Forward Momentum for Financial Literacy.SECLCA · Forward Momentum for Financial Literacy Kristen...
Transcript of Forward Momentum for Financial Literacy.SECLCA · Forward Momentum for Financial Literacy Kristen...
![Page 1: Forward Momentum for Financial Literacy.SECLCA · Forward Momentum for Financial Literacy Kristen Norris Assistant Director Student Success Center University of South Carolina norris99@mailbox.sc.edu](https://reader033.fdocuments.us/reader033/viewer/2022050203/5f56ed3a6ebd3375cd4f9059/html5/thumbnails/1.jpg)
ForwardMomentumforFinancialLiteracy
KristenNorrisAssistant Director
StudentSuccessCenterUniversityofSouthCarolinanorris99@mailbox.sc.edu
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Overview• Introductions
• FinancialLiteracyResearchFindings
• FinancialLiteracy&EducationattheUniversityofSouthCarolina
• KeyComponents ofaFinancialLiteracy&EducationProgram
• DevelopingaPlanforFinancialLiteracy&EducationonyourCampus
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GettingtoKnowYou
• Name• University• Position• 30secsnapshotoffinancialliteracyonyourcampus
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FinancialLiteracyResearchFindings• 1:3studentsexperiencefinancialstresseveryyear
(NCHA,2015)
• Only17statesintheUSmandateapersonalfinancecourseinhighschool(MoneyMattersonCampus,2016)
• 40%of85,000first-timecollegestudentsalreadyhaveacreditcard(MoneyMattersonCampus2016)
– 27%ofthefirst-timecollegestudentswithacreditcardhaveanoutstandingbalanceof+$1000.
• 7outof10collegegraduateshadstudentloansaveraging$29,400(COHEAO,2014)
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FinancialImpactsonAcademics
• Financialissuesandtheneedtoworkisoftendeemedthe#1reasonstudentsdropoutofcollege(COHEAO,2014)
• Studentswhodonotcompletecollegeare4Xmorelikelytodefaultonstudentloans(COHEAO,2014)
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Goals:FinancialLiteracy&Education
• Whatshouldafinancialliteracy&educationprogramaimtoachieve?– Advancestudentunderstandingofbasicmoneymanagement
– Aidstudentsunderstandingandimplementingfinancialwellnessstrategiesinordertomakewell-informedfinancialdecisions
– Supportthealleviatingfinancialstressnegativelyimpactingacademics
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FinancialLiteracyProgramatUSC
• Foundedin2011• HousedintheStudentSuccessCenter– Providesauniquecontextforourwork– Nota“logical”placeforstudentstoseekfinancialassistance
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FinancialLiteracyProgramatUSC
Freeone-on-oneconsultations
Presentations&Workshops
FinancialLiteracyOnlineModule
Short-termEmergency
LoanProgram
CampusCollaborations
FinancialAid&
Scholarships
University101
StudyAbroad
Off-CampusHousing
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FinancialLiteracyProgramatUSCYear Consultations Workshops
First-Year MoneyManagement BasicBudgeting&FinancialGoalSettingFinancing College forNextYear
HowtoNotLoseYourScholarship
Sophomore Building&ManagingCreditMovingOff-Campus
GetSmart AboutCreditHowtoPaytheBills
WorkingWhile inCollege
Junior PersonalFinanceforStudyAbroad IdentityTheft101PlanningYourFinancesforStudyAbroad
Senior DebtManagementStudent LoanRepayment&Education
HowtoPrepare forStudentLoanRepaymentWhatyouAutoKnowAboutBuyingaCar
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FinancialLiteracybytheNumbers
10Financial Literacy Workshops
34Presentations Facilitated
558Participants
100%EmergencyLoanRepayment
162One-on-OneFinancial LiteracyConsultation
*Based on2014-2015academicyear
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KeyComponentsforaFinancialLiteracy&EducationProgram
ProgramType&Goals
Marketing& AwarenessforServices
CampusPartnerships
LeverageExistResources
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EstablishedPrograms
Whatarethegreatestfinancial challenges facingstudentsonyourcampus?
Howcanyoubetterworkwithstudentspriortotheirarrivaloncampus?Whileoncampus?
Howdowebettereducatestudentsonthelong-termimplicationsofcollegiate financialwellness?
Whatspecificpopulationsareyoumostworriedabout?Howdoyoutargetthesestudents?
Whatwouldawinlooklikein2020onyourcampus?Whatareyourmetricsofsuccess?
NewPrograms
Whatarethegreatestfinancial challenges facingstudentsonyourcampus?
Howdotheseissuesaffectotherdepartmentsoncampus?
Whatresources/buy-inwouldyouneedtoaddressthoseissues?
Whatpartnersareneeded?Whatinformationfromotherinstitutionswouldbehelpful?
Whatwouldawinlooklikein2020onyourcampus?Whatareyourmetricsforsuccess?
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Suggestions• Startsmall• Identifythefinancialneedofstudentsonyourcampus– Ex.Statescholarshipretention,loandebt,pellgrantrecipients
• Marketyourservices• Gainbuy-infromcampuspartners• Doesnotrequireafinancial‘expert’
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Questions
KristenNorrisAssistant Director
StudentSuccessCenterUniversityofSouthCarolinanorris99@mailbox.sc.edu
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