Project Design

RECOMMENDED RESEARCH PROJECT DESIGNS
ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT
Submitted On:
December 12, 2011

Submitted To:
Louisa Quittman, COTR
Office of Financial Education and Access
U.S. Department of the Treasury
Submitted By:

Contact: Genevieve Melford
Project Director
Corporation for Enterprise Development (CFED)
1200 G. Street, NW, Suite 400
Washington, DC 20005
202-207-0142
gmelford@cfed.org

Contract No. TOS-11-F-039

TABLE OF CONTENTS
Introduction .................................................................................................................................................... 3
A.

Adult Program Research Pilot ................................................................................................................. 3
Project Overview .................................................................................................................................................................. 3
Project Rationale .................................................................................................................................................................. 3
Key Research Questions ....................................................................................................................................................... 4
Pilot & Research Design ........................................................................................................................................................ 4
Research Ethics ................................................................................................................................................................... 11
Research Timeline .............................................................................................................................................................. 12
References .......................................................................................................................................................................... 13
Appendix A: Banco Popular Checking Account and ID Requirements ................................................................................ 14
Appendix B: Parks Opportunity Program Flow Chart ......................................................................................................... 15
Appendix C: Study Enrollment Forms ................................................................................................................................. 16
Appendix D: Data Collection and Sources .......................................................................................................................... 19

B.

Youth Program Research Pilot .............................................................................................................. 21
Project Overview ................................................................................................................................................................ 21
Project Rationale ................................................................................................................................................................ 21
Key Research Questions ..................................................................................................................................................... 22
Pilot & Research Design ...................................................................................................................................................... 23
Research Ethics ................................................................................................................................................................... 26
Research Timeline .............................................................................................................................................................. 27
References .......................................................................................................................................................................... 28
Appendix A: Eau Claire Elementary Schools Demographics ............................................................................................... 29
Appendix B: Royal Credit Union Savings Account Terms .................................................................................................... 31
Appendix C: The Council for Economic Education’s Financial Fitness for Life® .................................................................. 32
Appendix D: Data Collection and Sources .......................................................................................................................... 33
Appendix E: Study Enrollment Forms ................................................................................................................................. 34

CFED: ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT

2

INTRODUCTION
The Corporation for Enterprise Development (CFED) in pleased to submit recommended
research project designs for both of the Assessing Financial Capability Outcomes (AFCO)
Pilots: Measuring Effectiveness of Financial Education, Financial Skills and Financial
Product Usage at Enhancing Participant Knowledge, Behavior and Financial Well-Being.
The following research project designs represent several months of intensive work by
many individuals on both the adult and youth project teams, and aim to balance and
advance the twin goals of (1) providing rigorous, large-scale and meaningful learning
opportunities, and (2) launching and implementing quickly enough to be able to provide
early findings by the end of the contract base year. Both teams welcome and look
forward to Treasury’s feedback on the recommended designs.

A. ADULT PROGRAM RESEARCH PILOT
PROJECT OVERVIEW
The proposed focus of the AFCO adult pilot is to assess the combined impact of access
to financial products and advice on the financial stability and well-being of unbanked
adults. Specifically, we will examine the impact of financial counseling on the bank
account use and financial outcomes of participants in a transitional employment
program who have been offered checking accounts and direct deposits of their
paychecks. We expect that integrating access to financial products and advice is more
effective than a single-pronged approach.
This study will be led by the Center for Financial Security at the University of WisconsinMadison and the New York City Office of Financial Empowerment (OFE), with support
from CFED, and implementation support from the New York City Parks Opportunity
Program (POP).

PROJECT RATIONALE
Few studies have addressed the relationship between banking product access and
financial education. Research to date suggests that the combination of education and
access may improve financial knowledge, behavior, and outcomes (see Baker and Dylla
(2007) for a review of some of these studies). However, previous research has tended to
examine the impacts of education and access as a single treatment, without
comparisons to the effects of either intervention alone. Prior work has also focused
mostly on account access combined with traditional modes of education rather than
financial counseling. However, counseling—which offers personalized attention and
advice—may be particularly beneficial for individuals working with new accounts.
Findings from the research pilot will inform the development of future programs and
initiatives to facilitate financial access and improve financial well-being for underserved
low-income adult populations.
CFED: ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT

3

KEY RESEARCH QUESTIONS
We will examine how the effects of financial counseling in combination with access to a
safe and affordable checking account differ from the effects of account access alone. In
addition, we will examine the effects of intensity of account access by streamlining the
account enrollment process for half the participants. We are interested in the effects of
financial counseling and intensity of account access on:
1) The beneficial use of a checking account, and
2) The general financial well-being of participants.
Measuring account activity will show whether individuals are managing their accounts
sustainably and using them in ways that promote financial stability. We will further
measure whether participants’ overall financial health improves, and to what extent, as
the result of the account access and financial counseling components of the program.
We hypothesize that participants provided greater account access will be more likely to
take-up accounts. Bank accounts facilitate asset accumulation and access to other
mainstream financial products, and reduce dependence on expensive alternative
financial services (Barr (2004); Barr and Sherraden (2005); Belsky and Calder (2004);
Seidman and Tescher (2003); Stegman and Faris (2003)). Therefore, we also expect that
account take-up will improve participants’ financial well-being. Because financial
counseling offers assistance and engagement with the checking accounts, we
hypothesize that the provision of counseling in combination with account access will
result in better use of the account and greater financial well-being than account access
alone.

PILOT & RESEARCH DESIGN
Our hypothesis will be tested within one of the nation’s largest transitional employment
programs, the New York City Parks Opportunity Program (POP), administered by the
city’s Department of Parks and Recreation. All participants enrolled in the study will be
offered free checking accounts with direct deposit and no overdraft fees (see Appendix
A for the account terms). Based on current levels of take-up, we expect roughly 30
percent take-up of the checking account and direct deposit offer. The accounts will be
opened on-site at POP, and all participants will receive basic information about account
benefits and use, referred to as “How-To+.”
As part of a randomized control trial, about half of the study participants will be
assigned the option to attend one-on-one financial counseling during their prescribed
work hours. The counseling offered to half the participants will be provided by NYC’s
Financial Empowerment Centers (FECs). FEC counselors are trained to help clients
individually on a range of financial needs, such as money management, budgeting,
selecting safe and affordable financial products, and credit and debt management. For
the purposes of this pilot, counselors will be informed of the unique needs of this client
CFED: ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT

4

group with reference to their accounts. For example, counseling might address the
unique features of the NYC account, transitioning from the use of alternative financial
services, and the maintenance of accounts should clients’ employment situation change.
The study will examine the effects of financial counseling in combination with access to
a checking account using an intent-to-treat research design. This design controls for
selection bias by measuring the effects of access to services rather than the impacts of
the services themselves (unobservable characteristics may affect both the likelihood of
opening an account or attending counseling and the impact of these services). Some
participants may choose not to open accounts, while a minimal number may not be
qualified for accounts due to their ChexSystems reports. These participants will be
offered NYC SafeStart savings accounts with ATM access (ChexSystems reports do not
determine eligibility for these accounts). Participants who open a NYC SafeStart account
will not be included in the study.
We will also examine the effects of intensity of account access by creating variation in
account access. The account-opening process will be embedded in the program
structure in some locations and not others. For about 50 percent of study participants,
account-opening will occur as part of standard POP enrollment during orientation. Bank
representatives will be on hand to assist participants in opening accounts as they
complete other program enrollment activities. Participants at locations without the
embedded process will complete POP enrollment separately from account opening.
They will be told that, as an optional step, they can speak to a bank representative onsite if they are interested in opening an account.
The figure below illustrates this element of the research design. Orientation Checklist 1
represents the standard checklist that will be provided to 50 percent of the participants.
The other 50 percent will receive Orientation Checklist 2, which includes bank account
enrollment as part of the orientation process.
Orientation Checklist 1
1. Task
2. Task
3. Task
4. Task
5. Task

Orientation Checklist 2
1. Task
2. Task
3. GET BANK ACCOUNT
4. Task
5. Task

Because enrollment in POP is not likely to be affected by the method of account
enrollment, the embedded method (including bank account enrollment as part of the
standard POP enrollment process) serves as a proxy for greater account access. We
expect that participants offered the embedded process will be more likely to take up
accounts because it is more convenient and it takes more effort to “opt out” of an offer
presented as a default.

CFED: ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT

5

To analyze the effects of variation in account access, we will use regression discontinuity
analysis to estimate the local average treatment effect (LATE). This method addresses
selection bias by estimating the average impact on participants who take up accounts as
a result of the embedded process as opposed to participants who would take up an
account anyway, compared to non-account users.
At the end of study enrollment, the design will provide four comparison groups, which
are presented in the following matrix:
Experiment 1
Experiment 2

Counseling offered

No counseling offered

Separate account
enrollment

Separate account
enrollment,

Separate account
enrollment,

counseling offered

no counseling offered

Embedded account
enrollment, counseling
offered

Embedded account
enrollment , no counseling
offered

Embedded account
enrollment

TREATMENT ASSIGNMENT
The treatment will be assigned by the borough in which a POP site is located, and time,
rather than by individual, as this will reduce concerns about program participants at one
site receiving different levels of service, will be more feasible for the Parks Department
to implement, and will allow for less possibility of errors. During the first half of the
study period, POP sites in two of the four boroughs will be chosen to offer financial
counseling to participants. One borough offering counseling and one borough not
offering counseling will be chosen to offer embedded account-opening. Because
treatment effects may be correlated with differences between sites, the counseling
assignment will be changed after approximately half the participants are recruited. At
this point, the sites that did not previously offer counseling will become the sites
offering counseling. To reduce the burden on Parks Department staff, the accountopening process will not be changed.

CFED: ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT

6

The following chart provides an example of how the treatment could be assigned for the
first half of the recruitment period and switched for the second half:

Recruitment period
Borough

January/February

March/April

Brooklyn

FEC session
offer

Embedded
account offer

No FEC

Embedded

Bronx

No FEC

Not
embedded

FEC

Not
embedded

Manhattan

FEC

Embedded

No FEC

Embedded

Queens

No FEC

Not
embedded

FEC

Not
embedded

PILOT IMPLEMENTATION & STUDY RECRUITMENT
The study will be implemented at six of the seven POP sites across four boroughs. One
POP site will be excluded because Banco Popular, the financial institution providing the
free checking accounts, does not have branches in the area. POP participants at this site
will be offered NYC Direct Deposit accounts with another financial institution. However,
since we will not be able to obtain account data for these individuals, they will not be
included in the study.
New POP participants will be offered accounts and recruited into the study as they begin
POP. New enrollees will be offered accounts and provided basic information about
account terms and features during their POP orientation day (see Appendix B for an
outline of POP’s enrollment and work assignment process). Banco Popular staff will be
present on site to facilitate this process. Participants will fill out direct deposit forms
while opening their accounts and receive their account number that day
Study recruitment will occur about 2 weeks later, after POP participants are assigned to
their work site. At this time, POP participants will receive the How to + education and
study offer. Participants will be offered a small incentive (e.g. a $20 gift card) to
participate in the study and complete the baseline survey (attached as Appendix C).
They will be offered another small incentive if they have a NYC checking account. Study
participants who did not open accounts previously will be offered a second opportunity
to open accounts and receive this incentive.
When the study recruitment period begins in January 2012, POP participants who
enrolled in December will be offered accounts and asked to join the study during their
POP professional development day. Because these participants will not be offered
CFED: ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT

7

accounts during the POP orientation process, the intensity-of-account-access
component of the research is not relevant to this subgroup.1
MEASUREMENT
In order to answer the key research questions as stated above, we propose to track
outcomes in two categories:
Outcomes associated with beneficial account use2







Number of monthly transactions
Account use for bill payments
Account longevity
Use of direct deposit
Average monthly balance
Number of returned (bounced) checks

Outcomes associated with financial well-being









Debt levels
Delinquencies
Percent use of available revolving credit
Take up of other affordable, mainstream financial products or services (e.g.
establishing credit)
Savings levels
Use of alternative financial services
Financial knowledge (knowledge assessments)
Financial attitudes (e.g. future orientation, perceived financial well-being, sense
of financial control and satisfaction)

We expect that individuals receiving counseling in combination with account access will
be more likely to make regular deposits, use the account for bill payments, maintain the
account, maintain positive balances, and avoid fees (compared to either intervention
alone). We also expect that individuals receiving counseling in combination with account
access may be in a better position to improve their financial health. We hypothesize
counseling reduces debt, incidence of delinquencies, and use of alternative financial
services; facilitates healthy credit maintenance and other mainstream product use; and
increases savings. Individuals receiving counseling would be more likely to have greater
financial knowledge and exhibit financial attitudes that promote and reflect healthy
financial behaviors.
1

City hiring freezes may prevent the continued enrollment of new POP participants, in which case
recruiting participants enrolled in December will create a larger sample size. If recruiting 1,000 new
enrollees is possible, the December group may not be included in the final analysis.
2

Banco Popular has confirmed that these data points can be provided.

CFED: ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT

8

We also hypothesize that individuals who take up accounts will be in a better position to
increase their savings, reduce their use of alternative financial services (and therefore
possibly reduce debt), improve their financial knowledge and attitudes, and take up
other mainstream financial products.
DATA COLLECTION
The outcomes of interest will be measured using a combination of administrative and
self-reported data. Self-reported data will be collected using surveys. A baseline survey
assessing current banking status and financial situation, behaviors, and attitudes will be
administered onsite during study recruitment. A follow-up survey assessing account use,
financial health indicators, and financial knowledge, behavior, and attitudes will be
administered onsite five months following enrollment. Participants who have left the
program early, or who are otherwise not available to take the survey onsite will be
surveyed by phone and/or mail. We expect about 50 percent of participants to leave the
program early.
Survey questions will be adapted from previously-fielded questions used in the
literature and prior CFS and OFE research. The mail survey will be designed, tested, and
implemented with the assistance of the University of Wisconsin Survey Center and OFE’s
evaluation specialists. This survey will be fielded to maximize the response rate; up to
four mailings and a pre-incentive to return the survey will be sent to participants. This
strategy reduces response bias resulting from differences between participants who
return the mail survey and those who do not. The remaining bias will be analyzed and
the data will be balanced using statistical techniques. The estimated response rate to
the mail survey is 30 percent, and in the first year of the pilot we expect to receive and
analyze about 50 percent of the total number of surveys that will be collected.
Administrative data will be collected from a variety of sources for up to 24 months after
study recruitment. The Parks Department will provide demographic, employment,
income, and benefits data. Although the program length is six months, POP staff
members continue to follow-up with participants for up to two years. Banco Popular will
share account data for participants who signed the bank’s data release form. Data
regarding debt levels, delinquencies, credit utilization rate, and credit establishment will
be collected by OFE by conducting “soft pulls” of study participant credit reports at
intake and after about 3-6 months, 9-12 months, and 21-24 months (credit reports for
all study participants will be pulled at the same time, generating some variation in
follow-up period). The FECs will provide data regarding study participants’ financial
counseling attendance and treatment. Appendix D provides a table that outlines the
data collection plan.
The three- to six-month time frame for measuring outcomes provides the time
necessary for participants to use their accounts, attend counseling, and demonstrate
changes in financial knowledge, attitudes and behavior. Previous research by OFE has
shown that some financial outcomes, such as changes in debt levels, can be observed
over this time period. We expect that a five or six month follow-up will demonstrate
CFED: ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT

9

more significant results. However, credit report data will be collected earlier for some
participants to ensure that data is available for analysis within the first year. Because
participants will be recruited on a rolling basis, a year may be required to obtain fivemonth survey data for the full sample. However, some survey data, in addition to
administrative data collected periodically over the six-month time frame will be
available for analysis within the first year.
Tracking data from Banco Popular, the FECs, and credit reports for up to 24 months
could reveal more significant, longer term impacts. Extending data collection beyond
the first year would also provide an opportunity to observe participants’ account use
and financial well-being after completing the Parks program. The account features
negotiated by the City for its employee checking accounts continue when City
employment ends, as long as customers complete a minimum of five transactions per
month. Observing impacts once the added account protections are no longer in place
may inform government efforts to design model transactional accounts for low-income
individuals.
DATA ANALYSIS
As discussed earlier, the data will be analyzed using an intent-to-treat research design.
Specifically, we will measure the effects of the counseling and account offers rather
than take-up. Using a difference-in-differences model, we will compare outcomes
among the four sample groups. This will demonstrate whether the counseling offer
affects the use of accounts and whether the counseling offer in combination with
account access improves participants’ financial health more than account access alone.
We will use site fixed effects to control for the time period in which a participant was
recruited (because time period partially determines the treatment assignment). Because
some participants may be recruited midway through completing POP, and some
participants may leave POP early, we will control for the length of time spent in the
program after receiving an account.
Subgroup analysis may show who chooses to open accounts and attend counseling, and
whether impacts differ across subpopulations (if sample size is sufficient). In addition to
estimating the effects of the intent to treat, we may also estimate the effect of
treatment on the treated. If the participants who open accounts and/or attend
counseling are significantly different from those who do not, we may use a propensity
score approach to provide estimates of the average treatment effect.
SAMPLE SIZE AND DETECTABLE EFFECTS
We aim to recruit 1,000 participants into the study (we expect an acceptance rate of 40
percent based on past experience with the study population). However, even assuming
a recruitment rate closer to 100 percent, we will need to recruit participants through
the end of April to reach a sample of 1,000, based on the following POP enrollment
estimates:
CFED: ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT
10

Month

# New POP
participants

December

250

January

60

February

240

March

290

April

360

May

470

Assuming 250 in each comparison group, the following are examples of approximate
minimum detectable differences between the groups:









$120 difference in savings
7% difference in the proportion of individuals who have bounced at least one
check in the last 6 months
10 percentage point difference in amount of available credit
$1,800 difference in revolving debt
$2,600 difference in amount past due
Unit difference in the number of bills in collections
Quarter of a deviation difference in self-reported financial knowledge
13% difference in proportion of individuals who feel they have little or very little
control over their financial situation

These effects were estimated using prior studies with similar populations.

RESEARCH ETHICS
Researchers will follow strict ethical standards for human subjects research while
implementing these pilots. All consent, data collection, and confidentiality protocols will
be reviewed and monitored by the UW-Madison Institutional Review Board (IRB).

CFED: ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT
11

RESEARCH TIMELINE
December 2011
 Finalize IRB protocol for authorization for human subjects research
 Finalize pilot implementation plan
o Finalize MOU and terms with Banco Popular
o Finalize MOU between Department of Parks and Recreation and OFE
o Hire personnel
o Develop and finalize How-To + education
o Develop and finalize training and materials for hired personnel
o Train personnel
o Randomly assign treatments to each POP site by borough
January 2012-April 2012
 Pilot implementation
 Recruit study participants and collect baseline data (baseline credit report and
baseline survey)
February 2012
 Complete preliminary literature review for final report
March 2012
 Re-assign treatments at each site (specific date to be determined depending on
study recruitment rates)
 Draft 1st quarter research report
February-May 2012
 Draft and finalize 5-month follow-up survey
 Obtain IRB approval for survey
June 2012
 Start fielding 5-month follow-up survey
July 2012
 1st follow-up credit report pull (3-6 month follow-up)
 Complete coding of data to be presented in Year 1 report
August-September 2012
 Analyze preliminary data
August- October 2012
 Draft Year 1 report (outline due Aug 27, final paper due October 26)
CFED: ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT
12

January 2013 (contingent on future funding)
 2nd credit report pull (9-12 month follow-up)
January 2014 (contingent on future funding)
 3rd credit report pull (21-24 month follow-up)
 Complete 24-month follow-up data collection
 Analyze data and draft findings

REFERENCES
Baker, C., & Dylla, D. (2007). Analyzing the relationship between account ownership and
financial education. Asset Building Program, New America Foundation.
Barr, M. S. (2004). Banking the poor: Policies to bring low-income Americans into
financial mainstream. In Brookings Institution, Research Brief.
Barr, M. S., & Sherraden, M. W. (2005). Institutions and inclusion in saving policy. In N.
Retsinas & E. Belsky (Eds.), Building assets, building wealth: Creating wealth in
low-income communities. Washington, DC: Brookings Institution Press.
Belsky, E., & Calder, A. (2004). Credit matters: Low-income asset building challenges in a
dual financial service system (Joint Center for Housing Studies Working Paper
Series, BABC 04-1). Cambridge, MA: Joint Center for Housing Studies, Harvard
University.
Seidman, E., & Tescher, J. (2003). From unbanked to homeowner: improving the supply
of financial services for low-income, low-asset customers. (Joint Center for
Housing Studies Working Paper Series, BABC 04–4). Cambridge, MA: Joint Center
for Housing Studies, Harvard University.
Stegman, M. A., & Faris, R. (2003). Payday lending: A business model that encourages
chronic borrowing. Economic Development Quarterly, 17, 8–32.

CFED: ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT
13

APPENDIX A: BANCO POPULAR CHECKING ACCOUNT AND ID REQUIREMENTS
Totally Free Checking® Account Terms
• This is a free non-interest bearing checking account
• There is no minimum balance requirement
• There is no monthly fee, but the account requires five or more transactions
per month
• Automatic opt-out for overdraft
• Free ATM card
• Free unlimited in-network ATM transactions at BPNA and Allpoint ATMs
• Free access to Popular Online Banking
• Free online bill pay
• Free unlimited check writing
• Free online check images
• Free images of paid checks included in your statement
• Money accessible 24/7 – with ATM/MasterCard debit card, Popular online
banking and telephone banking
• Customers must fund the account within 30 days of account opening (this
payment may be made through direct deposit)
• There is a 3 month (or 90 day) grace period for accounts not meeting the 5
minimum monthly transactions. Customers will be notified that they are
not meeting the minimum number of transactions. If this persists beyond
the grace period, the account will be converted to Banco Popular’s feebased basic checking account ($5 per month).
• Note: The Parks Opportunity Program participants are NYC employees and
should be eligible for the account terms affiliated with NYC Direct Deposit
program (e.g., waive the $25 required to open account)
Identification Requirements
• Current (non-expired) and valid government-issued photo identification
from most countries, such as a passport, state ID, or Matricula Consular. A
current New York State electronic benefit transfer (EBT) card is also an
acceptable form of ID.
• Proof of address, such as a voter card or a gas, electricity, or phone bill
• Social Security Number (SSN) or Individual Taxpayer Identification Number
(ITIN) needed; actual card is not required.

CFED: ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT
14

APPENDIX B: PARKS OPPORTUNITY PROGRAM FLOW CHART
St. Mary's
BRONX
32 groups

Ranaqua
BRONX
16 groups

Jackie Robinson
MANHATTAN
32 groups
HRA refers
participants
borough-wide

Processing at DPR
to determine
eligibility for POP

1-day Orientation

Field Orientation
=> 2 weeks

POP
Assignment
Day*
Marcus Garvey
MANHATTAN
16 groups
*last day of field orientation

Brownsville
BROOKLYN
32 groups
Working Assumptions
- Orientation appx 60-100 new participants
- Jan-Mar will be peak orientation times this year as the hiring
freeze will be lifted.
- PoP groups average ~ 20 participants (range of 12-20)
- Number of current groups includes new and ongoing
participants

Pascrell
QUEENS
32 groups

Silver Lake
STATEN IS.
16 groups
CFED: ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT

15

APPENDIX C: STUDY ENROLLMENT FORMS
The following materials are attached:
1) Consent form for study participants
2) Banco Popular data release form for study participants
3) Baseline survey

CFED: ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT

16

Research Participant Information and Consent Form
We invite you to participate in a study led by the NYC Office of Financial Empowerment and the Center
for Financial Security. This form explains what it means for you to be in the study. By signing this form,
you are agreeing to be in the study and to let us use different types of information, described below,
that we need to collect for the study. We hope you will agree to participate.
Your participation is voluntary. If you decline, it will not affect any services you receive at the Parks
Opportunity Program (POP). If you agree, we will ask you to fill out a 20-minute survey now and 6
months later. You will receive a $20 prepaid card if you participate, and an additional $20 prepaid card if
you have a NYC checking account or open one now. You will also receive a $10 prepaid card in 6 months
to encourage you to fill out the second survey.
If you agree, we will use information from: (1) your POP employment, (2) financial counseling services
you may receive through a referral from POP, and (3) your credit report, Your credit report will be pulled
now and up to three points in the future. The pulling of these credit reports will not affect your credit in
any respect. If you agree to participate in the study, we will also ask you to sign a form releasing data
about your NYC checking account if you have one or choose to open one in the future.
We will only use this information to see if services provided by POP help people improve their financial
situation. There is little risk to you because everything is confidential, to the extent allowed by law. We
will NOT use your name or any information that identifies you in the study. You may stop participating in
the study at any time, and this will not affect your participation in POP.
--------------------------------------------------------------------------------------------------------------------------I agree to participate in the study to help the Office of Financial Empowerment and the Center for
Financial Security learn more about how to develop better programs that can help me and others in my
community.

Print Name:______________________Signature:_______________________ Date:_______________
---------------------------------------------------------------------------------------------------------------------------WHO DO I CONTACT IF I HAVE QUESTIONS?
You may ask questions about the research at any time. You can contact Davida Rowley at the Parks
Opportunity Program. She can be reached at 212-830-7783.
If you have questions about the survey you should contact the researcher Michael Collins who works for
the Center for Financial Security. He can be reached at 608-262-0396.
If you have more questions, you should contact the University of Wisconsin IRB Office. The number for
the office is 608-263-2320. The office staff can talk to you about your rights as a research participant.

CFED: ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT

17

AUTHORIZATION TO RELEASE ACCOUNT INFORMATION
Banco Popular North America (the “Bank”) is partnering with the New York City Office of Financial
Empowerment (“OFE”) and the Center for Financial Security (“CFS”) in a study being conducted to
determine how to develop better financial programs to assist you and your community.
You may have been asked to participate in the study; if you have agreed to participate you have already
been provided information regarding the nature of the study and the fact that your participation in the
study is voluntary.
To assist in information-gathering for the study, OFE has asked that the Bank provide certain
information relating to your account at the Bank. Prior to the Bank releasing any such information, your
written consent is required. Please be assured that your account information shall be used by OFE solely
for purposes of the study and not for any marketing or other purposes.
Please confirm your authorization for the Bank to release the following account information to OFE by
affirmatively consenting below:

INFORMATION TO BE RELEASED
1.
2.
3.
4.
5.
6.
7.
8.

Customer Name
Customer Address
Date of Account Opening
Average Monthly Account Balance
Number of Monthly Transactions
Use of Bill Pay
Use of Direct Deposit
Number of Returned Checks

I/We authorize Banco Popular North America to release the above-referenced information to the New
York City Office of Financial Empowerment and the Center for Financial Security.
_____________________________________________
Account Holder(s) Signature
____________________________
Date

CFED: ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT

18

Date:

SURVEY ABOUT FINANCES
BACKGROUND INFORMATION
Last Name:

First Name:

Date of Birth:

Are you of Hispanic or Latino origin?
Yes
No
Prefer not to answer
Race: (check all that apply)
White
Black/African-American
Asian
Native Hawaiian or other Pacific
Islander
American Indian or Alaska Native
Other:_________________
Prefer not to answer

Living Situation:
Rent
Own
Staying with family/friends
Public housing
Homeless/shelter
Prefer not to answer

Marital Status:
Married/Common Law
Single
Divorced/Separated
Widow
Prefer not to answer

Number of Children (under 18):

Number of Adults (over 18):

____ In the household
____ Outside the household

____ In the household
____ Outside the household

USE OF FINANCIAL SERVICES
Did you have a bank account in the month before starting
POP?
No
Yes, checking account
Yes, savings account
Yes, both checking and
savings account

If you did not have a bank account in the month before starting
POP, did you have one in the past?
Yes
No


IF YES, why did you close it?
I was not satisfied with my bank
I could not maintain the minimum balance
Fees were too high
It was frozen / garnished
Other reason: ________________________

Did you have any of the following in the month before starting
POP?
(check all that apply)
Prepaid card
Payroll card
EBT/Public Benefits card
Direct deposit to bank account
Direct deposit to payroll card



IF NO, why didn’t you have a bank account? (check all)
I can’t maintain the minimum balance
I don’t like dealing with banks
I tried but bank denied me
Fees are too high
I don’t have the required identification
I had a negative experience with my bank
I have judgments / liens
Other reason: ________________________

Have you used any of the following in the last month?
(check all that apply)
Check-cashers
Money orders
Online bill pay
Pay day lender
Pawn shops

FINANCIAL INFORMATION
If you had an unexpected expense or
emergency of $500, how confident are you
that you could pay it?
Not at all
A little
Somewhat
Very
Extremely

Are you short on cash before payday?

Yes

No

Do you use a budget or spending plan?

Yes

No

Are you saving regularly?
Yes

Do you have any savings?
Yes

Right now, how worried are you about your
financial situation?
Not at all
A little
Somewhat
Very
Extremely

No

If you have savings, about how much
money do you have saved?
$_______________

No

How much control do you feel over your
finances?
No control
A little control
In control
Very in control
Extremely in control

Have you viewed your credit report in
the past 12 months?
Yes

No

APPENDIX D: DATA COLLECTION AND SOURCES
Data Source
Bank data
up to 24 months

Account Use
(outcomes)


Number of monthly
transactions



Account use for bill
payments



Account longevity



Use of direct
deposit
Average monthly
balance




Financial Well-Being
(outcomes)

Number of
returned (bounced)
checks

Credit reports



Debt levels

baseline, 3-6
months, 9-12
months, & 21-24
months



Delinquencies



Percent use of
available revolving
credit



Take up of other
affordable,
mainstream financial
products or services
(e.g. establishing
credit)



Financial knowledge
(knowledge
assessments)
Financial attitudes (e.g.
future orientation,
perceived financial
well- being, sense of
financial control and
satisfaction)
Financial behavior (e.g.
use of alternative
financial services,
saving behavior)

Follow-up survey
approximately 6
months

Additional Data Points
(controls)





CFED: ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT

19

Intake survey



Financial attitudes

baseline



Financial behavior



Baseline banking status



Banking history

POP administrative
data



Demographics



Demographics



Employment
information
Income information
Benefits information
POP start and end
date

up to 24-months




Financial
Empowerment
Center
administrative
data



Number of
counseling sessions



Service plans



Milestones achieved

up to 24 months

CFED: ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT

20

B. YOUTH PROGRAM RESEARCH PILOT
PROJECT OVERVIEW
The youth program AFCO pilot tests if the combination of financial education and access to
bank accounts through an elementary school credit union branch results in greater retention of
financial knowledge than financial education alone. We additionally plan to measure impacts on
financial attitudes and behavior. Given the pressures teachers and school administrators face in
developing and delivering comprehensive financial education curricula with limited class time,
this research will provide valuable insight into effective strategies for teaching personal finance
topics to elementary school students, helping them build the necessary capacity to manage
their finances as adults.
This study will be led by the Center for Financial Security at the University of WisconsinMadison, with research support from faculty members at the Wisconsin School of Business and
the University of Kansas, and staff from CFED.

PROJECT RATIONALE
Teaching financial topics to children is expected to facilitate healthy financial behaviors in
adulthood, while potentially influencing parents as well (for a discussion see Holden et al.
(2009); Lucey & Giannangelo (2006)). In addition, research shows that children may learn more
from financial education if it is experiential and relevant to their lives. Providing access to
banking services while teaching a financial education curriculum could help students make a
connection between financial education and financial services and practice newly-learned skills.
This could improve their learning and retention of the curriculum (for a discussion see
Sherraden, Johnson, Guo, & Elliott (2010)).
A growing number of schools have added ‘student bank branches’ on site to take deposits and
encourage basic financial management. Likewise, some schools and teachers have added
personal finance as part of economics, social studies and/or math education programs, or offer
such topics as extracurricular programs. Previous studies suggest that youth account ownership
and/or financial education may affect students’ financial knowledge, attitudes, and behavior.
For example, Sherraden, Johnson, Guo, and Elliott (2010) compared the financial knowledge of
elementary school children who received both savings accounts and financial education to that
of a control group that received neither. They found significantly higher scores among the
treatment group. Elliott and Beverly (2011) found that high school students with savings
accounts who expect to graduate from college are more likely to attend college than students
who do not have accounts but also expect to graduate from college. However, little research to
date has explored the extent to which financial education and account ownership build on each
other to improve student outcomes. This study will provide insight into the relationship
between the two strategies by addressing the impact of a financial education curriculum and a

CFED: ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT

21

school banking program (where account ownership is optional) both individually and in
combination.

KEY RESEARCH QUESTIONS
This study will examine whether elementary school students (specifically 4 th and 5th graders)
learn more from personal finance instruction when they have the opportunity to open and use
a savings account through a credit union branch in their school. Students or classrooms will be
assigned to education across schools with and without existing credit union branches.
The research design will provide four comparison groups:

Financial education

No financial education

Credit union in school

Credit union in school +
Financial education

Credit union in school +
No financial education

No credit union in school

No credit union in school +
Financial education

No credit union in school +
No financial education

This design will allow us to address the following research questions:




Do students gain financial knowledge and understanding by participating in a financial
education curriculum?
o Do student learn more when they also attend a school with a credit union
branch?
Are students more likely to open a bank account and/or make deposits if they are
participating in a financial education curriculum?

We expect that financial education will increase financial knowledge and understanding. We
also expect that students in schools with credit unions may learn more from financial education
lessons than students receiving education alone. These students have a greater opportunity to
apply their learning by making regular deposits into a savings account. We also expect that in
schools where a credit union program has a significant presence, even students without
accounts will benefit. The availability and visibility of banking services might increase the
perceived relevance of the financial education curriculum and improve learning among
students without accounts. Finally, we hypothesize that students with a credit union branch in
their school will be more likely to participate in the credit union program (by opening accounts
and/or making deposits) when they learn about financial topics in class.

CFED: ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT

22

PILOT & RESEARCH DESIGN
PILOT SITE
The study will be implemented in elementary schools in Eau Claire, Wisconsin during the spring
2012 semester, pending the school district’s formal authorization of the study.3 Eau Claire,
located in western Wisconsin, has a population of about 66,000, making it the state’s 9 th largest
city. About 5 percent of households in Eau Claire are unbanked, while about 17 percent are
underbanked.4 These values are slightly higher than the state average (about 4 percent and 16
percent respectively), but lower than the national averages of 8 percent and 18 percent.
Appendix A provides information about the demographic composition of Eau Claire’s
elementary schools.
Credit Union School Banking Program
Royal Credit Union (RCU) operates student branches in six of the district’s 13 elementary
schools as part of its School $ense program. RCU has 21 offices (18 in Wisconsin and three in
Minnesota), 120,000 members, and over $1 billion in assets, making it one of the largest credit
unions in the area. It is the top home lender in Wisconsin’s Eau Claire and Chippewa counties
and offers a range of services, from health savings accounts and business services to credit
counseling.
RCU’s School $ense program began in 1993 at the request of an elementary school principal
who had received an inquiry from a parent about in-school savings programs. The program has
expanded to 14 elementary schools, three middle schools, and three high schools in the region.
Modeled after the Save for America program, School $ense allows children and a parent or
guardian (joint member) to open a savings account with RCU, which furnishes the required $5
initial deposit (account terms are listed in Appendix B). Joint members must apply online or inperson at RCU offices to open the account, but from then on children can make deposits and
withdrawals at school. RCU also hosts Kids Club – a youth savings program similar in structure
to School $ense – out of its offices.
School branches are operated once or twice a week and are set up as tables outside the
cafeteria. Teachers collect deposits from their students and deliver them to RCU staff. Deposits
can be of any amount, and elementary school students can withdraw up to $20 at a time with a
joint member’s signature. Students are encouraged to identify a savings goal and to track
progress toward that goal.
Student tellers (4th and 5th graders at the elementary level, and all grades in middle and high
schools) process the deposits with RCU staff at lunchtime. These tellers are hired through a
true-to-life process; students fill out an application and interview for a position. Students
3

Administrators are very supportive of the study and the official application process is underway.

4

CFED estimates derived from a model based on the 2009 FDIC Survey and 2005-2009 American Community
Survey. Retrieved from http://webtools.joinbankon.org/community/profile?state=WI&place=Eau%20Claire.
CFED: ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT

23

walking to lunch can discuss their accounts with the tellers. They can also redeem small prizes,
earned every fourth deposit, at this time. Often, students who do not have accounts inquire
about the program and are advised to discuss opening an account with their parents.
RCU has demonstrated a strong commitment to working with local schools in western
Wisconsin, and has a well-established relationship with the Eau Claire Area School District.
During the 2010 to 2011 school year, 2,100 student members made nearly 16,000 deposits. At
the six Eau Claire elementary schools with an RCU branch, students made about 5,100
transactions and deposited over $65,000 during the year. For every 500 deposits made at a
school site, RCU donates $250 to the school. These donations amounted to almost $6,200
during the 2010 to 2011 school year.
PILOT DESIGN
We plan to recruit 4th and 5th grade study participants across the 13 elementary schools in Eau
Claire. Each school has two or three classes per grade, with about 1,300 4th and 5th graders total
across the 13 schools. We estimate that about 650 students will enroll in the study based on an
expected parental consent rate of about 50 percent.
Personal finance instruction will be offered in class, randomized by school or classroom, as part
of the regular curriculum. The instruction will be standardized across the schools in each
district. We have identified a preferred curriculum, Financial Fitness for Life (FFFL), which offers
15 high-quality, activity-oriented lessons that comprehensively address personal finance
knowledge and skills relevant to the age group under study (see Appendix C for more
information about FFFL). We would use the curriculum developed for students in grades 3-5,
focusing on the lessons addressing savings, financial decision-making, and money management.
These are topics relevant to students’ use of saving accounts. We will adapt the curriculum to
be delivered in five or six 30-45 minute lessons.
The lessons will be delivered by teachers or RCU educators, all trained by UW-Madison faculty.
Teachers who choose to deliver the material themselves will attend a 2-3 hour training session
during a professional development in-service day and will be compensated for their time.
Teachers may also choose to have the material delivered by RCU educators, who will attend the
same training session. RCU has experience implementing financial education programs for
students, either in the classroom or as part of training sessions for student tellers.
District administrators feel strongly that all students should benefit from the financial education
component of this study. Therefore, students in the no financial education control group will
receive similar financial education content after the study’s follow-up assessment has been
completed.
MEASUREMENT
The impacts of treatment will be measured and compared across the four comparison groups
primarily using a simple assessment test provided at the start and end of the study period. The
test will assess financial knowledge, attitudes, and behaviors relevant to the participants’ age
CFED: ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT

24

level. The FFFL curriculum includes nationally benchmarked assessment tests, which will be
used for the knowledge portion of the assessments. With 100 participants in each group (a
conservative estimate of the number we expect to recruit), we should be able to detect a 2point increase in score on a 25-item financial knowledge assessment with two potential
answers per item using a 1-tail test.
Between the baseline and follow-up assessments, the financial education program will be
administered and students in schools with branches will have weekly opportunities to access
their accounts (e.g. every Wednesday). This provides multiple opportunities for students to be
exposed to accounts or work with their own accounts over the course of the spring term. The
following chart illustrates the research design.
Proposed Research Design

CFED: ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT

25

We will obtain demographic data, as well as data regarding parents’ financial behaviors and
attitudes, through a brief baseline survey provided to parents when they consent to their
child’s participation in the study. If authorized, the school district will provide data on school
attendance and grades to serve as additional controls. We will also collect RCU banking data
reflecting the intensity of students’ engagements with their savings accounts, if they have
them. Proposed data to be obtained from RCU for each study participant includes:







Date account was opened
Number of deposits over the study period
Dollar amount of deposits over the study period
Whether the student is an RCU teller in their school
Whether student is a Kids Club member
Prizes redeemed by each student for deposits over the study period 5

Appendix D provides a table of data sources.
DATA ANALYSIS
A difference-in-differences approach will be used to compare how student outcomes among
the four sample groups differ, demonstrating whether school credit union branches and the
financial education program are associated with differences in financial knowledge and
behavior, individually and in combination. Subgroup analysis may allow us to examine whether
impacts differ across subpopulations if the sample size is sufficient.
While studying schools within a single district reduces the likelihood of baseline differences
between participants from each school, demographic data suggest that the Eau Claire
elementary schools with RCU branches are somewhat more advantaged on average than the
schools without branches (See Appendix A for further detail). To address this, we will control
for baseline school, parent, and child characteristics.
We will likely explore multiple estimation strategies, including ordinary least squares (using
classroom fixed effects and clustering standard errors at the school level) and potentially
hierarchical linear modeling.

RESEARCH ETHICS
Researchers will follow strict ethical standards for human subjects research while implementing
these pilots. All consent, data collection, and confidentiality protocols will be reviewed and

5

Students with RCU accounts receive a card which is stamped each time a deposit is made. Cards can be
exchanged for prizes after four stamps are received. However, by “saving up”, kids can redeem larger prizes for 8,
12, and 16 stamps. Tracking this information indicates students’ time preference.

CFED: ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT

26

monitored by the Institutional Review Board (IRB) which oversees human subjects research at
the University of Wisconsin-Madison.
We will obtain parental consent for students’ participation in the study by mail (see draft
consent form in Appendix E). The school district estimates that at least 50 percent of consent
forms are typically returned when the district mails parents consent materials assembled by the
study team. Student assent will be obtained by asking students to sign a cover sheet on the
baseline assessment if they agree to participate in the study and share their information
(Appendix E).

RESEARCH TIMELINE
December 2011-January 2012






Submit UW-Madison IRB protocol for authorization for human subjects research
Confirm selection of schools sites and obtain official school administrator authorization
for research
Develop/confirm financial education curriculum
Develop baseline and follow-up assessments
Confirm implementation plan with school administrators

January 2012


Train teachers and RCU educators delivering the financial education lessons

February 2012



Complete preliminary literature review for final report
Obtain parental consent for participation and collect baseline data from parent survey

March 2012


Obtain student assent for participation and administer baseline student assessment

March-April 2012



Administer financial education program to treatment group
Students with access to accounts have opportunities to make regular deposits

April 2012


Administer follow-up assessment

April-May 2012


Administer financial education program to control group

June-September 2013


Analyze data and draft report

CFED: ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT

27

FUTURE WORK
Additional pilots could be implemented in subsequent years, providing an opportunity to refine
the research design and examine multiple credit union programs, financial education initiatives,
and student populations. Future pilots may also include opportunities to randomly assign
students to account access, as some credit unions are able to easily open new school branches.

REFERENCES
Elliott, W., & Beverly, S. (2011). The role of savings and wealth in reducing ‘wilt’ between
expectations and college attendance. Journal of Children and Poverty, 17(2), 165-185.
Holden, K., Kalish, C., Scheinholtz, L., Dietrich, D., & Novak, B. (2009). Financial literacy
programs targeted on pre-school children: Development and evaluation (La Follette
School of Public Affairs Working Paper No. 2009-009). Madison, WI: La Follette School of
Public Affairs, University of Wisconsin-Madison.
Lucey, T. A., & Giannangelo, D. M. (2006). Short changed: The importance of facilitating
equitable financial education in urban society. Education and Urban Society, 38(3), 268287.
Sherraden, Margaret. S., Johnson, L., Guo, B. and Elliott, W. (2010). Financial capability in
children: Effects of participation in a school-based financial education and savings
program. Journal of Family and Economic Issues, 32(3), 385-399.

CFED: ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT

28

APPENDIX A: EAU CLAIRE ELEMENTARY SCHOOLS DEMOGRAPHICS
Eau Claire has 13 elementary schools. Six of these schools participate in Royal Credit Union’s School $ense program, which allows
students access to youth savings accounts once a week at school. The following tables provide demographic data for the schools in
Eau Claire relative to Wisconsin on average. They also show the demographic composition of schools with and without RCU
branches. The data suggest that schools with branches are somewhat more economically advantaged on average than schools
without branches. Statistical methods will be used in this study to control for these baseline differences.
Eau Claire elementary schools compared to the rest of the state:
Name
Eau Claire elementary
schools

Total
enrollment

% Economically
disadvantaged

%
Female

%
Black

%
Hispanic

%
White

% English
proficient

5,500

44.6

47.4

2.6

3.8

80.9

95.3

WI elementary schools
430,000
43.2
48.3
10.9
11.0
71.3
92.9
Source: WINSS enrollment data, Wisconsin Department of Public Instruction. Retrieved from
http://data.dpi.state.wi.us/data/selschool.aspx?OrgLevel=st&GraphFile=GROUPS&S4orALL=1&SRegion=1&SCounty=47&SAthleticConf=45&SCESA=05&
Qquad=demographics.aspx&Group=EconDisadv&FULLKEY=%60%60%60%60%60%60%60%60%60%60%60%60&DN=&SN=

Eau Claire elementary schools participating in School $ense:
Name

Total
enrollment

% Economically
disadvantaged

%
Female

%
Black

%
Hispanic

%
White

% English
proficient

Locust Lane Elementary

283

56.2

49.8

2.1

0.7

72.4

89.4

Meadowview Elementary
Putnam Heights
Elementary

421

30.2

51.8

2.4

5.0

83.8

96.2

396

39.9

48.2

2.0

4.3

84.1

94.7

Robbins Elementary

461

26.2

46.9

1.5

2.2

90.0

98.0

Roosevelt Elementary

266

46.6

47.0

3.4

6.0

79.7

95.5

Sherman Elementary

443

42.0

49.7

1.1

1.6

82.4

92.3

Total

2270

CFED: ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT

29

Source: WINSS enrollment data, Wisconsin Department of Public Instruction. Retrieved from
http://data.dpi.state.wi.us/data/selschool.aspx?OrgLevel=st&GraphFile=GROUPS&S4orALL=1&SRegion=1&SCounty=47&SAthleticConf=45&SCESA=05&
Qquad=demographics.aspx&Group=EconDisadv&FULLKEY=%60%60%60%60%60%60%60%60%60%60%60%60&DN=&SN=

Eau Claire elementary schools not participating in School $ense:
Name

Total enrollment

% Economically disadvantaged

% Female

% Black

% Hispanic

% White

% English proficient

Flynn Elementary

265

56.6

45.3

3.0

5.3

80.8

94.3

Lakeshore Elementary

412

63.1

47.1

4.4

2.2

76.7

92.5

Longfellow Elementary

292

79.5

45.2

5.8

4.8

64.0

87.3

Manz Elementary

411

41.8

46.2

1.7

4.9

83.2

95.6

Northwoods Elementary

361

45.2

44.3

1.7

2.8

85.6

96.7

Davey Elementary

414

44.0

48.6

3.6

2.7

81.6

94.4

Montessori Charter

249

22.5

47.8

1.2

3.2

92.0

100.0

2,404
Total
Source: WINSS enrollment data, Wisconsin Department of Public Instruction. Retrieved from
http://data.dpi.state.wi.us/data/selschool.aspx?OrgLevel=st&GraphFile=GROUPS&S4orALL=1&SRegion=1&SCounty=47&SAthleticConf=45&SCESA=05&
Qquad=demographics.aspx&Group=EconDisadv&FULLKEY=%60%60%60%60%60%60%60%60%60%60%60%60&DN=&SN =

CFED: ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT

30

APPENDIX B: ROYAL CREDIT UNION SAVINGS ACCOUNT TERMS
PRIMARY SAVINGS AND OTHER SECONDARY SAVINGS:
Description of Account: This is the primary credit union “Savings” Account. You must fill out a
membership card and maintain a $5.00 balance in a primary share account for membership in
the credit union, allowing you to vote at the annual meeting, if all voting requirements are met,
and to obtain other credit union benefits and services. Secondary Savings can be established to
meet the Member’s needs for separate Savings Accounts. This includes Real Estate Escrow
accounts. The Escrow accounts have restrictions for withdrawals for other than tax or insurance
purposes. (They all receive the same dividend rate and Annual Percentage Yield.)
Dividends Compounded: Monthly
Dividends Credited: Monthly
Minimum Opening Balance: $5.00 for Primary Savings and $0.00 for any other
Secondary Savings
Minimum Monthly Balance: $5.00 for Primary Savings and $0.00 for any other
Secondary Savings
Balance Computation Method: Daily
Account Limitations: Account Transaction Limitations Apply6
Charges: See “Special Service Charges” Disclosure7
Source: http://www.rcu.org/
Note: For School $ense accounts, Royal Credit Union provides the minimum opening balance of
$5.00. The account must be opened jointly with a parent online or at a local branch.

6

For RCU youth savings accounts, there is no deposit limit. Students may withdraw up to $20 per banking day at
their school with a joint member’s signature.
7

Charges refer to additional RCU services above standard use of savings accounts (e.g. duplicate statements or
duplicate tax reporting forms). There is a $1.00 service charge for account inquiries handled through RCU Member
Service over the phone. There is a $10 charge when more than six transfers, withdrawals, or preauthorized
payments are made from a savings account without an account owner’s presence at an RCU branch or ATM
((Regulation D permits six free transactions).
CFED: ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT

31

APPENDIX C: THE COUNCIL FOR ECONOMIC EDUCATION’S FINANCIAL FITNESS FOR LIFE®
Financial Fitness for Life® (FFFL) is the Council for Economic Education’s (CEE) flagship personal
finance education program. CEE advocates improved and expanded school-based economic and
personal finance education and produces tools and resources to help teachers provide such
education. Each year, CEE reaches 150,000 teachers internationally, employing a network of
partner organizations, university-based centers, and affiliated state Councils. CEE is also known
for its biennial Survey of the States, which documents the status of economic and personal
finance education nationwide.

FFFL is a widely used curriculum for K-12 students based on national standards for economics,
personal finance, mathematics, and language arts. FFFL provides instructional materials for four
age groups (grades K-2, 3-5, 6-8, and 9-12). Within each grade level, series of lessons are
grouped into themes. Teacher guides provide lesson descriptions and student guides contain
corresponding exercises. Free parent guides for parents who wish to engage in learning
exercises with their child are available online. FFFL guides include hands-on, engaging exercises
and emphasize an economic way of thinking. The 15 lessons at the upper elementary level
(grades 3-5) cover concepts such as income, taxes, saving, interest, spending, opportunity cost,
methods of payment, advertising, comparison shopping, credit, loans, and budgeting in ageappropriate ways.

Assessments are available which correspond to each FFFL grade level. The upper elementary
assessment is intended to fit into a typical class period and contains 40 questions, requiring
about 40 minutes to complete. Questions correspond to grade level lessons and themes.
Examiner’s manuals document the significant efforts that were put into ensuring the reliability
and validity of the tests. Results from samples of students with and without instruction are
available to provide a relative standard and help teachers make comparisons between students
without and without instruction. Assessments can be used as pre- and post-tests or partway
through the curriculum to help teachers gauge progress and make instructional adjustment.

CFED: ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT

32

APPENDIX D: DATA COLLECTION AND SOURCES
Data source

Outcomes

Student assessments



Financial knowledge

Pre-/post-intervention



Financial attitudes



Financial behavior

Parent survey
baseline
RCU data
Duration of study period



Whether the student has an RCU account



Date account was opened



Number of deposits over the study period



Dollar amount of deposits over the study
period



Prizes redeemed by each student for deposits
over the study period8

School district administrative data
(pending approval)

Additional data points (controls)





Demographics
Parent financial attitudes
Parent financial behaviors



Whether the student is an RCU teller in their
school9



Whether student is a Kids Club member10




Grades
Attendance

baseline

8

Students with RCU accounts receive a card which is stamped each time a deposit is made. Cards can be exchanged for prizes after four stamps are received.
However, by “saving up”, kids can redeem larger prizes for 8, 12, and 16 stamps. Tracking this information indicates students’ time preference.
9

Student tellers are “hired” by RCU to assist staff in processing transactions and marketing accounts to students.

10

Kids Club is RCU’s youth savings program that operates outside of schools.
CFED: ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT

33

APPENDIX E: STUDY ENROLLMENT FORMS
The following materials are attached:
4) Draft consent form for study participants’ parents
5) Draft assent form for study participants

CFED: ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT

34

University of Wisconsin Financial Education Study
Research Information and Consent Form
Your 4th or 5th grade child is invited to participate in a research study taking place in Eau Claire schools
in spring 2012. We are looking at how children learn about financial topics in school and which
educational programs are effective.
We are asking all parents with children in the 4th or 5th grade in Eau Claire public schools to
participate. If you decide not to participate your decision will not affect your child’s educational
opportunities at school.
If you decide to participate in this study, we will use your child’s scores on a 20-minute test assessing
your child’s financial knowledge, attitudes, and behaviors. We also ask that you complete the
attached 20-minute survey and return it with this form.
One of the programs we are studying is Royal Credit Union’s School $ense program. If your child has a
youth savings account at Royal Credit Union and you agree to participate in this study, we will collect
data about transactions made on the account during the 2011-2012 school year.
The risks to you and your child are minimal. We will be careful to remove your name and your child’s
name from the information we collect. Your and your child’s responses will be used in the study, but
we will only publish group characteristics.
The study does not involve immediate benefits to you. However, your participation will help us
develop better school financial education programs.
You may ask questions about the research at any time. If you have questions about the attached
survey you should contact Professor J. Michael Collins. He can be reached at 608-262-0396.
If you have more questions, you should contact the University of Wisconsin IRB Office. The number
for the office is 608-263-2320. The office staff can talk to you about your and your child’s rights as
research participants.
If you sign this form, you agree that you have read the form and consent to participation in the study.
You also agree that you have had an opportunity to ask any questions about participation. If you
decide to participate, please return this form and the attached survey in the postage-paid envelope
provided.
Parent name (please print):_________________________________________
Signature:_________________________________ Date:________________
4th or 5th grade child’s name (please print):____________________________

CFED: ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT

35

Research Permission Form

The University of Wisconsin is doing a research study. We are looking at
how kids learn about money management. We would like you to
participate. This will help us develop good school programs for kids like you.
If you participate, we will use your scores on this pre-test. We will also use
your scores on a test you take near the end of the school year. If you have a
savings account with Royal Credit Union we will use information about your
account. We will not use your name in the study. Your scores will be kept
secret.
You are not required to be a part of this study. Your decision will not affect
your grades or your participation in any school activities. You can also stop
participating at any time.
If you sign this form, you agree to let us to use your test scores. You also
agree that you have had a chance to ask questions about the study.

Name of Student (please print):_________________________________

Signature:_________________________________ Date:____________

CFED: ASSESSING FINANCIAL CAPABILITY OUTCOMES (AFCO) PILOT

36