HOW WE MEASURE OUR SUCCESS- Metrics!
Success has many definitions and connotations. Its meaning and demonstration is not the same for each of us. Our feedback from our students are our measure of success for our teachers. For our students it is a change in their decision making and their choices over money. If no change has been effectuated then we as teachers have failed.
With class interaction, followup, and comment cards, we are able to keep a pulse on the progress and success of our Financial Literacy classes. Each class begins with Metrics Questionnaires and are weighted. There is a total of 5 Metric Questionnaires that span from the initial class to one and half years down the road. Our goal is to measure the long term success accurately and efficiently.
We use measurable methods where we poll our students. Beginning just 3 months of having taken a class, we reach out to students via survey methods to qualify our definition of success. Here are some sample survey questions are:
Do you keep a written budget?
Do you have an emergency fund?
Have you reach your goal for your emergency fund?
Have you checked your credit score in the last 2 months?
Has your credit score improved in the last 2 months?
Are your bills on auto pay?
METRICS AND RESULTS
At the first class, everyone gets a Metric Questionnaire. We keep the student information and the questionnaire. In 3 months, we send another one. We compare the responses to the questions from the 1st questionnaire to the second. We send another one in 6 months, 12 months and then finally at 18 months. Using metrics allows us to measure if our student are using the material, able to blend the learning materials with their day to day, and if the student learned long term financial habits and behaviors.
Responses to these weighted questions and others helps gauge if there has been a change in behavior which is the ultimate goal. We consider success being reached when we have at least 75% of each class participate in the survey with at least a 70% positive outcome for questions answered that reflect an improvement in financial knowledge. Our baseline comes from the student’s initial Metric Questionnaire from the first day of class.
Financial Literacy First uses the weighted Metric Questionnaires to gauge long term success, but also to improve our program, classroom instruction, materials, and online learning outcomes.