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RESEARCH

RESOURCES

REASONS

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No standardized test can capture what students need to know to effectively participate in the 21st century. They need toThink criticallyCommunicate clearlyUse continually changing technologyBe culturally aware and adaptivePossess the judgment and open-mindedness to make complex decisions based on accurate analysis of information

And If it seems your students brains arent quite firing on all cylinders, in fact, theyre not. But they are capable of it3

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Lets spend a few minutes talking about how students brains are wired and what that means for effective financial literacy instruction.4WHAT WE KNOW FROM NEORUSCIENCEBrains Executive Functions--Occurs in the prefrontal cortex-- Building new neural networks--Fastest time of growth is during school yearsExecutive functions are mental processes that connect past experiences with present action.

Prefrontal cortex is the last part of the brain to mature

It includes a process of neuroplasticity that includes--pruning of unused cells to better provide for the metabolic needs of more frequently used neurons and-strengthening the connections in the circuits that are most used AND growing stronger and increased numbers of connections among neuronsIn other words, getting rid of connections that are no longer used; and increasing the strength of existing pathways and growing new ones.

Unlike other parts of the brain and body, circuits that direct the executive functions of the brain do not develop automatically. They need appropriate stimuli

Because this is occurring at the fastest pace during the school years (ages 8-16), teachers are in the best position to promote the activation of these circuits5Vocab ListAll learning is not created equal--passive memorization does not create networks--learning that is not connected remains isolated and is quickly pruned Each of the brains over 1 B neurons only holds a tiny bit of information. It is only when multiple neurons connect through branching that memory is stored and reusable.

Unless new memories are connected into larger networks, remain isolated bits of data and can only be retrieved by the specific cues through which they were acquired in repetitive drills.6How to Make Connections Active Mental Manipulations--Organize--Prioritize--Compare/contrast--Connect to prior knowledge--Give new examples of a concept--Synthesize new learning into summaries

Given that the circuits that direct executive function need to be explicitly developed, how do we do that?

7How to Make Connections Specifically1. Provide opportunities to apply learning

Personally meaningful activitiesFormative assessments and feedback

When connect pockets of learning with personally meaningful activities, students recognize relationships between what they learn and what they already know. Becomes part of a larger network so wont be pruned away from disuse after the test.

8How to Make Connections 2. Introduce Activities to Support Developing Executive Function

Need to practice executive functions byEvaluatingDoing something with information while learning orTransforming new learning into another form

Again, the development of executive function does not occur automatically, so students need to be explicitly taught and given opportunities to practice. Connecting what they know to what they learncomparing, contrasting---new examples of a conceptcross-curricular applications.

Cross curricular applications particularly importantwriting about math, transforming a story into a drawing9How to Make Connections 3. Model Higher Thinking Skills

JudgmentPrioritizingPrior Knowledge Activation and Transfer Opps

Give students opportunity to develop these functions throughout learning process

Judgment: e.g., estimation with feedback and adjustment----editing and revision using rubrics----evaluating websites using criteriaPrioritizing: organize, plan ahead, keep records of most successful strategies----SETTING GOALS. Until prefrontal cortex is fully developed, students are limited in ability to set and stick to realistic goals. Need help to recognize INCREMENTAL progress toward goals.Prior Knowledge and Transfer: opps to apply new learning to multiple applications, connect past experiences to current learning and tie to larger concepts

10How to Make Connections 4. Games/Simulations/Webquests

--among most effective learning tools because of dopamine reward--ironically, harder work is the reward for mastering material--can replicate gaming experience w/o actual game

When students achieve the challenge or solution needed to progress to next level, the brain releases dopamine, which reinforces the network connection.

The brain seeks another surge of dopaminebecomes an intrinsic reward.

Instruction that sets challenges and provides for incremental feedback, leading to higher challenges, mimics the gaming experience and elicits the same dopamine response.11Connections toFinancial EducationResearch on effectiveness of financial education has been mixed:

--programs may not be effective because of design or administration, OR--may be poorly evaluated

Programs have had wide varietyadults, seniors, teenagers, college students

Evaluated a variety of outcomesknowledge on tests, change in behavior

Sometimes evaluate a program that used different instructors, different curricula, where people could choose to participate or not, where trainers were trained or not trained, varying lengths, varying school settings.

Difficult to get a definitive conclusion about effectiveness of financial education when evaluation designs are so varied.

May have heard about a recent metaanalysis of financial literacy programs that concluded that they dont work. Problem with the metaanalysis is that it lumped all these studies togetherdidnt pull out by design, by population, by year.

Recent analyses have tended to show significant gains because more care paid to design and statistical methods. Now set of generally accepted standards by which to evaluate:Set a clear definition of contentTrain teachers in content and use of program materialsSpecify knowledge outcomes that are measured with valid and reliable instrumentsCollect data on pre and post testsAnalyze using appropriate statistical analyses12Connections toFinancial EducationWhat works (for all age levels)?--Limited use of textbooks and greater use of activities grounded in real life--Depth vs. breadth--Integrate, integrate, integrate--horizontal and vertical integration

Remember back to the development of executive functions. Note, this means real life of whatever age students are at. Real life for elementary students does not include buying a car or saving for college. It does include make choices about what candy bar to buy, or whether to save up money for vacation or spend it now on music.

Real life for high school students does not include a mortgage. But it does include investing in human capital, what college (if any) to go to, what car to buy, what taxes are taken out of paycheck. Real life for everyone includes being a better consumer.

Extending that, Im in favor of not trying to cover the waterfront in terms of topics. Focus on topics that have immediate relevance. We know executive function occurs when learning is transferred across a range of opportunities. If you teach a stand-alone course, incorporate writing, art (mention Cleveland Fed and art competition), math, Common Core requires 50% nonfiction reading.But best integration occurs school or district wide: Horizontalcollaborate with colleagues to develop projects that incorporate FL (English, math, history).Verticaloutline skills/concepts students should haveutilize feeder schools as partners in preparing students

Really about good decision makingnot confined to one context. Give students oppty to apply good decision making to all aspects of their lives (use of decision-making grid, for example).

13

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Cover some resources that incorporate the fundamentals of executive function development14Sampling ofResources:What WorksKeys to Financial Success (Phil. Fed, et al.) http://www.phil.frb.org/education/teachers/resources/keys-to-financial-success/curriculum.cfm

15Sampling ofResources:What WorksMaking Personal Finance Decisions (MN Council on Economic Education

http://www.mcee.umn.edu/programs/MakingPerFinDecisions.html

16Sampling ofResources:What WorksInstructor Management Panel, St. Louis Fed

https://bts.stlouisfed.org/econ_ed/online_learning/

17Sampling ofResources:What WorksEconLowDown (St. Louis Fed) http://www.stlouisfed.org/education_resources/

Money As You Learn (PACFC)http://www.moneyasyoulearn.org/

18Sampling ofResources:What WorksGames/Simulations/Webquests

List of games: https://docs.google.com/file/d/0B1PROeIaz0erZHRhd3Z1LXVLTGM/edit

Budget Challenge: http://www.budgetchallenge.com/

19Sampling ofResources:What WorksGames/Simulations/Webquests

Webquests:

http://academics.uww.edu/cni/webquest/Fall02/business/Index.htm

http://web.archive.org/web/20060303152619/http://www.northsalem.k12.ny.us/Projects/sicheri/webquest.html

20Sampling ofResources:What WorksGames/Simulations/Webquests

Webquests:

http://its.guilford.k12.nc.us/webquests/travel/travel.htm

21Sampling ofResources:What WorksAnd then theres this

Duke professor, Dan Ariely

22Sampling ofResources:What WorksYouTube: http://www.youtube.com/watch?v=JhjUJTw2i1M

Podcasts: http://danariely.com/

Interesting discussions about consumer behavior

Example: Anchor Pricing

He asked his students to write down the last two digits of their social security #s. Then he asked them to put a dollar sign in front of those 2 digits. Then he asked them to write that dollar amount next to a list of items and whether they would be willing to pay that amount for each item (yes or no). Then he asked them to write down what the maximum they would be willing to pay for each item was.23

He asked his students if they thought that their social security #s influenced their willingness to pay, so they knew there was a connection between the two.24Behavioral Economics WebsitesDecoy Pricing: http://www.neurosciencemarketing.com/blog/articles/decoy-marketing.htm

Arbitrary Coherence: http://www.ratracetrap.com/the-rat-race-trap/irrational-decisions-anchoring-and-arbitrary-coherence.html

Behavioral Economics WebsitesZero Price and Behavior: http://www.bos.frb.org/economic/wp/wp2006/wp0616.pdf

Social vs. Market Norms:http://www.bidwellid.com/blog/social-vs-market-norms/

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Why do we do this? Why do we fight this fight, why are you here?

We know there are tangible, predictable results27

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Savings BehaviorSelf-EsteemMath ScoresHuman CapitalKobeRobertQuestions?Julia.heath@uc.edu