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Financial Literacy at the University of Minnesota Duluth
Niki Pechinski, Financial Literacy Educator
Presentation Synopsis Live Like a Student at the University of Minnesota Duluth was created in June 2013 by Niki Pechinski, Financial Literacy Educator in the Office of Financial Aid.
The mission of Live Like a Student is to inspire positive financial behavior in students.
This presentation will demonstrate best practices and future trajectory in Financial Literacy at UMD.
Agenda• Best practices
– Get started– Initiatives– No such thing as “one size fits all” program!
• The future– For-credit financial literacy peer mentoring
“Housekeeping”• Financial Literacy at UMD is located in the Office of
Financial Aid– Provides a “holistic” approach to student finances– where financial aid meets personal finance.
• The Financial Literacy Educator position is full-time!
Best Practices• Start with young minds• Meet students where they are • Use your network• Don’t be a secret resource!
Initiatives at UMDWelcome Week Game Show
In-class presentations
1:1 meetings
Semester poster campaigns
Website and Social Media
Use Your Network• Be flexible with your message.• Future manager with a
departmental or R&D budget? – Manages your own
finances competently first! • Communicate with other
financial literacy professionals – Don’t reinvent the wheel – Share resources
Emphasize Financial Security
…not financial success.
Teach Fluency in the Basics
1. Budgeting
2. Borrowing
3. Credit
Provide Relevancy and Context
Two things happen for students in college:
1. Increase in financial complexity
2. Decrease in timely information related to finances
Paint the Big Picture• Provide resources that inform students about
their own financial situation– How to track spending and make a budget– Where to view student loan information– Where to retrieve and understand a credit report
The Future
• Debt Report Card• For-credit financial literacy peer
mentoring
Debt Report Card
• Student loan debt and repayment projection will appear in the online portal
• Comparison to national averages• Modeled after the wildly successful
“Debt Letters” initiative at Indiana University
Financial Peer Mentor Program
• Coming Spring 2016!• Train 25 mentors in financial literacy basics and
mentoring via a two-credit upper division elective• “Match” mentors with one or two mentees• Mentees and mentors work together for one
semester on mentee’s personal financial situation• Completely free for mentees!
Thank youNiki Pechinski, Financial
Literacy Educator
(218) 726-7039
