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July 2015 - In This Issue

FeatureRecommendations to Improve Youth Financial Capability

The President's Advisory Council on Financial Capability for Young Americans published its final report and summary of recommendation last month.

The report includes recommendations to improve youth financial capability and identifies key opportunities to improve financial decision making, such as simplifying student aid. (Read on for a brief overview of the key recommendations.)

The report also highlights steps that private and nonprofit organizations are already taking to implement initiatives that align with the recommendations. 

Ted Beck, NEFE's President and CEO, served on the council alongside the Secretary of the Treasury, the Secretary of Education, the Director of the Consumer Financial Protection Bureau and 21 other nongovermental members.
Article2Three Key Recommendations to Improve Youth Financial Capability

In addition to the 68-page full report, the President's Advisory Council on Financial Capability for Young Americans provided a summary of their recommendations to provide opportunities to empower young Americans to improve their financial stability and increase opportunities for upward economic mobility. 

The key recommendations break down into the following three categories:

1) Engage Communities and Schools
  • Youth job training and employment programs should integrate financial education. 
  • Community hubs, such as libraries and community colleges, should be better deployed to connect financial capability resources to individuals and educators.
  • Technology should be used to help teachers improve their competence and confidence in teaching students about finance.
  • The US should participate in the 2015 PISA study of the financial knowledge of 15-year-olds.
  • Private sector partnerships with state, tribal, and local governments should be encouraged.

2) Inform and Simplify Post-Secondary Education Decision Making 
  • FAFSA (Free Application for Federal Student Aid) should be further simplified.
  • Federal student loan repayment options should be more broadly communicated. 
  • Governmental agencies should better coordinate efforts to help more students access all available resources to complete their post-secondary education.
  • Interested students should be able to share their academic information with technological tools that can deliver meaningful and customized information about post-secondary options in a trusted, timely and relevant form

3) Improve Identity and Credit Protection, and Provide Pathways for Saving

  • Identity theft and credit abuse among young people should be examined and combatted. 
  • Child Savings Accounts and policies should be promoted as a means to increase the likelihood of college attainment.

Ted Beck reflects that, "Without a doubt, financial education helps people make better choices. Reflecting on a 10-year career in financial education I am confident that we are making headway. There are several excellent curricula available, more states have mandates in place, government is playing a positive role, and there is substantial research that validates the effectiveness of financial education."

NEFEContentNew June NEFE Content

Instructors can use content from NEFE's Smart About Money and On Your Own websites and the quarterly NEFE Digest to engage students in discussion. New content relevant to teens and educators is posted frequently on our Facebook page.

NEFE Digest

The summer 2015 issue of NEFE Digest focused on the role of games and gamification in financial education. 

We tapped experts from leaders in game development and behavioral research and surveyed our communities to explore the role of technology (and games specifically) in shaping the financial capability of future Americans. 

Smart About Money

SAM presented tips for a thrifty wedding and travel season with feature articles on how to save money as a wedding guest and ways to cut spending before and during your summer vacation.

On Your Own

In addition to 12 new on-the-street interviews with young people from around the country, On Your Own featured Q&As with two emerging adults in our "10 Minutes With..." series.


10 Minutes With... A Conservative Spender

As the oldest of five growing up on a family farm in Kentucky, Celeste learned that you didn't buy anything you couldn't pay for. She is now very savings oriented and has set up a long-term plan for her young family.


10 Minutes With... A Sensible Virtuoso

A violinist since age 6, Kayvon's first meaningful purchase was a piece of sheet music. Now attending Dartmouth, Kayvon is pondering his future career path.

trainingUpcoming Training Opportunities

At  www.hsfpp.org  you can find face-to-face training events  in your state or y ou also can register for a live 45-minute  introduction webinar  that fits into your schedule. 
NEFEresourcesNEFE Resources for Educators

CashCourse® - online materials for college students
Financial Workshop Kits - resources for adult financial educators
Evaluation Toolkit® - databank of questions to measure impact
On Your Own - young adult blog about financial lessons learned
Spendster - confessions of bad spending habits
Smart About Money - consumer finance tips and tools

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The High School Financial Planning Program (HSFPP) is the flagship program of the National Endowment for Financial Education (NEFE®). NEFE is the leading private nonprofit, noncommercial foundation dedicated to inspiring empowered financial decision-making for individuals and families through every stage of life.

Learn more about the complete suite of NEFE's free consumer and educator resources at  www.nefe.org .