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Moving the Needle on Financial Literacy

Moving the Needle on Financial Literacy. Perspective.

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Moving the Needle on Financial Literacy

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  1. Moving the Needle on Financial Literacy

  2. Perspective “While freshman and their parents are likely thinking more about tests and academics during orientation, the fact is that after graduation a student’s credit rating is arguably far more important to his or her future than grade point averages.” Robert D. Manning, PhD,, Author – Credit CardNation Research Professor and Director of the Center for Consumer Financial Services Rochester Institute of Technology Navigating the Sea of Change 2012 NCHER Knowledge Symposium

  3. Reality for Many Students • Unprepared to manage their money • Have trouble controlling their spending • Inexperienced with banking and financial services • Taking on too much debt • Serious post-college consequences • Affects all of us Navigating the Sea of Change 2012 NCHER Knowledge Symposium

  4. Indicators of Financially Risky Behaviors • % of students who pay off credit card debt each month • Less than 20% (Sallie Mae 2009) • Percent of students late on credit card payments • 42% (Higher One Financial Literacy Survey 2011) • Average student loan debt upon graduation • $26,600 (The Project on Student Debt 2012) • College drop outs • 37% do so for financial reasons (NCES 2007) • 4xs more likely to default on their student loans (EducationSector.org February 2012) • College graduate bankruptcy rate • Up 20% over last 5 years (Institute for Financial Literacy 2011) Navigating the Sea of Change 2012 NCHER Knowledge Symposium

  5. Higher Education’s Vested Interest “State colleges and universities have a unique opportunity to provide leadership on this critical topic by weaving financial education into the fabric of their campus.” (AASCU – Fall 2010) • Public Purpose • Financial Consequences • Accountability and Reputation Navigating the Sea of Change 2012 NCHER Knowledge Symposium

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