1 Innovations in Financial Education within the Campus CommunityTisa Silver Canady, Director of Financial Education and Wellness University of Maryland, Baltimore DE-DC-MD ASFAA | Fall Conference | Ocean City, MD November 10, 2015
2 Agenda What is financial education?The case for financial education as a campus priority Choosing platforms Innovations Assess Copy Outsource Program development examples Measuring success Wondering how to make financial education a priority on your campus? This workshop will help attendees develop creative and cost - friendly ways to engage their campus communities around the cause of helping stu dents learn the basics of money management. Topics of discussion will include program planning and development, outreach to campus partners and external organizations and selecting financial literacy tools
3 What is financial education?Financial literacy Financial capability Financial education Most friendly term Does not imply deficiency Goal is to help individuals make more informed financial decisions
4 A campus priority? Financial Education and Prospective StudentsPaying for college is prospective students' biggest concern 72 percent of respondents are "very worried" 83 percent plan on attending school 51 percent feel ready 12 percent completed a FAFSA Source: Viacom and GetSchooled, October 26, 2015
5 A campus priority? Financial Education and Current StudentsStudent FAQs How do I get more financial aid? How do I choose a credit card? How to buy a home? How will student loan debt affects future finances? How do I choose the best job offer?
6 A campus priority? Financial Education and Current StudentsLate August October 1 November 1 December 1 January 1 $9,675 $6, $3, $1, $8
7 A campus priority? Financial Education and AlumniLoan usage Graduate/professional campus 88% of students have at least one loan
8 Why should financial education be a campus priority?Financial education can impact students at every phase FAFSA completion Recruitment Retention Debt levels Default Alumni giving Financial education can impact prospective and current students as well as alumni!
9 A campus priority? EmployeesStudents Prospective Current Alumni What about employees? Previously ignored this segment because financial aid is a student service What would you do?
10 Why should this be a campus priority? EmployeesAre employees prepared to handle debt, budgeting, retirement, investing, planning for the unexpected and the financial implications of other life events? Are financial concerns becoming a distraction for employees and increasing their stress at work? How effective are your benefits, education, and assistance programs in addressing and preventing employee financial issues? Source: PWC.com
11 Can’t do it all! CHOOSING PLATFORMS
12 Financial Education and Wellness (FEW) uses three platforms:Online financial education USA Funds lifeskills.org Individual consultations Cash and debt management Educational programming Short, open to all students, free food Money is often a source of stress which can disrupt the educational experience. Preparing students to make more informed financial decisions can help!
13 Choosing Platforms: Online Financial Literacy ToolsFor student learning $ALT igrad USA Funds Life Skills® For sharing ED – Financial Awareness Counseling TG – Free train-the-trainer materials ECMC – Financial Awareness Basics (FAB) Why USA Funds Life Skills? Our audience: Primarily graduate/professional No option to make training “required” It’s free Trying to target undergraduate students beginning at orientation
14 Choosing Platforms: CounselingFinancial Aid Counselors FAFSA Awards Processing Financial Education and Wellness Budgeting (COA increases) Loan repayment Credit, investing, major purchases No product or brand recommendations!
15 Choosing Platforms: ProgrammingFinancial Education and Wellness On-Campus Partners Student Affairs Deans Student groups Human Resource Services Student Development and Leadership Media Relations School of Social Work Financial Social Work Initiative
16 External Partners Trust is key!Non-profit organizations | No products for sale
17 Choosing Platforms: Programming – Free Tax PrepBefore partnership with HR Developed for students Would not turn away employees Paid for library, limited two 2 events After partnership Target student employees and lower income, employees Applied for grant to cover employee outreach and room fees Prepping for 3 events
18 ASSESS | COPY | OUTSOURCEinnovations
19 You must be able to justify an investment!Innovation #1: Assess buzz ≠ budget You must be able to justify an investment! Can you… Describe Benefits of action Costs of inaction Determine if the benefits outweigh the investment Look at schools with similar Carnegie classifications, what are they doing?
20 Innovation #1: Assess Sources of information OfficialStudent queries by topic Phone Appointments Student groups Student affairs deans Human Resources Employee associations, governing bodies Office social media interactions Government publications: CFPB, ED, CDR Unofficial “intel” Twitter Facebook Look at schools with similar Carnegie classifications, what are they doing?
21 Innovation #2: Copy What are other schools doing? A samplingState/system Region Carnegie classification A sampling University of Maryland, College Park – igrad Morgan State University USA Funds® Life Skills® Case Study Housed in retention University of Maryland University College – Default prevention Bowie State University – Personal finance course, Financial Literacy Coordinator Delaware – Stand By Me
22 Innovation #3: OutsourceFree sources of information – Federal government Mymoney.gov Consumerfinance.gov Federal Reserve Bank branches Free services Campus partners (faculty, staff, clinics) Nonprofit partners Free networking opportunities FLEC Meetings (November 18) Coordinate activities with external campaigns Financial Literacy Month – April Restaurant Week Retirement Week America Saves ID Theft Protection Look at schools with similar Carnegie classifications, what are they doing?
23 Program Development Begin with the problemFind a positive pitch to solve the problem or provide a service Examples: How to stretch your food budget The Price is Right How to fix your credit How to buy a car
24 Car shopping? Know before you go.STUDENT FINANCIAL ASSISTANCE & EDUCATION Financial Education and Wellness Driven to Defraud FILM SCREENING & PANEL DISCUSSION THURSDAY OCTOBER 17 5:30-7 p.m. SMC Campus Center Room 208 RSVP
25 Group Program Example: Title: The Price is Right Description/service to student: Encourages “shopping around” and budgeting for monthly food expenses. First-year students play bidding games and the winner receives $300 worth of groceries. Outcomes: Students will learn how to live within the $300/month budget for food, shop “competitively” Office role: Secure room reservation and refreshments, promote the event, create games, host program Experts/external resources: Price is Right web resources
26 For each program, develop:Title Description/service to student Outcomes Office role Experts/external resources
27 Measuring Outcomes What does success mean?Attendance or participation Learning outcomes Behavioral outcomes Less borrowing Earlier FAFSA submission Lower default rates Whatever the definition, it will take years to measure
28 Measuring Outcomes ExamplesSurvey results Scaled Did the event meet expectations? Was content useful? Open ended Program ideas General comments $30 million advised 110% increase in FEW appointments from AY 2013 to AY 2014
29 Questions?