Part 1: Project Scope

Title: Cash Flow Quest

What is the scope of the project (lesson, module, course, program)?
This will be a comprehensive and engaging financial education program for teens, equipping them with essential knowledge and practical skills to manage their personal finances effectively and prepare for financial independence.

Program Content:

1. Foundations of Finance:
Checking accounts
Savings strategies
Budgeting techniques
Planning for college or post-high school graduation
Credit management (credit cards, credit scores)
Making significant purchases (car, phone)
Renting an apartment

2. Life Simulation Module:
Personalized avatars and reality profiles
Simulated financial scenarios (job status, marital status, dependents, salary)
Decision-making on expenses (rent, car, phone bills, groceries)
Managing unexpected financial challenges (housing repairs, medical bills, student loans)

3. Building Financial Assets:
Debt reduction strategies
Securing lower interest rates
Increasing savings rates
Long-term financial planning (investments, retirement)

What will you design and which part(s) do you intend to develop?

I intend to be a part of the team that designs each module, the supportive assessments and learning activities. I plan to develop the program along with other subject matter experts and instructional designers.

Part 2: Background

Problem Statement/Identified Performance Gap:

Many teens lack the necessary financial literacy skills to manage their personal finances effectively. This deficiency leads to poor financial decisions, including high levels of debt, inadequate savings, and an overall lack of preparedness for financial independence. Despite the increasing complexity of financial products and the significant financial responsibilities that young adults face, current educational systems often fail to provide comprehensive financial education. As a result, teens are entering adulthood without the knowledge, or skills required to navigate real-world financial scenarios.

Teens should have a strong grasp of these basic financial concepts, enabling them to make informed decisions and manage their money effectively. Teens should be equipped with knowledge and strategies for long-term financial planning to secure their financial future. Teens should develop the skills to handle unexpected financial challenges effectively, maintaining financial stability even in adverse situations. Without addressing this performance gap, teens are likely to face significant financial difficulties as they transition into adulthood.

Project Objectives (strategic/organizational):

Target Audience:

• Teens aged 13-19
• High school students

Learning Objectives (participant):

By the end of this program, teens will be able to:

1. Understand Basic Financial Concepts: Demonstrate knowledge of essential financial terms and practices, including checking and savings accounts, budgeting, and credit management.
2. Create and Manage Budgets: Develop and manage a personal budget that includes income, expenses, savings, etc.
3. Plan for Major Financial Decisions: Make informed decisions about significant money commitments, such as buying a car, renting an apartment, and planning for college or career expenses.
4. Navigate Real-World Financial Scenarios: Apply financial knowledge to simulate real-life financial situations and make sound decisions in response to these scenarios.
5. Handle Financial Challenges: Identify and effectively manage unexpected financial challenges, such as emergency expenses.
6. Develop Long-Term Financial Strategies: Create a long-term financial plan that includes goals for savings, investments, and debt management.
7. Assess Financial Products and Services: Evaluate various financial products and services, such as credit cards and loans, to make informed decisions.
8. Reflect on Financial Decisions: Reflect on their financial decisions and understand the impact of these decisions on their overall financial health.
9. Demonstrate Financial Responsibility: Exhibit responsible financial behavior, including timely bill payments, sensible use of credit, and maintaining an emergency fund.

Outcomes Assessment (measurement of strategic and learning objectives):

Formative Assessments: Quizzes, reflections, and interactive discussions that can provide ongoing feedback and gauge teens’ understanding throughout the program. This can also help identify areas where teens may need additional support and will allow for intervention if needed.

Summative Assessments: End-of-module tests, final projects, and comprehensive simulations evaluate teens’ overall grasp of the course content and their ability to integrate and apply financial concepts.

Part 3: Design Approach

How will the course or program be structured?

Format:

The program will be 100% online, self-paced and is divided into three main sections, each focusing on different aspects of financial literacy. Each section includes multiple modules with interactive lessons, activities, and assessments.

Some of the learning methods and tools will include multimedia content including videos, info-graphics, and interactive slides. There will be engaging simulations that mimic real-life financial decisions and consequences.

Explanation of Format Choice:

The chosen format of the Financial Literacy for Teens program is designed to be engaging, flexible, and practical. By leveraging interactive multimedia content, real-world scenarios, and experiential learning through simulations, the program aims to effectively bridge the financial literacy gap among teens. The asynchronous self-paced online format ensures accessibility and convenience, while structured assessments and reflective activities promote a deep and lasting understanding of financial concepts.

In addition, this format is designed to provide maximum flexibility, engagement, and personalization. By allowing learners to access materials and complete activities at their own pace, the program accommodates diverse learning styles and schedules, ensuring a wide reach and effective learning outcomes.

Flow/Sequence of Lesson/Module/Course/Program:

Course Structure: The program is divided into three main sections, each focusing on different aspects of financial literacy. Each section includes multiple modules with interactive lessons, activities, and assessments.

Sections and Modules:

Technologies/Approaches:

To ensure Cash Back Quest is engaging, accessible, and effective, we will leverage various technological approaches. These technologies will enhance the learning experience, facilitate interaction and collaboration, and provide robust support for learners.

Eventually we would like to utilize a centralized platform such as a user friendly LMS (WorkDay learning) that will host the entire program, providing a central hub for course materials, assessments (Questionmark), and track the teens’ progress.

Multimedia content will be high quality, pre-recorded video lectures that will be used to explain core financial concepts. These will be edited via Camtasia and include animations and visual aids that enhance understanding. Tools like Articulate Storyline or Adobe Captivate will be used to create interactive lessons that include quizzes, drag-and-drop activities, and scenario based learning.

Acquisition of Learner Needs/Interest Information:

To design an effective financial literacy program that resonates with teens and meets their needs, it’s necessary to gather insights into their interests, preferences, and learning requirements. I plan on leveraging surveys, a needs assessment, focus groups, informational interviews, social media, parent and educator input, and partnering with local schools to acquire teens needs and gain their interest.

Team:

To successfully develop and implement Cash Back quest, a versatile team will be essential. This team should include subject matter experts, financial educations, curriculum and instructional designers.  A robust team of LMS administrators, web developers, multimedia designers and technical support will be imperative to provide ongoing support to teens and the Cash Back Quest team members.

Part 4: Implementation

Context (where, when, how):

The implementation of Cash Back Quest is structured in three phases:

• Planning and Development
• Pilot Testing
• Full Launch with Ongoing Support

Due to the nature of the work, much of the planning and development can be done remotely. Utilizing collaboration tools such as Teams, Zoom, Microsoft Programs like Excel, Forms, PowerPoint, SharePoint etc. to coordinate efforts. If feasible, even having a centralized office and landing space for key team members to facilitate in person collaboration for critical stages of development.

Below is an implementation plan and timeline for Cash Back Quest:

Planning & Development Phase – 3 months

• Month 1: Assembling a team and assigning roles and responsibilities.
• Months 1-2: Once SMEs and financial educators are set, they will begin to develop the course content. Instructional designers will create interactive lessons and assessments. The multimedia designers will produce videos, infographics, and other visual materials.
• Months 3: IT Team sets up LMS and develops custom features, such as simulations and gamified elements while conducting testing to ensure platform is stable and usable. All team members will review content materials for accuracy and clarity.

Pilot Testing Phase – 3 months

• Month 1-2: We will begin recruiting a diverse group of teen learners from one local high school to participate in the pilot. We will gather demographic information to ensure a representative sample. After the pilot group is selected, we will run the program and allow teen participants to engage with the content and platform. We will collect feedback through surveys, focus groups and data.
• Month 3: After the teens have completed the pilot program we will analyze feedback and data to identify any areas of improvement. We will make the necessary adjustments to the course content and platform based on the pilot results.

Full Launch with Ongoing Support– 3 months

• Month 1:  We will launch a marketing campaign to promote the program to the target audience.  We will actively engage with schools, parents, community organizations, local banks and credit unions, to build awareness and encourage enrollment.
• Month 2: Open enrollment for the full program! Cash Back Quest will be delivered entirely online, accessible to teens wherever internet is accessible to them. The team will monitor initial enrollments and engagement closely to ensure a smooth start.
• Month 3: Ongoing support and maintenance will continue to provide technical support to teens and Cash Back Quest team members as needed. The team will conduct assessments periodically to evaluate program effectiveness and make improvements.

Approval/Organizational Buy-In:

I currently work for a large credit union that would be an ideal partner for this initiative. Our organization has extensive resources, strong support from various local communities in Washington, and a stellar reputation. We also have a dedicated team of financial educators who support our financial health program. Securing their approval and support would be the crucial first step toward bringing this Cash Back Quest to life.

Time/Budget Constraints:

Implementing Cash Back Quest on my own could face significant time and budget constraints if the organization I currently work for does not approve or support the program. Ideally, we would leverage the credit union’s extensive resources and community support.

Creating a thorough and engaging curriculum will require significant time for research, content creation, and review by subject matter experts (SMEs). If the credit union supports the initiative, we can utilize their existing research and data points on various financial topics, significantly reducing the time needed for this phase.

Finding and enrolling a representative sample of teens for pilot testing may be challenging. However, with the credit union’s support, we can draw from our membership base of teens who already have minor savings accounts.

Hiring or contracting financial literacy experts, instructional designers, and curriculum developers can be costly. Fortunately, the credit union already has dedicated teams with these roles, which would help mitigate these expenses.

Our credit union has a strong reputation, with detailed and thorough digital marketing campaigns, ads, and billboards throughout town. We are highly engaged in various local communities and have already implemented workshops, webinars, and partnerships with local schools and organizations.

By recognizing that many of these time and budget constraints could be alleviated with the credit union’s support, we can successfully develop and launch Cash Back Quest. This program would provide valuable financial education to teens and further support lifelong credit union members.

Resources Needed/Available:

Relevant Organizational Considerations:

For this program to receive full support from my organization, it would need to align with the company’s core values as well as those of the schools the teens attend. Ensuring a safe online environment for teens to learn and collaborate is essential. Ultimately, our focus would be on safety, inclusion, and providing a top-tier financial education experience.

Technical Support Expectations/Plan: