What is NEFE?
The National Endowment for Financial Education (NEFE) is a non-profit 501 (c) (3) foundation dedicated to helping all Americans acquire the information and gain the skills necessary to take control of their personal finances. NEFE accomplishes its mission primarily by partnering with other concerned organizations to provide financial education to members of the public - in particular, to underserved individuals whose financial education needs are not being addressed by others. These partnerships are an effective means of responding to the needs of many different groups within the general population.
In all of its partnerships, NEFE functions as an active participant by providing funding, as well as the logistical support and financial planning expertise needed to create personal finance programs and materials for the public. NEFE also underwrites grants, fellowships, and research projects; and facilitates the exploration of new ideas in the field of personal financial planning by sponsoring events for professionals throughout the financial services industry.
The National Endowment is composed of four distinct areas that define the foundation's scope and guide its activities. These areas include: Education Programs, Collaborative Programs, Multimedia Access, and Innovative Thinking.
What is the NEFE High School Financial Planning Program?
The NEFE High School Financial Planning Program (HSFPP) was initiated in 1984 as a public service to increase the financial literacy of America's youth. The six-unit program provides teens with a greater understanding of and ability to manage their personal finances in the areas of goal setting, budgeting, and saving. The program uses unique games, simulations, case studies, and interactive exercises to provide hands-on experience for students to test and apply the financial principles and concepts being taught.
There are three main purposes of the program:
- To learn the financial planning process? What it is and what it can do for students
- To give students the opportunity to apply the process through stimulating exercises and assignments provided in the program
- To take control of their finances? Beginning now
What Does It Teach?
With America's rising number of personal bankruptcies, increases in consumer credit card debt, and inadequate retirement savings, the need to teach financial literacy in the nation's high schools is critical. In response, the NEFE High School Financial Planning Program provides exciting, teen-oriented learning materials that teach young people to manage their money wisely. The course allows them to:
- Identify and prioritize their personal money management goals
- Develop a budget
- Track their income and spending to stay within their budget
- Understand the cost of using credit
- Protect their assets as they begin to accumulate money
- Comprehend the impact of time on the value of their money? Especially important in reaching savings goals
The program has been designed for and with teachers to ensure easy classroom implementation. Its six units function as "mini" courses that can be completed in as few as 10 classroom hours.
How Can I Participate?
To put this program to work in your school or community, simply contact Kirby Snitker at ksnitker@dutrac.org or contact NEFE directly to request an HSFPP Information Kit. This kit explains how the program works in the classroom and contains a copy of the Student Guide and the forms needed to request the materials.
DuTrac Community will provide a financial services professional to help teach the HSFPP in the classroom. While team-teaching is not a requirement, it has been found that the combined talents of an experienced teacher and a volunteer financial advisor offer the greatest benefit to high school students.
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