Question: How Do Banks Process Transactions (and How Does It Impact Overdraft Fees)?
Aug 18, 2017
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Checking Accounts
Hat tip to Brian Page for making me aware of this interactive from Pew Trusts that provides a visualization tool to show how one customer's transactions were reordered to maximize bank overdraft fees.
Here's the list of transactions (Ms. Gutierrez's order) and students can click on "How Wells Fargo reordered them" to see what the impact is:
__________
This NGPF Checking Project: Overdraft Fee Analysis is a favorite as students analyze checking account agreements to see how different...
For Financial Success, What is More Important: Habits or Goals?
I think this may be my new mantra: You better have a plan to develop new habits if you are trying to achieve goals that have eluded you for years. Willpower may simply not be enough.
So, just down the road from our offices, a Stanford professor has focused his research on understanding how we can form habits. He provides a simple three step approach in this article from Quartz:
According to B.J. Fogg, a psychologist and researcher at Stanford University who has studied behavior...
Schools in the News
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Aug 16, 2017
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Schools In News, Teaching Strategies, Behavioral Finance, Personal Finance, Career
Showing Students it’s OK to Not to Have it All (Jump$tart)
For MaryBeth, personal finance is – personal. She began her career as a credit union teller and saw that some of her customers lacked basic financial knowledge. To help, she worked to build relationships with her customers and help them be more financially secure. She did this by explaining the difference between debit and credit, helping customers with checkbook reconciliation and loan counseling.
Innovative Educator...
Question: Can Language Really Impact Savings Rates?
This post created by new NGPF team member, Christian Sherrill:
If you’re a rabid TED Talks fan, as I am, you’ll probably remember Yale Economist Keith Chen’s fascinating talk about the impact of grammar on savings behavior.
Now famously, Chen concluded that - well, I’ll let you learn about it on your own terms:
Video summary (5:53)
Full text of study: The Effect of Language on Economic Behavior: Evidence from Savings Rates, Health Behaviors, and Retirement...
Current Events: What's New With Overdraft Fees?
As readers of the blog know, overdraft fees are big profit generators for the big banks. Tens of billions of dollars big. So, what's new? The CFPB sees these large fees (average of $34 per overdraft) and wonders whether consumers really understand what they are signing up for when they opt-in to overdraft protection. This current event is a good opportunity to blend a discussion about policy while helping your students better understand a checking account "gotcha."
Let's start at the beginning....
Making Student Debt Decisions Personal
I want to welcome Christian Sherrill to the NGPF team. He will be laser-focused on increasing access to financial education in classrooms across the United States. This is a story he wanted to share about why he is so passionate about financial education.
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As the new NGPF documentary suggests, millennial college-educated professionals aren’t alone in having made costly investments in student loans. Lifelong educators with multiple degrees have ‘em...
NGPF Podcast: Tim Talks to Kelly-Anne Rush, Crafty Teacher Lady from Windham High School (Maine)
She blogs as the Crafty Teacher Lady, and after listening to this engaging podcast, you will understand how fitting her web address is. From creating engaging activities for her students to flipping houses for a profit to taking her students on amazing trips to California, Kelly-Anne Rush does it all. She uses her personal stories to inspire students to take a big leap towards better financial lives. Listen to this podcast to learn both her financial triumphs (how she managed to come...
Interactive Handouts Courtesy of Barbara O'Neill and Kerri Herrild!
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Aug 11, 2017
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Interactive, Budgeting, Featured Teachers, Investing, Lesson Idea, Tips for Teachers, Summer Institute, Teaching Strategies
As part of our Summer Institute session, educators had the opportunity to take an engaging personal finance interactive resource and create a handout to accompany it.
Hat tip to Barbara O'Neill of Rutgers University, New Brunswick (NJ) and Kerri Herrild of De Pere High School, De Pere (WI) who shared their finished products with us.
For those of you looking for high quality, engaging, resources guaranteed to get your students thinking about their financial mindset, look no further than...
NGPF Launches One-Semester Course
I'm so proud of the NGPF team (Jessica, Sonia, Amanda, Laura, Ren, Sid and Niko) and the way they came together to achieve great things, namely launching our One-Semester Course, just in time for the school year. It was a marvel to witness the collaboration and choreography required to complete such a monumental task in such a short period of time. Kudos to this amazing team who kept their commitment to educators to deliver this curriculum in time for the 2017-18 school year.
NGPF's...
Question of the Day: Why Can't We Give Up Writing Checks?
By Tim Ranzetta
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Aug 08, 2017
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Checking Accounts, Current Events, Question of the Day, Payment Types
For those educators out there still teaching students how to write checks, you have been vindicated!
From Bloomberg:
In an era of smartphones, online banking, and Venmo transfers, the U.S. still can’t seem to wean itself off paper checks. In most countries, they’ve gone the way of the fax machine and the rotary telephone. But their demise isn’t coming to America any time soon.
Americans still reach for their checkbooks more than anybody else. In 2015, they each made 38...
Interactive: What Happens To Risk When Your Investing Period Lengthens?
From Of Dollars and Data:
Over 1 year periods, markets can be very chaotic for both U.S. bonds and U.S. stocks. This is also true over shorter time horizons (i.e. monthly, daily, intra-day, etc.). However, the chaos fades as the time horizon increases. Below is an animation I created that shows the S&P 500 and U.S. 10-year Bond returns as they vary from a 1-year horizon to a 30-year horizon.
Here are two charts from his animation (it changes before your eyes if you cilck on the link above):...
NGPF Podcast: Tim Talks to Insurance Expert Sheri Jamme
Ask most personal finance educators about teaching insurance and they will tell you how difficult it is to make it “interesting” to their students. The good news is that we have Sheri Jamme on the podcast today who has some great ideas on how to make that happen. Yes, it took 100 podcasts, but finally we have an insurance subject expert that will entertain and educate you. We discuss how credit scores affect insurance premiums (more than you might think!), how autonomous vehicles...
Infographic: How Do Americans Get Health Insurance?
From Visual Capitalist:
Questions:
How do most people get their health insurance? Indicate the percentage of people that fit into that category?
What percentage of the population is currently uninsured?
What do you think are the risks of being uninsured?
Do a quick Google search and explain what Medicaid and Medicare are.
Do you think that people who receive their health insurance through their employer have to pay any money out-of-pocket for their medical expenses?
_________________...
How do YOU teach personal finance?
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Aug 04, 2017
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Flash Surveys, Research, Lesson Idea, Financial Literacy, Teaching Strategies, Front Page Spotlight, Tips for Teachers
The start of school is just around the corner and we know that you’re beginning to think about your coming course load for the year. As personal finance education becomes mandated in a growing number of states, we’re curious: How do YOU teach personal finance?
Create your own user feedback survey
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Chart: How Well Do Students Estimate The Monthly Payment On Their Student Loans?
Answer: No real surprise here. They are abysmal at it.
Here’s an explanation of this scatter plot (see below) from the recent Sallie Mae report on How America Pays for College:
Separately, students seem not to be fully cognizant of how much they will repay. Students were asked to estimate their future monthly student loan payments based on the amount of loans they currently have. Similarly to 2008, a scatterplot of responses indicates little correlation between the amounts students...
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