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University of Hawai'i at Manoa. Strengthening Retention through Financial Literacy. University of Hawai ' i Tuition Table. Source: http://www.hawaii.edu/academics/tuition.html ; www.hawaii.edu/admissions/tuition.html. A Needs Assessment. Students indicated:
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University of Hawai'i at Manoa Strengthening Retention through Financial Literacy
University of Hawai'i Tuition Table Source: http://www.hawaii.edu/academics/tuition.html; www.hawaii.edu/admissions/tuition.html
A Needs Assessment Students indicated: Kinds of financial topics they would be interested in learning about. Preferred methods of delivery. Staff/Faculty were asked: • What kinds of financial topics did they think students needed to learn about? • What were the student preferred methods of delivery?
Results Kinds of Financial Information
Financial Literacy Curriculum • Review & Select suitable curriculum • Pilot • Evaluate • Revise & Adapt • Organize a campus committee • Train peer educators as delivery vehicle • Evaluate • Revise & Adapt
Results of Workshop Participation [N = 500 students in 20 sessions] • Gained new knowledge and understanding of basic personal financial management. • Increased their awareness of money management practices • Demonstrated greater awareness on 13 of 20 indicators; significant differences on 5
Program Expansion • Shidler College of Business faculty incorporated the materials in Finance courses • Peer educators recruited from Shidler • Access to College Excellence (ACE) peer mentors incorporated materials in freshmen learning communities
ACE – First Year Program • Fall 2009: 350 freshmen; 38 mentors • Kept track of expenses • Class lesson • On-line lessons • Reflection • Pre/Post Surveys: 12/20 significant • Final semester reflection
Qualitative Information • ACE • Financial literacy was the most important session • Time and money management lessons had the most impact
Program Events • New Student Orientation • UH Saves Day – Annually in February • Departmental Requests: i.e., SSS, COP, Residential Life
Building the Financial Capacity of Students • Show Reality • Importance of FAFSA • Encourage applying for scholarships • Learn about budgeting and finances