Financial Literacy From the Student Perspective

1. Financial Literacy From the Student Perspective Dwight Horsey Millersville University

2. What is financial literacy? • "Financial literacy" is the understanding of basic concepts of money • Necessary skills to handle personal finances • During a lifetime • Concepts include • Budgeting • Saving • Funding college • Buying a home or an automobile • Percentage rates on credit cards • Planning for retirement

3. Why is it important? • To the student • To the family • To the institution

4. How we do it • Discouraging credit card companies on campus • Freshmen Year Experience • Workshops, websites, on-line courses, videos, on-demand media • Staff dedicated to debt management

5. What’s Going On? • Most students don’t budget their money • They are concerned or very concerned about money • Most own a credit or debit card • They try to save money but find it difficult

6. What’s Going on? • Most students don’t like loans but take them out anyway. • Upper classmen more concerned about loans than Fr. or Soph. • Clothes, rent, food, and car insurance are the top expenses. • Most make enough money to meet their needs.

8. Do I know You? • Relationships • Familiarity with services • Don’t check the web • Mom, Dad or no one

9. What is the solution • Develop relationships with students • Put as much info out as Possible • Explore other options • Suggestions ?

10. Resources • Credit Card Use by College Studentscontributors; Frances C. Lawrence, Alumni Professor, and Jennifer J. Burczyk-Brown, Former Research Associate, School of Human Ecology, LSU AgCenter, Baton Rouge, La.; Rebecca C. Christofferson, Former Graduate Student, Department of Experimental Statistics, LSU AgCenter, Baton Rouge, La.; Sheri R. Fair, Extension Agent, LSU AgCenter, Gonzales, La., E. Barry Moser, Professor, Department of Experimental Statistics, LSU AgCenter, Baton Rouge, La.; Jeanette A. Tucker, Associate Professor, School of Human Ecology, LSU AgCenter, Baton Rouge, La