Focusing Financial Literacy

Maximizing Efforts on Campus

University of Illinois Overview

The Student Money Management Center (SMMC) was created by USFSCO to provide financial education to students on all 3 University of Illinois campuses.

• Public research university• Serves over 77,000 students• 22,900 full-time employees• 9,415 graduate assistants• Main campus locations:

– Urbana-Champaign, Chicago & Springfield

Financial Literacy Intervention Methods

• SMMC uses both proactive & reactive approaches to financial education, including:– A Financial Literacy Requirement– Webinars – Email & Video Outreach– Targeted populations– Competition– Website– Workshops– Social Media

Financial Literacy Requirement

Financial literacy has been beneficial in decreasing the amount of failed Past Due Payment Agreements when compared to cohorts without a financial literacy requirement (2010 Spring & 2010 Fall).

2010 Spring 2010 Fall 2011 Spring 2011 Fall 2012 Spring 2012 Fall 0.00%5.00%

10.00%15.00%20.00%25.00%30.00%35.00%40.00%45.00%

Percentage of Failed Plans

% Failed Plans

iBudget Financial Literacy: Requirement for Past Due Students

• Currently consists of:– A 30-minute Video– Quiz and Survey– Budget Builder

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Summer Webinars for Students & Parents

• The Budget Pig (2011)– Marketed to New Students & Parents– Used pre-made Video – 70 Attendees/ 119 Registrants– University of Illinois Extension Educators as Financial Experts

• Cash at College: Spending, Saving & Student Loans (2012)– Marketed to All Students– Co-facilitated with University of Illinois Extension Educator– Used Interactive Polling & Chat – 86 Attendees/ 183 Registrants– Follow-Up Emails Sent Every Month

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Webinars• SMMC has partnered with University of Illinois

Extension to provide webinars on various financial topics to students.

Summer Webinar: The Budget Pig

• Marketed to New Students & Parents

• Consisted of Video & “Ask the Expert”

• 70 Attendees/ 119 registrants

Summer Webinar: Cash at College

• Marketed to All Students & Parents

• More engagement: live presentation, multiple speakers, polling, pre-test & post-test questions

• Monthly follow-up emails FA12 & SP13

• 86 attendees/ 183 registrants

Spring Webinar Series: Money In Bloom

• Open to all college students in Illinois

• Covered several topics, including:

• Financial Wellness While Abroad

• Staying on Good Terms: Credit & Debt

• Making the Most of Job Benefits

Student Account Refunds Outreach: Video & Emails

SMMC created a 6-minute YouTube Video to educate students on the purpose of their refund, how to manage it effectively and reasons they could still owe money to the University after receiving a refund.

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Created in Fall 2011

Views: 1,393Outreach

Methods:Targeted EmailAutomated

EmailSocial Media

Targeted Populations

International Students

Students with

Refunds

Graduate Assistants

with Taxable Tuition Waivers New

Students & Parents

Past Due Students

Competition• In 2012, SMMC, University of Illinois Extension and

Consumer Federation of America partnered to pilot the first ever savings competition on a college campus.

• Primary goals of the savings competition included:– Enable people to practice a positive financial behavior: Saving– Connect people to ongoing financial resources

University of Illinois Saves: Promoting Saving thru Competition

• 2012: Over 750 students, staff and faculty from all 3 University of Illinois campuses were eligible to win prizes for setting a savings goal at universityillinoissaves.org.

• 2013: As in 2012, the campus with highest % of savers will win. Prizes have been eliminated as a motivator for this year’s competition due to feedback from previous year.

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Workshops & Partnerships to Promote Financial Literacy

• SMMC has facilitated workshops on a variety of topics on each of the campuses:– Budgeting (for specific populations)– Credit– Financial Aid– Taxation of Waivers for Graduate Students– Etc.

• Without partnerships with various campus units that we have built, SMMC would not have the impact that we do with our students

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Social Media – Twitter, Facebook, YouTube & FourSquare

• Facebook Page – Awareness Builder• Twitter – Online Discussion Tool (Tweet Chats)• YouTube – Educational & Awareness Video Platform• FourSquare – Connection to Physical Campus

• Use of online, social media tools are supplemental to face-to-face interaction, not a stand-alone for financial education

Summary

• Evaluate educational interventions & re-design if necessary

• Build and utilize relationships with “trusted messengers”

• Targeted groups help focus messaging & outreach methods

• A multi-faceted approach to financial literacy helps provide educational opportunities to a variety of learners– Financial Literacy Requirement

– Supportive Structures: Peer Mentoring, 1-1 Counseling

– Availability of Resources & Tools: Online, Pamphlets, etc.studentmoney.uillinois.edu