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In Review: Howard University Financial Literacy Curriculum

In Review: Howard University Financial Literacy Curriculum. Debby Lindsey-Taliefero Lynne Kelly William Brent Russell Price 4th Annual Financial Literacy Leadership Conference October 3, 2011. Purpose.

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In Review: Howard University Financial Literacy Curriculum

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  1. In Review: Howard University Financial Literacy Curriculum Debby Lindsey-Taliefero Lynne Kelly William Brent Russell Price 4th Annual Financial Literacy Leadership ConferenceOctober 3, 2011

  2. Purpose To provide a better understanding of relevant factors that may influence the success of financial education at Howard University.

  3. Literature

  4. HU’s Financial Literacy Curriculum

  5. HU’s Financial Literacy Construct

  6. Methodology • Survey data • Financial literacy assessment (HU-NJS), n=166 • HU Student Credit Habits & Behavior (HU-SCH&B) n=1,109 • Descriptive & Inferential Statistics • Mean, mode • Frequencies, relative frequencies • t-test difference between proportions • Regression analysis

  7. NJS (n=1,032) and HU (n=166) Financial Literacy Scores (FLS)

  8. NJS’ Business and Economics Majors and HU FLS

  9. NJS’ African American Students and HU FLS

  10. Descriptive Summary of Measures used in the Financial Literacy Model

  11. Financial Literacy Model

  12. Factors Influencing Financial Literacy Knowledge • College course in personal finance • Seminars in money management and investments • Having a checking account • Balancing checkbook frequently • Having student loans • Preparing taxes on-line • academic performance (GPA)

  13. Factors Influencing Money Management ((HU-SCH&B) • quantitative skills • academic performance (GPA) • student’s employment status • having checking account • student’s social class • understanding credit report and score

  14. Summary & Conclusion • Socio-economic and demographic characteristics • Students financial awareness. • Curriculum effectiveness

  15. Are there any unique socio-economic and demographic characteristics of the evaluated students that may impact financial learning? majority of HU students expect to pursue advanced degree come more often from middle-income families parent attended some college.

  16. HU students’ financial literacy performance statistically no different than NJS’ room for improvement HU FLS=63.1% a minimum, 70% FLS. Are the evaluated students financial aware. If so, what are the key factors that influence their awareness? If not, what areas are they deficient?

  17. Are the current financial literacy educational paradigms effective? • Review revealed: • Courses are effective in increasing total financial knowledge. • Greatest impact on FLS experimental, then formal learning • Continue with the seminars on Money Management/Investments and the Personal Finance and Personal Money Management courses. • Seminars and courses are under utilized/too infrequently • Need marketing strategy to increase enrollment

  18. Warren Buffet once said, “Someone’s sitting in the shade today because someone planted a tree a long time ago.” Financial Literacy: Bridge to a Greener Tomorrow. Not only does the “greener tomorrow” imply more savings, investments, and greenbacks for our nation’s students but also that we’re saving more trees for a greener tomorrow, too. Jump$tart, 2008 The Last Word

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