Student Financial Education Center: A Library/Student Startup for Financial Literacy
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Transcript of Student Financial Education Center: A Library/Student Startup for Financial Literacy
Student Financial Education Center:A Library/Student Startup for Financial
Literacy
Lauren Reiter, Business Liaison Librarian
Penn State University Libraries
Conference for Entrepreneurial Librarians
October 17, 2014
“Startups are organizations dedicated to creating something new under conditions of extreme
uncertainty.”From Think Like A Startup: a white paper to inspire library entrepreneurialism, by Brian Matthews of Virginia Tech
Startup
Procon.org. (2013). US Student Loan, Credit Card, Auto Loan, & Other Debt, 2004-2013(in billions). Retrieved from http://college-education.procon.org/
Debt Comparison:US Student Loan, Credit Card, Auto Loan, & Other Debt
College students face a variety of financial issues
Student loans
Cost of college
Tuition
Textbooks
Money management
maintaining a budget
handling first credit cardplanning for the future
Money Problems
A multi-campus institution—all one system
24 campuses
95,973 students, as of Fall 2014
Largest campus is University Park
46,606 students, as of Fall 2014
Penn State
“The ability to use knowledge and skills to manage one's financial resources effectively for lifetime
financial security."
Jump$tart Coalition for Personal Financial Literacy. National Standards in K–12 Personal Finance Education.
Financial Literacy
Financial Literacy at Penn State
Financial Literacy at Penn State: MoneyCounts
Wilson Hutton, Public Relations and Marketing, Penn State University Libraries
Student approached librarian with novel idea: a peer to peer financial education program in the library
Teach students to serve as Peer Financial Educators
One-on-one assistance
Presentations
Financial Literacy at Penn State:Student Financial Education Center
Benefits of peer to peer education
• More informal than classroom instruction
• Relaxed and comfortable atmosphere
• Easier to relate to fellow students
• Peer educators gain communication and leadership skillsWilson Hutton, Public Relations and
Marketing, Penn State University Libraries
New for libraries, not new elsewhere in higher ed
Some examples
Texas Tech University
Kansas State University
Ohio State University
Models at other universities
• We’ve never done this before
• Lack of financial literacy expertise
Peer to Peer Financial Education and… the Library?
Student space
High traffic area
Other peer to peer models already in use in libraries
Writing tutors
Tech tutors
Student reference assistants
Peer to Peer Financial Education and the Library
Established interest in financial literacy
Reputation for reliability and objectivity
Opportunity to incubate innovative student ideas
Peer to Peer Financial Education and the Library
Student Financial Education Center(SFEC)A partnership between
University Libraries &
University Park Undergraduate Association (UPUA)
April-August 2013: Planning
August 2013-December 2013: Training and finalizing documentation
January 2014: Grand opening
Timeline
More partners needed than the 2 primary entities
SFEC supported by faculty and staff in
Commission for Adult Learners
College of Agricultural Sciences
Student Aid
Student Affairs
Collaboration
Startup team consisted of six students
One Student Director who works closely with SFEC advisors and has position in UPUA government
Members of Penn State Finance Society
Working on a volunteer basis
Staffing
Former conference room in business library office suite transformed into SFEC
Equipped with table, chairs, filing cabinets, laptop and shredder
Office hours limited to business library office hours
Space
12-hour training over 2 days developed and led by Dr. Daad Rizk and Dr. Cathy Bowen
• Budgeting
• Credit
• Student loans
All Peer Educators required to pass exam with score of 80% or higher
Personal Finance Curriculum
Money – Savings by 401(K) 2012 (CC BY-SA 2.0)
Training developed at request of Risk Management office
Designed and delivered by librarian/SFEC advisor
Incorporated New York Public Library’s Money Matter$ Pro Library Reference Scenarios
Education vs. Advice
Forms required by Risk Management office
Student information form
Biographical data
Consent and release form
Recognizes that Peer educator is not a licensed professional
Will not hold liable
Peer Educator Agreement for
Protect student confidentiality & privacy
Provide education not advice
Risk Management
Marketing & promotion
Website
Flyers
Posters
Social media
Email announcements
Ad in campus newspaper
Post on Onward State
SWOT Analysis
Strengths
Support
Space
Students
Weaknesses
Lack of experience
Limitations of office hours
Opportunities
There is a need
Lack of competition
Threats
Unknown demand
Alternative sources for information
Created Financial Education Week in January 2014
Grand opening reception
Three presentations by SFEC Advisors and Peer Educators
Tables in student union for SFEC info distribution and appointment sign up
Grand Opening
Assess and Adjust
Issues
No-shows for appointments
Original training program incompatible with schedules
Revisions
Reminders sent to students the day prior
New training program implemented that spreads learning over a semester
Hard to maintain when business is slow
Return to reasons why Peer Educators joined
To learn
To help others learn
To build skills and resume
To be a part of something from the beginning
Student Engagement
Increase number of presentations to increase number of appointments
Parents & Families Weekend
Lion Ambassadors
Other student organizations
First year seminars
Outreach Activities
MoneyCounts: A Financial Literacy Series
Promote
Co-present
Collaborate and Partner
Currently have 9 Peer Educators
Staffing and space meets needs…for now
Have done tweaks to adjust to the unexpected but need overall program evaluation
Growth
Questions?
Lauren Reiter
Business Liaison Librarian
Penn State University Libraries
Thank you!