The Road to Student
Financial Literacy
A Grass Roots Collaboration at the
College Of St. Scholastica
Contents
Current status of financial literacy
Why important for our students?
St. Scholastica’s WellU
The online course
What next?
If a man empties his purse
into his head, no one can
take it from him. An
investment in knowledge
always pays the highest
return.
– Benjamin Franklin
Do you agree?
Current Status
 Financial literacy is the ability to use knowledge
and skills to manage one’s financial resources
effectively for lifetime financial security – Jumpstart Coalition
 Multiple studies show that financial literacy is
lacking, a definite and widespread problem in the
United States
 Good news from the Financial Literacy Center:
• MN was the 2nd best state!
• Higher level of education attained, the more financially
literate
 With poor economy, slow recovery, high
unemployment, the problem is magnified
Current Status as Related to Education
 K-12 education:
 Only 4 states require .5 credit of personal finance
 17 states require personal finance be incorporated
into other subjects
 Colleges/Universities:
 Kansas State – IPFP (Inst. Pers. Fin. Planning)
• Powercat Financial Counseling – A peer
counseling model
 U of North Texas – Student Money Management
Center
 Other:
 Financial Literacy Center – RAND
Current Status – Importance to Higher Ed
Increased tuition and student debt loads
combined with economic issues are creating
hardships
 Tuition increases much greater than normal
inflation
 Student debt surpassed $1 trillion!
 Student use of other forms of debt is also
greatly increasing. 84% of students use credit
cards, with half of students having 4 cards!
(Sallie Mae, 2009)
 Lives are being negatively impacted!
Current Status – Importance to Higher Ed
Increasing consumer financial literacy is now
a public policy objective to improve welfare
through better decision making (U.S. House of
Representatives, Financial Services Committee 2009)
National Strategy for Financial Education
President Obama in his State of the Union
address: “So let me put colleges and
universities on notice, if you can’t stop
tuition from going up, the funding you
receive from taxpayers will go down.”
Current Status – Importance to Higher Ed
Result? Increased rules & regulation!
 Require better transparency for education
‘consumers’
 Mandates for education ‘providers’
 Mandates for grant/aid/loan participants
 More scrutiny for accreditation authorities
Why important for our students?
Some comments from committee
members as to why they are willing
to volunteer their time to further
financial literacy in our students…
WellU Financial
Plan $ Calculate $ Act
How it Happened
TRiO/Student Support Services (SSS)
required services of financial and economic
literacy.
 FREE 1 Credit Course (FIN 1777) in collaboration
with the School of Business and Technology.
“Water Cooler” conversation between
TRiO/Student Support Services (SSS) and
Career Services.
 Bringing Together the Silos
Highlights
Timeline and Highlights
2009/10
Committee Formed
2010/11
Trainings
Workshops
FIN 1777
Cash Course
2011/12
WELL U Financial
Thrivent/Money Revolution
FIN 1777
Senior Send Off
Wells Fargo
2012/13
Welcome Week
Homecoming Week - $100 Savings Challenge
Money Week
Recommendations
Establish goals and mission early.
Be aware of motives from other
departments, organizations, etc.
Get the right people on board.
Secure money to help with activities
and programming.
Money Revolution Interns
 Partnered with Thrivent Financial
 Provide training
 Provide resources
Interns work as Peer on Peer
tabling
presentations
activities
Financial Literacy Course
Free 1 credit online course offered
to SSS TRiO Students
3/19/12-5/10/12
SSS Grant Financial Literacy Goals
 Personal and family budget planning
 Understanding credit building principles to meet
long-term and short-term goals, credit scores
 Cost planning for secondary education (spending,
saving, personal budgeting)
 Cost of attendance (public vs. private, tuition vs. fees,
personal costs)
 Scholarship, grant and loan education (searches,
applications, federal vs. private)
 Assistance in completing the Free Application for
Federal Student Aid (FAFSA)
Design of the Course
 Fully Online using Blackboard as the platform.
Textbook is also online
 20 student maximum
 Team taught by two Student Affairs staff disclaimer that we are not financial experts!
 8 week course- free to SSS students if below 12
credits or above 18 credits
Course Learning Outcomes
Understand Microsoft Excel Basics
Apply budgeting concepts to personal spending
Analyze personal spending trends
Review basic financial terms through class WIKI
Research and investigate Personal Credit Score
Evaluate personal credit card information
Apply SMART Goal Setting techniques to personal
finances
 Understand the cost of attending college and
explore ways to assist with these costs
 Obtain resources to assist with financial decisions
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Course Evaluation Activities
 Completed pre and post test
 Two journal reflection assignments
 Needs vs. Wants worksheet
 Track and submit spending for a two week period
 Complete an estimated personal budget
 Definition of terms, class WIKI and quiz
 MNCIS Activity
 Icebreaker and final discussion
Sample Assignment -WIKI Terms
Asset
Bankruptcy
Kelly blue book value
Net worth
Liability
401 K
Term Life Insurance
Whole life insurance
Credit Score
Compound interest
Resources
The Geography of Financial Literacy - http://www.rand.org/pubs/working_papers/WR893.html
Jumpstart Coalition - http://www.jumpstart.org/assets/files/standard_book-ALL.pdf
Kansas State U - http://www.k-state.edu/pfc/ http://www.cashcourse.org/ksu
Univ of North Texas - http://moneymanagement.unt.edu/
Rand - http://www.rand.org/labor/centers/financial-literacy/partners.html
Know Before You Owe - http://www.consumerfinance.gov/
Chronicle - http://collegecompletion.chronicle.com/institution/#id=174899
Thrivent - Ryan M Anderson, Social Entrepreneurship Fellow, Marketing Dvlpmnt
625 Fourth Ave. S., Minneapolis, MN 55415-1665
Direct: 612-844-7203 Cell: 952-221-4645
Email: ryan.m.anderson@thrivent.com
Cash Course - http://www.cashcourse.org/home/
Financial Literacy and Education Commission - http://www.mymoney.gov/
OCC Newsletters - http://www.occ.gov/topics/community-affairs/resource-directories/financial-literacy/financial-literacy-update.html