, goals and money The objectives here, participants will be able to know how goals are related to financial decisions and set goals using the smart framework You’ll introduce the section with showing slide number nine and the key takeaway slide 10 which is setting smart goals helps you achieve your hopes and dreams for the future by providing a realistic plan to follow The first topic in this section, what are goals? You’re gonna help participants to answer this question by having a discussion about what kind of future they want for themselves and their family? Emphasize that goals are their desired results and setting goals helps them to prioritize how they use their money so that it goes towards what matters most to them And setting goals can also help them to measure

and track their progress towards achieving their hopes and dreams As a matter of fact you’re going to help them to set a goal based on their hopes and dreams as goals could be short-term, that could take just a week, a month, or a few months to reach They may also have longer term goals that may take many months or even years to reach and that’s okay We just want them to get into the practice of actually writing the goal so that they can see exactly what it is and how, the steps that they need to take to actually complete it Our next topic is setting smart goals You’ll show slide number 12 and this is the framework for the acronym, S-M-A-R-T, specific, measurable, action-oriented, reachable and time-bound Slide number 13 describes each of the element of the smart framework and you’ll see the speaking points in the instructor guide on page 18 and on the top of page 19 And then you’re going to give them an opportunity to try writing a smart goal with the activity And so we have a scenario here and you’re gonna actually read it or ask for a volunteer or participant to do so and this is, Maria sets smart goals Now, this particular scenario requires a little bit of math and so it is highly recommended that you actually write the calculation from the scenario on a flipchart or a whiteboard Seeing calculations in writing helps many participants understand them So do that make it clear right in front of them so everyone can see it and get exactly what the calculation means Then you’re gonna give participants three minutes to complete the table below the scenario and write a smart goal for Maria And once they do that you’re gonna ask a question that, who would like to share the smart goal that they wrote for Maria? You can see that a sample answer is, I will pick up extra shifts so I can save $20 each week between now and the end of August to pay for school supplies for my kids So you’ll give participants an opportunity to share whatever they wrote and have a discussion around that because that’s going to lead into the next activity which is apply it, my smart goals Showing slide number 15 you’re going to tell participants now that it’s time to apply this to their own life Ask them to turn to page nine in their participant guide and to practice turning one of their hopes and dreams into a smart goal Give them about five minutes to do that and then ask for a volunteer to share their goals Now, say that you have a smart goal and they can set others after today’s training that’s gonna be very important and you want them to get the practice in your session and then go and write other smart goals based on other things that they want to achieve Setting smart goals can be very empowering Participants can carry their goals with them in their pocket, purse, or phone Encourage them to try it and then you’re gonna move into the section closing which is, join slide number 16, setting smart goals helps you achieve your hopes and dreams for the future by providing a realistic plan to follow Section three, external influences Objectives, participants will be able to list external factors that influence spending and list strategies for controlling those influences You’ll introduce the section with slide 17 and then the key takeaway, slide 18, which is external influences impact financial choices, use strategies to stay focused on your goals The first topic in this section, influences on choices about money, and you’ll be introducing the four external factors that come up that really gives participants messages that are so wide-spread that they don’t even realize that their influencing their decisions And so you want to give them an opportunity to understand what this is about and so slide 20 goes into how influences can be productive or unproductive and you’ll make that distinction so that participants understand that productive, which are those messages that help them to achieve their goals and unproductive which are messages that could possibly get in their way which makes it harder for them to achieve their goals So that’s going to actually segue into inactivity

which is a carousel activity that you’re going to do and you’re going to engage participants here and generate lots of information You’re gonna take all four of those topics and place each one on its own flipchart and post it around the room The participants are gonna rotate in groups from one topic to the next adding ideas to those already generated by other groups and this activity is actually ideal for four to 20 participants Now if you have more than 20 participants consider dividing the group into two and having each half do this activity independently so obviously you’ll need to create two duplicate sets of papers or whiteboards to make that happen Now, if you have fewer than four participants you can turn this activity into a group-brainstorming session And of course if it’s difficult for participants to navigate the room, or if you have a small room, consider adapting this activity by rotating the papers from table-to-table rather than rotating the groups of participants Again, make it very easy and accessible for everyone in the room to participate So, you’re going to display the four flipcharts, pieces of paper on whiteboards in the room, write a different topic on each one, advertisements, media, celebrities, peers and friends Divide the group into four smaller groups and assign each group with a topic to start You’re gonna show slide number 21 and say the speaking points that are listed here which is giving them the instructions on how to do this carousel activity You want participants to think broadly about the different types of external influences, for example, some of their friends value being thrifty and always trying to fix something that’s broken rather than buying a replacement For the peers friends topic they might write, fix it, don’t toss it, or thriftiness So, the point here is to help participants to really think about all these things related to each of the four topics Now it’s important to remember that we all come from different families, cultures and communities and the messages that we receive will look really differently for us all So there are no right or wrong answers here because it’s so personal Make sure to give each group two minutes for each topic and then have them rotate to the next one Now, get them going on the first topic and keep time And then of course once you’re done with that you wanna ask a question on page 25 in the instructor guide that says, ask if any ideas or messages surprise you which are generally productive in helping people achieve goals and which are generally unproductive getting in the way of achieving goals So that’s gonna be good discussion in the room so that participants can really get a broad view and also hear what their peers are saying as a result of thinking about these external influences And remind them that they can take notes on pages 10 and 11 in the participant guide The next topic in this section, social pressure and advertising Showing slide number 22 you’re going to ask the question, how many of your participants have wanted something that someone you know, or a celebrity you admire has, maybe their clothes, a vacation, more spending money? That is going to kick off the discussion around social pressure And you want to say, using the bullet points that you see on the bottom of page 25 in the instructor guide, that advertising basically is a result of companies spending billions of dollars a year to make us want things and influence how we use our money and that we’re all influenced by advertisements and what we see often in ways that we aren’t aware of consciously So you wanna have this discussion with the participants so that they can get that, that they’re being influenced every single day So, what we wanna do now is go into an activity to kinda really bring this together, strategies for staying focused on your goals You’re going to display two pieces of paper, or divide a whiteboard into two sections and label one side, block, and the other side, resist, and you’re gonna ask participants what are strategies that they’ve used, or could use, to block unproductive messages and external influences, and what strategies have they used, or could use, to resist spending money on things outside of their spending and saving plan? And then you’re gonna write the responses under either the block or the resist headings depending upon where each response fits best and consider getting participate input on whether specific responses belong under block or resist And moving to slide 22 you’re going to begin

to share ideas for staying focused on their goals from the list below Now there are four different ideas here that you’re going to share with them so that we can have a good discussion on it The first one being recognized tactics advertisers use to influence you to spend money so you can avoid them The next one, notice when and where you’re tempted to make an impulse purchase, then set yourself up for success by controlling your environment and then there’s a mantra here that I think is really awesome, if it’s not on the list it doesn’t exist So have a little fun with that and maybe have them to think about a mantra that they wanna use to keep them focused on, on their spending And then build in a pause, that is another awesome one where they actually force themselves to pause so that they can make sure that it’s not just an impulse, but it’s something that they might really need and there’s an example there in the instructor guide that you can share with participants Then showing slide number 24 there are more strategies for staying focused on their goals, talking themselves out of it, calculating how many hours or days of work an item is worth Now this is gonna be pretty interesting because you’re going to help the participants to think about another way to control impulse buying and negative influences by thinking about their hourly wage and determining how much something’s going to cost in terms of the number of hours they have to work to pay for it and you’ll be giving them the cost of the item divided by the hourly wage and so that gives them the number of hours Really cool exercise that I believe that a lot of people are going to get a lot out of it and so make sure that you demonstrate that as you’re having this discussion And them move into the apply it activities, staying focused on my goals And then you’re gonna give them five minutes to answer the questions in the apply it to start making plans for staying focused on their goals And you’ll see the questions here on top of page 30 in the instructor guide and you’ll notice here that these are strategies that were already discussed during the training And what you want to do is to help them to think about them to block unproductive messages, or to use them to let go of ideas that aren’t really helping them to achieve their goals So give them a chance to answer those questions and determine which one of these will work for them And after about five minutes invite participants to share their answers to one or more of the questions and as you ask for contributions in the last question which is, what phrase can remind me how important it is to stay on track to achieve my goals, write the phrases on a flipchart, or a whiteboard, and encourage participants to be inspired by the phrases, or sayings, other participants use to stay on track So, a little bit of peer-to-peer learning there And so, but that’s really going to, again, help move towards really solidifying this whole discussion about helping them to think about how they can not be as influenced by some of these external factors and then take more control over their spending And then you’ll move into the section closing showing slide 26 Remember the key takeaway from the section which is, external influences impact financial choices use strategies to stay focused on your goals Module closing Say to participants, remember the key takeaways from the sections covered in the training then show slide 27 encouraging them to take action Every module has a same take action activity it’s important not to skip it even if you can only spare a couple of minutes The participants will remember what you just presented a lot easier if they can write down a few action steps Knowledge isn’t enough action is required Then show slide 28 which is the thank you and the post-training survey and thank participants for attending and ask them to complete the post-training survey You may decide to compare the post training to the pre-training survey to estimate the knowledge gains of the entire group or for each participant and then you’ll use the answer key for both the pre and post-training survey here on page 34 in the instructor guide You see here where this module is highlighted and listed among the other modules in this training And this will conclude our overview and highlight of the instructor guide for Money Smart For Adults, Module One, Your Money Values and Influences