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Presenter:
Julie Selander
One Stop Student Services
Working Together for
Students’ Financial Futures
Focusing on the First Year Conference 2011
• The need for financial literacy
• Financial literacy supports University goals
• Alignment with Student Development
Outcomes and Student Learning Outcomes
• Changes in our financial literacy efforts
• “Live Like A Student” campaign
• Results, costs, & outcomes
• Next steps discussion
• Wrap-up & review
Session Overview
Survey Year Mean Score
1997 57.3%
2000 51.9%
2002 50.2%
2004 52.3%
2006 52.4%
2008 48.3%
The Need for Financial
Literacy
Source: Mandell, L./Jump$tart Coalition
Scores of high school seniors from national financial
literacy survey/assessment:
• Rising tuition and the challenging economic
climate have resulted in students taking on
more debt to finance their education.
• The average U of M student owed $26,523
upon receiving a bachelor’s degree last year.
That's a monthly payment of $287, under
typical loan terms. Students need to borrow
carefully and start planning now for life after
school.
The Need for Financial
Literacy
• In addition to student loan debt, credit
card debt is increasing.
• Half of all college undergraduates had
four or more credit cards in 2008. That's
up from 43 percent in 2004 (Sallie Mae,
2009).
• In 2008, college seniors with at least one
credit card graduated with an average of
$4,138 in card debt, up 44% from 2004
(Sallie Mae, 2009).
The Need for Financial
Literacy
• Parents?
• Elementary/secondary education?
• Post-secondary education?
• Private & non-profit organizations?
Whose responsibility?
• The University's goals for excellence and access depend heavily on the financial skills of our students. Unmanageable debt can become a serious issue, which impacts retention and graduation rates.
• Sticker shock and misunderstanding of financial aid may cause prospective students to assume the University is out of their reach. Financial literacy should be considered as an important way to address these issues.
• Smart money decisions during college will benefit students for years to come (and poor decisions can impact them for a lifetime).
Supporting University Goals
• Responsibility and Accountability
• Independence and Interdependence
• Goal Orientation
• Resilience
Supporting Student
Development Outcomes
• Can identify, define, and solve problems
• Can critically evaluate information
• Can communicate effectively
• Have acquired skills for effective
citizenship and life-long learning
Supporting Student
Learning Outcomes
• One Stop Student Services and the Office
of Student Finance have long been
leading the charge on financial literacy.
• In 2009 we reevaluated our longstanding
outreach efforts and developed the Live
Like A Student campaign, resulting in the
following key improvements.
Improving our Efforts
Consistent Message
Year Round Presence
Early Freshman Awareness
Multimedia Campaign
Using the Student Perspective
Creating a Community
Campaign Improvements
• In the past we've tried
to tell students
everything we know
about money.
• Focus on the financial
concerns unique to
campus life.
• Common thread: “Live
Like A Student”.
Consistent Message
• Transitioned from
monthly focus to year-
round presence
• Making important
financial decisions daily
• A continuous campaign
improves awareness,
makes messages
memorable.
Year-Round Presence
• Orientation, high school
visits, collegiate open
houses, Welcome Week to
prepare for the financial
aspects of campus life
• Adding these early teaching
moments to our program at
GradFest improves our
impact on student financial
behavior.
Early Freshman Awareness
• Extending the reach
of our financial
communications.
• Our advice from
face-to-face
presentations is
repurposed for new
tools, to engage
students and provide
connections to
money resources.
Multimedia Campaign
• Financial communications
tend to be negative.
People hear 'budgeting'
and think about
restriction.
• The LLAS campaign uses
student voices and
perspectives to share
positive money
messages.
Using the Student
Perspective
• Promoting participation,
student-driven content &
activities
• Ideally, LLAS will be a
community that takes on
a life of its own.
Creating a Community
• Welcome Week presentations
• Email listserv – financial tips and advice
• Money Management Web site and Portal Ads
• Planning and budgeting tools and
informational handouts (i.e., How to Save on
Textbooks)
• Digital signage
• Social media
• Classroom presentations
• Outreach events: Grad Fest, Wellness Fair
Components of the Campaign
Welcome Week
Welcome Week
E-mail Listserv
Web site
Web site
Portal Advertisements
Portal Advertisements
Live Like A Student Poster
Digital Signs
Digital Signs
Digital Signs
Digital Signs
Digital Signs
• Why do we spend?
• Spending plan/budgeting
• Student loans
• Credit reports/credit scores
• Bank accounts
• Credit cards/new legislation
• Identity theft/scams
• Financial goals
• When/where to seek help/resources
Presentations for Students
• Doubled the number of students opting in for periodic
emails with financial tips (over 1,000 students currently
signed up).
• Over 53,000 hits to our Money Management Web site in
the last year.
• Approximately 5,000 students participated in Welcome
Week presentations.
• Over 3,300 students attended financial literacy
presentations at Grad Fest.
• Increasing the number of classroom presentations and
outreach events.
• Awarded a Ramp-up to Readiness grant to develop
financial readiness curriculum for Minneapolis/St. Paul
high school seniors.
Results
• How can we enhance the existing
financial literacy efforts on campus?
• How can we expand the existing
financial literacy efforts to more
students?
• How can we develop partnerships
and create a campus-wide initiative
to benefit students? What can I do to
help?
Discussion
• Mandell, L. (2008). The Financial Literacy of
Young American Adults.
• Project on Student Debt. (2008). Student Debt
and the Class of 2007.
• Sallie Mae. (2009). How Undergraduate Students
Use Credit Cards: Sallie Mae’s National Study of
Usage Rates and Trends 2009.
References
Questions?
Julie Selander
Senior Associate Director
One Stop Student Services
University of Minnesota
612-625-6579
