University of Hawai'i at University of Hawai'i at ManoaManoa

Strengthening Strengthening Retention through Retention through Financial Literacy Financial Literacy

University of HawaiUniversity of Hawai''i Tuition i Tuition TableTable

TermTerm ResidentResident NonresidentNonresident

2008-092008-09 $5,952$5,952 $16,608$16,608

2009-102009-10 $6,768$6,768 $18,816$18,816

2010-112010-11 $7,584$7,584 $21,024 $21,024

2011-122011-12 $8,400 $8,400 $23,232 $23,232

        

4 Years 4 Years $28,704$28,704 $79,680$79,680

Source: http://www.hawaii.edu/academics/tuition.html; www.hawaii.edu/admissions/tuition.html

A Needs AssessmentA Needs Assessment

Students indicated:Students indicated: Kinds of financial topics they would be Kinds of financial topics they would be interested in learning about.interested in learning about. Preferred methods of delivery.Preferred methods of delivery.

Staff/Faculty were asked:Staff/Faculty were asked:What kinds of financial topics did they What kinds of financial topics did they think students think students neededneeded to learn about? to learn about?

What were the student preferred What were the student preferred methods of delivery?methods of delivery?

ResultsResults

StudentsStudents Faculty /Staff Faculty /Staff

11 InvestingInvesting Budgeting Budgeting

22 Getting Ahead Getting Ahead after Degreeafter Degree

Avoiding Credit Avoiding Credit Problems Problems

33 Avoiding Credit Avoiding Credit Problems Problems

Student Loans Student Loans

44 Budgeting Budgeting Avoiding ID Theft Avoiding ID Theft

Kinds of Financial InformationKinds of Financial Information

Receiving Financial InformationReceiving Financial Information

StudentsStudents Faculty /StaffFaculty /Staff11 Financial aid Financial aid

interviewinterviewExtra creditExtra credit

22 Event withEvent withfree foodfree food

Event withEvent withfree foodfree food

33 Extra creditExtra credit WebsiteWebsite

44 WebsiteWebsite Financial aidFinancial aid

interviewinterview

55 New Student New Student OrientationOrientation

New Student New Student OrientationOrientation

Financial Literacy Financial Literacy CurriculumCurriculum

Review & Select suitable curriculumReview & Select suitable curriculum– PilotPilot– EvaluateEvaluate– Revise & AdaptRevise & Adapt

Organize a campus committeeOrganize a campus committeeTrain peer educators as delivery Train peer educators as delivery

vehiclevehicle– EvaluateEvaluate– Revise & Adapt Revise & Adapt

Results of Workshop Results of Workshop ParticipationParticipation

[N = 500 students in 20 sessions][N = 500 students in 20 sessions]

Gained new knowledge and understanding Gained new knowledge and understanding of basic personal financial management.of basic personal financial management.

Increased their awareness of money Increased their awareness of money management practicesmanagement practices

Demonstrated greater awareness on 13 of Demonstrated greater awareness on 13 of 20 indicators; significant differences on 520 indicators; significant differences on 5

Program ExpansionProgram Expansion

Shidler College of Business faculty Shidler College of Business faculty incorporated the materials in Finance incorporated the materials in Finance coursescourses

Peer educators recruited from ShidlerPeer educators recruited from Shidler

Access to College Excellence (ACE) Access to College Excellence (ACE) peer mentors incorporated materials in peer mentors incorporated materials in freshmen learning communitiesfreshmen learning communities

ACE – First Year ProgramACE – First Year Program

Fall 2009: 350 freshmen; 38 mentorsFall 2009: 350 freshmen; 38 mentors

– Kept track of expensesKept track of expenses

– Class lessonClass lesson

– On-line lessonsOn-line lessons

– ReflectionReflection

– Pre/Post Surveys: 12/20 significantPre/Post Surveys: 12/20 significant

– Final semester reflectionFinal semester reflection

Qualitative InformationQualitative Information

ACEACE

– Financial literacy was the most Financial literacy was the most important sessionimportant session

– Time and money management Time and money management lessons had the most impactlessons had the most impact

Program EventsProgram Events

New Student OrientationNew Student Orientation

UH Saves Day – Annually in UH Saves Day – Annually in February February

Departmental Requests: i.e., SSS, Departmental Requests: i.e., SSS, COP, Residential LifeCOP, Residential Life

Building the Financial Building the Financial Capacity of StudentsCapacity of Students

Show RealityShow Reality

Importance of FAFSAImportance of FAFSA

Encourage applying for scholarshipsEncourage applying for scholarships

Learn about budgeting and financesLearn about budgeting and finances

Ideas for Financial Ideas for Financial Literacy on Your CampusLiteracy on Your Campus

MahaloMahalo & &

AlohaAloha