Learning is a process - one where there are no short cuts and one with clearly defined objectives. This fundamental, yet critical, process has at least three distinct stages - each consisting of multiple and equally important steps: 1. Exposing students and individuals  to new information; 2. Processing information internally; and 3. Applying the information to a new situation to solve a problem using the information, or to explain what has been learned using the information in a different format.

Understanding the unique characteristics of the stages in the learning process provides insight into 'how we learn'.  The second step is largely dependent on an individual's ability to process information, because as we know, people learn differently. This concept is popularly characterized by identifying people as 'right brain' or 'left brain' learners - as well as by the concept of people having multiple intelligences.

 However, successful learning is also profoundly influenced by what happens in the first and third stages of the learning process. From an instructional perspective, this critical to understand because these stages are greatly influenced by the instructor(s) who are teaching the material.  Similarly, the success of any individual's ability to learn will also depend on the teaching strategies used to present new information, and the methods used to assess that person's understanding of the information.  For example, if someone is a visual learner and is presented information mostly by lecture, that person's ability to maximize the learning experience will be compromised - based on the format of the information alone. Furthermore, if an assessment is used to evaluate that individual's mastery of the information, but the assessment is in not in a format congruent with that individual's learning style, they will again be at a disadvantage.

 Effectively Delivering Financial Education

In addition to applying the principles of 'how we learn', there are a number of other considerations to address when providing financial education. These include:

• Provide Information in Multiple Formats. Given that students learn differently, any lesson must present financial concepts in multiple formats - visual, verbal, and opportunities for students to manipulate information/things.

• Identify Unique Abilities of Students. Much as individuals learn differently, each student has unique areas of strength and abilities. For example, not all students are proficient in math; therefore, it is imperative to plan lessons, classes, workshops, and the like that cover these concepts in ways that are relevant for students who are proficient in math and for those who are not proficient in math.

• Recognize Individual Student Needs. Students will come from homes representing varied socio-economic backgrounds. To help with the efficacy of financial education programs, it is important to prepare problem sets and applications which have meaning for students and represent the financial situations which are relevant to the circumstances in their home.

• Provide a Meaningful Context for Students. It is important to highlight real world situations in which the students will need to understand and apply the financial concepts being taught. This emphasizes the need to prepare several alternatives so students can identify a situation meaningful to them. Not only will this help to overcome a common objection from students that 'I will never need to know this', but it will also help them to relate to the lesson in real-time.