Financial Literacy – Part 1 Engaging Students While in School

1. Financial Literacy – Part 1Engaging Students While in School Fall 2013 Financial Aid Training Day October 29, 2013

2. Panel Members • Karla Glasser– St. Catherine University • Sandy Goman – College of St. Scholastica • Niki Pechinski – University of MN-Duluth • Stephanie Ruckel – Augsburg College

3. Why do we care? Just as it is proven to be impossible to succeed in the modern world without the ability to read and write (literacy), so it will be impossible to succeed in the present-day financial system without knowing the ABCs of economics and finance (financial literacy). -Annmarie Lusardi

4. Survey Results

5. We care because.. If you develop a good financial habit, it will last a lifetime and it will make life easier in all kinds of ways. On the contrary, if you get a bad financial habit…it can ruin your life; it hurts marriage, it hurts health… [so] it is really important to get it right early -Warren Buffet

6. St. Kate’s Money Management Program Money doesn’t grow on trees… • Dedicated Assistant Director of Financial Literacy & Student Employment and Peer Money Mentors • Speaker Series, 2cr “Personal Financial Fitness” and 4cr “Personal and Family Financial Management” Courses • Individual counseling with staff from Lutheran Social Services • Programming in conjunction with Res Life, Student Activities Office, MIPS, Career Development, Dining Services, etc.

7. College of St. Scholastica Financial Literacy Program • WellU Financial Committee & Web presence • Money Revolution Interns/Peer Mentors • 1 credit Financial Literacy Course

8. UMD Live Like a Student (UMD LLAS) • Young minds first – Welcome Week and SSP 1000 • Future partnership with Lutheran Social Services • Online via Facebook, Twitter, and a new website • Don’t be the best kept secret on campus!

9. Meet students where they are at • Failed attempts at large programs and with Thrivent’s Money Revolution • “Art installation pieces” vs. presentations • Money Secret, Money Question of the Week, Alumni and Current Student Panel • Stress the importance of understanding financial values vs. specific skills • Facebook

10. Goal – Shared Benefits • Increase knowledge and awareness • Provide useful, practical tools • Reduce financial stress • Increase retention • Reduce default • Increase future alumni donations • “Respondents with higher loan amounts were less likely to contribute to their alma mater than those with lower loan amounts” - Jendrek & Lynch, 2007 • Goodwill!

11. Where do you start? • Establish goals and mission early • Be aware of motives from other departments, organizations, etc. • Know your audience • Secure money to help with activities and programming

12. Roles and Responsibilities • Student • Financial Aid Office • Servicer • Other

13. Best Practices • Audience • Priorities • Format/Design • Partnerships • Marketing • Assessment

14. Recommendations • Identify the financial literacy level of your student population • Determine specific populations to target • Partner with departments and campus groups to reach the target population • Re-evaluate specific populations to target

15. Q & A

16. Thank you! Contact us for further questions: Niki Pechinski: npechins@d.umn.edu Sandra Goman: sgoman@css.edu Karla Glasser: kpglasser@stkate.edu Stephanie Ruckel: ruckels@augsburg.edu