What's New With Banking (2021)
This is the first of the 2021 “What’s New With…” series. As I began my research for the series, a common theme emerged. The Pandemic has altered, perhaps permanently, many aspects of our financial lives. In terms of banking, the pandemic really accelerated three trends:
Accelerated movement along the continuum from in-person banking to online banking to use of banks’ mobile apps;
Proliferation and growth of digital-only banks (challenger banks) competing...
NGPF On-Demand: Saving Modules
NGPF On-Demand is a professional development opportunity that allows teachers to deepen their content knowledge on their own schedule and at their own pace.
With 30 modules covering 15 different topics/units, with have TWO modules focused on saving.
Module #1: The Psychology of Saving
This module investigates the psychological factors that make saving difficult and explores strategies to overcome those challenges. Here are some highlights from “The Psychology of Saving”...
Question of the Day: What was the U.S. personal savings rate in March 2021?
Answer: 27.6% (as of March 2021)
View the current Savings Rate
Questions:
How does the personal savings rate today (about 27.6%) compare to the rate during other periods of time?
In our current historical moment, what factors have caused the personal saving rate to be so high?
What do you think is a good saving target to aim for personally?
Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.
Behind the numbers (Wall Street...
EdPuzzle Thursday: Is the Savings Account Dead?
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EdPuzzle is a great platform to test for knowledge while students watch a video and learn remotely. We will be releasing new EdPuzzle videos here on the blog each week so that your students can answer questions that are directly embedded within engaging videos.
This week's EdPuzzle video titled "Is the Savings Account Dead?" looks at the "real return" of savings accounts and additional tools to use when saving for mid-to-long term goals.
Interested in more EdPuzzle...
Question of the Day: Rank order (from highest to lowest) how consumers plan to use stimulus payments received in March 2021: Spent it, Paid down debt, Saved It?
Answer:
Questions:
Consumers received three stimulus payments over the past year. How much of a difference is there in how they used the payments?
Consumers saved a significant amount of all three stimulus payments. What do you think they are saving for?
What would you do if you received $1,400 now?
Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.
Behind the numbers (NY Fed survey):
Similar to the second round of stimulus, household heads...
A NEW Kind of Bank Account
What is Bank On? A Bank On account is required to be a safe low-cost transactional product. Most of the nation’s largest financial institutions, many community banks, and credit unions have committed to offering Bank On accounts. We developed this easy-to-use handout for teachers which is full of the resources you need to help students open safe and low-cost bank accounts:
Disclaimer: NGPF does not have a relationship with Bank On, but we see the importance of sharing Bank On...
NGPF On-Demand: The Psychology of Saving
NGPF On-Demand is a professional development opportunity that allows teachers to deepen their content knowledge on their own schedule and at their own pace.
One of the 16 modules currently available is "The Psychology of Saving". In this module, you will identify hurdles to saving money and learn strategies to make saving easier.
Here are some highlights from the module:
Learn about the obstacles and cognitive biases that make savings difficult and share your learning with...
Question of the Day: How many Americans could not pay a surprise $1,000 bill using their savings account?
Answer: 38%
(Charging a credit card and pay over time, borrowing from a friend/family member, or taking out a personal loan)
Questions:
Are you surprised by this number? Why or why not?
What are some surprise expenses that could amount to $1000? What are some surprise expenses that cost more than $1000?
Between charging a credit card, borrowing from a friend, or taking a personal loan, what option is most costly? Why?
Click here for the ready-to-go slides for...
Podcasts In The Classroom: How Do You Think About Saving?
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After more than 400 teachers expressed interest in bringing podcasts into the classroom, we decided to build out a ready-to-use activity to fulfill that desire. This week's activity (you will be asked to Make a Copy when you click on the link) revolves around the topic of Saving and has incorporated 2-3 minute audio excerpts from the NGPF Podcast. Students will have the option to listen to Adam Carroll (Author and Producer of Broke, Busted, & Disgusted), JL Collins (Author of The Simple...
Best of 2020: Most Visited NGPF Unit Pages
By Tim Ranzetta
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Dec 23, 2020
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FinCap Friday, Credit Cards, Credit Reports, Investing, Math, Credit Scores, Savings, Paying for College
Our Unit Pages are the most visited pages on the NGPF website, which had over 5 million pageviews in 2020.
Why are these pages so popular? Teachers tell us it's because they can see all NGPF resources on a given topic (unit) on ONE page. So, whether you are looking for 45 or 90 minute lessons or just individual resources (activities, projects, FinCap Fridays, questions of the day, case studies or math activities), you can find them on the unit page.
Here were the unit pages that...
Question of the Day (Updated): What percentage of Americans can not cover a $400 emergency with cash/savings account emergency fund*?
Are you looking for Free PD in this content area, one hour at a time, on your own time? Check out our multiple On Demands over various savings topics.
If you want to become content expert and earn an NGPF certification, consider our Banking & Budgeting Certification courses.
Answer: 37%
*Ways of payment include cash, funds from savings account, or credit card transaction paid off next statement.
Click here for the ready-to-go slides for this Question...
Virtual Adaptation - COMPARE: Types of Savings Accounts
Are you looking for Free PD over saving, one hour at a time, on your own time? Check out our On Demands Savings Tools & Strategies and The Psychology of Saving.
There are multiple types of savings accounts that can help you meet your savings goals. In the activity COMPARE: Types of Savings Accounts, students will explore and compare four different types of savings accounts by first researching the basics of the accounts, then comparing those accounts at a specific bank or credit union, and...
What's New With Savings (2020)
Covid Impacts the US Savings Landscape
Back in April, the Federal Reserve Board has temporarily lifted the six transaction (withdrawal) limit on savings accounts so that people could more readily access their savings if they needed to during the pandemic. However, there were no rules issued to prevent banks from charging fees for transactions in excess of six per month. Bottom line, for those lucky enough to have savings stashed, it is better to access those savings than to hit a retirement...
Question of the Day (UPDATE): What is the personal savings rate in the United States?
Answer: 19% (as of June 2020)
View the current Savings Rate
Questions:
How does the personal savings rate today (about 19%) compare to the rate during other periods of time? (In other words, is the rate lower, higher, or around the same?)
In our current historical moment, what would be your explanation of a 19% personal savings rate?
What has been the general trend for personal savings rate in the U.S. from 1960-2019?
What has happened to the personal savings rate during recessions...
NGPF Podcast: Jean Chatzky on personal finance in age of pandemic
It was a great honor to host Jean Chatzky recently on the NGPF podcast. Author, analyst, commentator, columnist, entrepreneur, educator and if you listen to the podcast...there's even more. Jean shares why she is so passionate about financial education, how her mother influenced her attitude about gender roles when it came to money and what happened when she traveled to Vegas to talk mutual funds with basketball star Dennis Rodman. In a lightning round of Q&A, Jean shares her insights on...
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