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Smart library : Community-based Financial Education. Cynthia Needles Fletcher Iowa State University

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Smart investing@your library

®

:

Community-based Financial Education

Cynthia Needles Fletcher Iowa State University

(2)

Agenda

• describe a grassroots investor education project • discuss project outcomes

• describe efforts to scale up • reflect on lessons learned

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Smart investing@your library

®

• grants program developed by the American Library Association and FINRA Investor

Education Foundation

• addresses “growing need for unbiased financial and investor education at the grassroots level” • grants to local public libraries working with a

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• Ames (IA) Public Library invited to develop a Smart Investing proposal

• Iowa State University Extension invited to partner

• partnership sparked by a Rotary lunch conversation

• 1 of 13 proposals funded in initial program year

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ISU Extension and Outreach

…offers practical education and technical

assistance based on research; available to any

resident and tailored to meet the needs of Iowans. Our faculty, program specialists and volunteers live and

work in all 99 counties.

…is part of the Cooperative Extension Service — one of the nation’s largest providers of scientific

research-based information and education. It is a

network of the land-grant universities and the U.S.

Department of Agriculture, serving communities and counties across America.

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Ames (IA) Public Library:

The Agora of Our Community

“Our library is a living space where people come together to experience the world of ideas not only through books but also

through program presentations and group discussions. The ancient Greeks called such a community place an agora.”

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The “well loved” Agora of Ames,

Iowa (pop. 60,000)

• nearly ½ million visitors each year

• 1.4 million items circulated each year • 38,000 borrowers

• 267 programs for adults with attendance of 57,000 for all programs

• APL ranks among top 10 nationally in circulation, program attendance and children’s books

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Project Objectives

• to design a multi-part Smart investing@your library project to improve investment knowledge, attitudes and behaviors of three target audiences: GenX, Baby Boomers, & Retirees

• to increase awareness of the project through a widespread media campaign

• to enhance investor education through well-trained staff, an excellent investment collection, and a

series of targeted face-to-face and web-based classes

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Conceptualizing the Project

Education

External Environment

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4-week classes

(face-to-face & online)

Starting Out (GenX) Building Up (Boomers) Making It Last (near/

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Library Staff

4-week classes

(face-to-face & online)

Starting Out (GenX) Building Up (Boomers) Making It Last (near/

(12)

Library Staff

Library Website

4-week classes

(face-to-face & online)

Starting Out (GenX) Building Up (Boomers) Making It Last (near/

(13)

Library Staff Library Collection Library Website 4-week classes

(face-to-face & online)

Starting Out (GenX) Building Up (Boomers) Making It Last (near/

(14)

Library Staff Library Collection Marketing Plan Library Website 4-week classes

(face-to-face & online)

Starting Out (GenX) Building Up (Boomers) Making It Last (near/

(15)

Library Staff Library Collection Radio & Newspaper Media Campaign Marketing Plan Library Website 4-week classes

(face-to-face & online)

Starting Out (GenX) Building Up (Boomers) Making It Last (near/

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• 100% of library staff increased confidence in 14 areas/competencies as part of their training on online investment resources. Average scores increased from 1.76 to 2.69 on a scale of 1 to 3.

0 1 2 3

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• Value Line Investment Survey (online) acquired and use increased dramatically (2nd highest use of all library’s subscription databases)

0 1000 2000 3000

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• Monthly circulation of library’s investment

collection increased during October, February and April – the months when classes were

offered: 130 140 150 160 170

October February April

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• Marketing and outreach plan to recruit community

members who would most benefit was successful. Goal of registering at least 50 attendees in each of 3 classes was exceeded. Newspaper and information from the library were most frequently cited information sources.

Attendance

f2f Attendance web % of Target

Starting Out (GenX) 43 27 27

Building Up (Boomers) 44 30 53

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Pre/Post

Knowledge Pre/Post Decision Confidence

Starting Out 28%↑ 43%↑

Building Up 14%↑ 35%↑

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Scaling Up to Underserved

Communities:

Smart investing@your library

®

grants

• Ames Public Library (2007)

• State Library of Iowa (2009) – statewide

project with 25 rural libraries

• State Library of Iowa (2011) – statewide

project with 18 rural libraries

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Lessons Learned

• Public libraries hold much potential as partners for building financial capability.

• Community-based projects must focus on both education (using information) and enhancing access to quality information, resources and services.

• Reaching Gen X learners is a challenge, but consider the role of diffusion of information. • Economic shocks are good for the financial

literacy business! Timing is important.

• Scaling up to underserved libraries requires more library staff training and marketing support.

References

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