1 / 0

Financial Education For College Students at The University of Arizona

Financial Education For College Students at The University of Arizona. Prof. Michael Staten Director, Take Charge America Institute University of Arizona SFEPD Fourth Annual Financial Literacy Leadership Conference October 3, 2011. Personal Finance Landscape in Arizona.

maree
Download Presentation

Financial Education For College Students at The University of Arizona

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Financial Education For College Students at The University of Arizona

    Prof. Michael Staten Director, Take Charge America Institute University of Arizona SFEPD Fourth Annual Financial Literacy Leadership Conference October 3, 2011
  2. Personal Finance Landscape in Arizona University of Arizona No Financial Planning major or professional certification program No “for-credit” requirement for personal finance coursework State of Arizona Dept. of Education adopted a high school graduation requirement for coursework including economics and personal finance 1 semester course, required of all graduating seniors as of May 2012 Approximately 80% econ; 20% personal finance
  3. The Take Charge America Institute at the University of Arizona Norton School of Family and Consumer Sciences Take Charge America Institute for Consumer Financial Education and Research Mission: Create research-based educational outreach programs
  4. University of Arizona Take Charge America Institute Educational Advisory Board Institute Advisory Board Research Advisory Council Research Educational Programming Behavioral Economics APLUSStudy Family Economics & Financial Education Credit-Wise Cats Effectiveness of Credit Counseling Youth Based Education Evaluation Consumer Jungle Young Adult Web site Office of Economic Education University Coursework TCAI’s Structure
  5. University of Arizona Take Charge America Institute Educational Advisory Board Institute Advisory Board Research Advisory Council Research Educational Programming Behavioral Economics APLUSStudy Family Economics & Financial Education Credit-Wise Cats Effectiveness of Credit Counseling Youth Based Education Evaluation Consumer Jungle Young Adult Web site Office of Economic Education University Coursework TCAI’s Structure
  6. Team of 13 University of Arizona undergraduate financial education ambassadors Building a financiallyinformed youth in southern Arizona Directly impacting over 21,000 youth and adults in the Tucson community by conducting more than 260 workshops each year
  7. Target Audience Developing a Spending Plan Savings Selecting a Credit Card Understanding Credit Reports Understanding Paychecks Income vs. Education Identity Theft WorkshopTopics Organizations on the University of Arizona campus Clubs Classrooms Athletic Dept. Orientation and other programs for students Tucson Community High Schools Middle Schools Community Groups
  8. Workshop materials build on the Institute’s award- winning curriculum for high school Family Economics and Financial Education (FEFE) “Essentials” version of lessons for each of the CWC topics include in-class activities CWC team members are trained and mentored to conduct workshops for grades 9-12 www.creditwisecats.org
  9. Capstone Event for Schools: Arizona Financial Face-Off Annual capstone event for schools that hosted Credit-Wise Cats workshops Personal finance-focused, team competition Teams apply knowledge gained from the workshops Teams work through fun financial stations to build “virtual” wealth to be applied toward the goal of homeownership Competition judged by a board of community partners Over 20 community partners support the competition
  10. University of Arizona Take Charge America Institute Educational Advisory Board Institute Advisory Board Research Advisory Council Research Educational Programming Behavioral Economics APLUSStudy Family Economics & Financial Education Credit-Wise Cats Effectiveness of Credit Counseling Youth Based Education Evaluation Consumer Jungle Young Adult Web site Office of Economic Education University Coursework TCAI’s Structure
  11. University Coursework Money, Consumers and Family (General Ed, lower division course, 3 credits) Interweaves sociology, psychology and economics in a discussion of personal finance decisions Highly popular with freshman/sophomore students Counts toward University Gen Ed requirements Family and Personal Finance (Junior level elective, 3 credits) Intermediate course in personal financial management Focused more heavily on savings/investment options and credit decisions Graduate level professional development coursework for teachers in personal finance and economics
  12. INDV 102 Course Enrollment Trends and Projection Total to Date: N= 3,000 Students
  13. University of Arizona Take Charge America Institute Educational Advisory Board Institute Advisory Board Research Advisory Council Research Educational Programming Behavioral Economics APLUSStudy Family Economics & Financial Education Credit-Wise Cats Effectiveness of Credit Counseling Youth Based Education Evaluation Consumer Jungle Young Adult Web site Office of Economic Education University Coursework TCAI’s Structure
  14. Family Economics and Financial Education (FEFE) Project “Provide educators with no-cost curriculum materials and the skills and confidence to effectively teach family finance”
  15. FEFE Curriculum: By Educators, For Educators Design What’s available Grade 7-12 focus 100+ lesson plans Course recommendations Simulations Project-based learning Web-based networking with teachers nationwide Easy-to-implement (ready-to-teach) Activity-based Linked to state standards Family focused Continually updated through the year New activities introduced Encourage educators to provide feedback
  16. FEFE Web site: www.fefe.arizona.edu Free of Charge!
  17. University of Arizona Take Charge America Institute Educational Advisory Board Institute Advisory Board Research Advisory Council Research Educational Programming Behavioral Economics APLUSStudy Family Economics & Financial Education Credit-Wise Cats Effectiveness of Credit Counseling Youth Based Education Evaluation Consumer Jungle Young Adult Web site Office of Economic Education University Coursework TCAI’s Structure
  18. APLUS Synopsis Short term - To understand how young adults form financial behaviors and financial self-confidence Longer Term - How these financial behaviors affect - and are affected by – their life experiences Arizona Pathways to Life success for University Students (APLUS): Research Goals
  19. APLUS Synopsis 2,000 students (1/3 of the entering freshman class at the U of Arizona) participated in the online survey Focused on how family background, parental roles, high school work experience and financial socialization affected financial literacy, confidence and well-being. Wave 1 Data Collection February - April, 2008
  20. How Positive Socialization Leads to Financial Well-Being Positive Socialization Model How students think about finances and financial behavior How students are affected Pre-college experiences First-year of college More positive relationships with parents Higher academic Achievement Better physical and mental health Parental teaching and dialogue with students Work High school financial education Continued parental role Modeling and expectations More financial knowledge More feelings of control over financial Behaviors More positive attitudes about healthy financial behaviors And Affect Drive
  21. APLUS Synopsis Pathfinders (31%) Most engaged in defining their own financial style See themselves as actively choosing their own approach Followers (39%) Tend to follow their parents’ guidance and imitate their parents’ style of financial management Least concerned about exploring finances on their own Drifters (30%) Least accepting of their parents’ style, but haven’t established one of their own Financial behaviors tend to be worse than their peers, although financial knowledge and awareness is solidly average Three Waves of Surveys since 2008 Reveal Student Financial Identities
More Related