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Financial LiteracyHelping your students to handle their finances
Successful Financial Literacy Education
• Pizza does not a program make• It doesn’t happen overnight• It can happen on your campus
Financial Literacy DefinitionsKnowing enough about managing money to
make wise decisions and to avoid fraud.
Ability to make informed decisions regarding the use and management of money.
Why Financial Literacy• 10 million people (annually) are victims of
identity theft
• Nine out of ten Americans claim credit card debt has never been a source of worry….• 47% refuse to tell a friend how much they owe.
• The average college student carries a balance on their credit card
Why Financial Literacy• Our nation is suffering through a small
economic crisis
• “Involuntary simplicity” is part of being a student
Getting Started• Target existing resources
– After school programs
– Consumer math
– Academic probation targeted students
– Every community has unique resources• Programs that educate families
Getting Started• Assess where you are today
• What’s already on campus
• Who is talking about financial literacy?
• Finding allies
Who Teaches Financial Literacy?• Parents
• Schools
• Colleges and universities
• Peer to peer
• Other agencies– Banks, Credit unions, Community outreach, federal
and state agencies
Financial Literacy Standards
• Developed by Jump$tart– National coalition promoting financial
literacy
– National clearinghouse of financial literacy materials
– www.jumpstart.org
Baby Steps• Place educational materials where students
can grab them
• Consider partnering to offer orientation session
• Build money management talk into exit/entrance counseling
Baby Steps• Partner with other offices
• Educate your staff with talking points
• Applaud your successes
• Different ideas work for different campuses
Bigger Steps
• Name your program• Mission statement• Definition of success• Evaluate and track what you do
Bigger Steps
• Find paths to captive audiences• Build buy in with other offices• Follow through
Resources• www.nefe.org• www.consumerjungle.org• www.jumpstart.org• www.bankrate.com• www.feedthepig.org
Thank you
Jeff Southard
Financial Awareness Trainer
ECMC
206.276.6554