1 / 13

Innovative Financial Education and Asset Building Programs

Innovative Financial Education and Asset Building Programs. Karen Murrell Higher Heights Consulting and Training November 5, 1009. Session Overview. Need for innovation in financial education and asset building Examples of innovation in financial education and asset building.

noel-puckett
Download Presentation

Innovative Financial Education and Asset Building Programs

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Innovative Financial Education and Asset Building Programs Karen Murrell Higher Heights Consulting and Training November 5, 1009

  2. Session Overview • Need for innovation in financial education and asset building • Examples of innovation in financial education and asset building

  3. Need for Innovation • Low demand from consumers • Limited of evidence about best practices and effectiveness • No national infrastructure to coordinate and ensure effective practices • Weak financial education distribution system for children and adults

  4. Innovation • Definitions • Forward looking; ahead of current thinking • Incremental, radical, and revolutionary changes in thinking • Implies a value system which seeks to derive a positive outcome; • Creating new value and/or capturing value in a new way

  5. Types of Innovation (Tidd, et al 2005) • Product Innovation – new products or improvements on products • Process Innovation – where some part of the process is improved to bring benefit • Positioning Innovation – put an existing product in a different context • Paradigm Innovation – where major shifts in thinking cause change

  6. Examples of Innovation in Financial Education/Asset Bldg • Product Innovation – personal financial management tools • Process Innovation – asset building mashups: the Assets Platform • Positioning Innovation – gaming technology • Paradigm Innovation – financial coaching

  7. Product Innovation: Personal Financial Management Tools • Wesabe • Yodlee • BillShrink • Credit Karma • Beehive • Geezeo • Mint • MoneyStrands • Thrive

  8. Process Innovation: The Assets Platform • AssetPlatform.org is designed to deliver high quality products and services to the desktop of front-line staff, so they and their clients will have access to the best tools available.   • AssetPlatform.org is expected to roll-out to a limited release in June 2009, and open to the general public in January 2010.

  9. Positioning Innovation: Gaming • Celebrity Calamity • Moneytopia • Great Piggybank Adventure • Stagecoach Island

  10. Paradigm Innovation: Coaching (Collins, 2007) • Coaching is a strategy for facilitating performance improvements that has been applied in a wide range of settings, from business management to family relationships. • Financial coaching means providing regular one-on-one sessions with clients in order to ‘coach’ performance improvements to meet goals mutually set by the coach and client. • Coaching is differentiated from counseling in that coaches only provide advice and encouragement, and do so in a process largely driven by the client.

  11. Complementary Strategy (Collins, 2007) Financial Literacy Financial Planning Financial Coaching Content Strategy Implementation

  12. Financial Coaching Training

  13. Karen Murrell Higher Heights Consulting and Training (301) 754-3607 kmurrell@higherheightsconsulting.com

More Related